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Separate Financial Information of Subsidiary Guarantors of Indebtedness | 6 Months Ended
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Jun. 30, 2014
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 Sixth 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 - JUNE 30, 2014 (UNAUDITED) (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 81,385 |  | $ | 50,422 |  | $ | 8,051 |  | $ | — |  | $ | 139,858 |
Restricted Cash |  | 3,368 |  | 8,050 |  | 31,209 |  | — |  | 42,627 |
Accounts Receivable |  | 300,406 |  | 1,160,673 |  | 51,145 |  | (58,179 | ) | 1,454,045 |
Costs and Estimated Earnings in Excess of Billings |  | 90,823 |  | 640,451 |  | 152 |  | (70,474 | ) | 660,952 |
Deferred Income Taxes |  | — |  | 15,608 |  | — |  | (7,626 | ) | 7,982 |
Other Current Assets |  | 58,924 |  | 41,108 |  | 20,200 |  | (67,812 | ) | 52,420 |
Total Current Assets |  | 534,906 |  | 1,916,312 |  | 110,757 |  | (204,091 | ) | 2,357,884 |
Property and Equipment, net |  | 92,129 |  | 432,981 |  | 4,435 |  | — |  | 529,545 |
Intercompany Notes and Receivables |  | — |  | 239,049 |  | — |  | (239,049 | ) | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  | 585,006 |  | — |  | — |  | 585,006 |
Intangible Assets, net |  | — |  | 106,403 |  | — |  | — |  | 106,403 |
Investment in Subsidiaries |  | 2,113,166 |  | 19,519 |  | 50 |  | (2,132,735 | ) | — |
Other |  | 71,690 |  | 9,312 |  | — |  | (5,317 | ) | 75,685 |
|  | $ | 2,811,891 |  | $ | 3,308,582 |  | $ | 115,242 |  | $ | (2,581,192 | ) | $ | 3,654,523 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 23,082 |  | $ | 45,150 |  | $ | — |  | — |  | $ | 68,232 |
Accounts Payable |  | 189,131 |  | 757,390 |  | 2,954 |  | (99,847 | ) | 849,628 |
Billings in Excess of Costs and Estimated Earnings |  | 119,667 |  | 179,688 |  | 34 |  | — |  | 299,389 |
Accrued Expenses and Other Current Liabilities |  | 56,161 |  | 96,020 |  | 53,697 |  | (69,104 | ) | 136,774 |
Total Current Liabilities |  | 388,041 |  | 1,078,248 |  | 56,685 |  | (168,951 | ) | 1,354,023 |
Long-term Debt, less current maturities |  | 683,291 |  | 118,059 |  | — |  | (40,316 | ) | 761,034 |
Deferred Income Taxes |  | 107,622 |  | 7,914 |  | — |  | — |  | 115,536 |
Other Long-term Liabilities |  | 120,346 |  | 2,117 |  | — |  | — |  | 122,463 |
Intercompany Notes and Advances Payable |  | 211,124 |  | — |  | 27,823 |  | (238,947 | ) | — |
Stockholders’ Equity |  | 1,301,467 |  | 2,102,244 |  | 30,734 |  | (2,132,978 | ) | 1,301,467 |
|  | $ | 2,811,891 |  | $ | 3,308,582 |  | $ | 115,242 |  | $ | (2,581,192 | ) | $ | 3,654,523 |
CONDENSED CONSOLIDATING BALANCE SHEET - DECEMBER 31, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 88,995 |  | $ | 18,031 |  | $ | 12,897 |  | $ | — |  | $ | 119,923 |
Restricted Cash |  | 18,833 |  | 8,040 |  | 15,721 |  | — |  | 42,594 |
Accounts Receivable |  | 208,227 |  | 1,126,012 |  | 47,958 |  | (90,951 | ) | 1,291,246 |
Costs and Estimated Earnings in Excess of Billings |  | 99,779 |  | 505,979 |  | 152 |  | (32,662 | ) | 573,248 |
Deferred Income Taxes |  | — |  | 15,866 |  | — |  | (7,626 | ) | 8,240 |
Other Current Assets |  | 37,605 |  | 26,234 |  | 24,462 |  | (37,632 | ) | 50,669 |
Total Current Assets |  | 453,439 |  | 1,700,162 |  | 101,190 |  | (168,871 | ) | 2,085,920 |
Long-term Investments |  | 46,283 |  | — |  | — |  | — |  | 46,283 |
