Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 26,793 $ 24,918 $ 19,365
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,046 25,541 18,770
Deferred taxes (1,146) 84 3,083
Stock-based compensation 2,109 2,081 1,739
Earn-out obligation adjustment (1,329) 426 3,059
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net (22,747) (8,139) 18,996
Inventories (27,217) (10,381) (10,048)
Other current assets and noncurrent assets (13,020) 6,031 (627)
Accounts payable and deferred compensation 54,743 (362) (1,224)
Accrued expenses and other current liabilities 4,253 1,919 (1,024)
Long-term lease obligations (1,292) (1,275) (1,107)
Earn-out obligations 0 (3,269) 0
Other liabilities 0 0 (1,267)
Net cash provided by operating activities 47,193 37,574 49,715
Cash flows from investing activities:      
Purchases of property and equipment (6,546) (10,562) (3,414)
Proceeds from the sale of property and equipment 143 507 0
Cash paid for acquisitions, net of cash acquired (63) (195,135) 0
Net cash used in investing activities (6,466) (205,190) (3,414)
Cash flows from financing activities:      
Borrowings on loan agreement 321,630 519,313 295,513
Repayments on loan agreement (340,046) (333,222) (336,601)
Earn-out obligation payments (18,515) (11,713) (1,972)
Payment of debt financing costs 0 (2,699) 0
Payments on capital lease obligations (1,128) (986) (850)
Payment of taxes for equity transactions (499) (342) (314)
Dividends paid (2,481) (2,258) (2,034)
Net cash (used in) provided by financing activities (41,039) 168,093 (46,258)
Net (decrease) increase in cash and cash equivalents (312) 477 43
Cash and cash equivalents at beginning of year 740 263 220
Cash and cash equivalents at end of year 428 740 263
Cash paid for:      
Interest 8,230 6,621 2,135
Income taxes $ 18,886 $ 15,949 $ 9,934