UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 23, 2014 (April 23, 2014)
Service Corporation International
(Exact name of registrant as specified in its charter)
Texas | 1-6402-1 | 74-1488375 |
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
of incorporation) | Identification No.) |
1929 Allen Parkway Houston, Texas | 77019 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code (713) 522-5141
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On April 23, 2014, Service Corporation International issued a press release reporting its financial results for the first quarter of 2014. A copy of this press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.
The attached Exhibit 99.1 is not filed, but is furnished to comply with Regulation FD. The information in this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) The following exhibits are included with this report
Exhibit No. | Description | |
99.1 | Press Release, dated April 23, 2014 reporting first quarter 2014 financial results |
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
April 23, 2014 | Service Corporation International | |
By: | /s/ Eric D. Tanzberger | |
Eric D. Tanzberger | ||
Senior Vice President | ||
Chief Financial Officer and Treasurer |
Service Corporation International Announces First Quarter 2014 Financial Results And Reconfirms Guidance For 2014
HOUSTON, April 23, 2014 /PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in North America, today reported results for the first quarter 2014. Our unaudited condensed consolidated financial statements can be found at the end of this press release. The table below summarizes our key financial results:
(In millions, except for per share amounts) | Three Months Ended
| ||||
| 2014 |
| 2013 | ||
Revenues | $ | 747.1 |
| $ | 652.4 |
Operating income | $ | 107.6 |
| $ | 127.8 |
Net income attributable to common stockholders | $ | 41.1 |
| $ | 57.6 |
Diluted earnings per share | $ | 0.19 |
| $ | 0.27 |
Earnings from continuing operations excluding special items(1) | $ | 60.8 |
| $ | 60.6 |
Diluted earnings per share from continuing operations excluding special items(1) | $ | 0.28 |
| $ | 0.28 |
Diluted weighted average shares outstanding |
| 217.2 |
|
| 215.2 |
Net cash provided by operating activities | $ | 127.9 |
| $ | 151.1 |
Net cash provided by operating activities excluding special items(1) | $ | 163.7 |
| $ | 154.9 |
|
|
(1) | Earnings from continuing operations excluding special items, diluted earnings per share from continuing operations excluding special items, and net cash provided by operating activities excluding special items are non-GAAP financial measures. A reconciliation to net income, diluted earnings per share, and net cash provided by operating activities computed in accordance with GAAP can be found later in this press release under the headings "Cash Flow and Capital Spending" and "Non-GAAP Financial Measures". |
Quarterly Highlights:
Tom Ryan, the Company's President and Chief Executive Officer, commented on the first quarter of 2014:
"We are pleased to report earnings and cash flow in the first quarter that were in-line with our expectations. The addition of the legacy Stewart businesses helped to overcome anticipated lower funeral profits due to the unusually strong flu season in the early part of 2013. The onboarding of 5,000 Stewart associates and the integration of our new businesses is progressing well. We have identified additional synergies in the range of $15 - $20 million, which brings our total expected synergies to $75 to $80 million. While implementing new sales structures, processes, and systems can be temporarily distracting, we are confident that these enhancements will strengthen our sales and operating platform which in turn will deliver future growth for our shareholders. Looking ahead to the remainder of 2014, our outlook remains positive and we are comfortable with the upper end
of our financial guidance ranges for earnings and cash flow that we have previously communicated."
