Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
OPERATING ACTIVITIES    
Net income $ 105,248 $ 94,394
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,209 27,310
Stock-based compensation expense 8,799 7,181
Provision for expected credit losses 10,730 7,693
Gain on sale of assets, net (692) (368)
Provision for deferred income taxes 12,470 0
Other operating activities, net 358 0
Changes in operating assets and liabilities:    
Trade accounts receivable (7,766) (6,400)
Financing receivables (506) (1,822)
Materials and supplies (1,117) (2,286)
Other current assets (3,069) (8,867)
Accounts payable and accrued expenses (25,292) (9,396)
Unearned revenue 10,202 13,691
Other long-term assets and liabilities 8,318 6,303
Net cash provided by operating activities 146,892 127,433
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (27,191) (47,132)
Capital expenditures (6,781) (7,171)
Proceeds from sale of assets 1,405 712
Other investing activities, net 0 1,126
Net cash used in investing activities (32,567) (52,465)
FINANCING ACTIVITIES    
Payment of contingent consideration (1,193) (1,474)
Issuance of senior notes 492,215 0
Borrowings under revolving commitment 11,000 110,000
Repayments of revolving commitment (408,000) (90,000)
Payment of debt issuance costs (5,428) 0
Payment of dividends (79,910) (72,589)
Cash paid for common stock purchased (14,671) (11,340)
Other financing activities, net 1,375 1,149
Net cash used in financing activities (4,612) (64,254)
Effect of exchange rate changes on cash 1,834 (1,568)
Net increase in cash and cash equivalents 111,547 9,146
Cash and cash equivalents at beginning of period 89,630 103,825
Cash and cash equivalents at end of period 201,177 112,971
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,107 8,707
Cash paid for income taxes, net 5,853 5,591
Non-cash additions to operating lease right-of-use assets $ 41,751 $ 45,531