unf-8k_20210630.htm
false 0000717954 0000717954 2021-06-30 2021-06-30

 

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): June 30, 2021

 

UNIFIRST CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Massachusetts

001-08504

04-2103460

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

 

 

68 Jonspin Road, Wilmington, Massachusetts     

01887

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (978) 658-8888

Not Applicable

(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 (see General Instructions A.2. below):

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 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 par value per share

UNF

New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

 


 

 

Item 2.02 Results of Operations and Financial Condition.

On June 30, 2021, UniFirst Corporation (the “Company”) issued a press release (“Press Release”) announcing financial results for the third quarter of fiscal 2021, which ended on May 29, 2021. A copy of the Press Release is attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information in this Item 2.02, including the exhibit attached hereto, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit

Number

 

Description

99

 

Press release of the Company dated June 30, 2021

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 


 

 

SIGNATURES

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 thereunto duly authorized.

 

 

 

UNIFIRST CORPORATION

 

 

 

 

Date: June 30, 2021

 

By:

/s/ Steven S. Sintros

 

 

 

Steven S. Sintros

 

 

 

President and Chief Executive Officer

 

 

 

 

 

 

By:

/s/ Shane O’Connor

 

 

 

Shane O’Connor

 

 

 

Executive Vice President and Chief Financial Officer

 

 

unf-ex99_6.htm

 

 

Exhibit 99

Investor Relations Contact

Shane O’Connor, Executive Vice President & CFO

UniFirst Corporation

978-658-8888

shane_oconnor@unifirst.com

 

FOR IMMEDIATE RELEASE

 

UNIFIRST ANNOUNCES FINANCIAL RESULTS FOR THE THIRD QUARTER OF FISCAL 2021

Wilmington, MA – June 30, 2021 – UniFirst Corporation (NYSE: UNF) (the “Company,” “UniFirst” or “we”) today reported results for its third quarter ended May 29, 2021 as compared to the corresponding period in the prior fiscal year:

Q3 2021 Financial Highlights

 

Consolidated revenues for the third quarter increased 4.2% to $464.3 million.

 

Operating income was $54.2 million, an increase of 95.5%.

 

The quarterly tax rate increased to 22.9% compared to 21.8% in the prior year.

 

Net income increased to $42.0 million, or 97.4%.

 

Diluted earnings per share increased to $2.21 from $1.12, or 97.3%.

 

 

 

Steven Sintros, UniFirst President and Chief Executive Officer, said, “For over a year, our Team Partners have continued to put forth tremendous efforts in the face of the many obstacles created by the pandemic. They have worked extremely hard to take care of each other and our customers during these challenging times and I want to personally thank them for their extraordinary performance.

Segment Reporting Highlights

Core Laundry Operations

 

Revenues for the quarter increased 5.3% to $409.0 million primarily driven by the COVID-19 pandemic significantly impacting our customers’ operations and wearer levels in the prior year comparable period. This increase was partially offset by a large direct sale of $20.1 million also in the prior year.

 

Operating margin increased to 11.2% from 5.1%. The increase was primarily driven by several items affecting our prior year comparable period, including the impact of the decline in rental revenues on our cost structure, higher cost of revenues related to the large $20.1 million direct sale, higher bad debt expense and additional costs the Company incurred responding to the COVID-19 pandemic.

Specialty Garments

 

Revenues for the quarter were $38.2 million, an increase of 5.7%. This increase was primarily due to growth in our cleanroom operations as well as growth in European nuclear operations.

 

Operating margin increased to 21.7% from 17.6% a year ago. This increase was primarily due to lower merchandise costs and bad debt expense as percentage of revenue as well as costs incurred in the prior year responding to the COVID-19 pandemic. These benefits were partially offset by higher healthcare and payroll-related costs as a percentage of revenue.

 

Specialty Garments consists of nuclear decontamination and cleanroom operations, and its results can vary significantly due to seasonality and the timing of reactor outages and projects.

Balance Sheet and Capital Allocation

 

Cash, cash equivalents and short-term investments totaled $535.0 million as of May 29, 2021.