Property and Equipment, net |  | 77,562 |  | 415,993 |  | 4,570 |  | — |  | 498,125 |
Intercompany Notes and Receivables |  | — |  | 428,190 |  | — |  | (428,190 | ) | — |
Other Assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill |  | — |  | 577,756 |  | — |  | — |  | 577,756 |
Intangible Assets, net |  | — |  | 113,740 |  | — |  | — |  | 113,740 |
Investment in Subsidiaries |  | 2,181,280 |  | 29 |  | 50 |  | (2,181,359 | ) | — |
Other |  | 70,269 |  | 10,528 |  | — |  | (5,183 | ) | 75,614 |
|  | $ | 2,828,833 |  | $ | 3,246,398 |  | $ | 105,810 |  | $ | (2,783,603 | ) | $ | 3,397,438 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Maturities of Long-term Debt |  | $ | 50,578 |  | $ | 64,080 |  | $ | — |  | $ | — |  | $ | 114,658 |
Accounts Payable |  | 162,292 |  | 677,997 |  | 6,039 |  | (88,103 | ) | 758,225 |
Billings in Excess of Costs and Estimated Earnings |  | 90,267 |  | 177,285 |  | 34 |  | — |  | 267,586 |
Accrued Expenses and Other Current Liabilities |  | 58,232 |  | 99,257 |  | 48,369 |  | (47,841 | ) | 158,017 |
Total Current Liabilities |  | 361,369 |  | 1,018,619 |  | 54,442 |  | (135,944 | ) | 1,298,486 |
Long-term Debt, less current maturities |  | 575,356 |  | 84,053 |  | — |  | (40,183 | ) | 619,226 |
Deferred Income Taxes |  | 107,448 |  | 6,885 |  | — |  | — |  | 114,333 |
Other Long-term Liabilities |  | 114,677 |  | 3,181 |  | — |  | — |  | 117,858 |
Intercompany Notes and Advances Payable |  | 422,448 |  | — |  | 23,462 |  | (445,910 | ) | — |
Contingencies and Commitments |  |  |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  | 1,247,535 |  | 2,133,660 |  | 27,906 |  | (2,161,566 | ) | 1,247,535 |
|  | $ | 2,828,833 |  | $ | 3,246,398 |  | $ | 105,810 |  | $ | (2,783,603 | ) | $ | 3,397,438 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2014 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 207,944 |  | $ | 918,146 |  | — |  | $ | (41,580 | ) | $ | 1,084,510 |
Cost of Operations |  | 177,877 |  | 827,097 |  | (8,415 | ) | (41,580 | ) | 954,979 |
Gross Profit |  | $ | 30,067 |  | 91,049 |  | 8,415 |  | — |  | 129,531 |
General and Administrative Expenses |  | 18,985 |  | 44,625 |  | 478 |  | — |  | 64,088 |
INCOME FROM CONSTRUCTION OPERATIONS |  | 11,082 |  | 46,424 |  | 7,937 |  | — |  | 65,443 |
Equity in Earnings of Subsidiaries |  | 31,748 |  | — |  | — |  | (31,748 | ) | — |
Other (Expense) Income, net |  | (6,684 | ) | (418 | ) | 128 |  | — |  | (6,974 | )
Interest Expense |  | (9,809 | ) | (1,048 | ) | — |  | — |  | (10,857 | )
Income (loss) before Income Taxes |  | 26,337 |  | 44,958 |  | 8,065 |  | (31,748 | ) | 47,612 |
(Provision) for Income Taxes |  | 2,208 |  | (18,062 | ) | (3,213 | ) | — |  | (19,067 | )
NET INCOME (LOSS) |  | $ | 28,545 |  | $ | 26,896 |  | $ | 4,852 |  | $ | (31,748 | ) | $ | 28,545 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | 340 |  | — |  | — |  | (340 | ) | — |
Foreign currency translation |  | — |  | 347 |  | — |  | — |  | 347 |
Change in fair value of investments |  | — |  | (7 | ) | — |  | — |  | (7 | )
Change in fair value of interest rate swap |  | 76 |  | — |  | — |  | — |  | 76 |
Total Other Comprehensive (Loss) Income |  | 416 |  | 340 |  | — |  | (340 | ) | 416 |
Total Comprehensive Income (Loss) |  | $ | 28,961 |  | $ | 27,236 |  | $ | 4,852 |  | $ | (32,088 | ) | $ | 28,961 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) THREE MONTHS ENDED JUNE 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 141,795 |  | $ | 948,071 |  | $ | — |  | $ | (36,801 | ) | $ | 1,053,065 |
