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v3.19.2

Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2019 | Jun. 30, 2018
Cash flows from operating activities: |  |
Net income | $ 16,501 | $ 15,803
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 13,637 | 12,723
Deferred taxes | (312) | (888)
Stock-based compensation | 1,982 | 1,676
Changes in operating assets and liabilities, net of impact of acquisitions: |  |
Receivables, net | (6,599) | 1,131
Unbilled receivables, net | (4,706) | 9,604
Inventories, net | (23,942) | (34,352)
Other current assets and noncurrent assets | (3,914) | 4,227
Accounts payable and deferred compensation | 14,149 | (6,164)
Accrued expenses and other current and noncurrent liabilities | (2,744) | (6,568)
Long-term lease obligations | 0 | (816)
Net cash provided by (used in) operating activities | 4,052 | (3,624)
Cash flows from investing activities: |  |
Purchases of property and equipment | (6,303) | (1,880)
Proceeds from the sale of property and equipment | 4 | 46
Cash paid for acquisitions, net of cash acquired | (112,660) | 0
Net cash used in investing activities | (118,959) | (1,834)
Cash flows from financing activities: |  |
Borrowings on loan agreement | 300,726 | 359,554
Repayments on loan agreement | (182,516) | (349,534)
Payment of debt financing costs | 0 | (1,692)
Payments on capital lease obligations | 0 | (707)
Payments of taxes for equity transactions | (955) | (641)
Dividends paid | (1,750) | (1,522)
Net cash provided by financing activities | 115,505 | 5,458
Net increase in cash and cash equivalents | 598 | 0
Cash and cash equivalents at beginning of period | 162 | 624
Cash and cash equivalents at end of period | $ 760 | $ 624

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