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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities    
Net income $ 53,344 $ 43,982
Adjustments to reconcile net income to net cash provided by operating activities:    
Distributions from unconsolidated subsidiaries 7,872 1,364
Depreciation and amortization 52,138 46,771
Provision for bad debts 1,567 85
Equity in earnings of unconsolidated subsidiaries (4,366) (4,697)
Loss on extinguishment of debt 0 412
Gain on sale of assets and businesses (6,233) (513)
Stock compensation expense 6,255 4,927
Amortization of debt discount, premium and issuance costs 3,231 3,136
Deferred income taxes (81) 78
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (74,752) (45,811)
Other current assets (7,523) (8,945)
Other assets 57,319 16,633
Accounts payable 4,324 (6,552)
Accrued expenses (69,163) (11,981)
Income taxes 17,830 11,838
Net cash provided by operating activities 41,762 50,727
Investing activities    
Business combinations, net of cash acquired (6,120) (515,359)
Purchases of property and equipment (49,073) (39,617)
Investment in businesses (27,608) (1,754)
Proceeds from sale of assets and businesses 2 691
Net cash used in investing activities (82,799) (556,039)
Financing activities    
Borrowings on revolving facilities 360,000 165,000
Payments on revolving facilities (220,000) (150,000)
Proceeds from term loans 0 779,904
Payments on term loans (132,685) (2,875)
Revolving facility debt issuance costs 0 (1,333)
Borrowings of other debt 8,290 11,600
Principal payments on other debt (6,155) (5,909)
Repurchase of common stock 0 (122)
Dividends paid to Holdings 0 0
Proceeds from exercise of stock options 0 738
Equity investment by Holdings 0 0
Increase (decrease) in overdrafts 6,050 (7,916)
Proceeds from issuance of non-controlling interests 3,425 0
Distributions to and purchases of non-controlling interests (5,251) (286,641)
Net cash provided by (used in) financing activities 13,674 502,446
Net increase (decrease) in cash and cash equivalents (27,363) (2,866)
Cash and cash equivalents at beginning of period 175,178 122,549
Cash and cash equivalents at end of period 147,815 119,683
Supplemental Information    
Cash paid for interest 37,199 35,233
Cash paid for taxes 718 376
Non-cash equity exchange for acquisition of U.S. HealthWorks 0 238,000
Select Medical Corporation    
Operating activities    
Net income 53,344 43,982
Adjustments to reconcile net income to net cash provided by operating activities:    
Distributions from unconsolidated subsidiaries 7,872 1,364
Depreciation and amortization 52,138 46,771
Provision for bad debts 1,567 85
Equity in earnings of unconsolidated subsidiaries (4,366) (4,697)
Loss on extinguishment of debt 0 412
Gain on sale of assets and businesses (6,233) (513)
Stock compensation expense 6,255 4,927
Amortization of debt discount, premium and issuance costs 3,231 3,136
Deferred income taxes (81) 78
Changes in operating assets and liabilities, net of effects of business combinations:    
Accounts receivable (74,752) (45,811)
Other current assets (7,523) (8,945)
Other assets 57,319 16,633
Accounts payable 4,324 (6,552)
Accrued expenses (69,163) (11,981)
Income taxes 17,830 11,838
Net cash provided by operating activities 41,762 50,727
Investing activities    
Business combinations, net of cash acquired (6,120) (515,359)
Purchases of property and equipment (49,073) (39,617)
Investment in businesses (27,608) (1,754)
Proceeds from sale of assets and businesses 2 691
Net cash used in investing activities (82,799) (556,039)
Financing activities    
Borrowings on revolving facilities 360,000 165,000
Payments on revolving facilities (220,000) (150,000)
Proceeds from term loans 0 779,904
Payments on term loans (132,685) (2,875)
Revolving facility debt issuance costs 0 (1,333)
Borrowings of other debt 8,290 11,600
Principal payments on other debt (6,155) (5,909)
Repurchase of common stock 0 0
Dividends paid to Holdings 0 (122)
Proceeds from exercise of stock options 0 0
Equity investment by Holdings 0 738
Increase (decrease) in overdrafts 6,050 (7,916)
Proceeds from issuance of non-controlling interests 3,425 0
Distributions to and purchases of non-controlling interests (5,251) (286,641)
Net cash provided by (used in) financing activities 13,674 502,446
Net increase (decrease) in cash and cash equivalents (27,363) (2,866)
Cash and cash equivalents at beginning of period 175,178 122,549
Cash and cash equivalents at end of period 147,815 119,683
Supplemental Information    
Cash paid for interest 37,199 35,233
Cash paid for taxes 718 376
Non-cash equity exchange for acquisition of U.S. HealthWorks $ 0 $ 238,000