Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.3.1.900
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Operating activities:      
Net income $ 55,575 $ 61,169 $ 54,467
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 37,157 31,133 23,579
Gain on change in fair value of earn-out liability 0 0 (615)
Share-based compensation 7,486 6,681 6,178
(Gain) loss on disposal of property and equipment (181) (383) (454)
Provision for loss on receivables 33 241 423
Provision for revenue adjustments 4,793 2,465 2,531
Deferred income taxes 14,531 (3,021) 4,856
Tax benefit for stock options exercised (5,413) (2,109) (3,707)
Changes in operating assets and liabilities, net of acquisition of business      
Accounts receivable 5,403 (12,193) 1,447
Prepaid expenses and other assets (1,378) (280) (215)
Accounts payable and accrued expenses (17,513) (199) 2,588
Income taxes (14,771) 8,156 (239)
Net cash provided by operating activities 85,722 91,660 90,839
Investing activities:      
Proceeds from disposal of property and equipment 1,720 1,947 1,973
Purchases of property and equipment (40,495) (39,487) (35,439)
Acquisition of business, net of cash acquired (61,878) (90,172) (45,328)
Other (265) 2 (129)
Net cash used in investing activities (100,918) (127,710) (78,923)
Financing activities:      
Proceeds from term loan 125,000 0 0
Payments of debt and capital lease obligations (101,352) (9,736) (20,375)
Payments on line of credit 0 0 0
Proceeds from exercise of stock options 14,313 13,235 33,002
Payments of cash dividends (14,821) (14,795) (12,141)
Repurchase of common stock (repurchase program) (19,992) (39,972) (354)
Common stock issued under employee stock purchase plan 449 354 296
Cash settlement of share-based awards for minimum tax withholdings (1,931) (1,083) (866)
Tax benefit for stock options exercised 5,413 2,109 3,707
Net cash provided by (used in) financing activities 7,079 (49,888) 3,269
Net (decrease) increase in cash (8,117) (85,938) 15,185
Cash at beginning of period 41,429 127,367 112,182
Cash at end of period $ 33,312 $ 41,429 $ 127,367