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Primoris Services Corporation (PRIM)

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Previous Close25.74
Open25.60
Bid0.00 x 900
Ask25.05 x 1300
Day's Range24.67 - 25.60
52 Week Range9.42 - 26.02
Volume199,649
Avg. Volume309,901
Market Cap1.206B
Beta (5Y Monthly)1.16
PE Ratio (TTM)12.34
EPS (TTM)2.03
Earnings DateFeb 23, 2021 - Mar 01, 2021
Forward Dividend & Yield0.24 (0.93%)
Ex-Dividend DateDec 30, 2020
1y Target Est26.40
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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  • Primoris Services Corporation to Participate in Investor Conference
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    DALLAS, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced that its senior management will be participating in the Credit Suisse 8th Annual Virtual Industrials Conference on Wednesday, December 2, 2020. A copy of the Company’s presentation will be made available for download the morning of the conference. Please visit the Investor Relations section of Primoris’ website at www.prim.com. Once at the Investor Relations section, please select “Events & Presentations”.ABOUT PRIMORIS Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating mainly in the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, replacement, and engineering services to a diversified base of customers. The Company’s national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and into Canada. For additional information, please visit www.prim.com.Company Contact:         Brook Wootton Vice President, Investor Relations bwootton@prim.com

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  • Primoris Services Corporation Reports Third Quarter 2020 Results
    GlobeNewswire

    Primoris Services Corporation Reports Third Quarter 2020 Results

    DALLAS, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Primoris Services Corporation (NASDAQ GS: PRIM) (“Primoris” or “Company”) today reported financial results for the third quarter of 2020. For the third quarter of 2020, Primoris reported the following highlights: * Record revenue of $942.7 million, an increase of 9% over prior year * Record net income attributable to Primoris of $43.9 million, an increase of 23% over prior year * Record fully diluted earnings per share of $0.90, an increase of 29% over prior year * Cash flows from operations of $130.8 million, compared to $56.4 million in 2019 * Backlog of $3.0 billionThe Company also announced that on November 5, 2020 its Board of Directors declared a $0.06 per share cash dividend to stockholders of record on December 31, 2020, payable on or about January 15, 2021.“This has been a record quarter for us by several measures,” Tom McCormick, President and Chief Executive Officer of Primoris, said. “Our record revenue of $942.7 million was up over 9% compared to the same period last year and our earnings per share was the highest that it has ever been at 90 cents a share. This continues our trajectory from last quarter and achieving these results, despite the pandemic, challenged energy markets, and widespread economic uncertainty, says a great deal about our strategy, our management team, and our thousands of employees.“Reflecting on the underlying strength of our markets, our three largest business segments all achieved revenue increases compared to the same period last year,” he continued. “The renewable energy market in particular is beginning to live up to its long-promised potential as technology costs have become competitive and customer demand has risen, and our utility markets also reflect opportunities driven by the clean energy transition, as well as an increase in client needs.”Summarizing the segment results, McCormick noted: “Renewables drove our Power segment revenue up 5.9%, with increased solar energy projects contributing to both revenue and margin growth. Our Pipeline segment was extremely strong, with a 60.5% revenue increase compared to the same period in 2019, primarily due to pipeline projects in Texas that began in the first quarter of this year, while our Utilities segment revenue rose 6.2%, benefitting from increased activity in California and favorable margins on the work they execute in the Southeast. Our Transmission segment recorded lower revenue, but significantly higher margins – 12% – as we carried out our planned focus on more profitable work, cost management and strong safety performance. Our Civil segment’s gross margins, as expected, declined slightly from last year as 2019 had a greater benefit from the resolution of claims associated with the Belton area projects, however; our project execution remains strong and the segment continues to perform within our target margin range.