$CHE
CHEMED CORP

2019 Q3 Form 10-Q Financial Statement

#000001958419000016 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $480.6M $444.2M $441.8M
YoY Change 8.21% 6.4% 6.44%
Cost Of Revenue $328.2M $305.3M $305.7M
YoY Change 7.49% 5.99% 6.94%
Gross Profit $152.4M $138.8M $136.1M
YoY Change 9.79% 7.3% 5.32%
Gross Profit Margin 31.72% 31.26% 30.8%
Selling, General & Admin $76.84M $67.18M $68.30M
YoY Change 14.38% 0.39% 5.07%
% of Gross Profit 50.41% 48.38% 50.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.15M $9.657M $9.718M
YoY Change 5.07% 9.5% 9.19%
% of Gross Profit 6.66% 6.96% 7.14%
Operating Expenses $76.84M $67.18M $68.30M
YoY Change 14.38% 0.39% -8.2%
Operating Profit $64.93M $61.71M $58.14M
YoY Change 5.21% 14.29% 6.1%
Interest Expense $1.041M $1.082M $1.524M
YoY Change -3.79% 3.24% -252.4%
% of Operating Profit 1.6% 1.75% 2.62%
Other Income/Expense, Net $3.036M $2.300M $1.038M
YoY Change 32.0% 73.85%
Pretax Income $66.92M $62.93M $57.66M
YoY Change 6.34% 15.95% -250.14%
Income Tax $7.976M $11.68M $2.684M
% Of Pretax Income 11.92% 18.56% 4.66%
Net Earnings $58.95M $51.25M $54.97M
YoY Change 15.02% 44.62% -353.32%
Net Earnings / Revenue 12.26% 11.54% 12.44%
Basic Earnings Per Share $3.69 $3.19 $3.43
Diluted Earnings Per Share $3.56 $3.06 $3.27
COMMON SHARES
Basic Shares Outstanding 15.97M 16.07M 16.04M
Diluted Shares Outstanding 16.56M 16.77M 16.81M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.100M $67.50M $12.70M
YoY Change -86.52% 257.14% -7.97%
Cash & Equivalents $9.066M $67.46M $12.67M
Short-Term Investments
Other Short-Term Assets $36.90M $23.60M $35.90M
YoY Change 56.36% 22.28% 86.98%
Inventory $7.354M $5.763M $5.700M
Prepaid Expenses $17.61M
Receivables $114.5M $109.0M $119.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $167.8M $205.9M $173.4M
YoY Change -18.49% 52.16% 10.8%
LONG-TERM ASSETS
Property, Plant & Equipment $172.9M $154.4M $145.9M
YoY Change 11.98% 7.92% 4.07%
Goodwill $576.6M $483.3M
YoY Change 19.31%
Intangibles $129.3M $56.65M
YoY Change 128.21%
Long-Term Investments $73.70M $70.20M $67.60M
YoY Change 4.99% 16.23% 15.36%
Other Assets $8.982M $8.653M $7.800M
YoY Change 3.8% -69.85% -71.53%
Total Long-Term Assets $1.065B $773.3M $754.8M
YoY Change 37.7% 1.72% 0.13%
TOTAL ASSETS
Total Short-Term Assets $167.8M $205.9M $173.4M
Total Long-Term Assets $1.065B $773.3M $754.8M
Total Assets $1.233B $979.1M $928.2M
YoY Change 25.89% 9.34% 1.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $44.03M $36.98M $33.60M
YoY Change 19.07% 7.8% -19.42%
Accrued Expenses $164.0M $115.6M $93.00M
YoY Change 41.87% -39.13% -49.87%
Deferred Revenue
YoY Change
Short-Term Debt $6.200M $0.00 $14.60M
YoY Change -100.0% 94.67%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $251.5M $180.2M $166.4M
YoY Change 39.57% -33.11% -38.05%
LONG-TERM LIABILITIES
Long-Term Debt $130.0M $130.0M $103.4M
YoY Change 0.0% 79.31% -10.09%
Other Long-Term Liabilities $7.845M $16.99M $83.20M
YoY Change -53.82% -77.62% 13.04%
Total Long-Term Liabilities $137.8M $147.0M $186.6M
YoY Change -6.22% -0.95% -1.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $251.5M $180.2M $166.4M
Total Long-Term Liabilities $137.8M $147.0M $186.6M
Total Liabilities $560.2M $411.0M $371.8M
YoY Change 36.31% -1.63% -18.68%
SHAREHOLDERS EQUITY
Retained Earnings $1.365B $1.176B
YoY Change 16.1%
Common Stock $877.6M $790.5M
YoY Change 11.02%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.573B $1.401B
YoY Change 12.3%
Treasury Stock Shares $19.81M $19.28M
Shareholders Equity $672.4M $568.2M $556.4M
YoY Change
Total Liabilities & Shareholders Equity $1.233B $979.1M $928.2M
YoY Change 25.89% 9.34% 1.97%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $58.95M $51.25M $54.97M
YoY Change 15.02% 44.62% -353.32%
Depreciation, Depletion And Amortization $10.15M $9.657M $9.718M
YoY Change 5.07% 9.5% 9.19%
Cash From Operating Activities $128.7M $109.6M $55.80M
YoY Change 17.43% 20.84% 77.14%
INVESTING ACTIVITIES
Capital Expenditures -$11.50M -$12.70M -$11.30M
YoY Change -9.45% -42.53% -40.84%
Acquisitions
YoY Change
Other Investing Activities -$137.8M -$11.10M $0.00
YoY Change 1141.44% -100.0%
Cash From Investing Activities -$149.3M -$23.70M -$11.30M
YoY Change 529.96% 7.24% -42.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.30M -31.00M -45.60M
YoY Change -184.84% -51.18% 0.66%
NET CHANGE
Cash From Operating Activities 128.7M 109.6M 55.80M
Cash From Investing Activities -149.3M -23.70M -11.30M
Cash From Financing Activities 26.30M -31.00M -45.60M
Net Change In Cash 5.700M 54.90M -1.100M
YoY Change -89.62% 976.47% -96.7%
FREE CASH FLOW
Cash From Operating Activities $128.7M $109.6M $55.80M
Capital Expenditures -$11.50M -$12.70M -$11.30M
Free Cash Flow $140.2M $122.3M $67.10M
YoY Change 14.64% 8.42% 32.61%

