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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 149,097 $ 155,887
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 51,568 54,552
Provision for expected credit losses 70 276
Equity in losses of unconsolidated subsidiaries 3,676 526
Loss on sale or disposal of assets 41 3
Stock compensation expense 500 178
Amortization of debt discount and issuance costs 750 0
Deferred income taxes (1,159) (6,579)
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (16,079) (35,652)
Other current assets 12,500 (8,536)
Other assets 3,149 2,436
Accounts payable and accrued liabilities (23,150) (4,953)
Net cash provided by operating activities 180,963 158,138
Investing activities    
Business combinations, net of cash acquired (6,965) (1,446)
Purchase of customer relationships 0 (4,382)
Purchases of property and equipment (47,639) (41,320)
Proceeds from sale of assets 25 23
Net cash used in investing activities (54,579) (47,125)
Financing activities    
Proceeds from term loans, net of issuance costs 836,697 0
Proceeds from 6.875% senior notes, net of issuance costs 637,337 0
Borrowings of other debt 8,222 5,471
Principal payments on other debt (7,888) (5,782)
Exercise of stock options 0 3,340
Repurchase of common shares 0 (5,322)
Distributions to and purchases of non-controlling interests (4,226) (4,522)
Proceeds from Initial Public Offering 511,198 0
Dividend to Parent (1,535,683) 0
Contributions from Parent 3,407 1,825
Net cash used in financing activities (20,936) (124,990)
Net increase (decrease) in cash 105,448 (13,977)
Cash at beginning of period 31,374 37,657
Cash at end of period 136,822 23,680
Supplemental information    
Cash paid for interest 34,221 33,988
Cash paid for taxes 49,337 50,044
Related Party    
Financing activities    
Borrowings from related party revolving promissory note 10,000 0
Payments on related party revolving promissory note $ (480,000) $ (120,000)