Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF STATEMENT OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF STATEMENT OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
OPERATING ACTIVITIES    
Net income $ 43,268 $ 44,226
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 21,597 16,683
Provision for deferred income taxes 2,999 3,327
Provision for bad debts 2,288 1,682
Stock-based compensation expense 3,819 3,889
Other, net (615) (591)
Changes in operating assets and liabilities 18,607 (7,794)
Net cash provided by operating activities 91,963 61,422
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (47,586) (7,041)
Purchases of equipment and property (6,674) (6,481)
Proceeds from sales of franchises 267 395
Other 941 569
Net cash used in investing activities (53,052) (12,558)
FINANCING ACTIVITIES    
Payment of contingent consideration (2,040) (2,807)
Repayment of term loan (35,700)
Borrowings on revolving commitment 64,000
Cash paid for common stock purchased (8,031) (9,121)
Dividends paid (39,317) (34,332)
Net cash used in financing activities (21,088) (46,260)
Effect of exchange rate changes on cash (19,517) (1,482)
Net (decrease)/increase in cash and cash equivalents (1,694) 1,122
Cash and cash equivalents at beginning of period 94,276 115,485
Cash and cash equivalents at end of period 92,582 116,607
Supplemental disclosure of cash flow information:    
Non-cash additions to operating lease right-of-use assets $ 27,894 $ 6,920