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, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 360,704 $ 326,154
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 82,685 73,609
Stock-based compensation expense 22,762 18,427
Provision for expected credit losses 24,915 17,484
Gain on sale of assets, net (1,367) (6,226)
Provision for deferred income taxes 0 144
Changes in operating assets and liabilities:    
Trade accounts receivable (69,885) (58,114)
Financing receivables (14,234) (14,887)
Materials and supplies (5,208) (2,729)
Other current assets (32,553) (30,496)
Accounts payable and accrued expenses 12,630 37,428
Unearned revenue 29,090 18,033
Other long-term assets and liabilities 9,956 (3,286)
Net cash provided by operating activities 419,495 375,541
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (105,529) (349,312)
Capital expenditures (23,389) (21,279)
Proceeds from sale of assets 2,973 10,214
Other investing activities, net 2,385 (1,957)
Net cash used in investing activities (123,560) (362,334)
FINANCING ACTIVITIES    
Payment of contingent consideration (33,417) (9,288)
Borrowings under revolving commitment 391,000 980,000
Repayments of term loan 0 (55,000)
Repayments of revolving commitment (437,000) (381,000)
Payment of dividends (217,964) (191,805)
Cash paid for common stock purchased (11,534) (314,914)
Other financing activities, net 3,409 5,750
Net cash (used in) provided by financing activities (305,506) 33,743
Effect of exchange rate changes on cash 1,028 (49)
Net (decrease) increase in cash and cash equivalents (8,543) 46,901
Cash and cash equivalents at beginning of period 103,825 95,346
Cash and cash equivalents at end of period 95,282 142,247
Supplemental disclosure of cash flow information:    
Cash paid for interest 25,687 9,746
Cash paid for income taxes, net 133,807 125,878
Non-cash additions to operating lease right-of-use assets $ 153,848 $ 99,061