| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net income | ||||||||||
114,324 | 112,903 | 55,272 | 64,896 | 57,440 | 28,599 | 28,556 | 11,849 | -36,492 | 14,740 | 34,182 |
Adjustments to reconcile net income to net cash provided by operating activities- | ||||||||||
(Gain) loss on disposition of discontinued operations | ||||||||||
- | - | - | - | - | - | - | - | - | 723 | -75 |
Write-off of debt financing costs | ||||||||||
- | - | - | - | - | - | - | - | - | 181 | - |
Amortization of identifiable intangible assets | ||||||||||
27,100 | 20,100 | 17,400 | 8,185 | 7,481 | 7,653 | 7,132 | 8,837 | 7,462 | 6,217 | 3,475 |
Depreciation expense | ||||||||||
24,490 | 22,600 | 20,052 | 17,981 | 15,935 | 13,683 | 11,440 | 11,793 | 12,591 | 11,225 | 10,024 |
Change in right-of-use assets | ||||||||||
16,887 | - | - | - | - | - | - | - | - | - | - |
Goodwill impairment | ||||||||||
- | - | 1,105 | - | - | 727 | - | 0 | 58,922 | 5,734 | - |
Bad debt expense | ||||||||||
2,978 | 3,562 | 182 | -27 | 1,552 | 1,275 | 19 | 2,453 | 936 | 364 | 3,283 |
Deferred tax provision | ||||||||||
-4,251 | 4,456 | 4,178 | -1,239 | -414 | -4,579 | 4,514 | 3,541 | -9,525 | -3,484 | 3,151 |
Amortization of debt financing costs | ||||||||||
387 | 383 | 376 | 367 | 317 | 283 | 245 | 229 | 226 | 157 | 108 |
Gain on sale of assets | ||||||||||
1,701 | 945 | 670 | 761 | 880 | 830 | 589 | 607 | 239 | 525 | 106 |
Changes in the fair value of contingent earn-out obligations | ||||||||||
2,991 | 2,066 | -3,715 | -731 | -225 | 245 | -1,646 | -662 | -5,528 | 1,574 | - |
Stock-based compensation | ||||||||||
5,878 | 7,161 | 6,377 | 5,041 | 5,609 | 4,806 | 3,974 | 2,797 | 3,604 | 3,687 | 3,454 |
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures- | ||||||||||
(Increase) decrease in- | ||||||||||
Receivables, net | ||||||||||
49,508 | 68,621 | 37,799 | -7,038 | 3,584 | 18,339 | 12,427 | -2,913 | -10,390 | -13,405 | -47,738 |
Inventories | ||||||||||
-2,366 | 1,538 | 584 | -213 | -956 | -281 | -1,208 | -1,195 | 270 | -1,034 | -1,697 |
Prepaid expenses and other current assets | ||||||||||
15,519 | -519 | -2,467 | 8,850 | -364 | -1,494 | 109 | -370 | -977 | 1,469 | -2,043 |
Costs and estimated earnings in excess of billings and unbilled accounts receivable | ||||||||||
4,312 | 14,444 | -1,869 | -3,144 | 3,630 | -2,744 | 1,918 | -1,636 | -4,162 | -3,985 | 271 |
Other noncurrent assets | ||||||||||
735 | 114 | -1,005 | 143 | 479 | 321 | 491 | 3,334 | -917 | 813 | 480 |
Increase (decrease) in- | ||||||||||
Accounts payable and accrued liabilities | ||||||||||
31,046 | 47,871 | 22,068 | 2,736 | 11,617 | -4,078 | 6,776 | -15,507 | -21,477 | 47 | -22,889 |
Billings in excess of costs and estimated earnings | ||||||||||
4,376 | 16,786 | 13,265 | -8,351 | 7,908 | 7,545 | -9,226 | 1,776 | 5,426 | -12,684 | -32,395 |
Taxes paid related to pre-acquisition equity transactions of an acquired company | ||||||||||
- | - | - | - | - | - | - | - | - | -7,056 | - |
Other long-term liabilities | ||||||||||
-14,751 | -5,544 | 11,238 | 1,689 | -2,100 | 1,364 | 965 | 1,231 | -2,402 | -299 | 1,162 |
