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
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
OPERATING ACTIVITIES    
Net income $ 246,737 $ 223,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 60,946 55,021
Stock-based compensation expense 19,809 15,560
Provision for expected credit losses 16,461 15,137
Gain on sale of assets, net (984) (781)
Provision for deferred income taxes 12,470 0
Other operating activities, net (1,223) 0
Changes in operating assets and liabilities:    
Trade accounts receivable (44,654) (39,904)
Financing receivables (12,927) (12,523)
Materials and supplies (2,086) (4,142)
Other current assets (18,062) (30,775)
Accounts payable and accrued expenses 43,967 15,289
Unearned revenue 17,893 24,304
Other long-term assets and liabilities (16,333) 11,571
Net cash provided by operating activities 322,014 272,548
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (253,578) (81,654)
Capital expenditures (13,857) (15,867)
Proceeds from sale of assets 3,470 2,313
Other investing activities, net 874 1,587
Net cash used in investing activities (263,091) (93,621)
FINANCING ACTIVITIES    
Payment of contingent consideration (3,447) (30,289)
Issuance of senior notes 492,215 0
Borrowings under revolving commitment 11,000 271,000
Borrowings under commercial paper, net 59,989 0
Repayments of revolving commitment (408,000) (260,000)
Payment of debt issuance costs (5,986) 0
Payment of dividends (159,373) (145,167)
Cash paid for common stock purchased (14,922) (11,559)
Other financing activities, net (46) 2,129
Net cash used in financing activities (28,570) (173,886)
Effect of exchange rate changes on cash 3,052 (2,169)
Net increase in cash and cash equivalents 33,405 2,872
Cash and cash equivalents at beginning of period 89,630 103,825
Cash and cash equivalents at end of period 123,035 106,697
Supplemental disclosure of cash flow information:    
Cash paid for interest 5,211 17,558
Cash paid for income taxes, net 85,017 93,272
Non-cash additions to operating lease right-of-use assets $ 70,534 $ 103,235