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
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net income $ 61,933 $ 122,046
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 17,483 14,899
Amortization of operating lease right of use asset 30,769 27,526
Stock-based compensation expense 15,290 11,717
Deferred income taxes 17,635 23,356
Loss (gain) on disposal of assets 484 (1,190)
Impairment of intangibles and other 4,130 937
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (684) (27,038)
Prepaid expenses 5,273 397
Other assets (4,208) (6,368)
Prepaid income taxes (11,772) (11,575)
Prepaid taxes 0 (12,509)
Accounts payable and accrued expenses 16,282 6,626
Salaries, wages, and benefits payable (11,251) (9,687)
Contract liabilities - deferred revenue (101,649) (141,629)
Operating lease liabilities (30,568) (27,472)
Income taxes payable 668 (20,819)
Net amounts due to/from governmental entities 223 (833)
Net cash provided by (used in) operating activities 10,038 (51,616)
Investing activities:    
Purchases of property, building and equipment (14,074) (23,548)
Proceeds from sale of property, building and equipment 0 3,350
Cash paid for acquisitions, net of cash acquired (2,570) (383,475)
Purchase of intangible assets (100) 0
Proceeds from sale of an entity 0 1,531
Minority interest investments (15,250) (10,100)
Net cash used in investing activities (31,994) (412,242)
Financing activities:    
Proceeds from line of credit 815,155 544,056
Payments on line of credit (738,352) (209,056)
Government stimulus advance 0 (93,257)
Proceeds from employee stock purchase plan 1,840 1,877
Payments on deferred financing fees 0 (2,855)
Payments on repurchasing common stock (34,565) 0
Noncontrolling interest distributions (16,346) (22,187)
Withholding taxes paid on stock-based compensation (4,630) (11,594)
Purchase of additional controlling interest (433) (2,113)
Sale of noncontrolling interest 0 1,934
Net cash provided by financing activities 22,669 206,805
Change in cash 713 (257,053)
Cash at beginning of period 9,809 286,569
Cash at end of period 10,522 29,516
Supplemental disclosures of cash flow information:    
Interest paid 18,049 1,532
Income taxes paid 10,701 42,036
Non-Cash Operating Activity:    
Operating right of use assets in exchange for lease obligations 28,435 41,776
Reduction to right of use assets and liabilities 2,089 2,746
Non-Cash Investing Activity:    
Net working capital adjustment 1,440 0
Accrued capital expenditures $ 126 $ 1,807