Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net Income $ 48,525 $ 40,270
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,916 13,771
Provision for deferred income taxes 4,101 5,462
Provision for bad debts 932 61
Stock - based compensation expense 3,093 3,267
Other, net (1,195) (130)
Changes in operating assets and liabilities 376 (5,930)
Net cash provided by operating activities 72,748 56,771
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (43,154) (3,020)
Purchases of equipment and property (6,134) (5,454)
Proceeds from sales of franchises 177 168
Other 76 61
Net cash used in investing activities (49,035) (8,245)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (9,225) (7,480)
Dividends paid (30,602) (25,058)
Net cash used in financing activities (39,827) (32,538)
Effect of exchange rate changes on cash (6,617) 3,705
Net increase/(decrease) in cash and cash equivalents (22,731) 19,693
Cash and cash equivalents at beginning of period 107,050 142,785
Cash and cash equivalents at end of period $ 84,319 $ 162,478