REVIEW OF RESULTS FOR FIRST QUARTER 2014
Consolidated Segment Results
(In millions, except funeral services performed and average revenue per funeral service) |
| Three Months Ended
| ||||
|
| 2014 |
| 2013 | ||
Funeral |
|
|
|
| ||
Funeral atneed revenue |
| $ | 292.3 |
| $ | 267.0 |
Funeral matured preneed revenue |
| 162.4 |
| 146.4 | ||
Core funeral revenue |
| 454.7 |
| 413.4 | ||
Funeral recognized preneed revenue |
| 21.7 |
| 18.9 | ||
Other funeral revenue |
| 34.2 |
| 29.8 | ||
Total funeral revenues |
| $ | 510.6 |
| $ | 462.1 |
|
|
|
|
| ||
Gross profit |
| $ | 119.4 |
| $ | 120.2 |
Gross margin percentage |
| 23.4% |
| 26.0% | ||
|
|
|
|
| ||
Funeral services performed |
| 88,064 |
| 79,788 | ||
Average revenue per funeral service |
| $ | 5,163 |
| $ | 5,181 |
|
|
|
|
| ||
Cemetery |
|
|
|
| ||
Cemetery atneed revenue |
| $ | 76.3 |
| $ | 60.8 |
Cemetery recognized preneed revenue |
| 126.4 |
| 104.0 | ||
Other cemetery revenue |
| 33.8 |
| 25.5 | ||
Total cemetery revenues |
| $ | 236.5 |
| $ | 190.3 |
|
|
|
|
| ||
Gross profit |
| $ | 47.0 |
| $ | 39.5 |
Gross margin percentage |
| 19.9% |
| 20.8% |
Comparable Funeral Results
The table below details comparable funeral results of operations ("same store") for the three months ended March 31, 2014 and 2013 and excludes the results of Stewart. We consider comparable operations to be those owned for the entire period beginning January 1, 2013 and ending March 31, 2014.
(Dollars in millions, except average revenue per funeral service and average revenue per contract sold) |
| Three Months Ended
| ||||
|
| 2014 |
| 2013 | ||
Comparable funeral revenue: |
|
|
|
| ||
Atneed revenue(1) |
| 248.0 |
| 265.7 | ||
Matured preneed revenue(2) |
| 138.1 |
| 145.7 | ||
Core funeral revenue(3) |
| 386.1 |
| 411.4 | ||
Recognized preneed revenue(4) |
| 21.4 |
| 18.5 | ||
Other funeral revenue(5) |
| 29.2 |
| 29.7 | ||
Total comparable funeral revenues |
| $ | 436.7 |
| $ | 459.6 |
|
|
|
|
| ||
Comparable gross profit |
| $ | 98.0 |
| $ | 120.1 |
Comparable gross margin percentage |
| 22.4% |
| 26.1% | ||
|
|
|
|
| ||
Comparable funeral services performed: |
|
|
|
| ||
Preneed |
| 28,557 |
| 30,831 | ||
Atneed |
| 44,952 |
| 48,417 | ||
Total |
| 73,509 |
| 79,248 | ||
|
|
|
|
| ||
Comparable average revenue per funeral service |
| $ | 5,252 |
| $ | 5,191 |
Comparable preneed funeral production: |
|
|
|
| ||
Sales |
| $ | 186.0 |
| $ | 183.7 |
Preneed funeral contracts sold - SCI (excluding SCI Direct) |
| 26,410 |
| 27,695 | ||
Preneed funeral contracts sold - SCI Direct |
| 14,477 |
| 13,496 | ||
Average revenue per contract sold - SCI (excluding SCI Direct) |
| $ | 5,914 |
| $ | 5,725 |
Average revenue per contract sold - SCI Direct |
| $ | 2,062 |
| $ | 1,861 |
|
|
(1) | Funeral atneed revenue represents merchandise and funeral services delivered and/or performed after a death has occurred. |
(2) | Funeral matured preneed revenue represents merchandise and services sold on a preneed contract but delivered and/or performed after a death has occurred. |
(3) | Core funeral revenue represents merchandise and funeral services recognized after a death has occurred. |
(4) | Funeral recognized preneed revenue represents merchandise and services sold on a preneed contract and delivered before a death has occurred, including funeral merchandise and travel protection insurance, which primarily represent sales by SCI Direct. |
(5) | Other funeral revenue consists primarily of General Agency revenues, which are commissions we receive from third-party insurance companies for life insurance policies or annuities sold to preneed customers for the purpose of funding preneed funeral arrangements. |
Comparable Cemetery Results
The table below details comparable cemetery results of operations ("same store") for the three months ended March 31, 2014 and 2013 and excludes the results of Stewart. We consider comparable operations to be those owned for the entire period beginning January 1, 2013 and ending March 31, 2014.
