Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net income $ 29,632 $ 30,543
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization expense 45,593 43,371
Deferred income taxes (5,195) (6,884)
Amortization of deferred financing costs 2,432 2,649
Loss on contingent earnout 2,763  
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (68,211) (65,763)
Inventories (5,554) 15,529
Income tax receivable 11,457 6,528
Prepaid expenses and other current assets 3,104 (2,490)
Other assets 346 592
Accounts payable, 12,971 (1,613)
Deferred revenue 831 831
Accrued expenses and other current liabilities 2,448 7,831
Other liabilities (200) 576
Net cash provided by operating activities 32,417 31,700
Cash flows from investing activities:    
Purchase of property and equipment (5,149) (5,695)
Purchase of businesses, net of cash acquired (7,464) (1,970)
Net cash used in investing activities (12,613) (7,665)
Cash flows from financing activities:    
Proceeds from revolving credit facility 19,500 72,100
Repayments of revolving credit facility (19,500) (93,700)
Repayment of long-term debt (4,211) (4,208)
Net cash used in financing activities (4,211) (25,808)
Effect of foreign currency on cash and cash equivalents 1,510 (3,381)
Net change in cash and cash equivalents 17,103 (5,154)
Cash and cash equivalents at the beginning of year 22,478 9,822
Cash and cash equivalents at the end of year 39,581 4,668
Supplemental disclosures of cash flow information:    
Cash paid for interest 21,502 37,877
Cash paid for income taxes $ 7,092 $ 4,885