Cost of Operations |  | 122,423 |  | 865,284 |  | (3,796 | ) | (36,801 | ) | 947,110 |
Gross Profit |  | 19,372 |  | 82,787 |  | 3,796 |  | — |  | 105,955 |
General and Administrative Expenses |  | 19,328 |  | 46,677 |  | 476 |  | — |  | 66,481 |
(LOSS) INCOME FROM CONSTRUCTION OPERATIONS |  | 44 |  | 36,110 |  | 3,320 |  | — |  | 39,474 |
Equity in Earnings of Subsidiaries |  | 24,440 |  | — |  | — |  | (24,440 | ) | — |
Other (Expense) Income, net |  | (4,314 | ) | 955 |  | 125 |  | — |  | (3,234 | )
Interest Expense |  | (10,300 | ) | (783 | ) | — |  | — |  | (11,083 | )
Income (Loss) before Income Taxes |  | 9,870 |  | 36,282 |  | 3,445 |  | (24,440 | ) | 25,157 |
Credit (Provision) for Income Taxes |  | 5,608 |  | (13,961 | ) | (1,326 | ) | — |  | (9,679 | )
NET INCOME (LOSS) |  | $ | 15,478 |  | $ | 22,321 |  | $ | 2,119 |  | $ | (24,440 | ) | $ | 15,478 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | (395 | ) | — |  | — |  | 395 |  | — |
Tax adjustment on minimum pension liability |  | — |  | — |  | — |  | — |  | — |
Foreign currency translation |  | — |  | (43 | ) | — |  | — |  | (43 | )
Change in fair value of investments |  | — |  | (352 | ) | — |  | — |  | (352 | )
Change in fair value of interest rate swap |  | 292 |  | — |  | — |  | — |  | 292 |
Total Other Comprehensive (Loss) Income |  | (103 | ) | (395 | ) | — |  | 395 |  | (103 | )
Total Comprehensive Income (Loss) |  | $ | 15,375 |  | $ | 21,926 |  | $ | 2,119 |  | $ | (24,045 | ) | $ | 15,375 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 434,791 |  | $ | 1,681,782 |  | — |  | $ | (76,830 | ) | $ | 2,039,743 |
Cost of Operations |  | 371,691 |  | 1,525,005 |  | (15,001 | ) | (76,830 | ) | 1,804,865 |
Gross Profit |  | 63,100 |  | 156,777 |  | 15,001 |  | — |  | 234,878 |
General and Administrative Expenses |  | 36,780 |  | 90,245 |  | 913 |  | — |  | 127,938 |
INCOME FROM CONSTRUCTION OPERATIONS |  | 26,320 |  | 66,532 |  | 14,088 |  | — |  | 106,940 |
Equity in Earnings of Subsidiaries |  | 47,029 |  | — |  | — |  | (47,029 | ) | — |
Other (Expense) Income, net |  | (10,779 | ) | 184 |  | 248 |  | — |  | (10,347 | )
Interest Expense |  | (19,826 | ) | (1,862 | ) | — |  | — |  | (21,688 | )
Income (loss) before Income Taxes |  | 42,744 |  | 64,854 |  | 14,336 |  | (47,029 | ) | 74,905 |
(Provision) for Income Taxes |  | 1,740 |  | (26,339 | ) | (5,822 | ) | — |  | (30,421 | )
NET INCOME (LOSS) |  | $ | 44,484 |  | $ | 38,515 |  | $ | 8,514 |  | $ | (47,029 | ) | $ | 44,484 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | 235 |  | — |  | — |  | (235 | ) | — |
Foreign currency translation |  | — |  | 61 |  | — |  | — |  | 61 |
Change in fair value of investments |  | — |  | 174 |  | — |  | — |  | 174 |
Change in fair value of interest rate swap |  | 157 |  | — |  | — |  | — |  | 157 |
Total Other Comprehensive (Loss) Income |  | 392 |  | 235 |  | — |  | (235 | ) | 392 |
Total Comprehensive Income (Loss) |  | $ | 44,876 |  | $ | 38,750 |  | $ | 8,514 |  | $ | (47,264 | ) | $ | 44,876 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Revenues |  | $ | 281,572 |  | $ | 1,869,484 |  | $ | — |  | $ | (105,063 | ) | $ | 2,045,993 |
Cost of Operations |  | 247,512 |  | 1,705,104 |  | (7,872 | ) | (105,063 | ) | 1,839,681 |
