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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 15,100 $ 12,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,204 12,935
Deferred taxes (974) (1,161)
Stock-based compensation 1,464 1,361
Earn-out obligation adjustment 0 (1,329)
Changes in operating assets and liabilities:    
Receivables, net 20,273 (12,547)
Inventories, net 528 (8,250)
Other current assets and noncurrent assets 9,725 (5,762)
Accounts payable and deferred compensation (39,511) 15,474
Accrued expenses and other current liabilities (105) 2,492
Long-term lease obligations (667) (619)
Net cash provided by operating activities 19,037 15,115
Cash flows from investing activities:    
Purchases of property and equipment (1,252) (4,224)
Proceeds from the sale of property and equipment 400 28
Net cash used in investing activities (852) (4,196)
Cash flows from financing activities:    
Borrowings on loan agreement 181,673 133,279
Repayments on loan agreement (197,142) (134,012)
Earn-out obligation payments 0 (8,015)
Payments on capital lease obligations (627) (546)
Payments of taxes for equity transactions (500) (499)
Dividends paid (1,300) (1,186)
Net cash used in financing activities (17,896) (10,979)
Net increase (decrease) in cash and cash equivalents 289 (60)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 717 $ 680