CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
| Net income |
$ 12,103
|
$ 11,494
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
8,584
|
7,872
|
| Provision for losses on accounts receivable |
883
|
1,112
|
| Stock-based compensation expense |
2,009
|
1,609
|
| Deferred income tax (benefit) expense |
2,044
|
406
|
| Amortization of deferred financing costs |
320
|
408
|
| Amortization of capitalized commissions on preneed contracts |
293
|
0
|
| Accretion of discount on convertible subordinated notes |
(1,715)
|
(2,103)
|
| Amortization of debt discount on senior notes |
38
|
0
|
| Net loss on early extinguishment of debt |
936
|
0
|
| Net loss on sale and disposal of other assets |
45
|
311
|
| Changes in operating assets and liabilities that provided (required) cash: |
|
|
| Accounts and preneed receivables |
(779)
|
(468)
|
| Inventories and other current assets |
(1,139)
|
2,804
|
| Intangible and other non-current assets |
(102)
|
211
|
| Preneed funeral and cemetery trust investments |
3,657
|
(1,252)
|
| Accounts payable |
(758)
|
(3,750)
|
| Accrued and other liabilities |
(819)
|
(5,102)
|
| Deferred preneed funeral and cemetery revenue |
2,007
|
2,020
|
| Deferred preneed funeral and cemetery receipts held in trust |
(4,756)
|
468
|
| Net cash provided by operating activities |
26,281
|
20,246
|
| Cash flows from investing activities: |
|
|
| Acquisition and land for new construction |
0
|
(625)
|
| Capital expenditures |
(5,080)
|
(8,790)
|
| Net cash used in investing activities |
(5,080)
|
(9,415)
|
| Cash flows from financing activities: |
|
|
| Payments against the term loan |
(127,500)
|
(5,625)
|
| Borrowings from the revolving credit facility |
96,000
|
36,800
|
| Payments against the revolving credit facility |
(188,000)
|
(42,400)
|
| Payment of debt issuance costs related to long-term debt |
(1,551)
|
0
|
| Redemption of the 2.75% convertible subordinated notes |
(75,229)
|
0
|
| Payment of Debt Conversion, Transaction Costs |
(845)
|
0
|
| Proceeds from the issuance of the 6.625% senior notes |
320,125
|
0
|
| Payments on other long-term debt and obligations under capital leases |
(828)
|
(723)
|
| Payments on contingent consideration recorded at acquisition date |
(138)
|
(101)
|
| Proceeds from the exercise of stock options and employee stock purchase plan contributions |
846
|
544
|
| Taxes paid on restricted stock vestings and exercise of non-qualified options |
(495)
|
(509)
|
| Dividends paid on common stock |
(2,640)
|
(1,668)
|
| Net cash provided by (used in) financing activities |
18,378
|
(13,682)
|
| Net increase (decrease) in cash and cash equivalents |
39,579
|
(2,851)
|
| Cash and cash equivalents at beginning of period |
952
|
3,286
|
| Cash and cash equivalents at end of period |
40,531
|
435
|
| Senior Notes [Member] |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of deferred financing costs |
11
|
|
| Cash flows from financing activities: |
|
|
| Payment of debt issuance costs related to long-term debt |
$ (1,367)
|
$ 0
|