Quarterly report pursuant to Section 13 or 15(d)

Consolidating Condensed Financial Information of Guarantor Subsidiaries

v3.10.0.1
Consolidating Condensed Financial Information of Guarantor Subsidiaries
9 Months Ended
Jun. 30, 2018
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Consolidating Condensed Financial Information of Guarantor Subsidiaries
Consolidating Condensed Financial Information of Guarantor Subsidiaries

Certain 100% wholly-owned subsidiaries of the Company (as listed below, collectively the “Guarantor Subsidiaries”) have guaranteed fully and unconditionally, on a joint and several basis, the obligation to pay principal and interest on the Company’s 2023 Notes and 2028 Notes. Certain subsidiaries and operating divisions are not guarantors of the 2023 Notes and 2028 Notes. Those subsidiaries that are guarantors and co-obligors of the 2023 Notes and 2028 Notes are as follows:
Farnam Companies, Inc.
Four Paws Products Ltd.
Gulfstream Home & Garden, Inc.
Hydro-Organics Wholesale, Inc.
IMS Trading, LLC
IMS Southern, LLC
K&H Manufacturing, LLC
Kaytee Products, Inc.
Matson, LLC
New England Pottery, LLC
Pennington Seed, Inc. (including Gro Tec, Inc., NEXGEN Turf Research, LLC and All-Glass Aquarium Co., Inc.)
Pets International, Ltd.
Segrest, Inc. (including Blue Springs Hatchery, Inc., Segrest Farms, Inc., Florida Tropical Distributors International, Inc., Sun Pet, Ltd, Aquatica Tropicals, Inc., Quality Pets, LLC and Midwest Tropicals, LLC)
T.F.H. Publications, Inc.
Wellmark International (including B2E Corporation, B2E Microbials, LLC, B2E Manufacturing, LLC, Four Star Microbial Products, LLC and B2E Biotech LLC)
In lieu of providing separate audited financial statements for the Guarantor Subsidiaries, the Company has included the accompanying consolidating condensed financial statements based on the Company’s understanding of the Securities and Exchange Commission’s interpretation and application of Rule 3-10 of the Securities and Exchange Commission’s Regulation S-X.


 
 
 
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
 
 
Three Months Ended June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
208,095

 
$
93,122

 
$
379,059

 
$
(22,333
)
 
$
657,943

Cost of goods sold and occupancy
 
161,192

 
67,308

 
247,559

 
(20,180
)
 
455,879

Gross profit
 
46,903

 
25,814

 
131,500

 
(2,153
)
 
202,064

Selling, general and administrative expenses
 
45,974

 
14,837

 
82,587

 
(2,153
)
 
141,245

Operating income (loss)
 
929

 
10,977

 
48,913

 

 
60,819

Interest expense
 
(10,470
)
 
(125
)
 
(2
)
 


 
(10,597
)
Interest income
 
583

 
1

 

 


 
584

Other (expense) income
 
1,965

 
(394
)
 
555

 


 
2,126

Income (loss) before taxes and equity in earnings (losses) of affiliates
 
(6,993
)
 
10,459

 
49,466

 

 
52,932

Income tax expense (benefit)
 
(2,633
)
 
236

 
13,792

 


 
11,395

Equity in earnings (losses) of affiliates
 
45,905

 

 
261

 
(46,166
)
 

Net income (loss) including noncontrolling interest
 
41,545

 
10,223

 
35,935

 
(46,166
)
 
41,537

Net income attributable to noncontrolling interest
 

 
(8
)
 

 

 
(8
)
Net income (loss) attributable to Central Garden & Pet Company
 
$
41,545

 
$
10,231

 
$
35,935

 
$
(46,166
)
 
$
41,545

 
 
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
 
 
Three Months Ended June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
184,719

 
$
29,067

 
$
387,333

 
$
(26,527
)
 
$
574,592

Cost of goods sold and occupancy
 
142,533

 
20,636

 
252,678

 
(24,528
)
 
391,319

Gross profit
 
42,186

 
8,431

 
134,655

 
(1,999
)
 
183,273

Selling, general and administrative expenses
 
39,234

 
5,476

 
82,629

 
(1,999
)
 
125,340

Operating income (loss)
 
2,952

 
2,955

 
52,026

 

 
57,933

Interest expense
 
(7,213
)
 
(54
)
 
(6
)
 

 
(7,273
)
Interest income
 
53

 

 

 

 
53

Other expense
 
1,064

 
86

 
476

 

 
1,626

Income (loss) before taxes and equity in earnings (losses) of affiliates
 
(3,144
)
 
