v3.19.3
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 27,028 $ 25,837
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 20,622 18,984
Deferred taxes (1,230) (1,733)
Stock-based compensation 2,592 2,146
Gain on sale of contract 0 1,700
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables, net (2,380) 738
Unbilled receivables, net (12,896) 11,298
Inventories, net (29,540) (36,448)
Other current assets and noncurrent assets (481) 3,518
Accounts payable and deferred compensation 11,793 (14,972)
Accrued expenses and other current and noncurrent liabilities 1,931 (3,010)
Long-term lease obligations 0 (1,237)
Net cash provided by operating activities 17,439 3,421
Cash flows from investing activities:    
Purchases of property and equipment (7,689) (2,522)
Proceeds from the sale of property and equipment 4 51
Proceeds from the sale of contract 0 1,700
Cash paid for acquisitions, net of cash acquired (112,660) 0
Net cash used in investing activities (120,345) (771)
Cash flows from financing activities:    
Borrowings on loan agreement 382,501 468,949
Repayments on loan agreement (274,969) (465,521)
Payment of debt financing costs 0 (1,702)
Payments on capital lease obligations 0 (1,077)
Payments of taxes for equity transactions (955) (641)
Dividends paid (2,738) (2,393)
Net cash provided by (used in) financing activities 103,839 (2,385)
Net increase in cash and cash equivalents 933 265
Cash and cash equivalents at beginning of period 162 624
Cash and cash equivalents at end of period $ 1,095 $ 889

Source