XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Net income $ 11,387 $ 12,103
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,920 8,584
Provision for losses on accounts receivable 724 883
Stock-based compensation expense 1,103 2,009
Deferred income tax (benefit) expense 1,309 2,044
Amortization of deferred financing costs 189 320
Amortization of capitalized commissions on preneed contracts 277 293
Accretion of discount on convertible subordinated notes 117 1,715
Amortization of debt discount on senior notes 242 38
Net loss on early extinguishment of debt 0 936
Net loss on sale and disposal of other assets 168 45
Other 121 145
Changes in operating assets and liabilities that provided (used) cash:    
Accounts and preneed receivables (1,116) (779)
Inventories, prepaid and other current assets 1,446 (1,139)
Intangible and other non-current assets (212) (102)
Preneed funeral and cemetery trust investments (5,033) (5,986)
Accounts payable (3,156) (758)
Accrued and other liabilities 61 (964)
Deferred preneed funeral and cemetery revenue 863 2,007
Deferred preneed funeral and cemetery receipts held in trust 4,502 4,887
Net cash provided by operating activities 21,912 26,281
Cash flows from investing activities:    
Net proceeds from the sale of other assets 100 0
Capital expenditures (8,654) (5,080)
Net cash used in investing activities (8,554) (5,080)
Cash flows from financing activities:    
Payments against the term loan 0 (127,500)
Borrowings from the credit facility 23,300 96,000
Payments against the credit facility (25,800) (188,000)
Payments of Debt Issuance Costs 0 (1,551)
Redemption of the 2.75% convertible subordinated notes (27) (75,229)
Payment of transaction costs related to the redemption of the 2.75% convertible subordinated notes 0 (845)
Proceeds from the issuance of the 6.625% senior notes 0 320,125
Payments on other long-term debt and obligations under finance leases (910) (828)
Payments on contingent consideration recorded at acquisition date (162) (138)
Proceeds from the exercise of stock options and employee stock purchase plan contributions 942 846
Taxes paid on restricted stock vestings and exercise of non-qualified options (179) (495)
Dividends paid on common stock (2,725) (2,640)
Purchase of treasury stock (7,756) 0
Net cash provided by (used in) financing activities (13,317) 18,378
Net increase in cash and cash equivalents 41 39,579
Cash and cash equivalents at beginning of period 644 952
Cash and cash equivalents at end of period 685 40,531
Senior Notes [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred financing costs 68 11
Amortization of debt discount on senior notes 242 38
Cash flows from financing activities:    
Payments of Debt Issuance Costs $ 0 $ (1,367)