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
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES    
Net income $ 326,154 $ 284,329
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 73,609 68,293
Stock-based compensation expense 18,427 15,914
Provision for expected credit losses 17,484 13,593
Gain on sale of assets, net (6,226) (5,170)
Provision for deferred income taxes 144 3,408
Changes in operating assets and liabilities:    
Trade accounts receivable and other accounts receivable (58,114) (40,872)
Financing receivables (14,887) (21,021)
Materials and supplies (2,729) 295
Other current assets (30,496) (3,580)
Accounts payable and accrued expenses 37,428 (669)
Unearned revenue 18,033 19,655
Other long-term assets and liabilities (3,286) 8,362
Net cash provided by operating activities 375,541 342,537
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (349,312) (110,418)
Capital expenditures (21,279) (22,921)
Proceeds from sale of assets 10,214 9,822
Other investing activities, net (1,957) 139
Net cash (used in) investing activities (362,334) (123,378)
FINANCING ACTIVITIES    
Payment of contingent consideration (9,288) (11,663)
Borrowings under term loan 0 252,000
Borrowings under revolving commitment 980,000 11,000
Repayments of term loan (55,000) (175,000)
Repayments of revolving commitment (381,000) (118,000)
Payment of dividends (191,805) (147,635)
Cash paid for common stock purchased (314,914) (6,987)
Other financing activities, net 5,750 0
Net cash provided by (used in) financing activities 33,743 (196,285)
Effect of exchange rate changes on cash (49) (6,299)
Net increase in cash and cash equivalents 46,901 16,575
Cash and cash equivalents at beginning of period 95,346 105,301
Cash and cash equivalents at end of period 142,247 121,876
Supplemental disclosure of cash flow information:    
Cash paid for interest 9,746 3,229
Cash paid for income taxes, net 125,878 104,974
Non-cash additions to operating lease right-of-use assets $ 99,061 $ 92,365