XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Net income $ 14,303 $ 14,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,100 11,874
Provision for losses on accounts receivable 1,511 1,737
Stock-based compensation expense 2,924 2,394
Deferred income tax (benefit) expense 3,547 1,215
Amortization of deferred financing costs 420 614
Amortization of capitalized commissions on preneed contracts 449 0
Accretion of discount on convertible subordinated notes (1,961) (3,200)
Amortization of debt discount on senior notes 154 0
Net loss on early extinguishment of debt 936 0
Net loss on sale and disposal of other assets 408 341
Changes in operating assets and liabilities that provided (required) cash:    
Accounts and preneed receivables (3,010) (2,594)
Inventories and other current assets (1,911) 2,356
Intangible and other non-current assets (345) 340
Preneed funeral and cemetery trust investments 4,419 (5,114)
Accounts payable (735) (3,510)
Accrued and other liabilities 3,761 (2,790)
Deferred preneed funeral and cemetery revenue 6,292 2,098
Deferred preneed funeral and cemetery receipts held in trust (9,467) 4,132
Net cash provided by operating activities 38,717 30,825
Cash flows from investing activities:    
Acquisition and land for new construction (37,970) (723)
Net proceeds from the sale of other assets 0 405
Capital expenditures (9,037) (13,129)
Net cash used in investing activities (47,007) (13,447)
Cash flows from financing activities:    
Payments against the term loan (127,500) (8,438)
Borrowings from the revolving credit facility 96,000 75,100
Payments against the revolving credit facility (188,000) (67,300)
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 transaction costs related to the redemption of the 2.75% convertible subordinated notes (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 (1,031) (1,084)
Payments on contingent consideration recorded at acquisition date (138) (101)
Proceeds from the exercise of stock options and employee stock purchase plan contributions 1,075 1,296
Taxes paid on restricted stock vestings and exercise of non-qualified options (651) (509)
Dividends paid on common stock (4,076) (2,503)
Purchase of treasury stock 0 (16,366)
Net cash provided by (used in) financing activities 16,812 (19,905)
Net increase (decrease) in cash and cash equivalents 8,522 (2,527)
Cash and cash equivalents at beginning of period 952 3,286
Cash and cash equivalents at end of period 9,474 759
Senior Notes [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 44  
Amortization of debt discount on senior notes 154  
Cash flows from financing activities:    
Payment of debt issuance costs related to long-term debt $ (1,367) $ 0