 

The Company had no long-term debt outstanding as of May 29, 2021.

 

In the third fiscal quarter of 2021, the Company did not purchase any shares of common stock under its previously announced $100.0 million stock repurchase program. As of May 29, 2021, the Company had repurchased a total of 368,117 shares of common stock for a total of $61.8 million under the program.

 

Weighted average shares outstanding – Diluted for the third quarter of fiscal 2021 and fiscal 2020 were 19.1 million and 19.0 million shares, respectively.

 



 

 

 

Financial Outlook

 

Mr. Sintros continued, “Based on our results to date as well as our outlook for the remainder of the year, we now expect our revenues for fiscal 2021 to be between $1.810 billion and $1.817 billion and fully diluted earnings per share to be between $7.80 and $8.00. Increased business activity from a recovering economy is a welcome sight. However, as we look forward to fiscal 2022, we do expect our margins to be pressured by the current inflationary environment as well as a rebound of certain costs that trended lower during the pandemic.”

 

Conference Call Information

UniFirst Corporation will hold a conference call today at 9:00 a.m. (ET) to discuss its quarterly financial results, business highlights and outlook. A simultaneous live webcast of the call will be available over the Internet and can be accessed at www.unifirst.com.

About UniFirst Corporation

Headquartered in Wilmington, Mass., UniFirst Corporation (NYSE: UNF) is a North American leader in the supply and servicing of uniform and workwear programs, as well as the delivery of facility service programs. Together with its subsidiaries, the Company also provides first aid and safety products, and manages specialized garment programs for the cleanroom and nuclear industries. UniFirst manufactures its own branded workwear, protective clothing, and floorcare products; and with 260 service locations, over 300,000 customer locations, and 14,000-plus employee Team Partners, the Company outfits nearly 2 million workers each business day. For more information, contact UniFirst at 800.455.7654 or visit UniFirst.com.

Forward-Looking Statements Disclosure

This public announcement contains forward-looking statements within the meaning of the federal securities laws that reflect the Company’s current views with respect to future events and financial performance, including projected revenues and earnings per share. Forward-looking statements contained in this public announcement are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and may be identified by words such as “estimates,” “anticipates,” “projects,” “plans,” “expects,” “intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,” “strategy,” “objective,” “assume,” “strive,” or the negative versions thereof, and similar expressions and by the context in which they are used. Such forward-looking statements are based upon our current expectations and speak only as of the date made. Such statements are highly dependent upon a variety of risks, uncertainties and other important factors that could cause actual results to differ materially from those reflected in such forward-looking statements. Such factors include, but are not limited to, uncertainties caused by adverse economic conditions, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, and their impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers in connection with extraordinary events or circumstances such as the COVID-19 pandemic, uncertainties regarding our ability to consummate and successfully integrate acquired businesses, uncertainties regarding any existing or newly-discovered expenses and liabilities related to environmental compliance and remediation, any adverse outcome of pending or future contingencies or claims, our ability to compete successfully without any significant degradation in our margin rates, seasonal and quarterly fluctuations in business levels, our ability to preserve positive labor relationships and avoid becoming the target of corporate labor unionization campaigns that could disrupt our business, the effect of currency fluctuations on our results of operations and financial condition, our dependence on third parties to supply us with raw materials, which such supply could be severely disrupted as a result of extraordinary events or circumstances such as the COVID-19 pandemic, any loss of key management or other personnel, increased costs as a result of any changes in federal or state laws, rules and regulations or governmental interpretation of such laws, rules and regulations, uncertainties regarding the price levels of natural gas, electricity, fuel and labor, the negative effect on our business from sharply depressed oil and natural gas prices, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, the continuing increase in domestic healthcare costs, increased workers’ compensation claim costs, increased healthcare claim costs, including as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to retain and grow our customer base, demand and prices for our products and services, fluctuations in our Specialty Garments business, political or other instability, supply chain disruption or infection among our employees in Mexico and Nicaragua where our principal garment manufacturing plants are located, including, without limitation, as a result of extraordinary events or circumstances such as the COVID-19 pandemic, our ability to properly and efficiently design, construct, implement and operate a new customer relationship management (“CRM”) computer system, interruptions or failures of our information technology systems, including as a result of cyber-attacks, additional professional and internal costs necessary for compliance with any changes in Securities and Exchange Commission, New York Stock Exchange and accounting rules, strikes and unemployment levels, our efforts to evaluate and potentially reduce internal costs, economic and other developments associated with the war on terrorism and its impact on the economy, the impact of foreign trade policies and tariffs or other impositions on imported goods on our business, results of operations and financial condition, general economic conditions, our ability to successfully implement our business strategies and processes, including our capital allocation strategies and the other factors described under “Item 1A. Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended August 29, 2020, “Item 1.A. Risk Factors” and elsewhere in our Quarterly Reports on Form 10-Q and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made.


