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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 9 Months Ended
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Sep. 30, 2013
Separate Financial Information of Subsidiary Guarantors of Indebtedness |
Separate Financial Information of Subsidiary Guarantors of Indebtedness | (15) Separate Financial Information of Subsidiary Guarantors of Indebtedness The Company’s obligation to pay principal and interest on its 7.625% senior unsecured notes due November 1, 2018, is guaranteed on a joint and several basis by substantially all of the Company’s existing and future subsidiaries that guarantee obligations under the Company’s Amended Credit Agreement (the “Guarantors”). The guarantees are full and unconditional and the Guarantors are 100%-owned by the Company. The following supplemental condensed consolidating financial information reflects the summarized financial information of the Company as the issuer of the senior unsecured notes, the Guarantors and the Company’s non-guarantor subsidiaries on a combined basis. CONDENSED CONSOLIDATING BALANCE SHEET — SEPTEMBER 30, 2013 (UNAUDITED) (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 80,832 |  | $ | 27,812 |  | $ | 19,258 |  | $ | — |  | $ | 127,902 |
Restricted Cash |  | 23,456 |  | 8,295 |  | 15,715 |  | — |  | 47,466 |
Accounts Receivable |  | 256,731 |  | 1,174,201 |  | 44,499 |  | (77,574 | ) | 1,397,857 |
Costs and Estimated Earnings in Excess of Billings |  | 78,163 |  | 487,769 |  | 152 |  | (27,663 | ) | 538,421 |
Deferred Income Taxes |  | — |  | 15,716 |  | — |  | (6,085 | ) | 9,631 |
Other Current Assets |  | 68,615 |  | 21,153 |  | 20,267 |  | (61,675 | ) | 48,360 |
Total Current Assets |  | 507,797 |  | 1,734,946 |  | 99,891 |  | (172,997 | ) | 2,169,637 |
Long-term Investments |  | 46,283 |  | — |  | — |  | — |  | 46,283 |
Property and Equipment, net |  | 80,267 |  | 408,421 |  | 4,638 |  | — |  | 493,326 |
Intercompany Notes and Receivables |  | — |  | 421,440 |  | — |  | (421,440 | ) | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  | 571,932 |  | — |  | — |  | 571,932 |
Intangible Assets, net |  | — |  | 117,010 |  | — |  | — |  | 117,010 |
Investment in Subsidiaries |  | 2,139,063 |  | — |  | 50 |  | (2,139,113 | ) | — |
Other |  | 75,217 |  | 10,657 |  | — |  | (5,115 | ) | 80,759 |
|  | $ | 2,848,627 |  | $ | 3,264,406 |  | $ | 104,579 |  | $ | (2,738,665 | ) | $ | 3,478,947 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 44,250 |  | $ | 63,571 |  | $ | — |  | $ | — |  | $ | 107,821 |
Accounts Payable |  | 157,901 |  | 721,670 |  | 10,010 |  | (92,452 | ) | 797,129 |
Billings in Excess of Costs and Estimated Earnings |  | 112,295 |  | 169,932 |  | 34 |  | — |  | 282,261 |
Accrued Expenses and Other Current Liabilities |  | 66,186 |  | 96,060 |  | 47,260 |  | (47,857 | ) | 161,649 |
Total Current Liabilities |  | 380,632 |  | 1,051,233 |  | 57,304 |  | (140,309 | ) | 1,348,860 |
Long-term Debt, less current maturities |  | 629,527 |  | 80,298 |  | — |  | (40,115 | ) | 669,710 |
Deferred Income Taxes |  | 102,139 |  | 7,783 |  | — |  | — |  | 109,922 |
Other Long-term Liabilities |  | 142,449 |  | 4,035 |  | — |  | — |  | 146,484 |
Intercompany Notes and Advances Payable |  | 389,909 |  | — |  | 24,084 |  | (413,993 | ) | — |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  | 1,203,971 |  | 2,121,057 |  | 23,191 |  | (2,144,248 | ) | 1,203,971 |
|  | $ | 2,848,627 |  | $ | 3,264,406 |  | $ | 104,579 |  | $ | (2,738,665 | ) | $ | 3,478,947 |
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 64,663 |  | $ | 74,385 |  | $ | 29,008 |  | $ | — |  | $ | 168,056 |
