Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net income $ 108,521 $ 114,067
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,815 33,282
Provision for deferred income taxes 4,763 4,508
Provision for bad debts 4,925 4,190
Stock - based compensation expense 7,586 6,370
Other, net (900) (1,535)
Changes in operating assets and liabilities (24,767) (30,373)
Net cash provided by operating activities 136,943 130,509
INVESTING ACTIVITIES    
Cash used for acquisitions of companies, net of cash acquired (410,067) (54,619)
Purchases of equipment and property (13,436) (14,246)
Proceeds from sales of franchises 486 228
Other 1,097 425
Net cash used in investing activities (421,920) (68,212)
FINANCING ACTIVITIES    
Cash paid for common stock purchased (9,834) (9,338)
Dividends paid (68,699) (61,142)
Repayments of long-term debt (20,125)
Borrowings under Term Loan 250,000
Borrowings under Revolving Commitment 118,000
Net cash used in financing activities 269,342 (70,480)
Effect of exchange rate changes on cash (1,384) (10,982)
Net increase/(decrease) in cash and cash equivalents (17,019) (19,165)
Cash and cash equivalents at beginning of period 115,485 107,050
Cash and cash equivalents at end of period 98,466 87,885
Supplemental disclosure of cash flow information:    
Non-cash additions to operating lease right-of-use assets $ 24,322