Quarterly report pursuant to Section 13 or 15(d)

Unaudited Consolidated Statements of Cash Flows

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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:    
Net income $ 17,173 $ 15,202
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,215 14,274
Deferred taxes (1,400) 2,551
Stock-based compensation 1,698 1,610
Earn-out obligation adjustment 1,035 2,758
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net (5,267) 14,548
Inventories (8,821) (7,672)
Other current assets and noncurrent assets 4,110 (2,560)
Accounts payable and deferred compensation (3,235) 2,429
Accrued expenses and other current liabilities (1,811) (2,587)
Long-term lease obligations (926) (835)
Earn-out obligation (3,269) 0
Net cash provided by operating activities 18,502 39,718
Cash flows from investing activities:    
Purchases of property and equipment (7,819) (2,725)
Proceeds from the sale of property and equipment 273 0
Cash paid for acquisitions, net of cash acquired (191,181) 0
Net cash used in investing activities (198,727) (2,725)
Cash flows from financing activities:    
Borrowings on loan arrangement 435,377 210,552
Repayments on loan arrangement (238,071) (243,023)
Earn-out obligation payments (11,713) (1,972)
Payment of debt financing costs (2,699) 0
Payments on capital lease obligations (730) (629)
Payments of taxes for equity transactions (342) (314)
Dividends paid (1,666) (1,499)
Net cash provided by (used in) financing activities 180,156 (36,885)
Net (decrease) increase in cash and cash equivalents (69) 108
Cash and cash equivalents at beginning of period 263 220
Cash and cash equivalents at end of period $ 194 $ 328