Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Cash flows from operating activities: |
|
|
|
|
| Net income |
|
$ 54,554
|
$ 167,306
|
|
| Income from discontinued operations |
|
473
|
9,079
|
|
| Gain on sale of discontinued operations, net |
|
2,134
|
151,075
|
|
| Net income from continuing operations |
|
51,947
|
7,152
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
| Depreciation expense |
|
19,481
|
15,797
|
|
| Amortization expense |
|
32,691
|
24,566
|
|
| Loss on disposal of assets |
|
7,214
|
0
|
|
| Amortization of debt issuance costs and original issue discount |
|
2,363
|
2,154
|
|
| Unrealized loss on interest rate swap |
|
8,322
|
8,044
|
|
| Noncontrolling stockholder stock based compensation |
|
3,011
|
2,063
|
|
| Excess tax benefit from subsidiary stock options exercised |
|
(366)
|
0
|
|
| Gain on equity method investment |
|
(58,680)
|
(9,518)
|
|
| Deferred taxes |
|
(4,479)
|
(4,352)
|
|
| Other |
|
384
|
259
|
|
| Changes in operating assets and liabilities, net of acquisition: |
|
|
|
|
| (Increase) decrease in accounts receivable |
|
(8,797)
|
4,735
|
|
| Decrease (increase) in inventories |
|
440
|
(8,730)
|
|
| Increase in prepaid expenses and other current assets |
|
2,081
|
953
|
|
| Increase (decrease) in accounts payable and accrued expenses |
|
1,296
|
(11,290)
|
|
| Net cash provided by operating activities - continuing operations |
|
56,908
|
31,833
|
|
| Net cash provided by operating activities - discontinued operations |
|
3,686
|
14,638
|
|
| Cash provided by operating activities |
|
60,594
|
46,471
|
|
| Cash flows from investing activities: |
|
|
|
|
| Acquisitions, net of cash acquired |
|
(528,642)
|
(98,816)
|
|
| Purchases of property and equipment |
|
(15,528)
|
(11,369)
|
|
| Net proceeds from sale of equity investment |
|
110,685
|
0
|
|
| Payment of interest rate swap |
|
(3,114)
|
(1,502)
|
|
| Purchase of noncontrolling interest (refer to Note N) |
|
(1,476)
|
0
|
|
| Proceeds from sale of business |
|
11,249
|
244,269
|
|
| Other investing activities |
|
350
|
256
|
|
| Net cash (used in) provided by investing activities - continuing operations |
|
(426,476)
|
132,838
|
|
| Net cash provided by investing activities - discontinued operations |
|
9,192
|
113,756
|
|
| Cash used in investing activities |
|
(417,284)
|
246,594
|
|
| Cash flows from financing activities: |
|
|
|
|
| Borrowings under credit facility |
|
633,798
|
197,000
|
|
| Repayments under credit facility |
|
(221,719)
|
(369,163)
|
|
| Distributions paid |
|
(58,644)
|
(58,644)
|
|
| Net proceeds provided by noncontrolling shareholders (refer to Note N) |
|
9,473
|
6,228
|
|
| Distributions paid to noncontrolling shareholders (refer to Note N) |
|
(23,630)
|
0
|
|
| Distributions paid to allocation interest holders (refer to Note L) |
|
(16,829)
|
0
|
|
| Repurchase of subsidiary stock |
|
(15,407)
|
0
|
|
| Excess tax benefit from subsidiary stock options exercised |
|
366
|
0
|
|
| Debt issuance costs |
|
(5,993)
|
(295)
|
|
| Other |
|
(1,008)
|
(576)
|
|
| Net cash provided by (used in) financing activities |
|
300,407
|
(225,450)
|
|
| Foreign currency impact on cash |
|
(3,197)
|
(2,593)
|
|
| Net (decrease) increase in cash and cash equivalents |
|
(59,480)
|
65,022
|
|
| Cash and cash equivalents — beginning of period |
|
85,240
|
23,703
|
[1] |
| Cash and cash equivalents — end of period |
[2] |
$ 26,389
|
$ 88,725
|
|
|
|