XML 23 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed, Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net income $ 39,553us-gaap_ProfitLoss [1] $ 34,915us-gaap_ProfitLoss [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,797us-gaap_CostOfServicesDepreciationAndAmortization 19,767us-gaap_CostOfServicesDepreciationAndAmortization
Amortization of debt issue costs 434us-gaap_AmortizationOfFinancingCosts 304us-gaap_AmortizationOfFinancingCosts
Provision for uncollectible accounts 1,183us-gaap_ProvisionForDoubtfulAccounts 890us-gaap_ProvisionForDoubtfulAccounts
Net loss (gain) on sale or disposal of assets 335us-gaap_GainLossOnDispositionOfAssets (1,221)us-gaap_GainLossOnDispositionOfAssets
Share-based compensation 4,132us-gaap_ShareBasedCompensation 4,544us-gaap_ShareBasedCompensation
Excess tax benefits from stock based compensation (791)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (392)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Other (989)us-gaap_OtherNoncashIncomeExpense (905)us-gaap_OtherNoncashIncomeExpense
Changes in operating assets and liabilities:    
Trade accounts receivable (14,570)us-gaap_IncreaseDecreaseInAccountsReceivable (5,825)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventory, prepaid expenses and other assets 2,862us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets (1,389)us-gaap_IncreaseDecreaseInInventoriesAndOtherOperatingAssets
Accounts payable and other accrued liabilities (6,954)us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities (3,773)us-gaap_IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
Accrued payroll and related liabilities 14,052us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities 6,247us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities
Income taxes 21,581us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 15,165us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Net cash provided by operating activities 80,625us-gaap_NetCashProvidedByUsedInOperatingActivities 68,327us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Business acquisitions, net of cash acquired (32,150)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (17,295)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Real estate acquired in connection with business acquisitions (1,502)woof_PaymentsToAcquireRealEstateForUseByOwner 0woof_PaymentsToAcquireRealEstateForUseByOwner
Property and equipment additions (16,526)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (16,619)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sale or disposal of assets 92us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 859us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Other (576)us-gaap_PaymentsForProceedsFromOtherInvestingActivities 520us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Net cash used in investing activities (50,662)us-gaap_NetCashProvidedByUsedInInvestingActivities (32,535)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Repayment of long-term obligations (5,165)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities (12,806)us-gaap_RepaymentsOfLongTermDebtAndCapitalSecurities
Distributions to noncontrolling interest partners (1,325)us-gaap_PaymentsToMinorityShareholders (1,090)us-gaap_PaymentsToMinorityShareholders
Purchase of noncontrolling interests (1,483)us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries (326)us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries
Proceeds from issuance of common stock under stock incentive plans 404us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions 372us-gaap_ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
Excess tax benefits from stock based compensation 791us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities 392us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
Stock repurchases (44,845)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation (9,793)us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation
Other (80)us-gaap_ProceedsFromPaymentsForOtherFinancingActivities 0us-gaap_ProceedsFromPaymentsForOtherFinancingActivities
Net cash used in financing activities (51,703)us-gaap_NetCashProvidedByUsedInFinancingActivities (23,251)us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of currency exchange rate changes on cash and cash equivalents (365)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents (282)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
(Decrease) increase in cash and cash equivalents (22,105)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 12,259us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 81,383us-gaap_CashAndCashEquivalentsAtCarryingValue 125,029us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 59,278us-gaap_CashAndCashEquivalentsAtCarryingValue 137,288us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:    
Interest paid 4,482us-gaap_InterestPaid 3,708us-gaap_InterestPaid
Income taxes paid 3,077us-gaap_IncomeTaxesPaid 6,853us-gaap_IncomeTaxesPaid
Detail of acquisitions:    
Fair value of assets acquired 38,490us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1 18,550us-gaap_NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
Noncontrolling interest 0us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination (855)us-gaap_NoncontrollingInterestIncreaseFromBusinessCombination
Cash paid for acquisitions, net of acquired cash (32,150)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (17,295)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Assumed debt (4,446)us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1 0us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1
Holdbacks (1,722)woof_NoncashorPartNoncashAcquisitionHoldbacks (400)woof_NoncashorPartNoncashAcquisitionHoldbacks
Liabilities assumed $ 172us-gaap_NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1 $ 0us-gaap_NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
[1] Includes approximately $0.8 million and $0.5 million of net income related to redeemable and mandatorily redeemable noncontrolling interests for the three months ended March 31, 2015 and 2014, respectively.