 |
| YEARS ENDED DECEMBER 31, |
|
2001 |
|
2000 |
|
1999 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
| |
Net earnings |
$ |
97,243 |
|
83,035 |
|
59,175 |
|
| |
Adjustments to reconcile net earnings to |
|
|
|
|
|
|
|
| |
|
net cash provided by operating activities: |
|
|
|
|
|
|
|
| |
|
Provision for losses on accounts receivable |
|
297 |
|
4,043 |
|
2,966 |
|
| |
|
Depreciation and amortization |
|
23,544 |
|
22,481 |
|
20,819 |
|
| |
|
Deferred income tax expense |
|
2,377 |
|
1,203 |
|
3,433 |
|
| |
|
Tax benefits from employee stock plans |
|
15,863 |
|
8,926 |
|
12,734 |
|
| |
|
Amortization of cost in excess of net |
|
|
|
|
|
|
|
| |
|
|
assets of acquired businesses |
|
1,074 |
|
920 |
|
748 |
|
| |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
| |
|
|
Decrease (increase) in accounts receivable |
|
64,772 |
|
(34,399 |
) |
(81,316 |
) |
| |
|
|
Increase (decrease) in accounts |
|
|
|
|
|
|
|
| |
|
|
|
payable, accrued expenses and taxes payable |
|
(32,774 |
) |
57,805 |
|
41,646 |
|
| |
|
Other |
|
(4,782 |
) |
10,444 |
|
(6,894 |
) |
| |
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
167,614 |
|
154,458 |
|
53,311 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
| |
Decrease (increase) in short-term investments |
|
1,698 |
|
(818 |
) |
(750 |
) |
| |
Purchase of property and equipment |
|
(37,382 |
) |
(25,582 |
) |
(26,582 |
) |
| |
Cash paid for note receivable secured by real estate |
|
(10,208 |
) |
— |
|
— |
|
| |
Other |
|
(6,965 |
) |
(3,081 |
) |
(4,381 |
) |
| |
|
|
|
|
|
|
|
| Net cash used in investing activities |
|
(52,857 |
) |
(29,481 |
) |
(31,713 |
) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
| |
Borrowings (repayments) of short-term debt, net |
|
(2,632 |
) |
(14,501 |
) |
7,328 |
|
| |
Proceeds from issuance of common stock |
|
15,279 |
|
10,241 |
|
8,727 |
|
| |
Repurchases of common stock |
|
(60,314 |
) |
(11,502 |
) |
(8,992 |
) |
| |
Dividends paid |
|
(10,409 |
) |
(7,184 |
) |
(5,027 |
) |
| |
|
|
|
|
|
|
|
| Net cash (used in) provided by financing activities |
|
(58,076 |
) |
(22,946 |
) |
2,036 |
|
| Effect of exchange rate changes on cash |
|
(7,009 |
) |
(4,209 |
) |
(1,880 |
) |
| |
|
|
|
|
|
|
|
| Increase in cash and cash equivalents |
|
49,672 |
|
97,822 |
|
21,754 |
|
| Cash and cash equivalents at beginning of year |
|
169,005 |
|
71,183 |
|
49,429 |
|
| |
|
|
|
|
|
|
|
| Cash and cash equivalents at end of year |
$ |
218,677 |
|
169,005 |
|
71,183 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| INTEREST AND TAXES PAID: |
|
|
|
|
|
|
|
| |
Interest |
$ |
524 |
|
208 |
|
989 |
|
| |
Income taxes |
|
41,825 |
|
19,442 |
|
19,345 |
|
| |
|
|
|
|
|
|
|
| See accompanying notes to consolidated financial statements. |
|
|
|
|
|
|
|
|
