Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 368,599 $ 356,565 $ 266,756
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 91,326 86,558 79,331
Stock-based compensation expense 21,215 14,865 20,850
Provision for expected credit losses 19,441 15,285 17,536
Gain on sale of assets, net (8,167) (35,679) 1,598
Provision for deferred income taxes 1,595 3,421 849
Changes in operating assets and liabilities:      
Trade accounts receivable and other accounts receivable (34,003) (22,439) (12,045)
Financing receivables (23,891) (14,473) (11,787)
Materials and supplies (540) 2,644 (10,706)
Other current assets 5,836 (11,159) 6,847
Accounts payable and accrued expenses 304 1,421 50,061
Unearned revenue 10,400 11,934 7,276
Other long-term assets and liabilities 13,815 (7,138) 19,219
Net cash provided by operating activities 465,930 401,805 435,785
INVESTING ACTIVITIES      
Acquisitions, net of cash acquired (119,188) (146,098) (147,613)
Capital expenditures (30,628) (27,194) (23,229)
Proceeds from sale of assets 14,597 74,438 7,700
Other investing activities, net 1,078 (111) 747
Net cash used in investing activities (134,141) (98,965) (162,395)
FINANCING ACTIVITIES      
Payment of contingent consideration (17,334) (22,809) (24,011)
Borrowings under term loan 252,000    
Borrowings under revolving commitment 43,000 206,500 135,000
Repayments of term loan (245,000) (88,000) (54,000)
Repayments of revolving commitment (150,000) (166,500) (169,500)
Payment of dividends (211,618) (208,656) (160,487)
Cash paid for common stock purchased (7,065) (10,694) (8,275)
Net cash used in financing activities (336,017) (290,159) (281,273)
Effect of exchange rate changes on cash (5,727) (5,857) 12,084
Net (decrease) increase in cash and cash equivalents (9,955) 6,824 4,201
Cash and cash equivalents at beginning of period 105,301 98,477 94,276
Cash and cash equivalents at end of period 95,346 105,301 98,477
Supplemental disclosure of cash flow information:      
Cash paid for interest 4,162 1,313 5,056
Cash paid for income taxes, net 119,573 119,762 81,184
Non-cash additions to operating lease right-of-use assets $ 122,149 $ 116,594 $ 89,016