 

 

 

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

 

Thirteen weeks ended May 29, 2021

 

 

Thirteen weeks ended May 30, 2020

 

 

Thirty-nine weeks ended May 29, 2021

 

 

Thirty-nine weeks ended May 30, 2020

 

Revenues

 

$

464,323

 

 

$

445,518

 

 

$

1,360,940

 

 

$

1,375,516

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (1)

 

 

286,605

 

 

 

303,223

 

 

 

851,860

 

 

 

893,961

 

Selling and administrative expenses (1)

 

 

96,976

 

 

 

88,405

 

 

 

279,008

 

 

 

272,013

 

Depreciation and amortization

 

 

26,583

 

 

 

26,182

 

 

 

79,178

 

 

 

77,612

 

Total operating expenses

 

 

410,164

 

 

 

417,810

 

 

 

1,210,046

 

 

 

1,243,586

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

 

54,159

 

 

 

27,708

 

 

 

150,894

 

 

 

131,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

(671

)

 

 

(1,054

)

 

 

(2,102

)

 

 

(5,590

)

Other expense, net

 

 

348

 

 

 

1,556

 

 

 

513

 

 

 

2,623

 

Total other (income) expense, net

 

 

(323

)

 

 

502

 

 

 

(1,589

)

 

 

(2,967

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

54,482

 

 

 

27,206

 

 

 

152,483

 

 

 

134,897

 

Provision for income taxes

 

 

12,466

 

 

 

5,921

 

 

 

35,986

 

 

 

30,690

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

42,016

 

 

$

21,285

 

 

$

116,497

 

 

$

104,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2.31

 

 

$

1.17

 

 

$

6.42

 

 

$

5.73

 

Class B Common Stock

 

$

1.85

 

 

$

0.94

 

 

$

5.13

 

 

$

4.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

2.21

 

 

$

1.12

 

 

$

6.12

 

 

$

5.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

35,270

 

 

$

17,871

 

 

$

97,792

 

 

$

87,519

 

Class B Common Stock

 

$

6,746

 

 

$

3,414

 

 

$

18,705

 

 

$

16,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income allocated to – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

42,016

 

 

$

21,285

 

 

$

116,497

 

 

$

104,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – Basic:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

15,238

 

 

 

15,255

 

 

 

15,238

 

 

 

15,285

 

Class B Common Stock

 

 

3,643

 

 

 

3,643

 

 

 

3,643

 

 

 

3,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding – Diluted:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

19,051

 

 

 

18,995

 

 

 

19,041

 

 

 

19,074

 

 

 

 

(1)

Exclusive of depreciation on the Company’s property, plant and equipment and amortization on its intangible assets.


