| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | |||||||||||
NET INCOME | |||||||||||
203,347 | 231,663 | 179,124 | 167,369 | 152,149 | 137,664 | 123,330 | 111,332 | 100,711 | 90,002 | 83,984 | 68,934 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Pension settlement loss | |||||||||||
49,898 | - | - | - | - | - | - | - | - | - | - | - |
Depreciation and amortization | |||||||||||
79,544 | 64,675 | 55,533 | 49,894 | 42,139 | 42,277 | 39,304 | 38,655 | 37,503 | 36,408 | 37,169 | 33,443 |
Pension Settlement | |||||||||||
- | - | - | - | - | - | - | 1,000 | - | - | - | - |
Provision for deferred income taxes | |||||||||||
-7,228 | 7,628 | 18,636 | -3,248 | 3,493 | 8,440 | 356 | -1,870 | 784 | 2,075 | 434 | 4,457 |
(Gain)/loss on sales/impairments of assets, net | |||||||||||
- | - | - | - | - | - | - | - | -405 | -123 | -2,942 | 166 |
Excess tax benefits from share-based payments | |||||||||||
- | - | - | 3,699 | 1,946 | 4,744 | 3,722 | 3,231 | 2,367 | 1,185 | 186 | 144 |
Provision for bad debts | |||||||||||
15,145 | 13,606 | 10,455 | 11,257 | 10,113 | 11,197 | 10,388 | 11,095 | 8,879 | 8,641 | 9,638 | 8,984 |
Stock-based compensation expense | |||||||||||
14,159 | 13,726 | 12,399 | 12,415 | 12,110 | 10,579 | 10,427 | 9,494 | 7,555 | 7,538 | 5,800 | 4,392 |
Other, net | |||||||||||
- | - | - | - | - | - | - | - | 762 | 844 | -126 | -712 |
Changes in assets and liabilities: | |||||||||||
Trade accounts receivables and other accounts receivables | |||||||||||
20,151 | 12,549 | 13,661 | 15,868 | 12,494 | 13,369 | 13,617 | 16,438 | 10,663 | 13,977 | 10,427 | 9,440 |
Financing receivables | |||||||||||
9,080 | 10,784 | 6,527 | 6,133 | 3,630 | 941 | 950 | 1,453 | 1,855 | 1,097 | -534 | 361 |
Materials and supplies | |||||||||||
2,151 | 374 | 837 | 671 | -814 | 1,525 | 118 | 655 | -837 | 1,391 | -1,040 | 422 |
Other current assets | |||||||||||
14,009 | 7,121 | -1,448 | 1,464 | 2,144 | 10,678 | 4,613 | 1,469 | -5,457 | 8,197 | 2,164 | 3,760 |
Other non-current assets | |||||||||||
-6,081 | -11,329 | 5,137 | 1,934 | -154 | -7,200 | 1,343 | -286 | -1,894 | 1,473 | 1,407 | 613 |
Accounts payable and accrued expenses | |||||||||||
-9,925 | -23,820 | -25,691 | 13,327 | -2,039 | 15,273 | 4,918 | -2,175 | 5,695 | 11,273 | -9,898 | -1,384 |
Unearned revenue | |||||||||||
5,424 | 4,901 | 1,222 | 2,842 | 2,822 | 2,497 | 3,561 | 1,935 | -59 | -2,516 | -2,939 | -1,691 |
Accrued insurance | |||||||||||
1,915 | -686 | 4,039 | 2,949 | 126 | 1,274 | -1,572 | 6,087 | 3,487 | 4,398 | 2,589 | -221 |
Accrual for termite contracts | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | -3,700 |
Pension funding | |||||||||||
-144 | - | - | -3,256 | -5,000 | -5,250 | -5,000 | -5,203 | -4,900 | -5,176 | -5,000 | -5,000 |
Long-term accrued liabilities | |||||||||||
-3,637 | -5,922 | 4,367 | 2,745 | -311 | -5,748 | 1,316 | -4,890 | 2,046 | -549 | -1,389 | -1,852 |
Net cash provided by operating activities | |||||||||||
309,188 | 286,272 | 235,370 | 226,525 | 196,356 | 194,146 | 162,665 | 141,919 | 154,647 | 124,053 | 110,846 | 90,744 |
INVESTING ACTIVITIES | |||||||||||
Cash used for acquisitions of companies, net of cash acquired | |||||||||||
430,558 | 76,769 | 130,189 | 46,308 | 33,462 | 63,335 | 12,632 | 25,030 | 11,410 | 34,764 | 10,966 | 152,369 |
Purchases of equipment and property | |||||||||||
27,146 | 27,179 | 24,680 | 33,081 | 39,495 | 28,739 | 18,632 | 19,040 | 18,652 | 13,036 | 15,740 | 14,815 |