“As of the end of the quarter, our backlog remains solid at $3.0 billion excluding the ACP project,” McCormick added. “Our crews and project teams were classified as essential during the pandemic and we are working safely and continuing to keep our people healthy.”Discussing the Company’s outlook, McCormick said, “We have a strong cash position and low leverage, giving us a balance sheet ready to support organic growth and acquisitions. The diversification of our business continues to play to our advantage by reducing risk and evening out fluctuations in our various end markets, while supporting the growth of our renewables, utility and pipeline field services businesses. We have increased our outlook for the year, and we now expect net income attributable to Primoris to be between $1.80 and $2.00 per fully diluted share for the fiscal year ending December 31, 2020. We intend to continue to execute on our strategy focusing on the long term, and we thank our employees for their focus on safety, especially during this unique time.”THIRD QUARTER 2020 RESULTS OVERVIEWRevenue was $942.7 million for the three months ended September 30, 2020, an increase of $77.6 million, or 9.0%, compared to the same period in 2019. The increase was primarily due to growth in our Pipeline segment. Gross profit was $123.7 million for the three months ended September 30, 2020, an increase of $15.3 million, or 14.1%, compared to the same period in 2019. The increase was primarily due to an increase in revenue and margins. Gross profit as a percentage of revenue increased to 13.1% for the three months ended September 30, 2020, compared to 12.5% for the same period in 2019 as described in the segment results below.Segment Revenue (in thousands, except %) (unaudited)  For the three months ended September 30,   2020  2019       % of    % of      Total    Total Segment    Revenue Revenue Revenue Revenue Power $212,557 22.6% $200,657 23.2% Pipeline  214,380 22.7%  133,590 15.4% Utilities  298,984 31.7%  281,561 32.6% Transmission  114,221 12.1%  128,784 14.9% Civil  102,558 10.9%  120,472 13.9% Total $942,700 100.0% $865,064 100.0%        For the nine months ended September 30,   2020  2019       % of    % of      Total    Total Segment    Revenue Revenue Revenue Revenue Power $566,226 21.8% $518,210 22.4% Pipeline  695,462 26.8%  405,647 17.5% Utilities  676,329 26.1%  650,079 28.1% Transmission  326,953 12.6%  382,581 16.5% Civil  329,189 12.7%  360,034 15.5% Total $2,594,159 100.0% $2,316,551 100.0% Segment Gross Profit (in thousands, except %) (unaudited)  For the three months ended September 30,   2020  2019         % of    % of      Segment    Segment Segment Gross Profit Revenue Gross Profit Revenue Power $15,705 7.4% $15,525 7.7% Pipeline  28,045 13.1%  19,657 14.7% Utilities  54,417 18.2%  48,892 17.4% Transmission  13,718 12.0%  4,836 3.8% Civil  11,796 11.5%  19,511 16.2% Total $123,681 13.1% $108,421 12.5%   For the nine months ended September 30,   2020  2019          % of    % of      Segment    Segment Segment Gross Profit Revenue Gross Profit Revenue Power $41,090 7.3% $58,890 11.4% Pipeline  71,567 10.3%  46,204 11.4% Utilities  101,411 15.0%  87,999 13.5% Transmission  28,875 8.8%  21,664 5.7% Civil  29,515 9.0%  26,655 7.4% Total $272,458 10.5% $241,412 10.4% Power, Industrial, & Engineering Segment (“Power”): Revenue increased by $11.9 million, or 5.9%, for the three months ended September 30, 2020, compared to the same period in 2019. The increase is primarily due to an increase in solar energy projects and progress on an industrial project for a utility customer in California, partially offset by the substantial completion of a carbon monoxide and hydrogen plant project that began in 2019 and lower revenue at our Canadian industrial operations. Gross profit for the three months ended September 30, 2020, increased by $0.2 million, or 1.2%, compared to the same period in 2019 primarily due to higher revenue. Gross profit as a percentage of revenue decreased slightly to 7.4% during the three months ended September 30, 2020, compared to 7.7% in the same period in 2019 primarily due to higher costs associated with a liquefied natural gas plant project in the Northeast in 2020, partially offset by strong performance and favorable margins realized on our solar projects in 2020, as well as the ability of our Canadian operation continuing to be profitable in 2020, and higher costs associated with two industrial projects in 2019.Pipeline & Underground Segment (“Pipeline”): Revenue increased by $80.8 million, or 60.5%, for the three months ended September 30, 2020, compared to the same period in 2019. The increase is primarily due to pipeline projects in Texas that began in the first quarter of 2020, partially offset by