2,987

 
52,496

 

 
52,339

Income tax expense (benefit)
 
(1,178
)
 
1,096

 
19,532

 

 
19,450

Equity in earnings (losses) of affiliates
 
34,214

 

 
1,302

 
(35,516
)
 

Net income (loss) including noncontrolling interest
 
32,248

 
1,891

 
34,266

 
(35,516
)
 
32,889

Net income attributable to noncontrolling interest
 

 
641

 

 

 
641

Net income (loss) attributable to Central Garden & Pet Company
 
$
32,248

 
$
1,250

 
$
34,266

 
$
(35,516
)
 
$
32,248


 
 
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
 
 
Nine Months Ended June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
562,620

 
$
139,298

 
$
1,077,831

 
$
(66,701
)
 
$
1,713,048

Cost of goods sold and occupancy
 
438,539

 
103,316

 
704,682

 
(61,847
)
 
1,184,690

Gross profit
 
124,081

 
35,982

 
373,149

 
(4,854
)
 
528,358

Selling, general and administrative expenses
 
124,290

 
25,274

 
234,522

 
(4,854
)
 
379,232

Operating income (loss)
 
(209
)
 
10,708

 
138,627

 

 
149,126

Interest expense
 
(28,365
)
 
(203
)
 
(9
)
 

 
(28,577
)
Interest income
 
1,461

 
3

 

 

 
1,464

Other income (expense)
 
155

 
(140
)
 
527

 

 
542

Income (loss) before taxes and equity in earnings of affiliates
 
(26,958
)
 
10,368

 
139,145

 

 
122,555

Income tax expense (benefit)
 
(1,961
)
 
(31
)
 
10,794

 

 
8,802

Equity in earnings of affiliates
 
138,023

 

 
1,202

 
(139,225
)
 

Net income including noncontrolling interest
 
113,026

 
10,399

 
129,553

 
(139,225
)
 
113,753

Net income attributable to noncontrolling interest
 

 
727

 

 

 
727

Net income attributable to Central Garden & Pet Company
 
$
113,026

 
$
9,672

 
$
129,553

 
$
(139,225
)
 
$
113,026


 
 
CONSOLIDATING CONDENSED STATEMENT OF OPERATIONS
 
 
Nine Months Ended June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
 
$
531,028

 
$
69,183

 
$
1,032,444

 
$
(68,641
)
 
$
1,564,014

Cost of goods sold and occupancy
 
409,262

 
52,442

 
678,798

 
(63,968
)
 
1,076,534

Gross profit
 
121,766

 
16,741

 
353,646

 
(4,673
)
 
487,480

Selling, general and administrative expenses
 
114,546

 
14,014

 
221,862

 
(4,673
)
 
345,749

Operating income
 
7,220

 
2,727

 
131,784

 

 
141,731

Interest expense
 
(20,823
)
 
(136
)
 
(17
)
 

 
(20,976
)
Interest income
 
98

 
1

 

 

 
99

Other income (expense)
 
(276
)
 
(301
)
 
271

 

 
(306
)
Income (loss) before taxes and equity in earnings of affiliates
 
(13,781
)
 
2,291

 
132,038

 

 
120,548

Income tax expense (benefit)
 
(5,088
)
 
1,133

 
48,576

 

 
44,621

Equity in earnings of affiliates
 
83,262

 

 
875

 
(84,137
)
 

Net income including noncontrolling interest
 
74,569

 
1,158

 
84,337

 
(84,137
)
 
75,927

Net income attributable to noncontrolling interest
 

 
1,358

 

 

 
1,358

Net income (loss) attributable to Central Garden & Pet Company
 
$
74,569

 
$
(200
)
 
$
84,337

 
$
(84,137
)
 
$
74,569




 
 
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income
 
$
41,545

 
$
10,223

 
$
35,935

 
$
(46,166
)
 
$
41,537

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
(480
)
 
(323
)
 
(35
)
 
358

 
(480
)
Total comprehensive income
 
41,065

 
9,900

 
35,900

 
(45,808
)
 
41,057

Comprehensive loss attributable to noncontrolling interests
 

 
(8
)
 

 

 
(8
)
Comprehensive income attributable to Central Garden & Pet Company
 
$
41,065

 
$
9,908

 
$
35,900

 
$
(45,808
)
 
$
41,065

 
 
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Three Months Ended June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income (loss)
 
$
32,248

 
$
1,891

 
$
34,266

 
$
(35,516
)
 
$
32,889

Other comprehensive income:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation

