Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income from continuing operations $ 42,803 $ 179,414 $ 106,879
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations:      
Depreciation and amortization 57,405 42,552 34,966
Change in fair value of earn-out liability 0 (294) (496)
Share-based compensation expense 11,495 10,661 10,500
Provision for revenue adjustments 5,091 6,426 6,339
Deferred income tax expense (8,893) 7,686 1,421
Other (1,180) (1,279) 207
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies:      
Accounts receivable 30,555 (2,588) (42,458)
Other receivables (5,408) 8,097 (8,097)
Other current and noncurrent assets 30,683 (13,280) (6,905)
Accounts payable, accrued expenses and other long-term liabilities 36,661 12,766 18,252
Net cash provided by operating activities of continuing operations 199,212 250,161 120,608
Investing activities:      
Proceeds from sale of property and equipment 3,741 2,372 2,643
Purchases of property and equipment (30,725) (39,254) (38,375)
Purchase of businesses, net of cash acquired (56,703) (66,105) (59,866)
Net cash used in investing activities of continuing operations (83,687) (102,987) (95,598)
Financing activities:      
Proceeds from credit facility 70,000 0 195,000
Payments on credit facility (178,500) (49,000) (150,000)
Proceeds from long-term debt held in escrow 1,790,500 0 0
Repayments of finance lease obligations (9,500) (6,108) (2,423)
Payment of debt issuance costs 0 0 (482)
Proceeds from issuance of common stock upon stock option exercises 0 206 3,706
Payment of earn-out liability 0 (91) (6,519)
Payments of dividends to shareholders (24,995) (25,865) (22,976)
Repurchases and retirement of common stock (93,811) (62,771) (48,989)
Proceeds from common stock issued under employee stock purchase plan 800 783 911
Payment of minimum tax withholdings on share-based awards (4,340) (3,330) (3,115)
Contributions from subsidiary held for sale 240,572 7,508 6,939
Net cash provided by (used in) financing activities of continuing operations 1,790,726 (138,668) (27,948)
Net increase in cash, cash equivalents and restricted cash equivalents from continuing operations 1,906,251 8,506 (2,938)
Cash from discontinued operation:      
Net cash (used in) provided by operating activities of discontinued operations (17,824) 8,929 (347)
Net cash provided by (used in) investing activities of discontinued operations 258,525 (1,475) 7,286
Net cash used in financing activities of discontinued operations (240,701) (7,454) (6,939)
Net increase (decrease) in cash, cash equivalents and restricted cash equivalents 1,906,251 8,506 (2,938)
Cash, cash equivalents, and restricted cash equivalents at beginning of period of continuing operations 45,822 37,316 40,254
Cash at beginning of period of discontinued operations 0 0 0
Less: cash at end of period of discontinued operations   0 0
Cash, cash equivalents, and restricted cash equivalents at end of period of continuing operations 1,952,073 45,822 37,316
Reconciliation of cash, cash equivalents, and restricted cash equivalents:      
Cash and cash equivalents 121,969 45,822 37,316
Restricted cash equivalents 39,604 0 0
Noncurrent restricted cash equivalents 1,790,500 0 0
Total cash, cash equivalents, and restricted cash equivalents shown in the statement of cash flow: 1,952,073 45,822 37,316
Non-cash activity:      
Equipment acquired under finance leases $ 25,217 $ 14,422 $ 6,758