Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2018 |
Jun. 30, 2017 |
| Operating activities |
|
|
| Net income (loss) |
$ 12,405
|
$ (3,117)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Deferred income taxes |
2,943
|
1,254
|
| Noncash stock compensation expense |
4,737
|
5,081
|
| Noncash interest expense |
4,211
|
3,974
|
| Change in contingent consideration due to seller |
100
|
365
|
| Change in contingent consideration due from seller |
0
|
(79)
|
| Gain on disposal of assets |
0
|
13
|
| Depreciation and amortization |
17,939
|
16,014
|
| Change in assets: |
|
|
| Accounts receivable |
(71,543)
|
(36,254)
|
| Income taxes receivable |
745
|
(3,036)
|
| Prepaid expenses and other assets |
(3,407)
|
593
|
| Change in liabilities: |
|
|
| Accounts payable |
63,517
|
41,187
|
| Accrued expenses and other liabilities |
3,409
|
(625)
|
| Payments of contingent consideration in excess of costs over estimated earnings |
(375)
|
(245)
|
| Net cash provided by operating activities |
34,680
|
25,125
|
| Investing activities |
|
|
| Purchases of property and equipment |
(13,231)
|
(9,549)
|
| Investments in business entities |
(1,000)
|
0
|
| Net cash used in investing activities |
(14,231)
|
(9,549)
|
| Financing activities |
|
|
| Receipt of contingent consideration due from seller |
0
|
500
|
| Payments of contingent consideration due to seller |
(550)
|
(450)
|
| Proceeds from exercise of stock options |
3,561
|
138
|
| Employee tax withholdings related to net share settlements of equity-based awards |
(2,318)
|
(1,530)
|
| Purchases of treasury stock |
0
|
(10,851)
|
| Proceeds from borrowing on ABL facility |
12,000
|
32,000
|
| Repayments of amounts borrowed on ABL facility |
(12,000)
|
(32,000)
|
| Net cash provided by (used in) financing activities |
693
|
(12,192)
|
| Increase in cash and cash equivalents |
21,141
|
3,385
|
| Cash and cash equivalents, beginning of period |
23,515
|
16,646
|
| Cash and cash equivalents, end of period |
44,656
|
20,031
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
3,282
|
3,314
|
| Cash paid during the period for income taxes |
144
|
259
|
| Cash received during the period for income taxes refunded |
$ 129
|
$ 0
|