Facts In Submission

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-15307000
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75000000
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985000
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295000
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-319000
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-55748000
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4235000
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0.92
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14657000
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540354000
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11800000
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58947000
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51249000
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13850000
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13064000
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">1.    Basis of Presentation</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As used herein, the terms “We,” “Company” and “Chemed” refer to Chemed Corporation or Chemed Corporation and its consolidated subsidiaries. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We have prepared the accompanying unaudited consolidated financial statements of Chemed in accordance with Rule 10-01 of SEC Regulation S-X. Consequently, we have omitted certain disclosures required under generally accepted accounting principles in the United States (“GAAP”) for complete financial statements. The December 31, 2018 balance sheet data were derived from audited financial statements but do not include all disclosures required by GAAP. However, in our opinion, the financial statements presented herein contain all adjustments, consisting only of normal recurring adjustments, necessary to state fairly our financial position, results of operations and cash flows. These financial statements are prepared on the same basis as and should be read in conjunction with the audited Consolidated Financial Statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">LEASE ACCOUNTING</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In February 2016, the FASB issued Accounting Standards Update “ASU No. 2016-02 Leases” which introduced a lessee model that brings most leases onto the balance sheets and updates lessor accounting to align with changes in the lessee model and the revenue recognition standard. This standard is also referred to as Accountings Standards Codification No.842 (“ASC 842”). We adopted ASC 842 effective January 1, 2019, using the optional transition method requiring leases existing at, or entered into after, January 1, 2019 to be recognized and measured. The transition method selected does not require adjustments to prior period amounts, which continue to be reflected in accordance with historical accounting. In addition, we elected the package of practical expedients permitted under the transition guidance within the new standard which among other things, allowed us to carry forward the historical lease classification.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Chemed and each of its operating subsidiaries are service companies. As such, real estate leases comprise the largest lease obligation (and conversely, right of use asset) in our lease portfolio. VITAS has leased office space, as well as space for inpatient units (“IPUs”) and/or contract beds within hospitals. Roto-Rooter mainly has leased office space.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Roto-Rooter purchases equipment and leases it to certain of its independent contractors. We analyzed these leases in accordance with ASC 842 and determined they are operating leases. As a result, Roto-Rooter will continue to capitalize the equipment underlying these leases, depreciate the equipment and recognize rental income.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Adoption of the new standard resulted in right of use assets and lease liabilities of $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">87.8</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">98.7</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million, respectively, as of March 31, 2019. In determining the liability, we used our incremental borrowing rate based on the information available at the time of adoption, since the rate implicit in the leases cannot be readily determined. At January 1, 2019, the weighted average rate was </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">3.47</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">%. The standard did not materially impact our consolidated net income or cash flows. We did not book a cumulative effect adjustment upon adoption of the standard.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">CLOUD COMPUTING</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On January 1, 2019, we early adopted ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract”. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. We adopted the ASU on a prospective basis.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As of September 30, 2019, we have </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">two</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> cloud computing arrangements that are service contracts. Roto-Rooter is implementing a system to assist in technician dispatch and VITAS is implementing a new human resources system. We have capitalized approximately $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">4.8</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million related to implementation of these projects which are included in prepaid assets in the accompanying balance sheets. There has been </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">no</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> amortization expense associated with the asset, as the software has not yet been placed in service. We anticipate amortizing the assets over the original term of the arrangements plus renewal options that are reasonably certain of being exercised.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">NON-EMPLOYEE STOCK COMPENSATION</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In June 2018, the FASB issued Accounting Standards Update “ASU No. 2018-07 – Compensation – Stock Compensation”. The ASU expands the scope of current guidance to include all share-based payment arrangements related to the acquisition of goods and services from both non-employees and employees. The guidance in the ASU is effective for the Company in all fiscal years beginning after December 15, 2018. Adoption of this standard had no material impact on our Consolidated Financial Statements.