Gross Profit |  | 34,060 |  | 164,380 |  | 7,872 |  | — |  | 206,312 |
General and Administrative Expenses |  | 38,105 |  | 91,708 |  | 946 |  | — |  | 130,759 |
(LOSS) INCOME FROM CONSTRUCTION OPERATIONS |  | (4,045 | ) | 72,672 |  | 6,926 |  | — |  | 75,553 |
Equity in Earnings of Subsidiaries |  | 48,796 |  | — |  | — |  | (48,796 | ) | — |
Other (Expense) Income, net |  | (5,123 | ) | 811 |  | 251 |  | — |  | (4,061 | )
Interest Expense |  | (20,845 | ) | (1,574 | ) | — |  | — |  | (22,419 | )
Income (Loss) before Income Taxes |  | 18,783 |  | 71,909 |  | 7,177 |  | (48,796 | ) | 49,073 |
Credit (Provision) for Income Taxes |  | 11,495 |  | (27,541 | ) | (2,749 | ) | — |  | (18,795 | )
NET INCOME (LOSS) |  | $ | 30,278 |  | $ | 44,368 |  | $ | 4,428 |  | $ | (48,796 | ) | $ | 30,278 |
Other Comprehensive Income: |  |  |  |  |  |  |  |  |  |  |
Other Comprehensive Income of Subsidiaries |  | (480 | ) | — |  | — |  | 480 |  | — |
Tax adjustment on minimum pension liability |  | — |  | — |  | — |  | — |  | — |
Foreign currency translation |  | — |  | (229 | ) | — |  | — |  | (229 | )
Change in fair value of investments |  | — |  | (251 | ) | — |  | — |  | (251 | )
Change in fair value of interest rate swap |  | 460 |  | — |  | — |  | — |  | 460 |
Total Other Comprehensive (Loss) Income |  | (20 | ) | (480 | ) | — |  | 480 |  | (20 | )
Total Comprehensive Income (Loss) |  | $ | 30,258 |  | $ | 43,888 |  | $ | 4,428 |  | $ | (48,316 | ) | $ | 30,258 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2014 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 44,484 |  | $ | 38,515 |  | $ | 8,514 |  | $ | (47,029 | ) | $ | 44,484 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 4,866 |  | 25,077 |  | 135 |  | — |  | 30,078 |
Equity in earnings of subsidiaries |  | (47,029 | ) | — |  | — |  | 47,029 |  | — |
Stock-based compensation expense |  | 9,920 |  | — |  | — |  | — |  | 9,920 |
Deferred income taxes |  | 4,672 |  | (4,736 | ) | — |  | — |  | (64 | )
(Gain) loss on sale of investments |  | 1,786 |  | — |  | — |  | — |  | 1,786 |
(Gain) loss on sale of property and equipment |  | — |  | 427 |  | — |  | — |  | 427 |
Other long-term liabilities |  | 6,624 |  | (1,065 | ) | — |  | — |  | 5,559 |
Other non-cash items |  | (3,620 | ) | 5,182 |  | — |  | — |  | 1,562 |
Changes in other components of working capital |  | (53,928 | ) | (104,577 | ) | 3,318 |  | — |  | (155,187 | )
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES |  | $ | (32,225 | ) | $ | (41,177 | ) | $ | 11,967 |  | $ | — |  | $ | (61,435 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (16,715 | ) | (10,015 | ) | — |  | — |  | (26,730 | )
Proceeds from sale of property and equipment |  | — |  | 1,906 |  | — |  | — |  | 1,906 |
Proceeds from sale of available-for-sale securities |  | 44,497 |  | — |  | — |  | — |  | 44,497 |
Change in restricted cash |  | 15,465 |  | (10 | ) | (15,488 | ) | — |  | (33 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | 43,247 |  | $ | (8,119 | ) | $ | (15,488 | ) | $ | — |  | $ | 19,640 |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 685,079 |  | 32,405 |  | — |  | — |  | 717,484 |
Repayment of debt |  | (604,773 | ) | (44,509 | ) | — |  | — |  | (649,282 | )
Business acquisition-related payments |  | (1,226 | ) | (34 | ) | — |  | — |  | (1,260 | )
Issuance of common stock and effect of cashless exercise |  | (1,531 | ) | — |  | — |  | — |  | (1,531 | )
