Condensed Financial Statements Parent Company Only

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements

Parent Company Only

Condensed Balance Sheets



	December 31,
(In thousands)	2019			2018
Assets
Current assets:
Cash	$	1,678		$	1,678
Accounts receivable, net	1,290			2,068
Prepaid expenses and other assets	9			41
Total current assets	2,977			3,787
Investment in subsidiaries, at equity	273,759			221,515
Other Intangible Asset	9			$	—
Total assets	$	276,745		$	225,302
Liabilities and stockholders’ equity
Current liabilities:
Accrued liabilities	$	260		$	226
Income tax payable	1,757			1,660
Total current liabilities	2,017			1,886
Deferred tax liability, net	485			5,665
Other long-term liabilities	7,056			6,292
Total liabilities	9,558			13,843
Stockholders’ equity:
Common stock	720			723
Additional paid-in capital	—			5,783
Accumulated earnings	296,476			228,742
Accumulated other comprehensive loss, net of tax	(30,009		)	(23,789		)
Total stockholders’ equity	267,187			211,459
Total liabilities and stockholders’ equity	$	276,745		$	225,302

Condensed Statements of Income and Comprehensive Income



	Years ended December 31,
(In thousands)	2019			2018			2017
Non-operating income (expenses)
Equity in earnings of subsidiaries	$	101,078		$	84,866		$	49,162
Interest income	367			380			301
Other expenses	(1,595		)	(1,396		)	(1,428		)
Income before income taxes	99,850			83,850			48,035
Income tax benefit	(3,619		)	(2,420		)	(7,019		)
Net income	103,469			86,270			55,054
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	4,754			(10,564		)	(635		)
(Loss) gain on cash flow hedges	(10,974		)	(2,377		)	2,178
Total comprehensive income	$	97,249		$	73,329		$	56,597

Condensed Statements of Cash Flows



	Years ended December 31,
(In thousands)	2019			2018			2017
Cash flows from operating activities	$	55,092		$	19,431		$	29,422
Cash flows from financing activities
Dividends paid	(14,420		)	(7,273		)	(21,762		)
Repurchase of common stock	(31,822		)	(10,000		)	(7,671		)
Withholding taxes paid on share-based compensation	(8,849		)	(2,159		)	(1,588		)
Net cash used in financing activities	(55,091		)	(19,432		)	(31,021		)
Net (decrease) increase in cash	1			(1		)	(1,599		)
Cash at beginning of the period	1,678			1,679			3,278
Cash at end of the period	$	1,679		$	1,678		$	1,679