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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
OPERATING ACTIVITIES    
Net income $ 44,612 $ 111,726
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66,693 64,804
Amortization of intangibles 6,416 6,398
Share-based compensation expense 6,322 5,585
Provision for losses on accounts receivable 1,248 2,257
Change in deferred income taxes (11,457) (8,228)
(Gain) loss on sale of property and equipment 565 1,188
Pre-tax gain on sale of discontinued operations (806) (70,215)
Change in fair value of contingent consideration 11,170 5,040
Change in fair value of equity investment, decrease 28,739  
Change in fair value of equity investment, increase   (3,739)
Changes in operating assets and liabilities:    
Receivables 38,702 83,542
Prepaid expenses 5,199 6,353
Other assets (2,789) 759
Income taxes (8,806) (35,968)
Operating right-of-use assets and lease liabilities, net (7,262) 3,059
Accounts payable, accrued expenses, and other liabilities (38,344) (68,804)
NET CASH PROVIDED BY OPERATING ACTIVITIES 140,202 103,757
INVESTING ACTIVITIES    
Purchases of property, plant and equipment, net of financings (104,909) (83,171)
Proceeds from sale of property and equipment 2,341 2,853
Proceeds from sale of discontinued operations   100,949
Purchases of short-term investments (5,236) (46,858)
Proceeds from sale of short-term investments 28,504 63,693
Capitalization of internally developed software (7,779) (7,010)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (87,079) 30,456
FINANCING ACTIVITIES    
Payments on long-term debt (35,705) (35,114)
Net change in book overdrafts (4,146) (13,171)
Deferred financing costs   57
Payment of common stock dividends (5,647) (5,809)
Purchases of treasury stock (31,627) (41,240)
Payments for tax withheld on share-based compensation (22,634) (10,022)
NET CASH USED IN FINANCING ACTIVITIES (99,759) (105,299)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (46,636) 28,914
CASH AND CASH EQUIVALENTS AT END OF PERIOD 215,590 187,286
NONCASH INVESTING ACTIVITIES    
Equipment financed 10,354 3,478
Accruals for equipment received 3,904 10,106
Lease liabilities arising from obtaining right-of-use assets $ 26,001 $ 43,366