Years Ended December 31,
|
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2001
|
2000
|
1999
|
|
| Cash flows from operating activities: | |||
| Net earnings | $ 84,407 | $ 61,340 | $ 43,435 |
|
Adjustments to reconcile net earnings to cash provided by operating activities: |
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| Depreciation and amortization | 25,910 | 27,026 | 28,205 |
| Deferred income tax provision | 1,565 | 15,787 | 14,038 |
| Loss on sales of medical offices and property disposals | - | - | 287 |
| Non-cash interest on convertible note | - | - | 1,557 |
| Other | 4,610 | (2,118) | 100 |
|
Changes in assets and liabilities, net of effects of the purchase of subsidiaries: |
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| Accounts receivable | (4,109) | (524) | (7,357) |
| Other receivables | 4,429 | (16,043) | (17,265) |
| Other current assets | (225) | (1,899) | 388 |
| Other assets | (35) | 500 | (133) |
| Medical claims liabilities | 57,859 | 34,578 | (41,982) |
| Other medical liabilities | (13,988) | (11,549) | (20,007) |
| Accounts payable and other accrued liabilities | 2,551 | 10,690 | (7,139) |
| Deferred revenue | 18,636 | (12,252) | 3,012 |
| Other long-term liabilities | (38)
|
(94)
|
(8,269)
|
Net cash provided by (used in) operating activities |
181,572
|
105,442
|
(11,130)
|
Cash flows from investing activities: |
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| Capital expenditures, net | (11,871) | (16,024) | (14,717) |
| Proceeds from sales of investments | 435,649 | 425,292 | 253,489 |
| Purchases of investments and other | (571,278) | (524,040) | (425,109) |
| Payments for acquisitions, net | (20,256) | (30,441) | (10,133) |
| Proceeds from sale of Renewal Rights Agreement | - | - | 19,850 |
| Cash acquired in conjunction with acquisitions | 48,997
|
55,423
|
19,730
|
Net cash used in investing activities |
(118,759)
|
(89,790)
|
(156,890)
|
Cash flows from financing activities: |
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| Payments on long-term debt | - | - | (781) |
| Net proceeds from issuance of stock | 2,292 | 7,090 | 3,934 |
| Net payments for repurchase and issuance of stock |
(8,970)
|
(6,589)
|
(380)
|
|
Net cash (used in) provided by financing activities |
(6,678)
|
501
|
2,773
|
|
Net increase (decrease) in cash and cash equivalents |
56,135 |
16,153 |
(165,247) |
|
Cash and cash equivalents at beginning of period |
256,229
|
240,076
|
405,323
|
|
Cash and cash equivalents at end of period |
$ 312,364 
|
$ 256,229
|
$ 240,076
|
|
Supplemental disclosure of cash flow information: |
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| Cash paid for interest | $ - | $ - | $ - |
| Income taxes paid, net | $ 35,851 | $ 20,941 | $ 40,210 |
| Non-cash item – Restricted stock $ - $ - | $ 9,091 | $ - | $ - |