reduced activity on a pipeline project in the Mid-Atlantic. Gross profit for the three months ended September 30, 2020 increased by $8.4 million, or 42.7%, compared to the same period in 2019 primarily due to higher revenue partially offset by lower margins. Gross profit as a percentage of revenue decreased to 13.1% during the three months ended September 30, 2020, compared to 14.7% in the same period in 2019 primarily due to the favorable impact from the closeout of multiple pipeline projects in 2019 and higher costs on a Texas pipeline project in 2020, partially offset by strong performance and favorable margins realized on other pipeline and field services projects in 2020.Utilities & Distribution Segment (“Utilities”): Revenue increased by $17.4 million, or 6.2%, for the three months ended September 30, 2020, compared to the same period in 2019 primarily due to increased activity with a significant utility customer in California. Gross profit for the three months ended September 30, 2020 increased by $5.5 million, or 11.3%, compared to the same period in 2019 primarily due to higher revenue and margins. Gross profit as a percentage of revenue increased to 18.2% during the three months ended September 30, 2020, compared to 17.4% in the same period in 2019 primarily due to favorable margins on projects in the Southeast from increased productivity in 2020.Transmission & Distribution Segment (“Transmission”): Revenue decreased by $14.6 million, or 11.3%, for the three months ended September 30, 2020, compared to the same period in 2019 primarily due to decreased activity with utility customers in the Midwest and the Southeast and being more selective in the type of work we perform. Gross profit for the three months ended September 30, 2020, increased by $8.9 million, or 183.7% compared to the same period in 2019, primarily due to higher margins, partially offset by lower revenue. Gross profit as a percentage of revenue increased to 12.0% during the three months ended September 30, 2020, compared to 3.8% in the same period in 2019 primarily due to being more selective in the type of work we perform resulting in higher margin work in 2020, an increase in higher margin storm work in 2020 and upfront costs to expand our operations in 2019.Civil Segment (“Civil”): Revenue decreased by $17.9 million, or 14.9%, for the three months ended September 30, 2020, compared to the same period in 2019. The decrease is primarily due to lower Texas Department of Transportation and Louisiana Department of Transportation and Development (“DOTD”) volumes and decreases in Florida mine work. Gross profit for the three months ended September 30, 2020 decreased by $7.7 million, compared to the same period in 2019 due primarily to lower revenue and margins. Gross profit as a percentage of revenue decreased to 11.5% during the three months ended September 30, 2020, compared to 16.2% in the same period in 2019 due primarily to the favorable impact from the resolution of claims associated with three of the Belton area projects in 2019, partially offset by increased profit on Louisiana DOTD projects and resolution of claims associated with the two remaining Belton area projects in 2020.RESPONSE TO THE COVID-19 PANDEMICWe continue to take steps to protect our employees’ health and safety during the COVID-19 pandemic. We have in-place a written corporate COVID-19 Plan as well as a Business Continuity Plan, based on guidelines from the U.S. Centers for Disease Control and Prevention, the Occupational Safety and Health Administration and their Canadian counterparts. Specific COVID plans have also been developed and are in-place for each project, or job site, including customized plans with additional client-required protocols, where needed. These plans include social distancing, meeting via Zoom or similar software, rather than in person; reducing all non-essential business travel; allowing high risk and employees with special circumstances to work from home, etc.Primoris’ executive-level COVID team meets routinely to address the current state of COVID-19 and the regulatory landscape, monitor for risks related to the pandemic and determine needed additions, or adjustments to the various Plans across the company. Similar teams function within each of our business units to address local, state and site-level programs.Recognizing the broader impact that the COVID-19 pandemic is having on local communities, Primoris has donated funds to support frontline emergency response and medical workers and made numerous local donations of personal protective equipment to hospitals and medical facilities.OTHER INCOME STATEMENT INFORMATIONSelling, general and administrative (“SG&A”) expenses were $57.1 million during the three months ended September 30, 