Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Net Cash Provided by (Used in) Operating Activities:      
Net income $ 134,752 $ 158,133 $ 72,606
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 39,419 16,453 12,011
Share-based compensation 11,317 9,889 7,669
Loss on extinguishment of debt   1,086  
Loss on sale or abandonment of property and equipment 1,204 998 2,737
Amortization of debt issuance costs 1,201 401 343
Change in fair value of contingent consideration (330) 149  
Provision for bad debt expense 3,240 3,231 3,292
Loss from inventory obsolescence 2,187 1,979 1,343
Deferred income taxes, net 12,936 (59,535) 13,540
Change in certain assets and liabilities      
Receivables, net (35,522) (37,943) (19,953)
Inventories, net (23,297) (14,901) 1,370
Prepaid expenses and other current assets (8,360) 8,184 (10,102)
Accounts payable 29,687 17,936 (11,698)
Accrued liabilities (660) 7,160 3,633
Other, net (602) (28) (6)
Net cash provided by operating activities 167,172 113,192 76,785
Cash Flows Provided by (Used in) Investing Activities:      
Purchases of property and equipment (52,504) (25,308) (14,156)
Acquisition of businesses, net of cash acquired of $15,756 in 2018 (500,202) (84,090) (3,476)
Proceeds from sale of property and equipment 849 603 718
Other, net 38 199 113
Net cash used in investing activities (551,819) (108,596) (16,801)
Cash Flows Provided by (Used in) Financing Activities:      
Net transfer from Former Parent     664
Proceeds from issuance of long-term debt 526,604 250,000  
Repayments of long-term debt (18,399) (186,250) (15,000)
Payment of debt issuance costs (7,819) (2,150)  
Proceeds from revolving credit facility 90,000 225,000  
Repayment of revolving credit facility (90,000) (225,000)  
Taxes withheld and paid on employees’ equity awards (5,465) (4,764) (1,825)
Repurchase of shares of common stock (65,025) (139,286) (22,296)
Payment of contingent consideration (841)    
Net cash provided by (used in) financing activities 429,055 (82,450) (38,457)
Cash and Cash Equivalents      
Increase (decrease) for the period 44,408 (77,854) 21,527
Beginning of year 56,521 134,375 112,848
End of period 100,929 56,521 134,375
Supplemental disclosure of cash paid for:      
Interest on long-term debt 23,733 6,423 4,130
Income taxes 39,010 22,580 39,508
Supplemental disclosure of noncash investing activities:      
Accruals for property and equipment $ 860 $ 1,123 $ 387