Proceeds from sales of franchises | |||||||||||
617 | 343 | 519 | 699 | 767 | 565 | 102 | 322 | 149 | 148 | 56 | 321 |
Derivative Investments | |||||||||||
-104 | -297 | 264 | - | 0 | - | - | - | - | - | - | - |
Proceeds from sale of assets | |||||||||||
1,758 | 1,840 | 370 | 1,663 | 2,752 | 2,038 | 372 | 1,055 | 759 | 7 | 88 | 146 |
Investment tax credits | |||||||||||
118 | 93 | 69 | 185 | -504 | 0 | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||||
-455,107 | -101,375 | -154,175 | -76,842 | -69,942 | -89,471 | -30,790 | -42,693 | -29,154 | -47,645 | -26,562 | -166,717 |
FINANCING ACTIVITIES | |||||||||||
Repayment of term loan | |||||||||||
148,500 | - | - | - | - | - | - | - | - | - | - | - |
Borrowings under term loan | |||||||||||
250,000 | - | - | - | - | - | - | - | - | - | - | - |
Borrowings on revolving commitment | |||||||||||
190,000 | - | - | - | - | - | - | - | - | - | - | 90,000 |
Payments on line of credit borrowings | |||||||||||
- | - | - | - | - | - | - | - | -26,000 | -4,000 | -35,000 | -25,000 |
Cash paid for common stock purchased | |||||||||||
10,009 | 9,541 | 8,246 | 31,068 | 7,407 | 35,513 | 13,723 | 19,938 | 30,215 | 29,692 | 29,108 | 23,240 |
Dividends paid | |||||||||||
153,836 | 152,742 | 122,017 | 109,002 | 91,755 | 75,750 | 65,658 | 64,282 | 41,110 | 35,521 | 27,853 | 24,969 |
Principal payments on capital lease obligations | |||||||||||
- | - | - | - | - | - | - | - | 38 | 224 | 471 | 829 |
Excess tax benefits from share-based payments | |||||||||||
- | - | - | 3,699 | 1,946 | 4,744 | 3,722 | 3,231 | 2,367 | 1,185 | 186 | 144 |
Book overdrafts in bank accounts | |||||||||||
- | - | - | - | - | - | - | - | -4,500 | 2,500 | 2,000 | 4,600 |
Proceeds received upon exercise of stock options | |||||||||||
- | - | - | - | - | - | 6 | 0 | 69 | 255 | 493 | 326 |
Net cash used in financing activities | |||||||||||
127,655 | -162,283 | -130,263 | -136,371 | -97,216 | -106,519 | -75,653 | -80,989 | -99,427 | -65,497 | -89,753 | 21,032 |
Effect of exchange rate changes on cash | |||||||||||
-2,945 | -14,179 | 13,333 | -5,101 | -2,996 | -8,000 | -3,088 | 570 | -704 | 498 | 1,257 | -2,623 |
Net (decrease)/increase in cash and cash equivalents | |||||||||||
-21,209 | 8,435 | -35,735 | 8,211 | 26,202 | -9,844 | 53,134 | 18,807 | 25,362 | 11,409 | -4,212 | -57,564 |
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | |||||||||||
6,452 | 25 | - | 13 | 0 | 0 | 0 | 0 | 123 | 248 | 1,031 | 1,030 |
Cash paid for income taxes, net | |||||||||||
75,812 | 77,351 | 90,702 | 88,766 | 82,690 | 74,454 | 69,354 | 62,998 | 51,983 | 60,101 | 46,431 | 41,638 |
Non-cash additions to operating lease right-of-use assets | |||||||||||
75,782 | - | - | - | - | - | - | - | - | - | - | - |
Non-cash (increases)/decreases in the minimum pension liability | |||||||||||
- | - | - | 3,000 | 14,800 | - | 45,700 | -15,400 | -24,500 | -1,900 | -23 | - |
Non-cash acquisition of assets in business combinations | |||||||||||
- | - | - | - | 100 | - | 3,300 | 3,000 | 800 | 10,700 | 2,600 | - |
Business acquisition, shares issued (in shares) | |||||||||||
- | - | - | - | 873 | - | - | - | - | - | - | - |
Business acquisition, stock price (in dollars per share) | |||||||||||
- | - | - | - | 18.79 | - | - | - | - | - | - | - |
Business acquisition, shares issued | |||||||||||
- | - | - | 11,400 | 16,400 | - | - | - | - | - | - | - |