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FY2012
12 months to Dec 31, 2012
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FY2011
12 months to Dec 31, 2011
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|---|---|---|
| Cash flow from operating activities: | ||
| Net income | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Deferred taxes | ||
| Stock-based compensation | ||
| Impairment of goodwill and intangible assets | ||
| Amortization of intangibles | ||
| Depreciation | ||
| Accretion of senior convertible notes discount | ||
| Gain on sale of businesses, net | ||
| Change in estimated acquisition earn-out payables | ||
| Payments on acquisition earn-outs in excess of original estimated payables | ||
| Bad debt expense | ||
| Other, net | ||
| (Increase) decrease in operating assets: | ||
| Fiduciary funds-restricted related to premium trust accounts | ||
| Commissions, fees and premiums receivable, net | ||
| Due from principals and/or certain entities they own | ||
| Notes receivable, net-current | ||
| Other current assets | ||
| Notes receivable, net-non-current | ||
| Other non-current assets | ||
| Increase (decrease) in operating liabilities: | ||
| Premiums payable to insurance carriers | ||
| Income taxes payable | ||
| Due to principals and/or certain entities they own | ||
| Accounts payable | ||
| Accrued liabilities | ||
| Other non-current liabilities | ||
| Total adjustments | ||
| Net cash provided by operating activities | ||
| Cash flow from investing activities: | ||
| Proceeds from disposal of businesses | ||
| Purchases of property and equipment, net | ||
| (Payments for) proceeds from acquired firms, net of cash | ||
| Payments for contingent consideration | ||
| Net cash used in investing activities | ||
| Cash flow from financing activities: | ||
| Payments on acquisition earn-outs | ||
| Borrowings on revolving credit facility | ||
| Payments on revolving credit facility | ||
| Repayment of long term debt | ||
| (Payments for) proceeds from stock-based awards, including tax benefit | ||
| Shares cancelled to pay withholding taxes | ||
| Repurchase of common stock | ||
| Dividends paid | ||
| Net cash used in financing activities | ||
| Effect of exchange rate changes on cash and cash equivalents | ||
| Net (decrease) increase in cash and cash equivalents | ||
| Cash and cash equivalents, beginning of the year | ||
| Cash and cash equivalents, end of the year | ||
| Supplemental disclosures of cash flow information: | ||
| Cash paid for income taxes | ||
| Cash paid for interest |
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