XML 45 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net income $ 40,146 $ 28,527
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,246 4,724
Amortization of intangible assets 9,466 1,200
Share-based compensation expense 658 1,424
Equity in losses of investment in affiliate   176
Bad debt expense 1,755 224
Amortization of debt discount 46 95
Amortization of debt issuance costs 242 215
Deferred income taxes 461  
Loss on disposal of fixed assets 96  
Changes in operating assets and liabilities, net of effects of acquisitions:    
Accounts receivable (22,599) (12,968)
Prepaid expenses and other current assets (1,847) (1,147)
Other assets (1,014) (1,741)
Accounts payable and accrued expenses 7,695 (7,805)
Other current and non-current liabilities (5,042) (3,368)
Net cash provided by operating activities 36,309 9,556
Cash flows from investing activities:    
Additions to premises and equipment (12,945) (6,960)
Acquisition of businesses, net of cash acquired   (75,817)
Proceeds from loan to Ocwen   75,000
Other investing activities (300) (50)
Net cash used in investing activities (13,245) (7,827)
Cash flows from financing activities:    
Repayment of long-term debt (994) (500)
Principal payments on capital lease obligations   (176)
Proceeds from stock option exercises 401 456
Purchase of treasury stock (35,766) (21,997)
Contributions from non-controlling interests   12
Distributions to non-controlling interests (653) (1,090)
Net cash used in financing activities (37,012) (23,295)
Decrease in cash and cash equivalents (13,948) (21,566)
Cash and cash equivalents at the beginning of the period 130,324 105,502
Cash and cash equivalents at the end of the period 116,376 83,936
Supplemental cash flow information:    
Interest paid 4,469 2,799
Income taxes paid, net 201 402
Non-cash investing and financing activities:    
Premises and equipment purchased on account $ 684 $ 700