v3.19.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 16,501 $ 15,803
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,637 12,723
Deferred taxes (312) (888)
Stock-based compensation 1,982 1,676
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables, net (6,599) 1,131
Unbilled receivables, net (4,706) 9,604
Inventories, net (23,942) (34,352)
Other current assets and noncurrent assets (3,914) 4,227
Accounts payable and deferred compensation 14,149 (6,164)
Accrued expenses and other current and noncurrent liabilities (2,744) (6,568)
Long-term lease obligations 0 (816)
Net cash provided by (used in) operating activities 4,052 (3,624)
Cash flows from investing activities:    
Purchases of property and equipment (6,303) (1,880)
Proceeds from the sale of property and equipment 4 46
Cash paid for acquisitions, net of cash acquired (112,660) 0
Net cash used in investing activities (118,959) (1,834)
Cash flows from financing activities:    
Borrowings on loan agreement 300,726 359,554
Repayments on loan agreement (182,516) (349,534)
Payment of debt financing costs 0 (1,692)
Payments on capital lease obligations 0 (707)
Payments of taxes for equity transactions (955) (641)
Dividends paid (1,750) (1,522)
Net cash provided by financing activities 115,505 5,458
Net increase in cash and cash equivalents 598 0
Cash and cash equivalents at beginning of period 162 624
Cash and cash equivalents at end of period $ 760 $ 624

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