 

 

 

Condensed Consolidated Balance Sheets

(Unaudited)

 

(In thousands)

 

May 29, 2021

 

 

August 29, 2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

535,005

 

 

$

474,838

 

Receivables, net

 

 

200,136

 

 

 

190,916

 

Inventories

 

 

120,337

 

 

 

106,269

 

Rental merchandise in service

 

 

168,234

 

 

 

154,278

 

Prepaid taxes

 

 

9,264

 

 

 

7,115

 

Prepaid expenses and other current assets

 

 

37,171

 

 

 

35,918

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

1,070,147

 

 

 

969,334

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

606,663

 

 

 

582,470

 

Goodwill

 

 

429,762

 

 

 

424,844

 

Customer contracts and other intangible assets, net

 

 

85,910

 

 

 

85,536

 

Deferred income taxes

 

 

553

 

 

 

522

 

Operating lease right-of-use assets, net

 

 

40,423

 

 

 

42,710

 

Other assets

 

 

102,463

 

 

 

93,611

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,335,921

 

 

$

2,199,027

 

 

 

 

 

 

 

 

 

 

Liabilities and shareholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

69,553

 

 

$

64,035

 

Accrued liabilities

 

 

155,729

 

 

 

132,965

 

Accrued taxes

 

 

 

 

 

527

 

Operating lease liabilities, current

 

 

13,002

 

 

 

12,569

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

238,284

 

 

 

210,096

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Accrued liabilities

 

 

133,417

 

 

 

132,820

 

Accrued and deferred income taxes

 

 

91,066

 

 

 

85,721

 

Operating lease liabilities

 

 

27,955

 

 

 

29,261

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

490,722

 

 

 

457,898

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common Stock

 

 

1,524

 

 

 

1,525

 

Class B Common Stock

 

 

364

 

 

 

364

 

Capital surplus

 

 

87,545

 

 

 

86,645

 

Retained earnings

 

 

1,778,212

 

 

 

1,684,565

 

Accumulated other comprehensive loss

 

 

(22,446

)

 

 

(31,970

)

 

 

 

 

 

 

 

 

 

Total shareholders’ equity

 

 

1,845,199

 

 

 

1,741,129

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

2,335,921

 

 

$

2,199,027

 

 


 

 

 

Detail of Operating Results

(Unaudited)

 

Revenues

(In thousands, except percentages)

 

Thirteen weeks ended May 29, 2021

 

 

Thirteen weeks ended May 30, 2020

 

 

Dollar

Change

 

 

Percent

Change

 

Core Laundry Operations

 

$

409,031

 

 

$

388,411

 

 

 

20,620

 

 

 

5.3

%

Specialty Garments

 

 

38,236

 

 

 

36,163

 

 

 

2,073

 

 

 

5.7

%

First Aid

 

 

17,056

 

 

 

20,944

 

 

 

(3,888

)

 

 

(18.6

)%

Consolidated total

 

$

464,323

 

 

$

445,518

 

 

$

18,805

 

 

 

4.2

%

 

(In thousands, except percentages)

 

Thirty-nine weeks ended May 29, 2021

 

 

Thirty-nine weeks ended May 30, 2020

 

 

Dollar

Change

 

 

Percent

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core Laundry Operations

 

$

1,200,456

 

 

$

1,216,901

 

 

$

(16,445

)

 

 

(1.4

)%

Specialty Garments

 

 

111,592

 

 

 

105,545

 

 

 

6,047

 

 

 

5.7

%

First Aid

 

 

48,892

 

 

 

53,070

 

 

 

(4,178

)

 

 

(7.9

)%

Consolidated total

 

$

1,360,940

 

 

$

1,375,516

 

 

$

(14,576

)

 

 

(1.1

)%

 

 

Operating Income

(In thousands, except percentages)

 

Thirteen weeks ended May 29, 2021

 

 

Thirteen weeks ended May 30, 2020

 

 

Dollar

Change

 

 

Percent

Change

 

Core Laundry Operations

 

$

45,634

 

 

$

19,691

 

 

$

25,943

 

 

 

131.8

%

Specialty Garments

 

 

8,300

 

 

 

6,380

 

 

 

1,920

 

 

 

30.1

%

First Aid

 

 

225

 

 

 

1,637

 

 

 

(1,412

)

 

 

(86.3

)%

Consolidated total

 

$

54,159

 

 

$

27,708

 

 

$

26,451

 

 

 

95.5

%

 

(In thousands, except percentages)

 

Thirty-nine weeks ended May 29, 2021

 

 

Thirty-nine weeks ended May 30, 2020

 

 

