|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 68,589 |
$ 63,660 |
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
| Depreciation and amortization |
13,612 |
10,370 |
| Net change in fair value of contingent consideration liabilities |
289 |
346 |
| Stock-based compensation expense |
7,836 |
8,071 |
| Equity in earnings of unconsolidated affiliate |
(821) |
|
| Distribution of earnings from unconsolidated affiliate |
2,062 |
|
| Deferred income taxes |
2,023 |
(387) |
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(8,683) |
(30,292) |
| Prepaid expenses and other assets |
1,999 |
(1,480) |
| Other assets |
705 |
341 |
| Accounts payable and accrued expenses |
(169,622) |
(131,370) |
| Income taxes payable |
19,552 |
26,076 |
| Payments of contingent consideration liabilities |
(34) |
(2,779) |
| Long-term professional liabilities |
4,945 |
6,419 |
| Other liabilities |
3,864 |
1,203 |
| Net cash used in operating activities |
(53,684) |
(49,822) |
| Cash flows from investing activities: |
|
|
| Acquisition payments, net of cash acquired |
(37,724) |
(69,375) |
| Purchases of investments |
(3,719) |
(3,904) |
| Proceeds from sales or maturities of investments |
3,265 |
3,635 |
| Purchases of property and equipment |
(5,388) |
(4,570) |
| Net cash used in investing activities |
(43,566) |
(74,214) |
| Cash flows from financing activities: |
|
|
| Borrowings on credit facility |
634,500 |
371,500 |
| Payments on credit facility |
(306,500) |
(150,500) |
| Payments of contingent consideration liabilities |
(371) |
(645) |
| Payments on capital lease obligations |
(159) |
(25) |
| Excess tax benefit from exercises of stock options and vesting of restricted stock |
1,076 |
1,935 |
| Proceeds from issuance of common stock |
4,596 |
7,398 |
| Repurchases of common stock |
(233,601) |
(116,989) |
| Net cash provided from financing activities |
99,541 |
112,674 |
| Net increase (decrease) in cash and cash equivalents |
2,291 |
(11,362) |
| Cash and cash equivalents at beginning of period |
47,928 |
31,137 |
| Cash and cash equivalents at end of period |
$ 50,219 |
$ 19,775 |