Net cash provided by operating activities | ||||||||||
142,028 | 147,190 | 114,090 | 91,188 | 97,867 | 42,552 | 38,423 | 30,510 | 29,680 | 32,149 | 54,251 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Purchases of property and equipment | ||||||||||
31,750 | 27,268 | 35,467 | 23,217 | 20,808 | 19,183 | 17,403 | 11,782 | 8,666 | 7,089 | 9,457 |
Proceeds from sales of property and equipment | ||||||||||
2,159 | 1,698 | 1,359 | 1,062 | 1,338 | 1,355 | 1,107 | 1,106 | 717 | 1,381 | 770 |
Proceeds from sale of business | ||||||||||
1,611 | - | - | - | - | - | 43 | 164 | 156 | 1,514 | 494 |
Sales of marketable securities | ||||||||||
- | - | - | - | - | - | - | - | 2,000 | 3,925 | 4,000 |
Cash paid for acquisitions, net of cash acquired | ||||||||||
196,470 | 70,140 | 94,860 | 57,163 | 6,158 | 56,314 | - | 12,656 | 29,957 | 42,732 | 14,629 |
Net cash used in investing activities | ||||||||||
-224,450 | -95,710 | -128,968 | -79,318 | -25,628 | -74,142 | -16,253 | -23,168 | -35,750 | -43,001 | -18,822 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from senior credit facility | ||||||||||
356,000 | 124,000 | 177,000 | 144,000 | 24,500 | 128,500 | 43,000 | 62,000 | - | - | - |
Payments on senior credit facility | ||||||||||
228,000 | 119,000 | 132,000 | 154,000 | 53,000 | 90,000 | 43,000 | 62,000 | - | - | - |
Payments on other debt | ||||||||||
3,784 | 1,127 | 835 | 592 | - | 2,000 | 5,400 | 7,349 | 14,387 | 17,749 | 6,341 |
Payments on capital lease obligations | ||||||||||
- | - | 256 | 251 | 443 | 115 | - | - | - | - | - |
Debt financing costs | ||||||||||
1,405 | 844 | - | 789 | - | 568 | 552 | - | 517 | 896 | - |
Payments of dividends to stockholders | ||||||||||
14,543 | 12,268 | 10,987 | 10,264 | 9,358 | 8,444 | 7,875 | 7,498 | 7,520 | 7,530 | 7,271 |
Share repurchase | ||||||||||
19,550 | 28,533 | 9,007 | 13,088 | 8,330 | 7,974 | 1,832 | 2,860 | 7,256 | 5,074 | 12,584 |
Shares received in lieu of tax withholding | ||||||||||
1,498 | 1,540 | 1,419 | 1,304 | 937 | 531 | 631 | 544 | 662 | 616 | 459 |
Excess tax benefit of stock-based compensation | ||||||||||
- | - | - | - | 1,240 | 115 | 534 | 100 | 210 | 740 | 641 |
Proceeds from exercise of options | ||||||||||
2,350 | 3,105 | 2,052 | 1,578 | 3,738 | 1,229 | 4,883 | 329 | 293 | 473 | 1,420 |
Distributions to noncontrolling interests | ||||||||||
- | - | - | - | 4,904 | 8,612 | - | - | - | - | - |
Deferred acquisition payments | ||||||||||
637 | 750 | 2,802 | 1,350 | - | - | - | - | - | - | - |
Payments for contingent consideration arrangements | ||||||||||
1,343 | 5,445 | 2,400 | 200 | 345 | - | - | - | - | - | - |
Net cash provided by (used in) financing activities | ||||||||||
87,590 | -42,402 | 19,346 | -36,260 | -47,839 | 11,600 | -10,873 | -17,822 | -29,039 | -30,652 | -24,594 |
Capital contribution from noncontrolling interests | ||||||||||
- | - | - | - | - | - | - | - | 800 | - | - |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ||||||||||
5,168 | 9,078 | 4,468 | -24,390 | 24,400 | -19,990 | 11,297 | -10,480 | -35,109 | -41,504 | 10,835 |