(Dollars in millions) |
| Three Months Ended
| ||||
|
| 2014 |
| 2013 | ||
Comparable cemetery revenue: |
|
|
|
| ||
Atneed revenue(1) |
| $ | 59.4 |
| $ | 60.8 |
Recognized preneed revenue(2) |
| 104.1 |
| 104.0 | ||
Other cemetery revenue(3) |
| 28.0 |
| 25.6 | ||
Total comparable cemetery revenues |
| $ | 191.5 |
| $ | 190.4 |
|
|
|
|
| ||
Comparable gross profit |
| $ | 36.8 |
| $ | 39.6 |
Comparable gross margin percentage |
| 19.2% |
| 20.8% | ||
|
|
|
|
| ||
Comparable preneed and atneed cemetery sales production: |
|
|
|
| ||
Property |
| $ | 114.4 |
| $ | 120.0 |
Merchandise and services |
| 95.8 |
| 99.8 | ||
Discounts |
| (20.7) |
| (24.2) | ||
Preneed and atneed cemetery sales production |
| $ | 189.5 |
| $ | 195.6 |
Recognition rate (4) |
| 86% |
| 84% |
|
|
(1) | Cemetery atneed revenue represents merchandise and services delivered after a death has occurred |
(2) | Cemetery recognized preneed revenue represents merchandise and services sold on a preneed contract and delivered before a death has occurred. |
(3) | Other cemetery revenue is primarily related to cemetery merchandise and service trust fund income, endowment care trust fund income, royalty income, and interest and finance charges earned from customer receivables on preneed installment contracts. |
(4) | Represents the ratio of current period revenue recognition stated as a percentage of current period sales production. |
Other Financial Results
Cash Flow and Capital Spending
Set forth below is a reconciliation of net cash provided by operating activities prepared in accordance with GAAP to our net cash provided by operating activities excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
(In millions) |
| Three Months Ended
| ||||
|
| 2014 |
| 2013 | ||
Net cash provided by operating activities, as reported |
| $ | 127.9 |
| $ | 151.1 |
System and process transition costs |
| 0.2 |
| 1.7 | ||
Legal defense and settlement costs |
| 0.3 |
| 1.3 | ||
Excess tax benefits from share-based awards |
| 6.7 |
| 0.8 | ||
Acquisition and transition costs |
| 28.6 |
| — | ||
Net cash provided by operating activities excluding special items |
| $ | 163.7 |
| $ | 154.9 |
Net cash provided by operating activities excluding special items increased to $163.7 million compared to $154.9 million in 2013, due primarily to the contribution of cash flows from the addition of Stewart properties and lower payroll disbursements as we partially funded a January 2014 payroll in December 2013. These increases were partially offset by higher interest payments of $13.9 million related to incremental debt associated with the Stewart acquisition. We also incurred $8.1 million more in cash taxes.
Capital Expenditures (In millions) |
| Three Months Ended
| ||||
|
| 2014 |
| 2013 | ||
Capital improvements at existing locations |
| $ | 12.1 |
| $ | 14.7 |
Development of cemetery property |
| 10.3 |
| 6.2 | ||
Construction of new funeral home facilities |
| 2.8 |
| 1.7 | ||
Total capital expenditures |
| $ | 25.2 |
| $ | 22.6 |
TRUST FUND RETURNS
Total trust fund returns include realized and unrealized gains and losses and dividends. A summary of our consolidated trust fund returns for the three months ended March 31, 2014 is set forth below:
|
|
| Three Months |
Preneed Funeral |
|
| 2.0% |
Preneed Cemetery |
|
| 1.8% |
Cemetery Perpetual Care |
|
| 2.4% |
Combined Trust Funds |
|
| 2.1% |
NON-GAAP FINANCIAL MEASURES
Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items shown above are non-GAAP financial measures. We believe these non-GAAP financial measures provide a consistent basis for comparison between quarters and better reflect the performance of our core operations, as they are not influenced by certain income or expense items not affecting continuing operations. We also believe these measures help facilitate comparisons to our competitors' operating results.
