CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| Cash flows from operating activities: |
|
|
| Net income |
$ 39,578
|
$ 51,254
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
18,346
|
18,432
|
| Amortization of intangible assets |
24,967
|
17,877
|
| Loss on HLSS equity securities and dividends received, net |
0
|
1,854
|
| Change in the fair value of acquisition related contingent consideration |
193
|
(7,346)
|
| Share-based compensation expense |
3,569
|
1,315
|
| Bad debt expense |
1,041
|
2,143
|
| Gain on early extinguishment of debt |
(5,464)
|
(1,114)
|
| Amortization of debt discount |
201
|
255
|
| Amortization of debt issuance costs |
557
|
585
|
| Deferred income taxes |
18
|
5
|
| Loss on disposal of fixed assets |
9
|
20
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
3,407
|
(6,726)
|
| Prepaid expenses and other current assets |
(6,012)
|
4,480
|
| Other assets |
447
|
1,338
|
| Accounts payable and accrued expenses |
(4,454)
|
(28,557)
|
| Other current and non-current liabilities |
(6,998)
|
(1,008)
|
| Net cash provided by operating activities |
69,405
|
54,807
|
| Cash flows from investing activities: |
|
|
| Additions to premises and equipment |
(12,441)
|
(21,421)
|
| Purchase of available for sale securities |
(48,219)
|
(29,966)
|
| Proceeds received from sale of and dividends from HLSS equity securities |
0
|
28,112
|
| Other investing activities |
(10)
|
(4)
|
| Net cash used in investing activities |
(60,670)
|
(23,279)
|
| Cash flows from financing activities: |
|
|
| Repayment and repurchases of long-term debt |
(47,751)
|
(17,701)
|
| Proceeds from stock option exercises |
986
|
203
|
| Purchase of treasury stock |
(19,746)
|
(43,965)
|
| Distributions to non-controlling interests |
(1,065)
|
(1,347)
|
| Net cash used in financing activities |
(67,576)
|
(62,810)
|
| Net decrease in cash and cash equivalents |
(58,841)
|
(31,282)
|
| Cash and cash equivalents at the beginning of the period |
179,327
|
161,361
|
| Cash and cash equivalents at the end of the period |
120,486
|
130,079
|
| Supplemental cash flow information: |
|
|
| Interest paid |
11,694
|
13,345
|
| Income taxes paid, net |
5,618
|
3,490
|
| Non-cash investing and financing activities: |
|
|
| Increase (decrease) in payables for purchases of premises and equipment |
$ 1,369
|
$ (4,091)
|