XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 245,947 $ 143,348 $ 150,139
Adjustments to reconcile net income to net cash provided by operating activities-      
Amortization of identifiable intangible assets 47,795 40,505 32,698
Depreciation expense 33,552 28,439 27,931
Change in right-of-use assets 21,557 17,592 16,692
Bad debt expense (benefit) 2,670 (1,452) 5,253
Deferred tax provision (benefit) (94,505) 6,902 (7,953)
Amortization of debt financing costs 786 538 544
Gain on sale of assets (1,585) (1,540) (1,445)
Changes in the fair value of contingent earn-out obligations 4,819 (7,820) (9,119)
Stock-based compensation 10,532 10,593 6,934
(Increase) decrease in-      
Receivables, net (223,178) (58,046) 38,486
Inventories (13,495) (5,651) (1,457)
Prepaid expenses and other current assets (26,238) (8,623) (4,855)
Costs and estimated earnings in excess of billings and unbilled accounts receivable (9,643) (17,271) 2,706
Other noncurrent assets (995) (1,174) (1,373)
Increase (decrease) in-      
Accounts payable and accrued liabilities 165,888 4,004 11,087
Billings in excess of costs and estimated earnings 153,241 44,620 19,434
Other long-term liabilities (15,617) (14,813) 808
Net cash provided by operating activities 301,531 180,151 286,510
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (48,359) (22,330) (24,131)
Proceeds from sales of property and equipment 2,858 3,101 2,270
Cash paid for acquisitions, net of cash acquired (49,217) (227,493) (185,941)
Payments for investments (2,460)    
Net cash used in investing activities (97,178) (246,722) (207,802)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 555,000 275,000 268,000
Payments on revolving credit facility (560,000) (125,000) (226,000)
Payments on term loan (120,000) (15,000) (15,000)
Payments on other debt (12,256) (15,696) (46,534)
Payments on finance lease liabilities (899) (3,805)  
Debt financing costs (2,297)    
Payments of dividends to stockholders (20,077) (17,384) (15,499)
Share repurchase (38,216) (27,054) (30,120)
Shares received in lieu of tax withholding (3,247) (2,363) (1,076)
Proceeds from exercise of options 1,086 5,634 2,144
Deferred acquisition payments (50) (400) (650)
Payments for contingent consideration arrangements (4,959) (3,481) (9,865)
Net cash provided by (used in) financing activities (205,915) 70,451 (74,600)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,562) 3,880 4,108
CASH AND CASH EQUIVALENTS, beginning of period 58,776 54,896 50,788
CASH AND CASH EQUIVALENTS, end of period $ 57,214 $ 58,776 $ 54,896