2020, an increase of $7.3 million, or 14.6%, compared to 2019 primarily due to a $4.3 million increase in compensation related expenses, including incentive compensation, and a $2.1 million increase in information technology implementation expenses. SG&A expense as a percentage of revenue increased slightly to 6.1% compared to 5.8% for the corresponding period in 2019.Interest expense for the three months ended September 30, 2020, decreased compared to the same period in 2019 primarily due to lower average debt balances and weighted average interest rates in 2020. In addition, we had a $1.1 million unrealized gain on the change in the fair value of our interest rate swap during the three months ended September 30, 2020, compared to a $0.6 million loss in 2019.The effective tax rate on income attributable to Primoris (excluding noncontrolling interests) was 29.0% for the three months ended September 30, 2020. The rate differs from the U.S. federal statutory rate of 21.0% primarily due to state income taxes and nondeductible components of per diem expenses.OUTLOOKBalancing the ongoing uncertainty surrounding the COVID-19 pandemic with the expected operations, Primoris estimates that for the fiscal year ending December 31, 2020, net income attributable to Primoris will be between $1.80 and $2.00 per fully diluted share.BACKLOG           Expected Next Four           Quarters Total  Backlog at September 30, 2020 (in millions) Backlog Revenue SegmentFixed Backlog MSA Backlog Total Backlog Recognition Power$769 $93 $862  93% Pipeline 315  52  367  64% Utilities 33  659  692  100% Transmission 17  407  424  100% Civil 626  3  629  58% Total$1,760 $1,214 $2,974  85% At September 30, 2020, Fixed Backlog was $1.8 billion, which was consistent with year-end. The December 31, 2019 Fixed Backlog included approximately $0.5 billion of backlog associated with a major pipeline project. Primoris received the formal termination notice for the project from the customer in October 2020 and subsequently removed the project from our September 30, 2020 Fixed Backlog.At September 30, 2020, MSA Backlog was $1.2 billion, compared to $1.4 billion at December 31, 2019. During the third quarter of 2020, approximately $385 million of revenue was recognized from MSA projects, a 4.9% increase over the third quarter 2019 MSA revenue. MSA Backlog represents estimated MSA revenue for the next four quarters.Total Backlog at September 30, 2020 was $3.0 billion, compared to $3.2 billion at December 31, 2019.Backlog, including estimated MSA revenue, should not be considered a comprehensive indicator of future revenue. Revenue from certain projects where scope, and therefore contract value, is not adequately defined, is not included in Fixed backlog. At any time, any project may be cancelled at the convenience of our customers.SHARE REPURCHASE PROGRAMIn February 2020, our Board of Directors authorized a $25.0 million share repurchase program. During the third quarter of 2020, we purchased 174,698 shares of common stock for approximately $3.1 million, at an average price of $17.80 per share. The program will expire on December 31, 2020.OTHER BUSINESS UPDATESWe announced new or renewed contracts totaling approximately $340 million in value during the quarter, and over $110 million immediately after the quarter close in early October. The awards included: * Two new solar awards with a combined value over $60 million for the engineering, procurement, and construction of utility-solar facilities in the South; * The renewal of a Master Service Agreement with a major energy customer for pipeline maintenance in the Canadian oil sands with an anticipated value of over $110 million over five years; * A new pipeline award valued over $100 million for the installation of over 80,000 feet of various diameter pipe in Texas; * Three new pipeline awards with a combined value over $75 million for the installation of over thirty miles of various diameter pipe in Texas; * Two new heavy civil awards from the Texas Department of Transportation with a combined value over $76 million for the expansion of an existing four-lane limited access highway to a six-lane limited highway, and an expansion of an existing two-lane county roadway to a four-lane county roadway; and * A new heavy civil award from the Texas Department of Transportation valued at $30 million for the reconstruction and extension of an existing roadway.CONFERENCE CALLTom McCormick, President and Chief Executive Officer, and Ken Dodgen, Executive Vice President and Chief Financial Officer, will host a conference call Friday, November 6, 2020 at 10:00 am Eastern Time / 9:00 am Central Time to discuss the results.Interested parties may participate in the call by dialing: * (877) 407-8293 (Domestic) * (201) 