v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities:    
Net income from continuing operations $ 20,641 $ 38,931
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations    
Depreciation and amortization 18,747 18,515
Change in fair value of earn-out liability (2,702) 0
Share-based compensation 5,507 5,910
Loss (gain) on disposal of property and equipment, net 9 (218)
Provision for loss on receivables 688 635
Provision for revenue adjustments 1,787 1,277
Deferred income tax expense 4,668 3,290
Changes in operating assets and liabilities    
Accounts receivable 2,979 (3,922)
Prepaid expenses and other current assets 312 (4,842)
Income taxes (341) (2,182)
Accounts payable and accrued expenses 7,634 6,876
Net cash provided by operating activities of continuing operations 59,929 64,270
Investing activities:    
Proceeds from disposal of property and equipment 988 1,008
Purchases of property and equipment (14,214) (14,214)
Acquisition of business, net of cash acquired (55,931) (27,000)
Net cash used in investing activities of continuing operations (69,157) (40,206)
Financing activities:    
Payments of finance lease obligations (676) (137)
Proceeds from senior credit facility 65,000 10,000
Payments on earn-out liability (5,284) 0
Proceeds from exercise of stock options 0 1,278
Payments of cash dividends (10,087) (10,333)
Repurchase of common stock (repurchase program) (15,259) (38,617)
Proceeds from common stock issued under employee stock purchase plan 294 261
Cash settlement of share-based awards for tax withholdings (3,286) (2,770)
(Distributions to) contributions from subsidiary 5,307 5,374
Net cash provided by (used in) financing activities from continuing operations 25,395 (34,944)
Net increase (decrease) in cash of continuing operations 16,167 (10,880)
Cash from discontinued operations:    
Cash (used in) provided by operating activities of discontinued operations, net (4,672) 7,494
Cash used in investing activities of discontinued operations, net (635) (2,120)
Cash provided by (used in) financing activities of discontinued operations, net 5,307 (5,374)
Net increase (decrease) in cash 16,167 (10,880)
Cash at beginning of period of continuing operations 64,749 25,657
Cash at beginning of period of discontinued operations/held for sale 0 0
Cash at end of period of continuing operations $ 80,916 $ 14,777

Source