v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Document Period End Date Sep. 30, 2019  
Operating activities:    
Net income $ 62,932 $ 64,366
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 32,036 31,346
Change in fair value of earn-out liability 890 (455)
Share-based compensation 9,006 7,525
Loss (gain) on disposal of property and equipment, net 1,010 (14)
Provision for loss (recovery) on receivables 828 (52)
Provision for revenue adjustments 2,243 2,921
Deferred income tax expense 5,931 6,676
Changes in operating assets and liabilities    
Accounts receivable (4,206) (3,386)
Prepaid expenses and other current assets (4,473) (4,880)
Income taxes (2,556) (3,193)
Accounts payable and accrued expenses 14,090 12,991
Net cash provided by operating activities 117,731 113,845
Investing activities:    
Proceeds from disposal of property and equipment 2,101 5,989
Purchases of property and equipment (27,102) (34,344)
Acquisition of business, net of cash acquired (39,000) (3,737)
Other 0 (356)
Net cash used in investing activities (64,001) (32,448)
Financing activities:    
Payments of finance lease obligations (528) (228)
Proceeds from senior credit facility 20,000 0
Proceeds from exercise of stock options 2,063 3,682
Payments of cash dividends (15,421) (13,213)
Repurchase of common stock (repurchase program) (47,906) (44,985)
Proceeds from common stock issued under employee stock purchase plan 261 237
Cash settlement of share-based awards for tax withholdings (3,032) (1,872)
Net cash used in financing activities (44,563) (56,379)
Net increase in cash 9,167 25,018
Cash at beginning of period 25,657 3,893
Cash at end of period $ 34,824 $ 28,911

Source