172


116


19


(135
)

172

Total comprehensive income
 
32,420

 
2,007

 
34,285

 
(35,651
)
 
33,061

Comprehensive income attributable to noncontrolling interests
 

 
641

 

 

 
641

Comprehensive income attributable to Central Garden & Pet Company
 
$
32,420

 
$
1,366

 
$
34,285

 
$
(35,651
)
 
$
32,420



 
 
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
 
 
Nine Months Ended June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income
 
$
113,026

 
$
10,399

 
$
129,553

 
$
(139,225
)
 
$
113,753

Other comprehensive loss:
 

 

 

 

 

Foreign currency translation
 
(202
)
 
(74
)
 
(99
)
 
173

 
(202
)
Total comprehensive income
 
112,824

 
10,325

 
129,454

 
(139,052
)
 
113,551

Comprehensive income attributable to noncontrolling interests
 

 
727

 

 

 
727

Comprehensive income attributable to Central Garden & Pet Company
 
$
112,824

 
$
9,598

 
$
129,454

 
$
(139,052
)
 
$
112,824



 
 
CONSOLIDATING CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 
 
Nine Months Ended June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net income
 
$
74,569

 
$
1,158

 
$
84,337

 
$
(84,137
)
 
$
75,927

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
 
(193
)
 
(144
)
 
(11
)
 
155

 
(193
)
Total comprehensive income
 
74,376

 
1,014

 
84,326

 
(83,982
)
 
75,734

Comprehensive income attributable to noncontrolling interests
 

 
1,358

 

 

 
1,358

Comprehensive income (loss) attributable to Central Garden & Pet Company
 
$
74,376

 
$
(344
)
 
$
84,326

 
$
(83,982
)
 
$
74,376



 
 
CONSOLIDATING CONDENSED BALANCE SHEET
 
 
June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
196,051

 
$
5,060

 
$
3,277

 
$

 
$
204,388

Restricted cash
 
13,978

 

 

 

 
13,978

Accounts receivable, net
 
122,534

 
20,612

 
205,635

 

 
348,781

Inventories
 
124,029

 
36,841

 
267,137

 

 
428,007

Prepaid expenses and other
 
6,032

 
2,065

 
18,638

 

 
26,735

Total current assets
 
462,624

 
64,578

 
494,687

 

 
1,021,889

Land, buildings, improvements and equipment, net
 
35,000

 
34,024

 
142,793

 

 
211,817

Goodwill
 
15,058

 

 
253,185

 

 
268,243

Other long-term assets
 
72,697

 
14,009

 
131,010

 
(11,260
)
 
206,456

Intercompany receivable
 
40,342

 

 
684,808

 
(725,150
)
 

Investment in subsidiaries
 
1,583,729

 

 

 
(1,583,729
)
 

Total
 
$
2,209,450

 
$
112,611

 
$
1,706,483

 
$
(2,320,139
)
 
$
1,708,405

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
32,330

 
$
13,242

 
$
62,557

 
$

 
$
108,129

Accrued expenses
 
61,367

 
7,256

 
54,274

 

 
122,897

Current portion of long-term debt
 
106

 

 
13

 

 
119

Total current liabilities
 
93,803

 
20,498

 
116,844

 

 
231,145

Long-term debt
 
691,591

 

 
150

 

 
691,741

Intercompany payable
 
671,405

 
53,745

 

 
(725,150
)
 

Losses in excess of investment in subsidiaries
 


 

 
24,967

 
(24,967
)
 

Other long-term obligations
 
8,516

 

 
43,542

 
(11,260
)
 
40,798

Total Central Garden & Pet shareholders’ equity
 
744,135

 
37,782

 
1,520,980

 
(1,558,762
)
 
744,135

Noncontrolling interest
 


 
586

 

 


 
586

Total equity
 
744,135

 
38,368

 
1,520,980

 
(1,558,762
)
 
744,721

Total
 
$
2,209,450

 
$
112,611

 
$
1,706,483

 
$
(2,320,139
)
 
$
1,708,405

 
 
CONSOLIDATING CONDENSED BALANCE SHEET
 
 
June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
929

 
$
10,118

 
$
3,426

 
$

 
$
14,473

Restricted cash
 
10,999

 

 

 

 
10,999

Accounts receivable, net
 
92,703

 
9,842

 
176,959

 

 
279,504

Inventories
 
127,307

 
10,567

 
245,575

 

 
383,449

Prepaid expenses and other
 
5,497

 
1,041

 
15,020

 

 
21,558

Total current assets
 
237,435

 
31,568

 
440,980

 

