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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 30,081 $ 25,086
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,616 3,053
Depreciation and amortization – marketing and reservation system 4,521 5,071
Franchise agreement acquisition cost amortization 2,685 2,154
Gain on disposal of assets (2,120) 0
Provision for bad debts, net 2,983 3,389
Impairment of long-lived assets 7,304 0
Impairment of goodwill 3,097 0
Non-cash stock compensation and other charges 3,989 3,787
Non-cash interest and other (income) loss (2,495) 974
Deferred income taxes (2,257) 2,582
Equity in net losses from unconsolidated joint ventures, less distributions received 3,954 6,735
Franchise agreement acquisition cost, net of reimbursements (6,401) (11,925)
Change in working capital and other, net of acquisition (31,014) (36,354)
Net cash provided by operating activities 17,943 4,552
CASH FLOWS FROM INVESTING ACTIVITIES:    
Investment in property and equipment (14,906) (4,996)
Investment in intangible assets (760) (1,193)
Proceeds from sales of assets 10,585 0
Business acquisition, net of cash acquired 0 (231,317)
Contributions to equity method investments (8,495) (1,455)
Distributions from equity method investments 5,724 766
Purchases of investments, employee benefit plans (1,603) (1,669)
Proceeds from sales of investments, employee benefit plans 1,637 1,029
Issuance of notes receivable (1,755) (2,500)
Collections of notes receivable 5,096 150
Other items, net 197 0
Net cash used in investing activities (4,280) (241,185)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net borrowings pursuant to revolving credit facilities 42,400 70,000
Principal payments on long-term debt (123) (111)
Purchase of treasury stock (31,951) (41,869)
Dividends paid (12,163) (12,265)
Debt issuance costs 0 (914)
Proceeds from issuance of long term debt 8,491 212
Payments on transfer of interest in notes receivable (24,409) 0
Proceeds from exercise of stock options 9,203 23,052
Net cash (used in) provided by financing activities (8,552) 38,105
Net change in cash and cash equivalents 5,111 (198,528)
Effect of foreign exchange rate changes on cash and cash equivalents 57 26
Cash and cash equivalents at beginning of period 26,642 235,336
Cash and cash equivalents at end of period 31,810 36,834
Cash payments during the period for:    
Income taxes, net of refunds 807 5,034
Interest, net of capitalized interest 19,885 19,882
Non-cash investing and financing activities:    
Dividends declared but not paid 11,970 12,117
Investment in property and equipment acquired in accounts payable $ 5,732 $ 374