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, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net income $ 19,609 $ 17,173
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,515 19,215
Deferred taxes (3,047) (1,400)
Stock-based compensation 1,747 1,698
Earn-out obligation adjustment (1,329) 1,035
Changes in operating assets and liabilities, net of impact of acquisition:    
Receivables, net (7,636) (5,267)
Inventories, net (19,812) (8,821)
Other current assets and noncurrent assets (8,015) 4,110
Accounts payable and deferred compensation 19,651 (3,235)
Accrued expenses and other current liabilities 8,639 (1,811)
Long-term lease obligations (930) (926)
Earn-out obligation 0 (3,269)
Net cash provided by operating activities 28,392 18,502
Cash flows from investing activities:    
Purchases of property and equipment (5,438) (7,819)
Proceeds from the sale of property and equipment 74 273
Cash paid for acquisitions, net of cash acquired (63) (191,181)
Net cash used in investing activities (5,427) (198,727)
Cash flows from financing activities:    
Borrowings on loan agreement 231,139 435,377
Repayments on loan agreement (232,608) (238,071)
Earn-out obligation payment (18,515) (11,713)
Payment of debt financing costs 0 (2,699)
Payments on capital lease obligations (835) (730)
Payments of taxes for equity transactions (499) (342)
Dividends paid (1,834) (1,666)
Net cash (used in) provided by financing activities (23,152) 180,156
Net decrease in cash and cash equivalents (187) (69)
Cash and cash equivalents at beginning of period 740 263
Cash and cash equivalents at end of period $ 553 $ 194