XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 231,817 $ 190,523
Adjustments to reconcile net income to net cash provided by operating activities-    
Amortization of identifiable intangible assets 32,273 36,602
Depreciation expense 27,717 24,643
Change in right-of-use assets 19,630 15,873
Bad debt expense 2,849 1,471
Deferred tax provision 116,355 11,578
Amortization of debt financing costs 512 613
Gain on sale of assets (1,683) (1,112)
Changes in the fair value of contingent earn-out obligations 14,207 (530)
Stock-based compensation 9,128 7,479
(Increase) decrease in-    
Receivables, net (376,282) (275,848)
Inventories (18,272) (16,335)
Prepaid expenses and other current assets 2,504 1,513
Costs and estimated earnings in excess of billings and unbilled accounts receivable (5,326) (17,180)
Other noncurrent assets (247) (86)
Increase (decrease) in-    
Accounts payable and accrued liabilities 185,382 89,701
Billings in excess of costs and estimated earnings and deferred revenue 217,148 112,482
Other long-term liabilities 8,848 (11,863)
Net cash provided by operating activities 466,560 169,524
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (69,574) (34,793)
Proceeds from sales of property and equipment 5,093 2,151
Cash paid for acquisitions, net of cash acquired (53,404) (48,507)
Payments for investments (1,240) (1,610)
Net cash used in investing activities (119,125) (82,759)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facility 285,000 495,000
Payments on revolving credit facility (500,000) (380,000)
Payments on term loan   (120,000)
Payments on other debt (1,980) (7,834)
Payments on finance lease liabilities   (820)
Debt financing costs   (2,297)
Payments of dividends to stockholders (21,455) (14,712)
Share repurchase (8,563) (36,427)
Shares received in lieu of tax withholding (4,725) (3,247)
Proceeds from exercise of options 18 944
Deferred acquisition payments   (50)
Payments for contingent consideration arrangements (15,321) (4,959)
Net cash used in financing activities (267,026) (74,402)
NET INCREASE IN CASH AND CASH EQUIVALENTS 80,409 12,363
CASH AND CASH EQUIVALENTS, beginning of period 57,214 58,776
CASH AND CASH EQUIVALENTS, end of period $ 137,623 $ 71,139