CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2018 |
Sep. 30, 2017 |
| Net income |
$ 14,303
|
$ 14,532
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
13,100
|
11,874
|
| Provision for losses on accounts receivable |
1,511
|
1,737
|
| Stock-based compensation expense |
2,924
|
2,394
|
| Deferred income tax (benefit) expense |
3,547
|
1,215
|
| Amortization of deferred financing costs |
420
|
614
|
| Amortization of capitalized commissions on preneed contracts |
449
|
0
|
| Accretion of discount on convertible subordinated notes |
(1,961)
|
(3,200)
|
| Amortization of debt discount on senior notes |
154
|
0
|
| Net loss on early extinguishment of debt |
936
|
0
|
| Net loss on sale and disposal of other assets |
408
|
341
|
| Changes in operating assets and liabilities that provided (required) cash: |
|
|
| Accounts and preneed receivables |
(3,010)
|
(2,594)
|
| Inventories and other current assets |
(1,911)
|
2,356
|
| Intangible and other non-current assets |
(345)
|
340
|
| Preneed funeral and cemetery trust investments |
4,419
|
(5,114)
|
| Accounts payable |
(735)
|
(3,510)
|
| Accrued and other liabilities |
3,761
|
(2,790)
|
| Deferred preneed funeral and cemetery revenue |
6,292
|
2,098
|
| Deferred preneed funeral and cemetery receipts held in trust |
(9,467)
|
4,132
|
| Net cash provided by operating activities |
38,717
|
30,825
|
| Cash flows from investing activities: |
|
|
| Acquisition and land for new construction |
(37,970)
|
(723)
|
| Net proceeds from the sale of other assets |
0
|
405
|
| Capital expenditures |
(9,037)
|
(13,129)
|
| Net cash used in investing activities |
(47,007)
|
(13,447)
|
| Cash flows from financing activities: |
|
|
| Payments against the term loan |
(127,500)
|
(8,438)
|
| Borrowings from the revolving credit facility |
96,000
|
75,100
|
| Payments against the revolving credit facility |
(188,000)
|
(67,300)
|
| 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 transaction costs related to the redemption of the 2.75% convertible subordinated notes |
(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 |
(1,031)
|
(1,084)
|
| Payments on contingent consideration recorded at acquisition date |
(138)
|
(101)
|
| Proceeds from the exercise of stock options and employee stock purchase plan contributions |
1,075
|
1,296
|
| Taxes paid on restricted stock vestings and exercise of non-qualified options |
(651)
|
(509)
|
| Dividends paid on common stock |
(4,076)
|
(2,503)
|
| Purchase of treasury stock |
0
|
(16,366)
|
| Net cash provided by (used in) financing activities |
16,812
|
(19,905)
|
| Net increase (decrease) in cash and cash equivalents |
8,522
|
(2,527)
|
| Cash and cash equivalents at beginning of period |
952
|
3,286
|
| Cash and cash equivalents at end of period |
9,474
|
759
|
| Senior Notes [Member] |
|
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of deferred financing costs |
44
|
|
| Amortization of debt discount on senior notes |
154
|
|
| Cash flows from financing activities: |
|
|
| Payment of debt issuance costs related to long-term debt |
$ (1,367)
|
$ 0
|