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
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
OPERATING ACTIVITIES    
Net income $ 410,264 $ 360,704
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 93,177 82,685
Stock-based compensation expense 29,864 22,762
Provision for expected credit losses 24,744 24,915
Gain on sale of assets, net (1,334) (1,367)
Provision for deferred income taxes 16,317 0
Other operating activities, net (145) 0
Changes in operating assets and liabilities:    
Trade accounts receivable (59,807) (69,885)
Financing receivables (17,785) (14,234)
Materials and supplies (2,401) (5,208)
Other current assets (18,676) (32,553)
Accounts payable and accrued expenses 25,027 12,630
Unearned revenue 16,276 29,090
Other long-term assets and liabilities (2,158) 9,956
Net cash provided by operating activities 513,363 419,495
INVESTING ACTIVITIES    
Acquisitions, net of cash acquired (288,308) (105,529)
Capital expenditures (22,360) (23,389)
Proceeds from sale of assets 5,886 2,973
Other investing activities, net 1,967 2,385
Net cash used in investing activities (302,815) (123,560)
FINANCING ACTIVITIES    
Payment of contingent consideration (7,773) (33,417)
Issuance of senior notes 492,215 0
Borrowings under revolving commitment 11,000 391,000
Borrowings under commercial paper, net 0 0
Repayments of revolving commitment (408,000) (437,000)
Payment of debt issuance costs (6,087) 0
Payment of dividends (239,450) (217,964)
Cash paid for common stock purchased (18,573) (11,534)
Other financing activities, net 1,523 3,409
Net cash used in financing activities (175,145) (305,506)
Effect of exchange rate changes on cash 2,324 1,028
Net increase in cash and cash equivalents 37,727 (8,543)
Cash and cash equivalents at beginning of period 89,630 103,825
Cash and cash equivalents at end of period 127,357 95,282
Supplemental disclosure of cash flow information:    
Cash paid for interest 19,526 25,687
Cash paid for income taxes, net 110,830 133,807
Non-cash additions to operating lease right-of-use assets $ 110,868 $ 153,848