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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from operating activities:    
Net income $ 46,929 $ 25,236
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 22,240 21,566
Stock-based compensation 15,558 20,128
Gain from equity-method investments (4,800) (602)
Deferred income taxes (1,944) (3,615)
Changes in operating assets and liabilities, net of acquisitions 20,723 (66,561)
Net cash provided by (used in) operating activities 98,706 (3,848)
Cash flow from investing activities:    
Acquisitions, net of cash received (22,700) (17,510)
Capital expenditures (21,419) (10,182)
Capitalization of internally developed software (925) (187)
Additions to other intangibles (3,125) (1,274)
Net cash used in investing activities (48,169) (29,153)
Cash flow from financing activities:    
Proceeds from revolving credit 0 25,000
Payments on term loan (6,250) 0
Payments on revolving credit (20,000) 0
Proceeds from issuance of common stock 8,956 9,244
Repurchase of common stock 0 (31,455)
Dividends paid (36,815) (36,976)
Net cash used in financing activities (54,109) (34,187)
Effect of exchange rate changes on cash 1,445 (1,035)
Net change in cash and cash equivalents (2,127) (68,223)
Cash and cash equivalents at beginning of period 139,799 211,106
Cash and cash equivalents at end of period $ 137,672 $ 142,883