XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 61,357 $ 86,506
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 70,077 41,513
Non-cash interest expense and other 3,727 1,816
Write-off of fees on credit facilities 1,773 0
Change in fair value of contingent consideration (1,700) 2,283
Increase in allowance for credit losses and sales credits 7,580 6,809
Provision for deferred income taxes (17,923) (3,700)
Share-based compensation 15,046 11,713
Loss on disposal or sale of fixed assets 3,664 449
Amortization of discount on investments (96) (276)
Net loss on deferred compensation balances 798 0
Non-cash lease expense 244 (1)
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable 15,151 25,146
Accounts receivable, subcontractor 16,414 (12,610)
Income taxes receivable 6,157 (3,401)
Prepaid expenses (3,361) 1,118
Other current assets 2,977 1,332
Other assets 3,378 (8,790)
Accounts payable and accrued expenses (5,484) (14,277)
Accrued compensation and benefits 7,630 19,787
Other liabilities 29,592 (7,273)
Deferred revenue (32) (2,038)
Restricted investments balance 12 99
Net cash provided by operating activities 216,981 146,205
Cash flows from investing activities:    
Purchase and development of fixed assets (27,357) (24,776)
Purchase of investments (37,418) (16,759)
Proceeds from maturity of investments 21,500 28,635
Payments to fund deferred compensation plan (7,171) (11,364)
Proceeds from sale of equity investment 303 0
Purchase of convertible promissory notes (490) 0
Cash paid for acquisitions, net of cash and restricted cash received (476,491) (228,222)
Cash paid for other intangibles (1,400) (1,120)
Cash received for working capital adjustments for prior year acquisitions 66 0
Net cash used in investing activities (528,458) (253,606)
Cash flows from financing activities:    
Payments on term loans (203,125) (938)
Proceeds from term loans 250,000 150,000
Payments on revolving credit facility (205,000) (75,000)
Proceeds from revolving credit facility 245,000 101,000
Proceeds from senior notes 202,000 0
Repurchase of common stock 0 (18,705)
Payment of financing costs (6,898) (875)
Earn-out payments for prior acquisitions (10,622) (5,700)
Cash paid for shares withheld for taxes (4,798) (13,342)
Net cash provided by financing activities 266,557 136,440
Effect of exchange rate changes on cash (119) (58)
Net increase (decrease) in cash, cash equivalents and restricted cash (45,039) 28,981
Cash, cash equivalents and restricted cash at beginning of period 153,962 84,324
Cash, cash equivalents and restricted cash at end of period 108,923 113,305
Supplemental disclosures of cash flow information:    
Cash paid for amounts included in the measurement of operating lease liabilities 15,079 13,294
Cash paid for interest (net of $300 and $363 capitalized for the nine months ended September 30, 2020 and 2019, respectively) 13,848 14,988
Cash paid for income taxes 30,727 32,457
Acquisitions:    
Fair value of tangible assets acquired in acquisitions, net of cash and restricted cash received 35,704 28,542
Goodwill 274,427 148,095
Intangible assets 228,000 98,580
Liabilities assumed (61,640) (34,873)
Earn-out liabilities 0 (12,122)
Net cash paid for acquisitions 476,491 228,222
Supplemental disclosures of non-cash investing and financing activities:    
Purchase of fixed assets recorded in accounts payable and accrued expenses $ 1,007 $ 2,142