Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Operating activities |
|
|
| Net income |
$ 31,339
|
$ 22,270
|
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
| Depreciation |
6,299
|
5,557
|
| Amortization |
470
|
365
|
| Share-based compensation |
3,321
|
3,003
|
| Equity earnings in unconsolidated investments, net |
(46)
|
(38)
|
| Other |
681
|
1,847
|
| Changes in operating assets and liabilities, net of effects of acquisitions: |
|
|
| Receivables |
(117,377)
|
(123,515)
|
| Product inventories |
(168,518)
|
(161,668)
|
| Prepaid expenses and other assets |
(3,843)
|
(2,617)
|
| Accounts payable |
222,285
|
234,581
|
| Accrued expenses and other current liabilities |
(18,760)
|
(12,209)
|
| Net cash used in operating activities |
(44,149)
|
(32,424)
|
| Investing activities |
|
|
| Acquisition of businesses, net of cash acquired |
(578)
|
0
|
| Purchase of property and equipment, net of sale proceeds |
(14,639)
|
(19,121)
|
| Other investments, net |
0
|
2
|
| Net cash used in investing activities |
(15,217)
|
(19,119)
|
| Financing activities |
|
|
| Proceeds from revolving line of credit |
148,335
|
213,189
|
| Payments on revolving line of credit |
(170,012)
|
(206,319)
|
| Proceeds from asset-backed financing |
80,000
|
55,000
|
| Payments on asset-backed financing |
(20,000)
|
(18,500)
|
| Proceeds from short-term borrowings and current portion of long-term debt |
10,798
|
11,441
|
| Payments on short-term borrowings and current portion of long-term debt |
(848)
|
(2,771)
|
| Payments of deferred and contingent acquisition consideration |
(265)
|
(199)
|
| Payments of deferred financing costs |
(8)
|
0
|
| Proceeds from stock issued under share-based compensation plans |
7,808
|
6,149
|
| Payments of cash dividends |
(15,011)
|
(12,799)
|
| Purchases of treasury stock |
(2,592)
|
(2,725)
|
| Net cash provided by financing activities |
38,205
|
42,466
|
| Effect of exchange rate changes on cash and cash equivalents |
24
|
530
|
| Change in cash and cash equivalents |
(21,137)
|
(8,547)
|
| Cash and cash equivalents at beginning of period |
29,940
|
21,956
|
| Cash and cash equivalents at end of period |
$ 8,803
|
$ 13,409
|