XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 1,022,558 $ 522,433 $ 323,398
Adjustments to reconcile net income to net cash provided by operating activities-      
Amortization of identifiable intangible assets 79,580 97,266 43,404
Depreciation expense 62,379 48,219 38,162
Change in right-of-use assets 33,848 30,950 25,964
Bad debt expense 6,609 6,952 4,944
Deferred tax provision (benefit) (5,277) (66,613) 95,296
Amortization of debt financing costs 1,018 687 685
Gain on sale of assets (1,974) (3,030) (2,302)
Changes in the fair value of contingent earn-out obligations 33,473 88,146 23,607
Stock-based compensation 21,809 16,646 12,939
(Increase) decrease in-      
Receivables, net (594,298) (333,233) (381,555)
Inventories (24,411) 6,544 (29,688)
Prepaid expenses and other current assets (91,359) (7,868) (11,137)
Costs and estimated earnings in excess of billings and unbilled accounts receivable (19,945) (82,081) 7,350
Other noncurrent assets (386) (2,220) (152)
Increase (decrease) in-      
Accounts payable and other current liabilities (276,051) 502,888 136,467
Billings in excess of costs and estimated earnings and deferred revenue 910,084 32,173 349,166
Other long-term liabilities 28,699 (8,802) 3,020
Net cash provided by operating activities 1,186,356 849,057 639,568
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (154,903) (111,071) (94,838)
Proceeds from sales of property and equipment 3,695 5,538 5,951
Cash paid for acquisitions, net of cash acquired (279,610) (235,466) (102,261)
Payments for investments (64,201) (2,510) (1,860)
Proceeds from investments 27,747    
Net cash used in investing activities (467,272) (343,509) (193,008)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 200,000 182,000 285,000
Payments on revolving credit facility (100,000) (182,000) (500,000)
Proceeds from other debt   640  
Payments on other debt (43,059) (26,576) (12,033)
Debt financing costs (3,709)    
Payments of dividends to stockholders (68,833) (42,766) (30,379)
Share repurchases (215,999) (57,912) (21,184)
Shares received in lieu of tax withholding (10,016) (8,915) (4,725)
Proceeds from exercise of options 793 184 18
Deferred acquisition payments   (50)  
Payments for contingent consideration arrangements (46,302) (25,364) (15,321)
Net cash used in financing activities (287,125) (160,759) (298,624)
NET INCREASE IN CASH AND CASH EQUIVALENTS 431,959 344,789 147,936
CASH AND CASH EQUIVALENTS, beginning of period 549,939 205,150 57,214
CASH AND CASH EQUIVALENTS, end of period $ 981,898 $ 549,939 $ 205,150