Set forth below is a reconciliation of our reported net income attributable to common stockholders to earnings from continuing operations excluding special items and our GAAP diluted earnings per share to diluted earnings per share from continuing operations excluding special items. We do not intend for this information to be considered in isolation or as a substitute for other measures of performance prepared in accordance with GAAP.
| Three Months Ended March 31, | ||||||||||
(In millions, except diluted EPS) | 2014 |
| 2013 | ||||||||
| Net Income |
| Diluted EPS |
| Net Income |
| Diluted EPS | ||||
Net income attributable to common stockholders, as reported | $ | 41.1 |
| $ | 0.19 |
| $ | 57.6 |
| $ | 0.27 |
After-tax reconciling items: |
|
|
|
|
|
|
| ||||
Impact of divestitures and impairment charges, net | 1.4 |
| 0.01 |
| 0.6 |
| — | ||||
System and process transition costs | 1.9 |
| 0.01 |
| 0.7 |
| — | ||||
Acquisition and transition costs | 10.1 |
| 0.05 |
| — |
| — | ||||
Change in certain tax reserves | (0.8) |
| (0.01) |
| 0.9 |
| 0.01 | ||||
Legal settlements and defense fees | 7.1 |
| 0.03 |
| 0.8 |
| — | ||||
Earnings from continuing operations excluding special items and diluted earnings per share from continuing operations excluding special items | $ | 60.8 |
| $ | 0.28 |
| $ | 60.6 |
| $ | 0.28 |
|
|
|
|
|
|
|
| ||||
Diluted weighted average shares outstanding (in thousands) |
|
| 217,231 |
|
|
| 215,208 |
Conference Call and Webcast
We will host a conference call on Thursday, April 24, 2014, at 8:00 a.m. Central Time. A question and answer session will follow a brief presentation made by management. The conference call dial-in number is (847) 619-6396 with the passcode of 37093995. The conference call will also be broadcast live via the Internet and can be accessed through our website at www.sci-corp.com. A replay of the conference call will be available through May 24, 2014 and can be accessed at (630) 652-3042 with the passcode of 37093995#. Additionally, a replay of the conference call will be available on our website for approximately ninety days.
Cautionary Statement on Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. These statements may be accompanied by words such as "believe," "estimate," "project," "expect," "anticipate" or "predict," that convey the uncertainty of future events or outcomes. These statements are based on assumptions that we believe are reasonable; however, many important factors could cause our actual results in the future to differ materially from the forward-looking statements made herein and in any other documents or oral presentations made by us, or on our behalf. Important factors, which could cause actual results to differ materially from those in forward-looking statements include, among others, the following:
For further information on these and other risks and uncertainties, see our Securities and Exchange Commission filings included in our 2013 Annual Report on Form 10-K, which was filed February 14, 2014. Copies of this document as well as other SEC filings can be obtained from our website at www.sci-corp.com. We assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in Houston, Texas, is North America's leading provider of deathcare products and services. At March 31, 2014, we owned and operated 1,638 funeral homes and 515 cemeteries (of which 283 are combination locations) in 43 states, eight Canadian provinces, the District of Columbia, and Puerto Rico. Through our businesses, we market the Dignity Memorial® brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at www.sci-corp.com. For more information about Dignity Memorial®, please visit www.dignitymemorial.com.
