Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Net Cash Provided by (Used in) Operating Activities:      
Net income $ 158,133 $ 72,606 $ 78,971
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,453 12,011 12,108
Share-based compensation 9,889 7,669 4,651
Loss on extinguishment of debt 1,086    
Loss on sale or abandonment of property and equipment 998 2,737 2,334
Amortization of debt issuance costs 401 343 171
Amortization of contingent consideration 149    
Provision for bad debt expense 3,231 3,292 4,219
Loss from inventory obsolescence 1,979 1,343 1,879
Non-cash employee benefit policy change     (9,861)
Deferred income taxes, net (59,535) 13,540 (16,556)
Changes in certain assets and liabilities:      
Receivables, net (37,943) (19,953) (19,591)
Inventories, net (14,901) 1,370 (13,608)
Prepaid expenses and other current assets 8,184 (10,102) (9,054)
Accounts payable 17,936 (11,698) 24,008
Accrued liabilities 7,160 3,633 (3,746)
Other, net (28) (6) 86
Net cash provided by operating activities 113,192 76,785 56,011
Cash Flows Provided by (Used in) Investing Activities:      
Purchases of property and equipment (25,308) (14,156) (13,644)
Acquisition of businesses (84,090) (3,476)  
Proceeds from sale of property and equipment 603 718 805
Other, net 199 113 632
Net cash used in investing activities (108,596) (16,801) (12,207)
Cash Flows Provided by (Used in) Financing Activities:      
Net transfer from Former Parent   664 72,965
Cash distribution paid to Former Parent     (200,000)
Proceeds from issuance of long-term debt 250,000   200,000
Repayment of long-term debt (186,250) (15,000) (5,000)
Payment of debt issuance costs (2,150)   (1,715)
Proceeds from revolving credit facility 225,000    
Repayments of revolving credit facility (225,000)    
Taxes withheld and paid on employees' equity awards (4,764) (1,825) (171)
Repurchase of shares of common stock (139,286) (22,296)  
Net cash (used in) provided by financing activities (82,450) (38,457) 66,079
CASH AND CASH EQUIVALENTS      
(Decrease) increase for the period (77,854) 21,527 109,883
Cash and cash equivalents at beginning of year 134,375 112,848 2,965
Cash and cash equivalents at end of year 56,521 134,375 112,848
Supplemental disclosure of cash paid for:      
Cash interest on long-term debt 6,423 4,130 2,233
Income taxes 22,580 39,508 20,992
Supplemental disclosure of noncash investing activities:      
Accruals for property and equipment $ 1,123 $ 387 $ 583