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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 39,096 $ 26,793 $ 24,918
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,882 26,046 25,541
Deferred taxes (10,534) (1,146) 84
Stock-based compensation 3,068 2,109 2,081
Earn-out obligation adjustment 0 (1,329) 426
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net 2,881 (22,747) (8,139)
Inventories, net 3,749 (27,217) (10,381)
Other current assets and noncurrent assets 3,681 (13,020) 6,031
Accounts payable and deferred compensation (23,587) 54,743 (362)
Accrued expenses and other current liabilities 7,562 4,253 1,919
Long-term lease obligations (1,378) (1,292) (1,275)
Earn-out obligations 0 0 (3,269)
Net cash provided by operating activities 50,420 47,193 37,574
Cash flows from investing activities:      
Purchases of property and equipment (3,743) (6,546) (10,562)
Proceeds from the sale of property and equipment 732 143 507
Cash paid for acquisitions, net of cash acquired 0 (63) (195,135)
Net cash used in investing activities (3,011) (6,466) (205,190)
Cash flows from financing activities:      
Borrowings on loan agreement 348,675 321,630 519,313
Repayments on loan agreement (391,285) (340,046) (333,222)
Earn-out obligation payments 0 (18,515) (11,713)
Payment of debt financing costs 0 0 (2,699)
Payments on financing lease obligations (1,287) (1,128) (986)
Payment of taxes for equity transactions (500) (499) (342)
Dividends paid (2,816) (2,481) (2,258)
Net cash (used in) provided by financing activities (47,213) (41,039) 168,093
Net increase (decrease) in cash and cash equivalents 196 (312) 477
Cash and cash equivalents at beginning of year 428 740 263
Cash and cash equivalents at end of year 624 428 740
Cash paid for:      
Interest 7,606 8,230 6,621
Income taxes $ 16,346 $ 18,886 $ 15,949