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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
OPERATING ACTIVITIES    
Net income $ 111,726 $ 172,030
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 64,804 63,690
Amortization of intangibles 6,398 6,463
Share-based compensation expense 5,585 6,641
Provision for losses on accounts receivable 2,257 3,583
Change in deferred income taxes (8,228) (6,371)
(Gain) loss on sale of property and equipment 1,188 (4,073)
Gain on sale of subsidiary   (402)
Pre-tax gain on sale of discontinued operations (70,215)  
Change in fair value of contingent consideration 5,040 810
Change in fair value of equity investment (3,739)  
Changes in operating assets and liabilities:    
Receivables 83,542 (87,092)
Prepaid expenses 6,353 7,477
Other assets 759 72
Income taxes (35,968) 4,211
Operating right-of-use assets and lease liabilities, net 3,059 114
Accounts payable, accrued expenses, and other liabilities (68,804) 17,470
NET CASH PROVIDED BY OPERATING ACTIVITIES 103,757 184,623
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (83,171) (49,682)
Proceeds from sale of property and equipment 2,853 9,115
Proceeds from sale of discontinued operations 100,949  
Business acquisition, net of cash acquired   2,279
Proceeds from the sale of subsidiary   475
Purchases of short-term investments (46,858) (64,330)
Proceeds from sale of short-term investments 63,693 35,840
Capitalization of internally developed software (7,010) (8,541)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 30,456 (74,844)
FINANCING ACTIVITIES    
Borrowings under credit facilities   58,000
Proceeds from notes payable   7,280
Payments on long-term debt (35,114) (84,905)
Net change in book overdrafts (13,171) 6,085
Deferred financing costs 57  
Payment of common stock dividends (5,809) (4,927)
Purchases of treasury stock (41,240) (31,237)
Payments for tax withheld on share-based compensation (10,022) (9,637)
NET CASH USED IN FINANCING ACTIVITIES (105,299) (59,341)
NET INCREASE IN CASH AND CASH EQUIVALENTS 28,914 50,438
CASH AND CASH EQUIVALENTS AT END OF PERIOD 187,286 127,058
NONCASH INVESTING ACTIVITIES    
Equipment financed 3,478 19,498
Accruals for equipment received 10,106 7,574
Lease liabilities arising from obtaining right-of-use assets $ 43,366 $ 30,210