Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net income $ 64,366 $ 52,575
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 31,346 30,578
Change in fair value of earn-out liability (455) 0
Share-based compensation 7,525 5,965
(Gain) loss on disposal of property and equipment (14) 701
Provision for (recovery) loss on receivables (52) 1,788
Provision for revenue adjustments 2,921 2,131
Deferred income tax 6,676 523
Changes in operating assets and liabilities    
Accounts receivable (3,386) (22,894)
Prepaid expenses and other current assets (4,880) (1,411)
Income taxes (3,193) (424)
Accounts payable and accrued expenses 12,991 8,179
Net cash provided by operating activities 113,845 77,711
Investing activities:    
Proceeds from disposal of property and equipment 5,989 1,497
Purchases of property and equipment (34,344) (13,610)
Acquisition of business, net of cash acquired 3,737 22,500
Other (356) (73)
Net cash used in investing activities (32,448) (34,686)
Financing activities:    
Payments of debt and capital lease obligations (228) (28,215)
Proceeds from senior credit facility 0 55,000
Payments on line of credit 0 (14,500)
Proceeds from exercise of stock options 3,682 5,642
Payments of cash dividends (13,213) (13,584)
Repurchase of common stock (repurchase program) (44,985) (41,983)
Proceeds from common stock issued under employee stock purchase plan 237 226
Cash settlement of share-based awards for minimum tax withholdings (1,872) (1,699)
Net cash used in financing activities (56,379) (39,113)
Net increase in cash 25,018 3,912
Cash at beginning of period 3,893 8,511
Cash at end of period $ 28,911 $ 12,423