|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities |
|
|
| Net income |
$ 6,410 |
$ 10,274 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
1,515 |
1,265 |
| Stock-based compensation expense |
1,904 |
1,965 |
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(11,618) |
(14,064) |
| Prepaid expenses and other current assets |
5,104 |
4,270 |
| Accounts payable and accrued liabilities |
1,939 |
4,260 |
| Accrued compensation |
3,850 |
2,770 |
| Medical malpractice and self-insurance reserves, net |
650 |
623 |
| Accrued contingent consideration |
4,379 |
(1,189) |
| Net cash provided by operating activities |
14,133 |
10,174 |
| Investing activities |
|
|
| Acquisitions of physician practices |
(13,908) |
(8,740) |
| Purchase of property and equipment |
(1,865) |
(750) |
| Net cash used in investing activities |
(15,773) |
(9,490) |
| Financing activities |
|
|
| Proceeds from long-term debt |
15,000 |
0 |
| Repayments of long-term debt |
(20,000) |
(5,000) |
| Net proceeds from issuance of common stock |
1,580 |
2,160 |
| Excess tax benefits from stock-based compensation |
167 |
420 |
| Net cash used in financing activities |
(3,253) |
(2,420) |
| Net decrease in cash and cash equivalents |
(4,893) |
(1,736) |
| Cash and cash equivalents, beginning of period |
14,913 |
25,010 |
| Cash and cash equivalents, end of period |
10,020 |
23,274 |
| Supplemental disclosure of cash flow information |
|
|
| Interest |
270 |
102 |
| Income taxes |
$ 777 |
$ 635 |