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, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:      
Net income $ 35,080 $ 39,096 $ 26,793
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,224 25,882 26,046
Deferred taxes (1,371) (10,534) (1,146)
Stock-based compensation 3,027 3,068 2,109
Gain on sale of contract (1,700) 0 0
Earn-out obligation adjustment 0 0 (1,329)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net (3,754) (91) (12,166)
Unbilled receivables, net 4,706 2,972 (10,581)
Inventories, net (35,558) 3,749 (27,217)
Other current assets and noncurrent assets 4,789 3,681 (13,020)
Accounts payable and deferred compensation (7,405) (23,587) 54,743
Accrued expenses and other current liabilities (2,515) 7,562 4,253
Long-term lease obligations (1,668) (1,378) (1,292)
Net cash provided by operating activities 18,855 50,420 47,193
Cash flows from investing activities:      
Purchases of property and equipment (3,117) (3,743) (6,546)
Proceeds from the sale of property and equipment 122 732 143
Proceeds from the sale of contract 1,700 0 0
Cash paid for acquisitions, net of cash acquired 0 0 (63)
Net cash used in investing activities (1,295) (3,011) (6,466)
Cash flows from financing activities:      
Borrowings on loan agreement 539,471 348,675 321,630
Repayments on loan agreement (550,436) (391,285) (340,046)
Earn-out obligation payments 0 0 (18,515)
Payment of debt financing costs (1,702) 0 0
Payments on financing lease obligations (1,452) (1,287) (1,128)
Payment of taxes for equity transactions (641) (500) (499)
Dividends paid (3,262) (2,816) (2,481)
Net cash used in by financing activities (18,022) (47,213) (41,039)
Net (decrease) increase in cash and cash equivalents (462) 196 (312)
Cash and cash equivalents at beginning of year 624 428 740
Cash and cash equivalents at end of year 162 624 428
Cash paid for:      
Interest 7,523 7,606 8,230
Income taxes $ 9,534 $ 16,346 $ 18,886