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, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 21,739 $ 19,609
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,584 19,515
Deferred taxes (1,947) (3,047)
Stock-based compensation 1,935 1,747
Earn-out obligation adjustment 0 (1,329)
Changes in operating assets and liabilities:    
Receivables, net 28,344 (7,636)
Inventories, net 815 (19,812)
Other current assets and noncurrent assets (3,392) (8,015)
Accounts payable and deferred compensation (42,441) 19,651
Accrued expenses and other current liabilities 15,916 8,639
Long-term lease obligations (1,042) (930)
Net cash provided by operating activities 39,511 28,392
Cash flows from investing activities:    
Purchases of property and equipment (2,387) (5,438)
Proceeds from the sale of property and equipment 689 74
Cash paid for acquisitions, net of cash acquired 0 (63)
Net cash used in investing activities (1,698) (5,427)
Cash flows from financing activities:    
Borrowings on loan agreement 258,657 231,139
Repayments on loan agreement (292,913) (232,608)
Earn-out obligation payments 0 (18,515)
Payments on capital lease obligations (954) (835)
Payments of taxes for equity transactions (500) (499)
Dividends paid (2,059) (1,834)
Net cash used in financing activities (37,769) (23,152)
Net increase (decrease) in cash and cash equivalents 44 (187)
Cash and cash equivalents at beginning of period 428 740
Cash and cash equivalents at end of period $ 472 $ 553