Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
OPERATING ACTIVITIES    
Net Income $ 145,389 $ 129,362
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 41,630 37,073
Provision for deferred income taxes 9,386 4,954
Provision for bad debts 7,222 8,320
Stock based compensation expense 9,406 9,429
Excess tax benefits from share-based payments (3,536)
Other, net (728) (700)
Changes in operating assets and liabilities (22,918) (26,743)
Net cash provided by operating activities 189,387 158,159
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (127,881) (40,824)
Purchases of equipment and property (17,217) (27,128)
Proceeds from sales of franchises 437 199
Other 67 1,133
Net cash used in investing activities (144,594) (66,620)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (8,193) (31,043)
Dividends paid (75,182) (65,506)
Excess tax benefits from share-based payments 3,536
Net cash used in financing activities (83,375) (93,013)
Effect of exchange rate changes on cash 9,194 6,163
Net increase/(decrease) in cash and cash equivalents (29,388) 4,689
Cash and cash equivalents at beginning of period 142,785 134,574
Cash and cash equivalents at end of period $ 113,396 $ 139,263