XML 22 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 323,398 $ 245,947 $ 143,348
Adjustments to reconcile net income to net cash provided by operating activities-      
Amortization of identifiable intangible assets 43,404 47,795 40,505
Depreciation expense 38,162 33,552 28,439
Change in right-of-use assets 25,964 21,557 17,592
Bad debt expense 4,944 2,670 (1,452)
Deferred tax provision (benefit) 95,296 (94,505) 6,902
Amortization of debt financing costs 685 786 538
Gain on sale of assets (2,302) (1,585) (1,540)
Changes in the fair value of contingent earn-out obligations 23,607 4,819 (7,820)
Stock-based compensation 12,939 10,532 10,593
(Increase) decrease in-      
Receivables, net (381,555) (223,178) (58,046)
Inventories (29,688) (13,495) (5,651)
Prepaid expenses and other current assets (11,137) (26,238) (8,623)
Costs and estimated earnings in excess of billings and unbilled accounts receivable 7,350 (9,643) (17,271)
Other noncurrent assets (152) (995) (1,174)
Increase (decrease) in-      
Accounts payable and accrued liabilities 136,467 93,110 (5,171)
Billings in excess of costs and estimated earnings and deferred revenue 349,166 226,019 53,795
Other long-term liabilities 3,020 (15,617) (14,813)
Net cash provided by operating activities 639,568 301,531 180,151
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (94,838) (48,359) (22,330)
Proceeds from sales of property and equipment 5,951 2,858 3,101
Cash paid for acquisitions, net of cash acquired (102,261) (49,217) (227,493)
Payments for investments (1,860) (2,460)  
Net cash used in investing activities (193,008) (97,178) (246,722)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 285,000 555,000 275,000
Payments on revolving credit facility (500,000) (560,000) (125,000)
Payments on term loan   (120,000) (15,000)
Payments on other debt (12,033) (12,256) (15,696)
Payments on finance lease liabilities   (899) (3,805)
Debt financing costs   (2,297)  
Payments of dividends to stockholders (30,379) (20,077) (17,384)
Share repurchase (21,184) (38,216) (27,054)
Shares received in lieu of tax withholding (4,725) (3,247) (2,363)
Proceeds from exercise of options 18 1,086 5,634
Deferred acquisition payments   (50) (400)
Payments for contingent consideration arrangements (15,321) (4,959) (3,481)
Net cash provided by (used in) financing activities (298,624) (205,915) 70,451
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 147,936 (1,562) 3,880
CASH AND CASH EQUIVALENTS, beginning of period 57,214 58,776 54,896
CASH AND CASH EQUIVALENTS, end of period $ 205,150 $ 57,214 $ 58,776