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">CASH FLOW CLASSIFICATION</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In August 2016, the FASB issued Accounting Standards Update “ASU No. 2016-15 – Cash Flow Classification” which amends guidance on the classification of certain cash receipts and payments in the Statements of Cash Flows. The primary purpose of ASU 2016-15 was to reduce diversity in practice related to eight specific cash flow issues. The guidance in this ASU was effective for fiscal years beginning after December 15, 2017. We adopted this ASU as of January 1, 2018. There was no material effect to our Statements of Cash Flow.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">INCOME TAXES</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-indent: 0.25in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our effective income tax rate was </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">11.9</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% in the third quarter of 2019 compared to </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">18.6</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% during the third quarter of 2018. Excess tax benefit on stock options reduced our income tax expenses by $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">8.8</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">3.1</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million, respectively for the quarters ended September 30, 2019 and 2018. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our effective income tax rate was </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">15.2</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% for the first nine months of 2019 compared to </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">14.5</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% during the first nine months of 2018. Excess tax benefit on stock options reduced our income tax expenses by $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">18.7</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">18.6</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million, respectively for the first nine months ended September 30, 2019 and 2018. </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">NON-CASH TRANSACTIONS</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; display: inline-block;text-indent: 0;width: 26.501in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Included in the accompanying Consolidated Balance Sheets are $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1.1</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million and $</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">3.2</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million of capitalized property and equipment which were not paid for as of September 30, 2019 and December 31, 2018, respectively. These amounts have been excluded from capital expenditures in the accompanying Consolidated Statements of Cash Flow. There are no material non-cash amounts included in interest expense for any period presented.</span></span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">BUSINESS </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">COMBINATIONS</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We account for acquired businesses using the acquisition method of accounting. All assets acquired and liabilities assumed are recorded at their respective fair values at the date of acquisition. The determination of fair value involves estimates and the use of valuation techniques when market value is not readily available. We use various techniques to determine fair value in accordance with accepted </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">valuation</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> models, primarily the income approach. The significant assumptions used in developing fair values include, but are not limited to, revenue growth rates, the amount and timing of future cash flows, discount rates, useful lives, royalty rates and future tax rates. The excess of purchase price over the fair value of assets and liabilities acquired is recorded as goodwill. See footnote 17 for discussion of recent acquisitions.</span>
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">16.    Recent Accounting Standards</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In January 2017, the FASB issued Accounting Standards Update “ASU No. 2017-4 – Intangibles – Goodwill and Other”. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. The </span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">guidance</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> in the ASU is effective for the Company in fiscal years beginning after December 15, 2019. Early adoption is permitted. We anticipate adoption of this standard will have no impact on our Consolidated Financial Statements.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">In June 2016, FASB issued Accounting Standards Update “ASU No. 2016-13 - Measurement of Credit Losses on Financial Instruments”. The ASU requires the use of the current expected credit loss model to measure impairments of financial assets. The ASU is effective for the Company for fiscal years beginning after December 15, 2019. Management does not expect the adoption to have a material effect on the Consolidated Financial Statements.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.25in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p>
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
9.90
CY2019Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
500108000
CY2018Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
472090000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1479859000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
1420535000
CY2019Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
62154000
CY2018Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
56408000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
164562000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
166640000
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
3.89
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
3.51
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
10.32
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
10.37
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
3.75
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
3.36
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
9.96
CY2018Q4 us-gaap Goodwill
Goodwill
510570000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
65983000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
47000
CY2019Q3 us-gaap Goodwill
Goodwill
576600000

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