XML 20 R6.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 150,139 $ 114,324 $ 112,903
Adjustments to reconcile net income to net cash provided by operating activities-      
Amortization of identifiable intangible assets 32,698 27,082 20,089
Depreciation expense 27,931 24,490 22,600
Change in right-of-use assets 16,692 16,887  
Bad debt expense 5,253 2,978 3,562
Deferred tax provision (benefit) (7,953) (4,251) 4,456
Amortization of debt financing costs 544 387 383
Gain on sale of assets (1,445) (1,701) (945)
Changes in the fair value of contingent earn-out obligations (9,119) 2,991 2,066
Stock-based compensation 6,934 5,878 7,161
(Increase) decrease in-      
Receivables, net 38,486 (49,508) (68,621)
Inventories (1,457) 2,366 (1,538)
Prepaid expenses and other current assets (4,855) (15,519) 519
Costs and estimated earnings in excess of billings and unbilled accounts receivable 2,706 (4,312) (14,444)
Other noncurrent assets (1,373) (735) (114)
Increase (decrease) in-      
Accounts payable and accrued liabilities 11,087 31,046 47,871
Billings in excess of costs and estimated earnings 19,434 4,376 16,786
Other long-term liabilities 808 (14,751) (5,544)
Net cash provided by operating activities 286,510 142,028 147,190
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (24,131) (31,750) (27,268)
Proceeds from sales of property and equipment 2,270 2,159 1,698
Proceeds from sale of business   1,611  
Cash paid for acquisitions, net of cash acquired (185,941) (196,470) (70,140)
Net cash used in investing activities (207,802) (224,450) (95,710)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from revolving credit facility 268,000 356,000 124,000
Payments on revolving credit facility (226,000) (228,000) (119,000)
Payments on term loan (15,000)    
Payments on other debt (46,534) (3,784) (1,127)
Debt financing costs   (1,405) (844)
Payments of dividends to stockholders (15,499) (14,543) (12,268)
Share repurchase (30,120) (19,550) (28,533)
Shares received in lieu of tax withholding (1,076) (1,498) (1,540)
Proceeds from exercise of options 2,144 2,350 3,105
Deferred acquisition payments (650) (637) (750)
Payments for contingent consideration arrangements (9,865) (1,343) (5,445)
Net cash provided by (used in) financing activities (74,600) 87,590 (42,402)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 4,108 5,168 9,078
CASH AND CASH EQUIVALENTS, beginning of period 50,788 45,620 36,542
CASH AND CASH EQUIVALENTS, end of period $ 54,896 $ 50,788 $ 45,620