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, 2020
Sep. 30, 2019
Operating activities:    
Net income $ 99,969 $ 87,940
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 15,601 12,812
Amortization of operating lease right of use asset 25,799 22,952
Stock-based compensation expense 11,133 6,382
Deferred income taxes 15,038 8,102
Loss on disposal of assets 291 337
Impairment of intangibles and other 622 7,534
Changes in operating assets and liabilities, net of acquisitions:    
Receivables (36,194) (42,928)
Prepaid expenses (1,487) 4,828
Other assets (3,183) (2,810)
Prepaid income taxes (10,035) 8,258
Accounts payable and accrued expenses (17,085) (4,241)
Salaries, wages, and benefits payable 25,913 18,001
Contract liabilities - deferred revenue 317,938  
Other long term liabilities 33,632 0
Operating lease liabilities (25,485) (18,428)
Income taxes payable 2,721 (715)
Net amounts due to/from governmental entities 555 (3,234)
Net cash provided by operating activities 455,743 104,790
Investing activities:    
Purchases of property, building and equipment (51,241) (15,401)
Proceeds from sale of property, building and equipment 7,142 0
Cash received (paid) for acquisitions 2,326 (54,120)
Net cash used in investing activities (41,773) (69,521)
Financing activities:    
Proceeds from line of credit 276,229 84,000
Payments on line of credit (509,229) (87,000)
Government stimulus advance 93,257 0
Proceeds from employee stock purchase plan 1,679 1,540
Payments on debt 0 (7,650)
Noncontrolling interest distributions (22,505) (18,944)
Withholding taxes paid on stock-based compensation (9,854) (9,422)
Purchase of additional controlling interest (23,575) (18,763)
Exercise of vested awards and stock options 0 153
Sale of noncontrolling interest 2,120 756
Net cash used in financing activities (191,878) (55,330)
Change in cash 222,092 (20,061)
Cash at beginning of period 31,672 49,363
Cash at end of period 253,764 29,302
Supplemental disclosures of cash flow information:    
Interest paid 4,556 8,549
Income taxes paid 15,583 8,015
Non-Cash Operating Activity:    
Operating right of use assets in exchange for lease obligations 25,633 115,161
Non-Cash Investing Activity:    
Accrued capital expenditures $ 5,851 $ 1,514