Restricted Cash |  | 30,236 |  | 8,481 |  | — |  | — |  | 38,717 |
Accounts Receivable |  | 177,856 |  | 1,121,098 |  | 1,088 |  | (75,429 | ) | 1,224,613 |
Costs and Estimated Earnings in Excess of Billings |  | 111,821 |  | 377,132 |  | 152 |  | (24,103 | ) | 465,002 |
Deferred Income Taxes |  | — |  | 15,823 |  | — |  | (5,752 | ) | 10,071 |
Other Current Assets |  | 26,461 |  | 49,993 |  | 2,891 |  | (3,957 | ) | 75,388 |
Total Current Assets |  | 411,037 |  | 1,646,912 |  | 33,139 |  | (109,241 | ) | 1,981,847 |
Long-term Investments |  | 46,283 |  | — |  | — |  | — |  | 46,283 |
Property and Equipment, net |  | 64,248 |  | 416,006 |  | 4,841 |  | — |  | 485,095 |
Intercompany Notes and Receivables |  | — |  | 493,277 |  | — |  | (493,277 | ) | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  | 570,646 |  | — |  | — |  | 570,646 |
Intangible Assets, net |  | — |  | 126,821 |  | — |  | — |  | 126,821 |
Investment in Subsidiaries |  | 2,122,116 |  | 134 |  | 50 |  | (2,122,300 | ) | — |
Other |  | 81,198 |  | 9,058 |  | 35,375 |  | (39,913 | ) | 85,718 |
|  | $ | 2,724,882 |  | $ | 3,262,854 |  | $ | 73,405 |  | $ | (2,764,731 | ) | $ | 3,296,410 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 42,589 |  | $ | 25,121 |  | $ | — |  | $ | — |  | $ | 67,710 |
Accounts Payable |  | 97,834 |  | 698,015 |  | 156 |  | (99,532 | ) | 696,473 |
Billings in Excess of Costs and Estimated Earnings |  | 95,657 |  | 206,070 |  | 34 |  | — |  | 301,761 |
Accrued Expenses and Other Current Liabilities |  | 30,545 |  | 108,589 |  | 38,901 |  | (9,709 | ) | 168,326 |
Total Current Liabilities |  | 266,625 |  | 1,037,795 |  | 39,091 |  | (109,241 | ) | 1,234,270 |
Long-term Debt, less current maturities |  | 603,371 |  | 105,922 |  | — |  | (39,913 | ) | 669,380 |
Deferred Income Taxes |  | 102,138 |  | 7,762 |  | — |  | — |  | 109,900 |
Other Long-term Liabilities |  | 134,874 |  | 4,122 |  | — |  | — |  | 138,996 |
Intercompany Notes and Advances Payable |  | 474,010 |  | — |  | 19,267 |  | (493,277 | ) | — |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  | 1,143,864 |  | 2,107,253 |  | 15,047 |  | (2,122,300 | ) | 1,143,864 |
|  | $ | 2,724,882 |  | $ | 3,262,854 |  | $ | 73,405 |  | $ | (2,764,731 | ) | $ | 3,296,410 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTMEBER 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 175,160 |  | $ | 884,332 |  | $ | — |  | $ | (29,104 | ) | $ | 1,030,388 |
Cost of Operations |  | 150,560 |  | 794,440 |  | (6,365 | ) | (29,104 | ) | 909,531 |
Gross Profit |  | 24,600 |  | 89,892 |  | 6,365 |  | — |  | 120,857 |
General and Administrative Expenses |  | 17,073 |  | 45,187 |  | 503 |  | — |  | 62,763 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | 7,527 |  | 44,705 |  | 5,862 |  | — |  | 58,094 |
Equity in Earnings of Subsidiaries |  | 32,148 |  | — |  | — |  | (32,148 | ) | — |
Other Income (Expense), net |  | (9,736 | ) | 115 |  | 133 |  | — |  | (9,488 | )
Interest Expense |  | (10,655 | ) | (916 | ) | — |  | — |  | (11,571 | )
Income (loss) before Income Taxes |  | 19,284 |  | 43,904 |  | 5,995 |  | (32,148 | ) | 37,035 |
(Provision) Credit for Income Taxes |  | 4,475 |  | (15,594 | ) | (2,157 | ) | — |  | (13,276 | )
NET (LOSS) INCOME |  | $ | 23,759 |  | $ | 28,310 |  | $ | 3,838 |  | $ | (32,148 | ) | $ | 23,759 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | (667 | ) | — |  | — |  | 667 |  | — |
Foreign currency translation |  | — |  | (393 | ) | — |  | — |  | (393 | )
Change in fair value of investments |  | — |  | (274 | ) | — |  | — |  | (274 | )
