XML 56 R5.htm IDEA: XBRL DOCUMENT v3.2.0.727
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net income $ 5,785 $ 3,365
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 10,875 2,545
Change in fair value of contingent consideration 5,169 321
Share-based compensation expense 1,232 1,135
Excess tax benefits related to share-based awards (4,983)  
Net provision for doubtful accounts 5,359 997
Amortization of debt issuance costs 371 182
Deferred tax expense 1,450 2,105
Contingent consideration payment (300)  
Impairment of capitalized software for internal use 150  
Loss (gain) on sale or disposal of property and equipment 60 (7)
Change in fair value of redeemable common shares   (957)
Equity loss of non-consolidated entity   710
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable (48,230) (27,154)
Inventories (34,545) (9,217)
Accounts payable 12,221 48,258
Other assets and liabilities 4,831 (1,456)
Net cash (used in) provided by operating activities (40,555) 20,827
Cash flows from investing activities:    
Payments to acquire business, net of cash acquired (299,977) (51,302)
Expenditures for capitalized software for internal use (6,118) (3,893)
Expenditures for property and equipment (1,009) (426)
Net proceeds from sales of property and equipment 8 17
Loan to non-consolidated entity   (500)
Net repayment of related parties' notes receivable   150
Net cash used in investing activities (307,096) (55,954)
Cash flows from financing activities:    
Net proceeds from line of credit 70,994 17,254
Proceeds from long-term debt 120,000  
Payments on long-term debt   (4,701)
Proceeds from follow-on public offering, net of transaction costs 187,271  
Proceeds from sale of preferred stock, net of transaction costs   101,815
Payments made to repurchase common stock   (53,400)
Payments made to repurchase stock options (36,298) (9,400)
Proceeds from issuance of stock upon stock option exercises 5,880  
Excess tax benefits related to share-based awards 4,983  
Payment of debt issuance costs (5,131)  
Contingent consideration payment (700)  
Net cash provided by financing activities 346,999 51,568
(Decrease) increase in cash and equivalents (652) 16,441
Cash and equivalents at beginning of period 17,957 9,109
Cash and equivalents at end of period 17,305 25,550
Supplemental disclosures of cash flow information:    
Issuance of common stock as partial consideration for business acquisitions 135,275 12,000
Cash paid for interest 1,217 $ 713
Cash paid for income taxes $ 216