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 ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities:    
Net income $ 85,028 $ 91,319
Adjustments to reconcile net income to net cash provided by operating activities—    
Depreciation 70,954 62,107
Amortization of intangible assets 115,751 21,355
Change in fair value of contingent consideration liabilities 5,169 (363)
Equity in earnings of unconsolidated affiliates (20,490) (5,868)
Amortization of deferred financing costs 1,458 846
Gain on sale of property and equipment (2,193) (4,982)
Gain on sale of investments (6,696) 0
Unrealized loss from mark-to-market adjustment on investment 8,393 0
Provision for credit losses 133 43
Deferred income tax expense (benefit) (8,098) 2,494
Non-cash stock-based compensation 22,992 18,687
Foreign currency (gain) loss 1,581 (576)
Payments for contingent consideration liabilities (63) 0
Changes in operating assets and liabilities, net of non-cash transactions (188,829) (59,449)
Net cash provided by operating activities 85,090 125,613
Cash Flows from Investing Activities:    
Capital expenditures (109,937) (83,486)
Proceeds from sale of property and equipment 8,810 7,223
Proceeds from insurance settlements related to property and equipment 191 7
Cash paid for acquisitions, net of cash, cash equivalents and restricted cash acquired 0 (32,778)
Investments in unconsolidated affiliates and other (8,319) (113,982)
Cash received from investments 16,460 210
Cash paid for intangible assets (274) 0
Net cash used in investing activities (93,069) (222,806)
Cash Flows from Financing Activities:    
Borrowings under credit facility 1,369,151 828,496
Payments under credit facility (1,301,146) (656,818)
Payments on other long-term debt (2,079) (857)
Net borrowings of short-term debt (15,703) (4,247)
Deferred financing costs (48) 0
Payments for contingent consideration liabilities (1,514) (263)
Distributions to non-controlling interests (538) (1,129)
Payments related to tax withholding for share-based compensation (11,252) (23,921)
Payments of dividends (10,842) (8,798)
Repurchase of common stock (9,479) (19,474)
Net cash provided by financing activities 16,550 112,989
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 378 11
Net increase in cash, cash equivalents and restricted cash 8,949 15,807
Cash, cash equivalents and restricted cash, beginning of period 231,887 186,808
Cash, cash equivalents and restricted cash, end of period $ 240,836 $ 202,615