Change in fair value of interest rate swap |  | 5 |  | — |  | — |  | — |  | 5 |
Total Other Comprehensive (Loss) Income |  | (662 | ) | (667 | ) | — |  | 667 |  | (662 | )
Total Comprehensive Income |  | $ | 23,097 |  | $ | 27,643 |  | $ | 3,838 |  | $ | (31,481 | ) | $ | 23,097 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED SEPTEMBER 30, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 113,068 |  | $ | 996,809 |  | $ | — |  | $ | (10,484 | ) | $ | 1,099,393 |
Cost of Operations |  | 97,225 |  | 900,634 |  | (3,445 | ) | (10,484 | ) | 983,930 |
Gross Profit |  | 15,843 |  | 96,175 |  | 3,445 |  | — |  | 115,463 |
General and Administrative Expenses |  | 17,840 |  | 42,417 |  | 530 |  | — |  | 60,787 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | (1,997 | ) | 53,758 |  | 2,915 |  | — |  | 54,676 |
Equity in Earnings of Subsidiaries |  | 49,135 |  | — |  | — |  | (49,135 | ) | — |
Other Income (Expense), net |  | 45 |  | 264 |  | 236 |  | — |  | 545 |
Interest Expense |  | (10,133 | ) | (906 | ) | — |  | — |  | (11,039 | )
Income (Loss) before Income Taxes |  | 37,050 |  | 53,116 |  | 3,151 |  | (49,135 | ) | 44,182 |
(Provision) Credit for Income Taxes |  | 5,541 |  | (5,732 | ) | (1,400 | ) | — |  | (1,591 | )
NET (LOSS) INCOME |  | $ | 42,591 |  | $ | 47,384 |  | $ | 1,751 |  | $ | (49,135 | ) | $ | 42,591 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | 363 |  | — |  | — |  | (363 | ) | — |
Tax adjustment on minimum pension liability |  | (841 | ) | — |  | — |  | — |  | (841 | )
Foreign currency translation |  | — |  | 362 |  | — |  | — |  | 362 |
Change in fair value of investments |  | — |  | 1 |  | — |  | — |  | 1 |
Change in fair value of interest rate swap |  | (177 | ) | — |  | — |  | — |  | (177 | )
Total Other Comprehensive (Loss) Income |  | (655 | ) | 363 |  | — |  | (363 | ) | (655 | )
Total Comprehensive Income |  | $ | 41,936 |  | $ | 47,747 |  | $ | 1,751 |  | $ | (49,498 | ) | $ | 41,936 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 456,732 |  | $ | 2,753,816 |  | $ | — |  | $ | (134,167 | ) | $ | 3,076,381 |
Cost of Operations |  | 398,072 |  | 2,499,544 |  | (14,237 | ) | (134,167 | ) | 2,749,212 |
Gross Profit |  | 58,660 |  | 254,272 |  | 14,237 |  | — |  | 327,169 |
General and Administrative Expenses |  | 55,178 |  | 136,895 |  | 1,449 |  | — |  | 193,522 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | 3,482 |  | 117,377 |  | 12,788 |  | — |  | 133,647 |
Equity in Earnings of Subsidiaries |  | 80,944 |  | — |  | — |  | (80,944 | ) | — |
Other Income (Expense), net |  | (14,859 | ) | 926 |  | 384 |  | — |  | (13,549 | )
Interest Expense |  | (31,500 | ) | (2,490 | ) | — |  | — |  | (33,990 | )
Income (loss) before Income Taxes |  | 38,067 |  | 115,813 |  | 13,172 |  | (80,944 | ) | 86,108 |
(Provision) Credit for Income Taxes |  | 15,970 |  | (43,135 | ) | (4,906 | ) | — |  | (32,071 | )
NET (LOSS) INCOME |  | $ | 54,037 |  | $ | 72,678 |  | $ | 8,266 |  | $ | (80,944 | ) | $ | 54,037 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | (1,147 | ) | — |  | — |  | 1,147 |  | — |
Foreign currency translation |  | — |  | (622 | ) | — |  | — |  | (622 | )
Change in fair value of investments |  | — |  | (525 | ) | — |  | — |  | (525 | )
Change in fair value of interest rate swap |  | 465 |  | — |  | — |  | — |  | 465 |
Total Other Comprehensive Loss |  | (682 | ) | (1,147 | ) | — |  | 1,147 |  | (682 | )
Total Comprehensive Income |  | $ | 53,355 |  | $ | 71,531 |  | $ | 8,266 |  | $ | (79,797 | ) | $ | 53,355 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 276,633 |  | $ | 2,764,764 |  | $ | — |  | $ | (44,124 | ) | $ | 2,997,273 |
