XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Net income $ 12,103 $ 11,494
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,584 7,872
Provision for losses on accounts receivable 883 1,112
Stock-based compensation expense 2,009 1,609
Deferred income tax (benefit) expense 2,044 406
Amortization of deferred financing costs 320 408
Amortization of capitalized commissions on preneed contracts 293 0
Accretion of discount on convertible subordinated notes (1,715) (2,103)
Amortization of debt discount on senior notes 38 0
Net loss on early extinguishment of debt 936 0
Net loss on sale and disposal of other assets 45 311
Changes in operating assets and liabilities that provided (required) cash:    
Accounts and preneed receivables (779) (468)
Inventories and other current assets (1,139) 2,804
Intangible and other non-current assets (102) 211
Preneed funeral and cemetery trust investments 3,657 (1,252)
Accounts payable (758) (3,750)
Accrued and other liabilities (819) (5,102)
Deferred preneed funeral and cemetery revenue 2,007 2,020
Deferred preneed funeral and cemetery receipts held in trust (4,756) 468
Net cash provided by operating activities 26,281 20,246
Cash flows from investing activities:    
Acquisition and land for new construction 0 (625)
Capital expenditures (5,080) (8,790)
Net cash used in investing activities (5,080) (9,415)
Cash flows from financing activities:    
Payments against the term loan (127,500) (5,625)
Borrowings from the revolving credit facility 96,000 36,800
Payments against the revolving credit facility (188,000) (42,400)
Payment of debt issuance costs related to long-term debt (1,551) 0
Redemption of the 2.75% convertible subordinated notes (75,229) 0
Payment of Debt Conversion, Transaction Costs (845) 0
Proceeds from the issuance of the 6.625% senior notes 320,125 0
Payments on other long-term debt and obligations under capital leases (828) (723)
Payments on contingent consideration recorded at acquisition date (138) (101)
Proceeds from the exercise of stock options and employee stock purchase plan contributions 846 544
Taxes paid on restricted stock vestings and exercise of non-qualified options (495) (509)
Dividends paid on common stock (2,640) (1,668)
Net cash provided by (used in) financing activities 18,378 (13,682)
Net increase (decrease) in cash and cash equivalents 39,579 (2,851)
Cash and cash equivalents at beginning of period 952 3,286
Cash and cash equivalents at end of period 40,531 435
Senior Notes [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 11  
Cash flows from financing activities:    
Payment of debt issuance costs related to long-term debt $ (1,367) $ 0