Debt issuance costs |  |  |  | (3,681 | ) |  |  |  |  | (3,681 | )
Increase (decrease) in intercompany advances |  | (96,181 | ) | 97,506 |  | (1,325 | ) | — |  | — |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |  | $ | (18,632 | ) | $ | 81,687 |  | $ | (1,325 | ) | $ | — |  | $ | 61,730 |
Net (Decrease) Increase in Cash and Cash Equivalents |  | (7,610 | ) | 32,391 |  | (4,846 | ) | — |  | 19,935 |
Cash and Cash Equivalents at Beginning of Year |  | 88,995 |  | 18,031 |  | 12,897 |  |  |  | 119,923 |
Cash and Cash Equivalents at End of Period |  | $ | 81,385 |  | $ | 50,422 |  | $ | 8,051 |  | $ | — |  | $ | 139,858 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (UNAUDITED) SIX MONTHS ENDED JUNE 30, 2013 (in thousands)
|  | Tutor Perini Corporation |  | Guarantor Subsidiaries |  | Non- Guarantor Subsidiaries |  | Eliminations |  | Total Consolidated |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 30,278 |  | $ | 44,368 |  | $ | 4,428 |  | $ | (48,796 | ) | $ | 30,278 |
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | 3,230 |  | 24,201 |  | 135 |  | — |  | 27,566 |
Equity in earnings of subsidiaries |  | (48,796 | ) | — |  | — |  | 48,796 |  | — |
Stock-based compensation expense |  | 4,624 |  | — |  | — |  | — |  | 4,624 |
Excess income tax benefit from stock-based compensation |  | (358 | ) |  |  |  |  |  |  | (358 | )
Deferred income taxes |  | 235 |  | 265 |  | — |  | — |  | 500 |
(Gain) loss on sale of property and equipment |  | (180 | ) | — |  | — |  | — |  | (180 | )
Other long-term liabilities |  | 9,204 |  | (755 | ) | — |  | — |  | 8,449 |
Other non-cash items |  | 864 |  | (975 | ) | — |  | — |  | (111 | )
Changes in other components of working capital |  | 41,842 |  | (111,153 | ) | (40,027 | ) | — |  | (109,338 | )
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES |  | $ | 40,943 |  | $ | (44,049 | ) | $ | (35,464 | ) | $ | — |  | $ | (38,570 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |
Acquisition of property and equipment |  | (16,299 | ) | (11,828 | ) | — |  | — |  | (28,127 | )
Proceeds from sale of property and equipment |  | 186 |  | 2,173 |  | — |  | — |  | 2,359 |
Change in restricted cash |  | 6,795 |  | 612 |  | (15,709 | ) | — |  | (8,302 | )
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES |  | $ | (9,318 | ) | $ | (9,043 | ) | $ | (15,709 | ) | $ | — |  | $ | (34,070 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from debt |  | 395,365 |  | 26,185 |  | — |  | — |  | 421,550 |
Repayment of debt |  | (363,252 | ) | (11,735 | ) | — |  | — |  | (374,987 | )
Excess income tax benefit from stock-based compensation |  | 358 |  | — |  | — |  | — |  | 358 |
Issuance of common stock and effect of cashless exercise |  | 341 |  | — |  | — |  | — |  | 341 |
Increase (decrease) in intercompany advances |  | (39,004 | ) | 1,023 |  | 37,981 |  | — |  | — |
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES |  | $ | (6,192 | ) | $ | 15,473 |  | $ | 37,981 |  | $ | — |  | $ | 47,262 |
Net Increase (Decrease) in Cash and Cash Equivalents |  | 25,433 |  | (37,619 | ) | (13,192 | ) | — |  | (25,378 | )
Cash and Cash Equivalents at Beginning of Year |  | 64,663 |  | 74,385 |  | 29,008 |  | — |  | 168,056 |
Cash and Cash Equivalents at End of Period |  | $ | 90,096 |  | $ | 36,766 |  | $ | 15,816 |  | $ | — |  | $ | 142,678 |

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