Cost of Operations |  | 242,954 |  | 2,521,009 |  | (11,249 | ) | (44,124 | ) | 2,708,590 |
Gross Profit |  | 33,679 |  | 243,755 |  | 11,249 |  | — |  | 288,683 |
General and Administrative Expenses |  | 53,579 |  | 139,465 |  | 1,600 |  | — |  | 194,644 |
Goodwill and Intangible Assets Impairment |  | — |  | 376,574 |  | — |  | — |  | 376,574 |
INCOME (LOSS) FROM CONSTRUCTION OPERATIONS |  | (19,900 | ) | (272,284 | ) | 9,649 |  | — |  | (282,535 | )
Equity in Earnings of Subsidiaries |  | (273,177 | ) | — |  | — |  | 273,177 |  | — |
Other Income (Expense), net |  | (1,484 | ) | 119 |  | 684 |  | — |  | (681 | )
Interest Expense |  | (29,817 | ) | (2,907 | ) | — |  | — |  | (32,724 | )
Income (loss) before Income Taxes |  | (324,378 | ) | (275,072 | ) | 10,333 |  | 273,177 |  | (315,940 | )
(Provision) Credit for Income Taxes |  | 17,343 |  | (4,201 | ) | (4,237 | ) | — |  | 8,905 |
NET (LOSS) INCOME |  | $ | (307,035 | ) | $ | (279,273 | ) | $ | 6,096 |  | $ | 273,177 |  | $ | (307,035 | )
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | 627 |  | — |  | — |  | (627 | ) | — |
Tax adjustment on minimum pension liability |  | (841 | ) | — |  | — |  | — |  | (841 | )
Foreign currency translation |  | — |  | 419 |  | — |  | — |  | 419 |
Change in fair value of investments |  | — |  | 208 |  | — |  | — |  | 208 |
Change in fair value of interest rate swap |  | (1,196 | ) | — |  | — |  | — |  | (1,196 | )
Realized loss on sale of investments recorded in net income (loss) |  | 2,005 |  | — |  | — |  | — |  | 2,005 |
Total Other Comprehensive (Loss) Income |  | 595 |  | 627 |  | — |  | (627 | ) | 595 |
Total Comprehensive Income |  | $ | (306,440 | ) | $ | (278,646 | ) | $ | 6,096 |  | $ | 272,550 |  | $ | (306,440 | )
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | 54,037 |  | $ | 72,678 |  | $ | 8,266 |  | $ | (80,944 | ) | $ | 54,037 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 5,341 |  | 36,222 |  | 203 |  | — |  | 41,766 |
Equity in earnings of subsidiaries |  | (80,944 | ) | — |  | — |  | 80,944 |  | — |
Stock-based compensation expense |  | 6,597 |  | — |  | — |  | — |  | 6,597 |
Excess income tax benefit from stock-based compensation |  | (356 | ) | — |  | — |  | — |  | (356 | )
Deferred income taxes |  | (549 | ) | 46 |  | — |  | — |  | (503 | )
(Gain) loss on sale of property and equipment |  | (220 | ) | — |  | — |  | — |  | (220 | )
Other non-cash items |  | 1,468 |  | (1,024 | ) | — |  | — |  | 444 |
Other long-term liabilities |  | 18,723 |  | (846 | ) | — |  | — |  | 17,877 |
Changes in other components of working capital |  | 34,877 |  | (123,003 | ) | (42,574 | ) | — |  | (130,700 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | 38,974 |  | $ | (15,927 | ) | $ | (34,105 | ) | $ | — |  | $ | (11,058 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (19,189 | ) | (20,621 | ) | — |  | — |  | (39,810 | )
Proceeds from sale of property and equipment |  | 222 |  | 2,329 |  | — |  | — |  | 2,551 |
Change in restricted cash |  | 6,780 |  | 186 |  | (15,715 | ) | — |  | (8,749 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | (12,187 | ) | $ | (18,106 | ) | $ | (15,715 | ) | $ | — |  | $ | (46,008 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 541,544 |  | 29,741 |  | — |  | — |  | 571,285 |
Repayment of debt |  | (513,912 | ) | (22,315 | ) | — |  | — |  | (536,227 | )
Business acquisition related payments |  | (17,716 | ) | — |  | — |  | — |  | (17,716 | )
Excess income tax benefit from stock-based compensation |  | 356 |  | — |  | — |  | — |  | 356 |
Issuance of common stock and effect of cashless exercise |  | (786 | ) | — |  | — |  | — |  | (786 | )
