v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net income from continuing operations $ 37,634 $ 59,987
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations    
Depreciation and amortization 27,919 27,531
Change in fair value of earn-out liability (2,209) 890
Share-based compensation 7,852 8,536
Loss on disposal of property and equipment, net 108 781
Provision for loss on receivables 606 819
Provision for revenue adjustments 2,972 2,239
Deferred income tax expense 4,317 5,881
Changes in operating assets and liabilities    
Accounts receivable (20,436) (3,778)
Prepaid expenses and other current assets (173) (4,380)
Income taxes 1,426 (2,557)
Accounts payable and accrued expenses 20,477 11,876
Net cash provided by operating activities of continuing operations 80,493 107,825
Investing activities:    
Proceeds from disposal of property and equipment 1,415 1,693
Purchases of property and equipment (16,439) (23,240)
Acquisition of business, net of cash acquired (55,931) (39,000)
Net cash used in investing activities of continuing operations (70,955) (60,547)
Financing activities:    
Payments of finance lease obligations (529) (528)
Proceeds from senior credit facility 65,000 20,000
Payments on senior credit facility (20,000) 0
Payments on earn-out liability (5,284) 0
Proceeds from exercise of stock options 1,901 2,063
Payments of cash dividends (15,090) (15,421)
Repurchase of common stock (repurchase program) (45,248) (47,906)
Proceeds from common stock issued under employee stock purchase plan 294 261
Cash settlement of share-based awards for tax withholdings (3,444) (3,032)
(Distributions to) contributions from subsidiary held for sale 8,897 6,452
Net cash used in financing activities from continuing operations (31,297) (38,111)
Net (decrease) increase in cash of continuing operations (21,759) 9,167
Cash from discontinued operations:    
Cash (used in) provided by operating activities of discontinued operations, net (8,090) 9,906
Cash used in investing activities of discontinued operations, net (807) (3,454)
Cash provided by (used in) financing activities of discontinued operations, net 8,897 (6,452)
Net (decrease) increase in cash (21,759) 9,167
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 $ 42,990 $ 34,824

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