v3.19.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 6,603 $ 7,052
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,430 6,484
Deferred taxes (564) 283
Stock-based compensation 1,640 1,263
Changes in operating assets and liabilities, net of impact of acquisitions:    
Receivables, net 2,667 (978)
Unbilled receivables, net (3,195) 13,589
Inventories, net (7,798) (18,895)
Other current assets and noncurrent assets (4,990) 3,169
Accounts payable and deferred compensation 2,653 11,681
Accrued expenses and other current and noncurrent liabilities (1,675) (9,949)
Long-term lease obligations 0 (406)
Net cash provided by operating activities 2,771 13,293
Cash flows from investing activities:    
Purchases of property and equipment (601) (1,053)
Proceeds from the sale of property and equipment 3 0
Cash paid for acquisitions, net of cash acquired (112,660) 0
Net cash used in investing activities (113,258) (1,053)
Cash flows from financing activities:    
Borrowings on loan agreement 194,598 247,669
Repayments on loan agreement (80,183) (256,368)
Payment of debt financing costs (1,702) (1,798)
Payments on capital lease obligations 0 (346)
Payments of taxes for equity transactions (687) (641)
Dividends paid (872) (759)
Net cash provided by (used in) financing activities 111,154 (12,243)
Net increase (decrease) in cash and cash equivalents 667 (3)
Cash and cash equivalents at beginning of period 162 624
Cash and cash equivalents at end of period $ 829 $ 621

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