Increase (decrease) in intercompany advances |  | (20,104 | ) | (19,966 | ) | 40,070 |  | — |  | — |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | (10,618 | ) | $ | (12,540 | ) | $ | 40,070 |  | $ | — |  | $ | 16,912 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | 16,169 |  | (46,573 | ) | (9,750 | ) | — |  | (40,154 | )
Cash and Cash Equivalents at Beginning of Year |  | 64,663 |  | 74,385 |  | 29,008 |  | — |  | 168,056 |
Cash and Cash Equivalents at End of Period |  | $ | 80,832 |  | $ | 27,812 |  | $ | 19,258 |  | $ | — |  | $ | 127,902 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30, 2012 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (307,035 | ) | $ | (279,273 | ) | $ | 6,096 |  | $ | 273,177 |  | $ | (307,035 | )
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Goodwill and intangible assets impairment |  | — |  | 376,574 |  | — |  | — |  | 376,574 |
Depreciation and amortization |  | 3,815 |  | 42,657 |  | 204 |  | — |  | 46,676 |
Equity in earnings of subsidiaries |  | 273,177 |  | — |  | — |  | (273,177 | ) | — |
Stock-based compensation expense |  | 7,424 |  | — |  | — |  | — |  | 7,424 |
Deferred income taxes |  | (37,810 | ) | (4,198 | ) | — |  | — |  | (42,008 | )
Adjustment of interest rate swap to fair value |  | 264 |  | — |  | — |  | — |  | 264 |
Loss on sale of investments |  | 2,699 |  | — |  | — |  | — |  | 2,699 |
(Gain) Loss on sale of property and equipment |  | — |  | 509 |  | — |  | — |  | 509 |
Other non-cash items |  | (524 | ) | 78 |  | — |  | — |  | (446 | )
Other long-term liabilities |  | (5,826 | ) | (2,573 | ) | — |  | — |  | (8,399 | )
Changes in other components of working capital |  | 62,007 |  | (180,925 | ) | 14,783 |  | — |  | (104,135 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | (1,809 | ) | $ | (47,151 | ) | $ | 21,083 |  | $ | — |  | $ | (27,877 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (12,332 | ) | (21,405 | ) | — |  | — |  | (33,737 | )
Proceeds from sale of property and equipment |  | 500 |  | 11,250 |  | — |  | — |  | 11,750 |
Investments in available-for-sale securities |  | — |  | (535 | ) | — |  | — |  | (535 | )
Proceeds from sale of available-for-sale securities |  | 16,553 |  | — |  | — |  | — |  | 16,553 |
Change in restricted cash |  | (3,241 | ) | (22 | ) | — |  | — |  | (3,263 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 1,480 |  | $ | (10,712 | ) | $ | — |  | $ | — |  | $ | (9,232 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 531,618 |  | (20,039 | ) | — |  | — |  | 511,579 |
Repayment of debt |  | (486,426 | ) | 883 |  | — |  | — |  | (485,543 | )
Business acquisition related payments |  | (10,090 | ) | — |  | — |  | — |  | (10,090 | )
Issuance of common stock and effect of cashless exercise |  | (307 | ) | — |  | — |  | — |  | (307 | )
Debt issuance costs |  | (1,993 | ) | — |  | — |  | — |  | (1,993 | )
Increase (decrease) in intercompany advances |  | (73,471 | ) | 74,831 |  | (1,360 | ) | — |  | — |
NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES |  | $ | (40,669 | ) | $ | 55,675 |  | $ | (1,360 | ) | $ | — |  | $ | 13,646 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | (40,998 | ) | (2,188 | ) | 19,723 |  | — |  | (23,463 | )
Cash and Cash Equivalents at Beginning of Year |  | 134,936 |  | 52,492 |  | 16,812 |  | — |  | 204,240 |
Cash and Cash Equivalents at End of Period |  | $ | 93,938 |  | $ | 50,304 |  | $ | 36,535 |  | $ | — |  | $ | 180,777 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 10 -Paragraph f -Article 3 + Details
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