|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities |
|
|
| Net income |
$ 37,285 |
$ 34,367 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Distributions from unconsolidated subsidiaries |
28 |
|
| Depreciation and amortization |
17,348 |
16,229 |
| Provision for bad debts |
12,670 |
11,018 |
| Equity in earnings of unconsolidated subsidiaries |
(2,592) |
(908) |
| Loss on early retirement of debt |
|
2,277 |
| Loss from disposal of assets |
5 |
121 |
| Non-cash stock compensation expense |
2,399 |
2,155 |
| Amortization of debt discount, premium and issuance costs |
1,929 |
2,051 |
| Deferred income taxes |
(2,471) |
57 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Accounts receivable |
(61,810) |
(87,437) |
| Other current assets |
(5,924) |
(3,144) |
| Other assets |
1,663 |
(3,938) |
| Accounts payable |
5,332 |
4,732 |
| Accrued expenses |
6,757 |
(12,803) |
| Income taxes |
24,916 |
19,223 |
| Net cash provided by (used in) operating activities |
37,535 |
(16,000) |
| Investing activities |
|
|
| Purchases of property and equipment |
(27,848) |
(27,299) |
| Investment in businesses |
(1,000) |
(124) |
| Acquisition of businesses, net of cash acquired |
(2,686) |
(375) |
| Net cash used in investing activities |
(31,534) |
(27,798) |
| Financing activities |
|
|
| Borrowings on revolving credit facility |
215,000 |
285,000 |
| Payments on revolving credit facility |
(175,000) |
(200,000) |
| Payments on credit facility term loans |
(26,884) |
(33,994) |
| Issuance of 6.375% senior notes, includes premium |
|
111,650 |
| Borrowings of other debt |
6,582 |
6,111 |
| Principal payments on other debt |
(4,584) |
(3,067) |
| Debt issuance costs |
|
(4,434) |
| Dividends paid |
(13,129) |
(14,056) |
| Repurchase of common stock |
|
(109,500) |
| Proceeds from issuance of common stock |
489 |
1,943 |
| Proceeds from (repayments of) bank overdrafts |
(2,821) |
5,970 |
| Tax benefit from stock based awards |
5 |
|
| Distributions to non-controlling interests |
(2,425) |
(1,452) |
| Net cash provided by (used in) financing activities |
(2,767) |
44,171 |
| Net increase (decrease) in cash and cash equivalents |
3,234 |
373 |
| Cash and cash equivalents at beginning of period |
3,354 |
4,319 |
| Cash and cash equivalents at end of period |
6,588 |
4,692 |
| Supplemental Cash Flow Information |
|
|
| Cash paid for interest |
8,735 |
14,407 |
| Cash paid for taxes |
733 |
2,812 |
| Select |
|
|
| Operating activities |
|
|
| Net income |
37,285 |
34,367 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Distributions from unconsolidated subsidiaries |
28 |
|
| Depreciation and amortization |
17,348 |
16,229 |
| Provision for bad debts |
12,670 |
11,018 |
| Equity in earnings of unconsolidated subsidiaries |
(2,592) |
(908) |
| Loss on early retirement of debt |
|
2,277 |
| Loss from disposal of assets |
5 |
121 |
| Non-cash stock compensation expense |
2,399 |
2,155 |
| Amortization of debt discount, premium and issuance costs |
1,929 |
2,051 |
| Deferred income taxes |
(2,471) |
57 |
| Changes in operating assets and liabilities, net of effects from acquisition of businesses: |
|
|
| Accounts receivable |
(61,810) |
(87,437) |
| Other current assets |
(5,924) |
(3,144) |
| Other assets |
1,663 |
(3,938) |
| Accounts payable |
5,332 |
4,732 |
| Accrued expenses |
6,757 |
(12,803) |
| Income taxes |
24,916 |
19,223 |
| Net cash provided by (used in) operating activities |
37,535 |
(16,000) |
| Investing activities |
|
|
| Purchases of property and equipment |
(27,848) |
(27,299) |
| Investment in businesses |
(1,000) |
(124) |
| Acquisition of businesses, net of cash acquired |
(2,686) |
(375) |
| Net cash used in investing activities |
(31,534) |
(27,798) |
| Financing activities |
|
|
| Borrowings on revolving credit facility |
215,000 |
285,000 |
| Payments on revolving credit facility |
(175,000) |
(200,000) |
| Payments on credit facility term loans |
(26,884) |
(33,994) |
| Issuance of 6.375% senior notes, includes premium |
|
111,650 |
| Borrowings of other debt |
6,582 |
6,111 |
| Principal payments on other debt |
(4,584) |
(3,067) |
| Debt issuance costs |
|
(4,434) |
| Dividends paid |
(13,129) |
(123,556) |
| Equity investment by Holdings |
489 |
1,943 |
| Proceeds from (repayments of) bank overdrafts |
(2,821) |
5,970 |
| Tax benefit from stock based awards |
5 |
|
| Distributions to non-controlling interests |
(2,425) |
(1,452) |
| Net cash provided by (used in) financing activities |
(2,767) |
44,171 |
| Net increase (decrease) in cash and cash equivalents |
3,234 |
373 |
| Cash and cash equivalents at beginning of period |
3,354 |
4,319 |
| Cash and cash equivalents at end of period |
6,588 |
4,692 |
| Supplemental Cash Flow Information |
|
|
| Cash paid for interest |
8,735 |
14,407 |
| Cash paid for taxes |
$ 733 |
$ 2,812 |