Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 24,918 $ 19,365 $ 22,852
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 25,541 18,770 20,016
Deferred taxes 84 3,083 (874)
Stock-based compensation 2,081 1,739 1,576
Earn-out obligation adjustment 426 3,059 183
Impairment of goodwill and intangible assets 0 0 790
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables, net (8,139) 18,996 14,130
Inventories (10,381) (10,048) 2,240
Other current assets and noncurrent assets 6,031 (627) (3,798)
Accounts payable and deferred compensation (362) (1,224) 1,922
Accrued expenses and other current liabilities 1,919 (1,024) (597)
Long-term lease obligations (1,275) (1,107) (1,826)
Earn-out obligations (3,269) 0 0
Other liabilities 0 (1,267) (16)
Net cash provided by operating activities 37,574 49,715 56,598
Cash flows from investing activities:      
Purchases of property and equipment (10,562) (3,414) (4,416)
Proceeds from the sale of property and equipment 507 0 0
Cash paid for acquisitions, net of cash acquired (195,135) 0 0
Net cash used in investing activities (205,190) (3,414) (4,416)
Cash flows from financing activities:      
Borrowings on loan agreement 519,313 295,513 290,137
Repayments on loan agreement (333,222) (336,601) (340,627)
Earn-out obligation payments (11,713) (1,972) (180)
Payment of debt financing costs (2,699) 0 0
Payments on capital lease obligations (986) (850) (725)
Payment of taxes for equity transactions (342) (314) (257)
Dividends paid (2,258) (2,034) (1,811)
Net cash provided by (used in) financing activities 168,093 (46,258) (53,463)
Net increase (decrease) in cash and cash equivalents 477 43 (1,281)
Cash and cash equivalents at beginning of year 263 220 1,501
Cash and cash equivalents at end of year 740 263 220
Cash paid for [Abstract]      
Interest 6,621 2,135 4,192
Income taxes $ 15,949 $ 9,934 $ 15,638