|
|
|
For additional information contact: |
|
|
Investors: Debbie Young - Director / Investor Relations |
| (713) 525-9088 |
Media: Lisa Marshall - Managing Director / Corporate Communications |
| (713) 525-3066 |
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share amounts) | ||||||
|
|
| ||||
|
| Three Months Ended March 31, | ||||
|
| 2014 |
| 2013 | ||
Revenues |
| $ | 747,123 |
| $ | 652,352 |
Costs and expenses |
| (580,741) |
| (492,695) | ||
Gross profit |
| 166,382 |
| 159,657 | ||
General and administrative expenses |
| (56,010) |
| (30,923) | ||
Losses on divestitures and impairment charges, net |
| (2,812) |
| (969) | ||
Operating income |
| 107,560 |
| 127,765 | ||
Interest expense |
| (44,996) |
| (32,769) | ||
Other income (expense), net |
| 1,534 |
| (984) | ||
Income from continuing operations before income taxes |
| 64,098 |
| 94,012 | ||
Provision for income taxes |
| (22,707) |
| (35,290) | ||
Net income |
| 41,391 |
| 58,722 | ||
Net income attributable to noncontrolling interests |
| (289) |
| (1,102) | ||
Net income attributable to common stockholders |
| $ | 41,102 |
| $ | 57,620 |
|
|
|
|
| ||
Basic earnings per share |
| $ | 0.19 |
| $ | 0.27 |
Diluted earnings per share |
| $ | 0.19 |
| $ | 0.27 |
|
|
|
|
| ||
Basic weighted average number of shares |
| 212,838 |
| 211,380 | ||
Diluted weighted average number of shares |
| 217,231 |
| 215,208 |
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED BALANCE SHEET (In thousands, except share amounts) | |||||
|
|
|
| ||
| March 31, 2014 |
| December 31, 2013 | ||
ASSETS |
|
|
| ||
Current assets: |
|
|
| ||
Cash and cash equivalents | $ | 148,619 |
| $ | 144,873 |
Receivables, net | 105,813 |
| 105,899 | ||
Deferred tax asset | 39,476 |
| 39,074 | ||
Inventories, net | 34,508 |
| 34,668 | ||
Current assets held for sale | 5,740 |
| 4,569 | ||
Other | 41,848 |
| 65,524 | ||
Total current assets | 376,004 |
| 394,607 | ||
Preneed funeral receivables, net and trust investments | 1,871,539 |
| 1,870,874 | ||
Preneed cemetery receivables, net and trust investments | 2,301,633 |
| 2,300,911 | ||
Cemetery property, at cost | 1,721,446 |
| 1,747,125 | ||
Property and equipment, net | 1,887,019 |
| 1,920,868 | ||
Non-current assets held for sale | 795,001 |
| 746,474 | ||
Goodwill | 1,978,621 |
| 1,968,235 | ||
Deferred charges and other assets | 631,759 |
| 632,088 | ||
Cemetery perpetual care trust investments | 1,342,589 |
| 1,347,622 | ||
| $ | 12,905,611 |
| $ | 12,928,804 |
LIABILITIES & EQUITY |
|
|
| ||
Current liabilities: |
|
|
| ||
Accounts payable and accrued liabilities | $ | 477,368 |
| $ | 486,648 |
Current maturities of long-term debt | 105,705 |
| 176,362 | ||
Current liabilities held for sale | 4,850 |
| 3,183 | ||
Income taxes | 3,301 |
| 6,391 | ||
Total current liabilities | 591,224 |
| 672,584 | ||
Long-term debt | 3,133,925 |
| 3,125,548 | ||
Deferred preneed funeral revenues | 672,631 |
| 686,160 | ||
Deferred preneed cemetery revenues | 986,538 |
| 974,757 | ||
Deferred tax liability | 586,991 |
| 581,440 | ||
Non-current liabilities held for sale | 504,423 |
| 437,084 | ||
Other liabilities | 404,693 |
| 430,393 | ||
Deferred preneed funeral and cemetery receipts held in trust | 3,245,629 |
| 3,250,586 | ||
Care trusts' corpus | 1,340,361 |
| 1,345,874 | ||
|
|
|
| ||
Stockholders' Equity: |
|
|
| ||
Common stock, $1 per share par value, 500,000,000 shares authorized, 213,605,552 and 212,326,642 shares issued, respectively, and 213,531,666 and 212,316,642 shares outstanding, respectively | 213,532 |
