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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
OPERATING ACTIVITIES    
Net income $ 118,626 $ 108,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 43,522 36,815
Provision for deferred income taxes 3,055 4,763
Provision for bad debts 9,769 4,925
Stock-based compensation expense 7,640 7,586
Other, net (1,078) (900)
Changes in operating assets and liabilities 53,238 (19,534)
Net cash provided by operating activities 234,772 142,176
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (56,030) (410,067)
Purchases of equipment and property (12,441) (13,436)
Proceeds from sales of franchises 285 486
Other 1,820 1,097
Net cash used in investing activities (66,366) (421,920)
FINANCING ACTIVITIES    
Payment of contingent consideration (7,862) (5,233)
Repayment of term loan (7,000) (3,125)
Repayment on revolving commitment (97,500) (17,000)
Borrowings on term loan 250,000
Borrowings on revolving commitment 68,000 118,000
Cash paid for common stock purchased (8,085) (9,834)
Dividends paid (65,531) (68,699)
Net cash provided by/(used in) financing activities (117,978) 264,109
Effect of exchange rate changes on cash (9,875) (1,384)
Net increase/(decrease) in cash and cash equivalents 40,553 (17,019)
Cash and cash equivalents at beginning of period 94,276 115,485
Cash and cash equivalents at end of period 134,829 98,466
Supplemental disclosure of cash flow information:    
Non-cash additions to operating lease right-of-use assets $ 52,273 $ 31,242