Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities:        
Net income $ 175,398 $ 163,700 $ 385,688 $ 279,998
Adjustments to reconcile net income to net cash provided by operating activities—        
Depreciation 61,616 56,244 186,480 165,180
Amortization of intangible assets 22,772 19,687 65,418 55,374
Asset impairment charges 0 0 2,319 0
Impairment of cost method investment 0 0 0 9,311
Change in fair value of contingent consideration liabilities (787) 78 (1,360) 598
Equity in (earnings) losses of unconsolidated affiliates (10,758) (5,260) (24,734) 2,207
Amortization of deferred financing costs 3,919 3,070 5,609 4,247
Gain on sale of property and equipment (1,077) (2,246) (10,931) (4,218)
Provision for credit losses 249 1,566 24,169 2,910
Deferred income tax provision (benefit) (2,502) (17,443) 14,245 (19,226)
Non-cash stock-based compensation 21,642 21,431 64,252 58,323
Foreign currency gain (4,901) (1,505) (6,531) (4,942)
Payments for contingent consideration liabilities 0 0 0 (590)
Changes in operating assets and liabilities, net of non-cash transactions (247,695) (124,463) (372,187) 290,715
Net cash provided by operating activities 17,876 114,859 332,437 839,887
Cash Flows from Investing Activities:        
Capital expenditures (74,612) (50,780) (232,996) (167,037)
Proceeds from sale of property and equipment 16,431 5,844 35,101 18,460
Proceeds from insurance settlements related to property and equipment 255 73 535 271
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired (33,261) (187,655) (101,373) (212,092)
Proceeds from disposition of businesses 0 203 0 11,064
Investments in unconsolidated affiliates and other (5,154) (778) (119,478) (9,538)
Cash received from investments in unconsolidated affiliates and other entities 5 2,538 3,022 2,570
Cash paid for intangible assets (200) 0 (524) 0
Net cash used in investing activities (96,536) (230,555) (415,713) (356,302)
Cash Flows from Financing Activities:        
Borrowings under credit facility 1,240,766 478,762 3,124,845 2,453,941
Payments under credit facility (1,142,350) (1,648,614) (2,857,190) (3,602,660)
Proceeds from notes offering 1,487,450 990,130 1,487,450 990,130
Payments of other long-term debt (916) (652) (2,530) (1,635)
Net repayments of short-term debt, net of borrowings 13,619 (1,761) 9,372 (6,180)
Deferred financing costs (5,056) (7,794) (5,056) (7,794)
Payments for contingent consideration liabilities 0 0 (263) (10,399)
Distributions to non-controlling interests (1,107) (744) (6,357) (4,669)
Payments related to tax withholding for stock-based compensation (2,638) (830) (63,131) (24,403)
Payment of dividends (8,414) (7,001) (25,627) (21,545)
Repurchase of common stock (17,764) 0 (66,687) (200,000)
Net cash provided by (used in) financing activities 1,563,590 (198,504) 1,594,826 (435,214)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (549) 449 738 986
Net increase in cash, cash equivalents and restricted cash 1,484,381 (313,751) 1,512,288 49,357
Cash, cash equivalents and restricted cash, beginning of period 214,715 532,853 186,808 169,745
Cash, cash equivalents and restricted cash, end of period $ 1,699,096 $ 219,102 $ 1,699,096 $ 219,102