| 212,317 | ||
Capital in excess of par value | 1,251,573 |
| 1,259,348 | ||
Accumulated deficit | (105,893) |
| (145,876) | ||
Accumulated other comprehensive income | 77,215 |
| 88,441 | ||
Total common stockholders' equity | 1,436,427 |
| 1,414,230 | ||
Noncontrolling interests | 2,769 |
| 10,148 | ||
Total Equity | 1,439,196 |
| 1,424,378 | ||
| $ | 12,905,611 |
| $ | 12,928,804 |
SERVICE CORPORATION INTERNATIONAL CONSOLIDATED STATEMENT OF CASH FLOWS (In thousands) | |||||
|
| ||||
| Three Months Ended March 31, | ||||
| 2014 |
| 2013 | ||
Cash flows from operating activities: |
|
|
| ||
Net income | $ | 41,391 |
| $ | 58,722 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| ||
Depreciation and amortization | 36,120 |
| 30,447 | ||
Amortization of intangible assets | 10,080 |
| 5,808 | ||
Amortization of cemetery property | 11,339 |
| 8,975 | ||
Amortization of loan costs | 1,844 |
| 1,235 | ||
Provision for doubtful accounts | 2,155 |
| 1,720 | ||
Provision for deferred income taxes | 10,124 |
| 26,134 | ||
Losses on divestitures and impairment charges, net | 2,812 |
| 969 | ||
Share-based compensation | 3,130 |
| 2,830 | ||
Excess tax benefits from share-based awards | (6,744) |
| (772) | ||
Change in assets and liabilities, net of effects from acquisitions and divestitures: |
|
|
| ||
(Increase) decrease in receivables | (3,761) |
| 5,962 | ||
Increase in other assets | (931) |
| (5,882) | ||
Increase in payables and other liabilities | 5,966 |
| 12,215 | ||
Effect of preneed funeral production and maturities: |
|
|
| ||
Decrease in preneed funeral receivables, net and trust investments | 12,852 |
| 13,738 | ||
Decrease in deferred preneed funeral revenue | (531) |
| (4,000) | ||
Decrease in deferred preneed funeral receipts held in trust | (14,768) |
| (14,176) | ||
Effect of cemetery production and deliveries: |
|
|
| ||
Decrease (increase) in preneed cemetery receivables, net and trust investments | 2,160 |
| (6,359) | ||
Increase in deferred preneed cemetery revenue | 19,421 |
| 15,912 | ||
Decrease in deferred preneed cemetery receipts held in trust | (6,262) |
| (3,419) | ||
Other | 1,490 |
| 1,065 | ||
Net cash provided by operating activities | 127,887 |
| 151,124 | ||
Cash flows from investing activities: |
|
|
| ||
Capital expenditures | (25,222) |
| (22,569) | ||
Acquisitions | (779) |
| — | ||
Proceeds from divestitures and sales of property and equipment, net | 2,639 |
| 1,816 | ||
Net (deposits) withdrawals of restricted funds and other | (12,225) |
| 339 | ||
Net cash used in investing activities | (35,587) |
| (20,414) | ||
Cash flows from financing activities: |
|
|
| ||
Proceeds from the issuance of long-term debt | 110,000 |
| — | ||
Payments of debt | (7,579) |
| (4,948) | ||
Principal payments on capital leases | (7,231) |
| (6,468) | ||
Proceeds from exercise of stock options | 7,915 |
| 3,094 | ||
Early extinguishment of debt | (167,093) |
| — | ||
Excess tax benefit from share-based awards | 6,744 |
| 772 | ||
Purchase of Company common stock | (1,053) |
| (1,708) | ||
Payments of dividends | (17,080) |
| (12,698) | ||
Purchase of noncontrolling interest | (15,000) |
| (8,333) | ||
Bank overdrafts and other | 3,762 |
| (4,004) | ||
Net cash used in by financing activities | (86,615) |
| (34,293) | ||
Effect of foreign currency | (1,939) |
| (579) | ||
Net increase in cash and cash equivalents | 3,746 |
| 95,838 | ||
Cash and cash equivalents at beginning of period | 144,873 |
| 92,708 | ||
Cash and cash equivalents at end of period | $ | 148,619 |
| $ | 188,546 |