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, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 25,837 $ 21,739
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 18,984 19,584
Deferred taxes (1,733) (1,947)
Stock-based compensation 2,146 1,935
Gain on sale of contract (1,700) 0
Changes in operating assets and liabilities:    
Receivables, net 738 16,154
Unbilled receivables, net 11,298 12,190
Inventories, net (36,448) 815
Other current assets and noncurrent assets 3,518 (3,392)
Accounts payable and deferred compensation (14,972) (42,441)
Accrued expenses and other current liabilities (3,010) 15,916
Long-term lease obligations (1,237) (1,042)
Net cash provided by operating activities 3,421 39,511
Cash flows from investing activities:    
Purchases of property and equipment (2,522) (2,387)
Proceeds from the sale of property and equipment 51 689
Proceeds from the sale of contract 1,700 0
Net cash used in investing activities (771) (1,698)
Cash flows from financing activities:    
Borrowings on loan agreement 468,949 258,657
Repayments on loan agreement (465,521) (292,913)
Payment of debt financing costs (1,702) 0
Payments on capital lease obligations (1,077) (954)
Payments of taxes for equity transactions (641) (500)
Dividends paid (2,393) (2,059)
Net cash used in financing activities (2,385) (37,769)
Net increase in cash and cash equivalents 265 44
Cash and cash equivalents at beginning of period 624 428
Cash and cash equivalents at end of period $ 889 $ 472