 
709,983

Land, buildings, improvements and equipment, net
 
37,823

 
4,065

 
135,896

 

 
177,784

Goodwill
 
15,058

 

 
215,327

 

 
230,385

Other long-term assets
 
48,446

 
3,218

 
167,858

 
(16,333
)
 
203,189

Intercompany receivable
 
36,783

 

 
601,317

 
(638,100
)
 

Investment in subsidiaries
 
1,369,307

 

 

 
(1,369,307
)
 

Total
 
$
1,744,852

 
$
38,851

 
$
1,561,378

 
$
(2,023,740
)
 
$
1,321,341

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
34,562

 
$
7,832

 
$
64,014

 
$

 
$
106,408

Accrued expenses
 
57,235

 
2,632

 
52,224

 

 
112,091

Current portion of long-term debt
 

 

 
375

 

 
375

Total current liabilities
 
91,797

 
10,464

 
116,613

 

 
218,874

Long-term debt
 
434,962

 

 
112

 

 
435,074

Intercompany payable
 
588,378

 
49,722

 

 
(638,100
)
 

Losses in excess of investment in subsidiaries
 

 

 
19,327

 
(19,327
)
 

Other long-term obligations
 
2,620

 

 
52,099

 
(16,333
)
 
38,386

Total Central Garden & Pet shareholders’ equity (deficit)
 
627,095

 
(23,247
)
 
1,373,227

 
(1,349,980
)
 
627,095

Noncontrolling interest
 

 
1,912

 

 

 
1,912

Total equity (deficit)
 
627,095

 
(21,335
)
 
1,373,227

 
(1,349,980
)
 
629,007

Total
 
$
1,744,852

 
$
38,851

 
$
1,561,378

 
$
(2,023,740
)
 
$
1,321,341

 
 
CONSOLIDATING CONDENSED BALANCE SHEET
 
 
September 30, 2017
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
19,238

 
$
11,693

 
$
1,466

 
$

 
$
32,397

Restricted cash
 
12,645

 

 

 

 
12,645

Accounts receivable, net
 
78,692

 
5,586

 
153,590

 

 
237,868

Inventories
 
125,797

 
9,493

 
246,811

 

 
382,101

Prepaid expenses and other assets
 
6,059

 
811

 
11,175

 

 
18,045

Total current assets
 
242,431

 
27,583

 
413,042

 

 
683,056

Land, buildings, improvements and equipment, net
 
38,170

 
4,225

 
138,518

 

 
180,913

Goodwill
 
15,058

 

 
241,217

 

 
256,275

Other long-term assets
 
61,715

 
2,376

 
146,372

 
(23,801
)
 
186,662

Intercompany receivable
 
36,606

 

 
662,137

 
(698,743
)
 

Investment in subsidiaries
 
1,383,633

 

 

 
(1,383,633
)
 

Total
 
$
1,777,613

 
$
34,184

 
$
1,601,286

 
$
(2,106,177
)
 
$
1,306,906

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
36,760

 
$
3,076

 
$
63,447

 
$

 
$
103,283

Accrued expenses and other liabilities
 
54,909

 
2,391

 
59,249

 

 
116,549

Current portion of long term debt
 

 

 
375

 

 
375

Total current liabilities
 
91,669

 
5,467

 
123,071

 

 
220,207

Long-term debt
 
395,160

 

 
118

 

 
395,278

Intercompany payable
 
647,409

 
51,334

 

 
(698,743
)
 

Losses in excess of investment in subsidiaries
 

 

 
19,782

 
(19,782
)
 

Other long-term obligations
 
7,689

 

 
70,391

 
(23,801
)
 
54,279

Total Central Garden & Pet shareholders’ equity (deficit)
 
635,686

 
(24,073
)
 
1,387,924

 
(1,363,851
)
 
635,686

Noncontrolling interest
 

 
1,456

 

 

 
1,456

Total equity (deficit)
 
635,686

 
(22,617
)
 
1,387,924

 
(1,363,851
)
 
637,142

Total
 
$
1,777,613

 
$
34,184

 
$
1,601,286

 
$
(2,106,177
)
 
$
1,306,906


 
 
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
 
 
Nine Months Ended June 30, 2018
 
 
(in thousands)
 
 
Parent
 
Non-
Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash provided (used) by operating activities
 
$
(20,284
)
 
$
(101
)
 
$
44,534

 
$
(6,387
)
 
$
17,762

Additions to property and equipment
 
(6,508
)
 
(986
)
 
(19,509
)
 

