Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - ModivCare Inc | prsc20150806_8ka.htm |
Exhibit 99.1
The Providence Service Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
Six months ended June 30, |
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|
2015 |
2014 |
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|
Operating activities |
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|
Net income |
$ | 12,871 | $ | 12,959 | ||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
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|
Depreciation |
10,165 | 4,908 | ||||||
|
Amortization |
19,692 | 3,963 | ||||||
|
Provision for doubtful accounts |
1,369 | 1,089 | ||||||
|
Stock based compensation |
6,058 | 1,400 | ||||||
|
Deferred income taxes |
(4,815 | ) | 207 | |||||
|
Amortization of deferred financing costs |
1,071 | 410 | ||||||
|
Excess tax benefit upon exercise of stock options |
(2,239 | ) | (2,346 | ) | ||||
|
Loss on equity investments |
3,542 | - | ||||||
|
Other non-cash charges |
(225 | ) | (40 | ) | ||||
|
Changes in operating assets and liabilities: |
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|
Accounts receivable |
(60,908 | ) | (21,736 | ) | ||||
|
Other receivables |
(2,617 | ) | 487 | |||||
|
Restricted cash |
69 | 205 | ||||||
|
Prepaid expenses and other |
(8,734 | ) | (4,544 | ) | ||||
|
Reinsurance liability reserve |
9,691 | 4,648 | ||||||
|
Accounts payable and accrued expenses |
17,755 | 7,172 | ||||||
|
Accrued transportation costs |
6,022 | 13,554 | ||||||
|
Deferred revenue |
14,555 | (52 | ) | |||||
|
Other long-term liabilities |
281 | (4,009 | ) | |||||
|
Net cash provided by operating activities |
23,603 | 18,275 | ||||||
|
Investing activities |
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|
Purchase of property and equipment |
(13,122 | ) | (8,267 | ) | ||||
|
Acquisitions, net of cash acquired |
(1,665 | ) | (59,666 | ) | ||||
|
Equity investments |
(13,784 | ) | - | |||||
|
Net decrease in short-term investments |
(9 | ) | (9 | ) | ||||
|
Restricted cash for reinsured claims losses |
(413 | ) | (4,744 | ) | ||||
|
Net cash used in investing activities |
(28,993 | ) | (72,686 | ) | ||||
|
Financing activities |
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|
Proceeds from issuance of preferred stock, net of issuance costs |
80,667 | - | ||||||
|
Preferred stock dividends |
(1,698 | ) | - | |||||
|
Repurchase of common stock, for treasury |
(734 | ) | (501 | ) | ||||
|
Proceeds from common stock issued pursuant to stock option exercise |
2,377 | 9,150 | ||||||
|
Excess tax benefit upon exercise of stock options |
2,239 | 2,346 | ||||||
|
Proceeds from long-term debt |
- | 115,000 | ||||||
|
Repayment of long-term debt |
(87,125 | ) | (47,500 | ) | ||||
|
Payment of contingent consideration |
(7,496 | ) | - | |||||
|
Debt financing costs |
(30 | ) | (700 | ) | ||||
|
Other |
(46 | ) | (8 | ) | ||||
|
Net cash (used in) provided by financing activities |
(11,846 | ) | 77,787 | |||||
|
Effect of exchange rate changes on cash |
1,991 | 629 | ||||||
|
Net change in cash |
(15,245 | ) | 24,005 | |||||
|
Cash at beginning of period |
160,406 | 98,995 | ||||||
|
Cash at end of period |
$ | 145,161 | $ | 123,000 | ||||