| | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 |
| Cash flows from operating activities: | | | | |
| Net earnings | | $ | 154,845 | | | $ | 128,475 | |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | | | | |
| Depreciation and amortization | | 45,690 | | | 47,973 | |
| Stock compensation expense | | 18,057 | | | 16,675 | |
| Other adjustments | | 5,427 | | | (5,007) | |
| Changes in assets and liabilities, net of acquired balances | | (7,463) | | | (6,117) | |
| Net cash provided by operating activities | | 216,556 | | | 181,999 | |
| | | | | |
| Cash flows from investing activities: | | | | |
| Capital expenditures and intangible assets acquired | | (43,489) | | | (35,661) | |
| Cash paid for acquisitions, net of cash acquired | | (323) | | | (24,164) | |
| Proceeds from sale of assets | | 274 | | | 359 | |
| Investment in affiliates | | (353) | | | (270) | |
| Net cash used in investing activities | | (43,891) | | | (59,736) | |
| | | | |
| Cash flows from financing activities: | | | | |
| Proceeds from revolving loan | | 88,000 | | | 26,000 | |
| Principal payments on revolving debt | | (114,000) | | | (145,569) | |
| Principal payments on finance lease | | (194) | | | (216) | |
| Proceeds from stock options exercised | | 9,307 | | | 17,228 | |
| Dividends paid | | (28,287) | | | (25,576) | |
| Repurchases of common stock | | (107,636) | | | (5,682) | |
| Net cash used in financing activities | | (152,810) | | | (133,815) | |
| | | | |
| Effect of exchange rate changes on cash | | 5,200 | | | (3,380) | |
| | | | |
| Increase (decrease) in cash and cash equivalents | | 25,055 | | | (14,932) | |
| | | | |
| Cash and cash equivalents, beginning of period | | 49,515 | | | 64,447 | |
| Cash and cash equivalents, end of period | | $ | 74,570 | | | $ | 49,515 | |