 
(27,003
)
Payments to acquire companies, net of cash acquired
 
(86,777
)
 

 

 

 
(86,777
)
Change in restricted cash and cash equivalents
 
(1,333
)
 

 

 

 
(1,333
)
Investments
 
(8,048
)
 

 

 

 
(8,048
)
Other investing activities
 
(2,655
)
 

 

 

 
(2,655
)
Intercompany investing activities
 
(3,737
)
 

 
(22,671
)
 
26,408

 

Net cash used by investing activities
 
(109,058
)
 
(986
)
 
(42,180
)
 
26,408

 
(125,816
)
Repayments on revolving line of credit
 
(23,000
)
 


 


 


 
(23,000
)
Borrowings under revolving line of credit
 
23,000

 


 


 


 
23,000

Issuance of long-term debt
 
300,000

 


 


 


 
300,000

Repayments under long-term debt
 
(27
)
 


 
(368
)
 


 
(395
)
Payment of financing costs

(4,770
)










(4,770
)
Repurchase of common stock
 
(12,942
)
 


 


 


 
(12,942
)
Distribution to parent
 


 
(6,387
)
 


 
6,387

 

Distribution to noncontrolling interest
 


 
(1,597
)
 


 


 
(1,597
)
Payment of contingent consideration liability
 


 

 
(204
)
 

 
(204
)
Intercompany financing activities
 
23,997

 
2,411

 


 
(26,408
)
 

Net cash provided (used) by financing activities
 
306,258

 
(5,573
)
 
(572
)
 
(20,021
)
 
280,092

Effect of exchange rate changes on cash and cash equivalents
 
(103
)
 
27

 
29

 

 
(47
)
Net increase (decrease) in cash and cash equivalents
 
176,813

 
(6,633
)
 
1,811

 

 
171,991

Cash and cash equivalents at beginning of period
 
19,238

 
11,693

 
1,466

 

 
32,397

Cash and cash equivalents at end of period
 
$
196,051

 
$
5,060

 
$
3,277

 
$

 
$
204,388

 
 
CONSOLIDATING CONDENSED STATEMENT OF CASH FLOWS
 
 
Nine Months Ended June 24, 2017
 
 
(in thousands)
 
 
Parent
 
Non-Guarantor
Subsidiaries
 
Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net cash (used) provided by operating activities
 
$
(14,968
)
 
$
2,482

 
$
59,210

 
$
(4,076
)
 
$
42,648

Additions to property, plant and equipment
 
(6,811
)
 
(557
)
 
(29,719
)
 

 
(37,087
)
Payments to acquire companies, net of cash acquired
 
(106,821
)
 

 


 

 
(106,821
)
Change in restricted cash and cash equivalents
 
(89
)
 

 

 

 
(89
)
Proceeds from sale of plant assets
 


 
 
 
8,301

 
 
 
8,301

Investments

(11,495
)










(11,495
)
Other investing activities
 
(2,735
)
 


 


 


 
(2,735
)
Intercompany investing activities
 
(4,005
)
 

 
(33,943
)
 
37,948

 

Net cash used by investing activities
 
(131,956
)
 
(557
)
 
(55,361
)
 
37,948

 
(149,926
)
Repayments under revolving line of credit
 
(416,000
)
 

 


 

 
(416,000
)
Borrowings under revolving line of credit
 
456,000

 

 

 

 
456,000

Repayments under long-term debt
 
(88
)
 

 
(368
)
 

 
(456
)
Issuance of long-term debt
 

 

 

 

 

Excess tax benefits from stock-based awards
 
17,205

 

 

 

 
17,205

Repurchase of common stock
 
(25,654
)
 


 

 


 
(25,654
)
Distribution to parent
 

 
(4,076
)
 

 
4,076

 

Distribution to noncontrolling interest
 

 
(1,019
)
 

 

 
(1,019
)
Payment of contingent consideration





(1,222
)



(1,222
)
Intercompany financing activities
 
34,414

 
3,534

 


 
(37,948
)
 

Net cash provided (used) by financing activities
 
65,877

 
(1,561
)
 
(1,590
)
 
(33,872
)
 
28,854

Effect of exchange rates on cash
 
(182
)
 
59

 
38

 

 
(85
)
Net decrease in cash and cash equivalents
 
(81,229
)
 
423

 
2,297

 

 
(78,509
)
Cash and cash equivalents at beginning of year
 
82,158

 
9,695

 
1,129

 

 
92,982

Cash and cash equivalents at end of year
 
$
929

 
$
10,118

 
$
3,426

 
$

 
$
14,473