Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES    
Net income $ 198,377 $ 175,386
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 48,941 45,732
Stock-based compensation expense 12,331 10,957
Provision for expected credit losses 9,946 8,433
Gain on sale of assets, net (5,734) (3,190)
Provision for deferred income taxes 144 3,301
Changes in operating assets and liabilities:    
Trade accounts receivable and other accounts receivable (28,425) (29,217)
Financing receivables (13,000) (11,928)
Materials and supplies (2,233) (176)
Other current assets (28,513) (21,651)
Accounts payable and accrued expenses 34,055 10,745
Unearned revenue 18,047 19,860
Other long-term assets and liabilities 4,250 6,565
Net cash provided by operating activities 248,186 214,817
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (327,892) (49,580)
Capital expenditures (14,411) (15,881)
Proceeds from sale of assets 10,186 3,290
Other investing activities, net 495 139
Net cash (used in) investing activities (331,622) (62,032)
FINANCING ACTIVITIES    
Payment of contingent consideration (4,350) (5,196)
Borrowings under term loan 0 252,000
Borrowings under revolving commitment 585,000 11,000
Repayments of term loan (55,000) (65,000)
Repayments of revolving commitment (245,000) (118,000)
Payment of dividends (127,996) (98,434)
Cash paid for common stock purchased (11,808) (7,010)
Other financing activities, net (651) 0
Net cash provided by (used in) financing activities 140,195 (30,640)
Effect of exchange rate changes on cash 2,642 (6,482)
Net increase in cash and cash equivalents 59,401 115,663
Cash and cash equivalents at beginning of period 95,346 105,301
Cash and cash equivalents at end of period 154,747 220,964
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,197 1,668
Cash paid for income taxes, net 84,583 69,742
Non-cash additions to operating lease right-of-use assets $ 55,353 $ 51,212