689-8349 (International)Presentation slides to accompany the conference call are available for download in the Investor Relations section of Primoris’ website at www.prim.com. Once at the Investor Relations section, please click on “Events & Presentations”.If you are unable to participate in the live call, a replay may be accessed by dialing (877) 660-6853, conference ID 13711963, and will be available for approximately two weeks. The conference call will also be broadcast live over the Internet and can be accessed and replayed through the Investor Relations section of Primoris' website at www.prim.com.ABOUT PRIMORISFounded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating mainly in the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, replacement, and engineering services to a diversified base of customers. The Company’s national footprint extends from Florida, along the Gulf Coast, through California, into the Pacific Northwest and into Canada. For additional information, please visit www.prim.com.FORWARD LOOKING STATEMENTS This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including with regard to the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, customer timing, project duration, weather, and general economic conditions; changes in our mix of customers, projects, contracts and business; regional or national and/or general economic conditions and demand for our services; price, volatility, and expectations of future prices of oil, natural gas, and natural gas liquids; variations and changes in the margins of projects performed during any particular quarter; increases in the costs to perform services caused by changing conditions; the termination, or expiration of existing agreements or contracts; the budgetary spending patterns of customers; increases in construction costs that we may be unable to pass through to our customers; cost or schedule overruns on fixed-price contracts; availability of qualified labor for specific projects; changes in bonding requirements and bonding availability for existing and new agreements; the need and availability of letters of credit; costs we incur to support growth, whether organic or through acquisitions; the timing and volume of work under contract; losses experienced in our operations; the results of the review of prior period accounting on certain projects; developments in governmental investigations and/or inquiries; intense competition in the industries in which we operate; failure to obtain favorable results in existing or future litigation or regulatory proceedings, dispute resolution proceedings or claims, including claims for additional costs; failure of our partners, suppliers or subcontractors to perform their obligations; cyber-security breaches; failure to maintain safe worksites; risks or uncertainties associated with events outside of our control, including severe weather conditions, public health crises and pandemics (such as COVID-19), political crises or other catastrophic events; client delays or defaults in making payments; the availability of credit and restrictions imposed by credit facilities; failure to implement strategic and operational initiatives; risks or uncertainties associated with acquisitions, dispositions and investments; possible information technology interruptions or inability to protect intellectual property; the Company’s failure, or the failure of our agents or partners, to comply with laws; the Company's ability to secure appropriate insurance; new or changing legal requirements, including those relating to environmental, health and safety matters; the loss of one or a few clients that account for a significant portion of the Company's revenues; asset impairments; and risks arising from the inability to successfully integrate acquired businesses. In addition to information included in this press release, additional information about these and other risks can be found in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, and our other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.Company Contact  Ken DodgenKate Tholking Executive Vice President, Chief Financial OfficerVice President, Investor Relations (214) 740-5608(214) 740-5615 kdodgen@prim.comktholking@prim.com  CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per Share Amounts) (Unaudited)           Three Months Ended  Nine Months Ended   September 30,  September 30,       2020     2019     2020     2019  Revenue $942,700  $865,064  $2,594,159  $2,316,551  Cost of revenue  819,019   756,643   2,321,701   2,075,139  Gross profit  123,681   108,421   272,458   241,412  Selling, general and administrative expenses  57,097   49,827   152,907   141,477  Operating income  66,584   58,594   119,551   99,935  Other income (expense):             Foreign exchange loss, net  (77)  (136)  (141)  (724) Other income (expense), net  98   (2,928)  816   (3,121) Interest income  13   42   358   610  Interest expense  (4,728)  (5,186)  (17,530)  (17,494) Income before provision for income taxes  61,890   50,386   103,054   79,206  Provision for income taxes  (17,947)  (14,560)  (29,883)  (22,620) Net income  43,943   35,826   73,171   56,586                Less net income attributable to noncontrolling interests  (2)  (178)  (8)  (1,204)               Net income attributable to Primoris $43,941  $35,648  $73,163  $55,382                Dividends per common share $0.06  $0.06  $0.18  $0.18                Earnings per share:             Basic $0.91  $0.70  $1.51  $1.09  Diluted $0.90  $0.70  $1.50  $1.08                Weighted average common shares outstanding:             Basic  48,253   50,976   48,370   50,887  Diluted  48,574   51,215   48,712   51,210                CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited)           September 30,  December 31,        2020     2019  ASSETS        Current assets:        Cash and cash equivalents $228,546  $120,286  Accounts receivable, net  494,453   404,911  Contract assets  361,099   344,806  Prepaid expenses and other current assets  32,977   42,704  Total current assets  1,117,075   912,707  Property and equipment, net  366,721   375,888  Operating lease assets  221,615   242,385  Deferred tax assets  1,134   1,100  Intangible assets, net  62,994   69,829  Goodwill  215,103   215,103  Other long-term assets  14,860   13,453  Total assets $1,999,502  $1,830,465  LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities:        Accounts payable $251,979  $235,972  Contract liabilities  256,021   192,397  Accrued liabilities  223,637   183,501  Dividends payable  2,887   2,919  Current portion of long-term debt  47,708   55,659  Total current liabilities  782,232   670,448  Long-term debt, net of current portion  281,360   295,642  Noncurrent operating lease liabilities, net of current portion  151,777   171,225  Deferred tax liabilities  17,820   17,819  Other long-term liabilities  82,791   45,801  Total liabilities  1,315,980   1,200,935  Commitments and contingencies        Stockholders’ equity        Common stock  5   5  Additional paid-in capital  88,363   97,130  Retained earnings  595,769   531,291  Accumulated other comprehensive (loss) income  (651)  76  Noncontrolling interest  36   1,028  Total stockholders’ equity  683,522   629,530  Total liabilities and stockholders’ equity $1,999,502  $1,830,465           CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)       Nine Months Ended     September 30,        2020     2019   Cash flows from operating activities:        Net income $73,171  $56,586   Adjustments to reconcile net income to net cash provided by (used in) operating activities:        Depreciation and amortization  58,728   64,553   Stock-based compensation expense  1,730   1,218   Gain on sale of property and equipment  (6,198)  (7,017)  Unrealized loss on interest rate swap  3,856   4,854   Other non-cash items  4,125   240   Changes in assets and liabilities:        Accounts receivable  (91,741)  (177,942)  Contract assets  (16,783)  32,274   Other current assets  9,707   1,219   Other long-term assets  1,073   167   Accounts payable  16,533   (29,757)  Contract liabilities  63,682   (3,915)  Operating lease assets and liabilities, net  3,250   (1,489)  Accrued liabilities  36,394   17,662   Other long-term liabilities  33,952   1,231   Net cash provided by (used in) operating activities  191,479   (40,116)  Cash flows from investing activities:        Purchase of property and equipment  (54,404)  (78,255)  Proceeds from sale of property and equipment  17,710   24,393   Net cash used in investing activities  (36,694)  (53,862)  Cash flows from financing activities:        Borrowings under revolving line of credit  —   212,880   Payments on revolving line of credit  —   (212,880)  Proceeds from issuance of long-term debt  33,873   55,008   Repayment of long-term debt  (56,321)  (55,824)  Proceeds from issuance of common stock purchased under a long-term incentive plan  578   1,804   Payment of taxes on conversion of Restricted Stock Units  (548)  (1,519)  Cash distribution to noncontrolling interest holders  (1,000)  (3,505)  Repurchase of common stock  (10,959)  —   Dividends paid  (8,707)  (9,152)  Other  (2,888)  (328)  Net cash used in financing activities  (45,972)  (13,516)  Effect of exchange rate changes on cash and cash equivalents  (553)  268   Net change in cash and cash equivalents  108,260   (107,226)  Cash and cash equivalents at beginning of the period  120,286   151,063   Cash and cash equivalents at end of the period $228,546  $43,837