Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 113,852 $ 78,923 $ 60,386
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 18,254 16,362 13,422
Amortization and impairment of operating lease right of use asset 33,368 0 0
Stock-based compensation expense 9,646 9,358 5,964
Deferred income taxes 18,400 19,453 (4,475)
Loss on disposal of assets 802 319 60
Impairment of intangibles and other 7,734 4,370 1,511
Changes in operating assets and liabilities, net of acquisitions:      
Receivables (38,907) (362) (26,906)
Prepaid expenses and other assets 607 (10,257) (26,973)
Prepaid income taxes (78) (2,519) (7,006)
Accounts payable and accrued expenses (3,082) (6,577) 19,666
Operating lease payable (28,062) 0 0
Income tax payable (431) 511 (3,499)
Net amounts due to/from governmental entities (1,641) (996) 176
Net cash provided by operating activities 130,462 108,585 32,326
Investing activities:      
Cash paid for acquisitions, net of cash acquired (74,293) 7,702 (64,598)
Purchases of property, building and equipment (33,609) (32,993) (10,176)
Net cash used in investing activities (107,902) (25,291) (74,774)
Financing activities:      
Proceeds from line of credit 267,000 303,943 96,000
Payments on line of credit (249,000) (319,743) (39,000)
Proceeds from employee stock purchase plan 2,066 1,342 1,026
Payments on debt (7,650) (4,975) (260)
Payments on deferred financing fees 0 (1,884) 0
Noncontrolling interest distributions (24,082) (12,134) (11,382)
Purchase of additional controlling interest (19,663) (412) (1,488)
Sale of noncontrolling interest 756 4,208 251
Withholding taxes paid on stock-based compensation (10,687) (7,125) (3,114)
Exercise of options 1,009 0 0
Net cash (used in) provided by financing activities (40,251) (36,780) 42,033
Change in cash (17,691) 46,514 (415)
Cash at beginning of period 49,363 2,849 3,264
Cash at end of period 31,672 49,363 2,849
Supplemental disclosures of cash flow information      
Interest paid 11,015 9,067 3,853
Income taxes paid 10,109 5,703 25,199
Non-Cash Operating activity:      
Operating right of use assets in exchange for lease obligations 129,290    
Non-Cash Investing activity:      
Accrued capital expenditures 2,729 3,449 0
Consideration transferred for a business combination 0 795,412 0
Non-Cash Financing activity:      
Purchase of additional controlling interest $ 0 $ 7,705 $ 0