Dollar

Change

 

 

Percent

Change

 

Core Laundry Operations

 

$

129,870

 

 

$

111,856

 

 

$

18,014

 

 

 

16.1

%

Specialty Garments

 

 

20,693

 

 

 

15,886

 

 

 

4,807

 

 

 

30.3

%

First Aid

 

 

331

 

 

 

4,188

 

 

 

(3,857

)

 

 

(92.1

)%

Consolidated total

 

$

150,894

 

 

$

131,930

 

 

$

18,964

 

 

 

14.4

%

 

 

Operating Margin

 

 

Thirteen weeks ended May 29, 2021

 

 

Thirteen weeks ended May 30, 2020

 

Core Laundry Operations

 

 

11.2

%

 

 

5.1

%

Specialty Garments

 

 

21.7

%

 

 

17.6

%

First Aid

 

 

1.3

%

 

 

7.8

%

Consolidated total

 

 

11.7

%

 

 

6.2

%

 

 

 

Thirty-nine weeks ended May 29, 2021

 

 

Thirty-nine weeks ended May 30, 2020

 

Core Laundry Operations

 

 

10.8

%

 

 

9.2

%

Specialty Garments

 

 

18.5

%

 

 

15.1

%

First Aid

 

 

0.7

%

 

 

7.9

%

Consolidated total

 

 

11.1

%

 

 

9.6

%

 


 

 

 

Consolidated Statements of Cash Flows

(Unaudited)

 

(In thousands)

 

Thirty-nine weeks ended May 29, 2021

 

 

Thirty-nine weeks ended May 30, 2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

116,497

 

 

$

104,207

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

79,178

 

 

 

77,612

 

Amortization of deferred financing costs

 

 

85

 

 

 

84

 

Share-based compensation

 

 

5,193

 

 

 

4,617

 

Accretion on environmental contingencies

 

 

336

 

 

 

403

 

Accretion on asset retirement obligations

 

 

740

 

 

 

694

 

Deferred income taxes

 

 

2,025

 

 

 

81

 

Other

 

 

(199

)

 

 

36

 

Changes in assets and liabilities, net of acquisitions:

 

 

 

 

 

 

 

 

Receivables, less reserves

 

 

(7,657

)

 

 

4,517

 

Inventories

 

 

(13,871

)

 

 

(3,570

)

Rental merchandise in service

 

 

(12,169

)

 

 

23,900

 

Prepaid expenses and other current assets and Other assets

 

 

5,433

 

 

 

3,669

 

Accounts payable

 

 

4,019

 

 

 

(17,846

)

Accrued liabilities

 

 

11,636

 

 

 

5,246

 

Prepaid and accrued income taxes

 

 

(3,723

)

 

 

1,782

 

Net cash provided by operating activities

 

 

187,523

 

 

 

205,432

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisition of businesses, net of cash acquired

 

 

(7,128

)

 

 

(41,098

)

Capital expenditures, including capitalization of software costs

 

 

(96,645

)

 

 

(91,155

)

Proceeds from sale of assets

 

 

551

 

 

 

261

 

Net cash used in investing activities

 

 

(103,222

)

 

 

(131,992

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Payment of deferred financing costs

 

 

(822

)

 

 

 

Proceeds from exercise of share-based awards

 

 

3

 

 

 

75

 

Taxes withheld and paid related to net share settlement of equity awards

 

 

(4,003

)

 

 

(3,423

)

Repurchase of Common Stock

 

 

(9,534

)

 

 

(21,745

)

Payment of cash dividends

 

 

(13,610

)

 

 

(11,159

)

Net cash used in financing activities

 

 

(27,966

)

 

 

(36,252

)

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

3,832

 

 

 

(1,276

)

 

 

 

 

 

 

 

 

 

Net increase in cash, cash equivalents and short-term investments

 

 

60,167

 

 

 

35,912

 

Cash, cash equivalents and short-term investments at beginning of period

 

 

474,838

 

 

 

385,341

 

Cash, cash equivalents and short-term investments at end of period

 

$

535,005

 

 

$

421,253