Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Cash Flows from Operating Activities:        
Net income $ 74,795,000 $ 28,459,000 $ 116,298,000 $ 149,494,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities—        
Depreciation 54,526,000 53,811,000 108,936,000 106,027,000
Amortization of intangible assets 17,779,000 12,610,000 35,687,000 25,280,000
Impairment of cost method investment 9,311,000 0 9,311,000 0
Change in fair value of contingent consideration liabilities (2,238,000) 4,371,000 520,000 4,287,000
Equity in (earnings) losses of unconsolidated affiliates 4,784,000 (1,757,000) 7,467,000 (62,147,000)
Amortization of debt issuance costs 588,000 408,000 1,177,000 816,000
Gain on sale of property and equipment (1,158,000) (2,411,000) (1,972,000) (2,470,000)
Provision for credit losses 1,071,000 416,000 1,344,000 3,239,000
Deferred income tax provision (benefit) (5,993,000) 19,573,000 (1,783,000) 44,131,000
Non-cash stock-based compensation 21,980,000 14,484,000 36,892,000 27,496,000
Foreign currency and other gain (3,084,000) (3,135,000) (3,437,000) (1,918,000)
Payments for contingent consideration liabilities (590,000) 0 (590,000) 0
Changes in operating assets and liabilities, net of non-cash transactions 325,708,000 (235,493,000) 415,178,000 (485,649,000)
Net cash provided by (used in) operating activities 497,479,000 (108,664,000) 725,028,000 (191,414,000)
Cash Flows from Investing Activities:        
Capital expenditures (48,148,000) (72,775,000) (116,257,000) (141,401,000)
Proceeds from sale of property and equipment 7,826,000 8,550,000 12,616,000 19,393,000
Proceeds from insurance settlements related to property and equipment 0 3,000 198,000 11,000
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (1,643,000) (3,780,000) (24,437,000) (55,333,000)
Proceeds from disposition of businesses 8,387,000 0 10,861,000 0
Investments in unconsolidated affiliates and other entities (3,068,000) (127,000) (8,760,000) (37,930,000)
Cash received from investments in unconsolidated affiliates and other entities 32,000 0 32,000 0
Cash paid for intangible assets 0 (42,000) 0 (67,000)
Net cash used in investing activities (36,614,000) (68,171,000) (125,747,000) (215,327,000)
Cash Flows from Financing Activities:        
Borrowings under credit facility 500,727,000 1,068,439,000 1,975,179,000 2,715,513,000
Payments under credit facility (782,987,000) (901,396,000) (1,954,046,000) (2,248,838,000)
Payments of other long-term debt (537,000) (222,000) (983,000) (483,000)
Net repayments of short-term debt, net of borrowings (1,620,000) 7,304,000 (4,419,000) (15,916,000)
Payments for contingent consideration liabilities (9,410,000) 0 (10,399,000) 0
Distributions to non-controlling interests (1,962,000) (1,092,000) (3,925,000) (1,620,000)
Payments related to tax withholding for stock-based compensation (7,687,000) (1,666,000) (23,573,000) (15,344,000)
Payment of dividends (7,160,000) (5,830,000) (14,544,000) (11,582,000)
Repurchase of common stock 0 (159,000) (200,000,000) (20,092,000)
Net cash provided by (used in) financing activities (310,636,000) 165,378,000 (236,710,000) 401,638,000
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 986,000 82,000 537,000 (36,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 151,215,000 (11,375,000) 363,108,000 (5,139,000)
Cash, cash equivalents and restricted cash, beginning of period 381,638,000 89,492,000 169,745,000 83,256,000
Cash, cash equivalents and restricted cash, end of period $ 532,853,000 $ 78,117,000 $ 532,853,000 $ 78,117,000