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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Jul. 31, 2018
Cash flows from operating activities      
Net income $ 13,708 $ 55,042 $ 91,041
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 30,441 21,510 17,473
Amortization 32,961 20,849 17,357
Stock-based compensation expense 12,076 15,562 9,615
Deferred income taxes 15,351 (2,062) (7,520)
Amortization of right-of-use assets 10,942 0 0
Non-cash interest expense 5,372 594 417
Inventory step-up amortization 20,100 346 902
Fair value adjustments to contingent consideration (6,370) 113 6
Other non-cash items, net 3,839 (2,993) (249)
Changes in assets and liabilities, net of effects of acquisitions/dispositions:      
Accounts receivable 25,748 (23,048) (3,700)
Inventories 12,363 (28,711) (3,785)
Prepaid expenses and other assets 6,481 (2,364) (5,169)
Accounts payable and other liabilities (1,719) 13,325 10,614
Income taxes (32,769) (1,232) (1,090)
Operating lease payments (11,667) 0 0
Net cash provided by operating activities 136,857 66,931 125,912
Cash flows from investing activities      
Capital expenditures (33,796) (95,438) (37,698)
Proceeds from sale of business, net of cash retained 2,287 3,053 0
Acquisition of businesses, net of cash acquired (721,350) (40,644) (87,488)
Net cash used in investing activities (752,859) (133,029) (125,186)
Cash flows from financing activities      
Proceeds from issuance of long-term debt 400,000 0 200,000
Repayments of long-term debt (43,625) (15,207) 0
Borrowings under revolving credit facility 388,900 50,000 82,300
Repayments under revolving credit facility (32,900) (7,000) (208,300)
Proceeds from issuance of convertible debt 168,000 0 0
Dividends paid (4,471) (8,350) (7,091)
Debt issuance costs (17,081) 0 (2,698)
Finance lease payments (399) 0 0
Contingent consideration payments (1,691) 0 0
Purchases of treasury stock (4,063) (4,741) (7,074)
Net cash provided by financing activities 852,670 14,702 57,137
Effect of exchange rate changes on cash and cash equivalents (3,332) 1,834 (350)
Increase (decrease) in cash and cash equivalents 233,336 (49,562) 57,513
Cash and cash equivalents at beginning of period 44,535 94,097 36,584
Cash and cash equivalents at end of period 277,871 44,535 94,097
Supplemental disclosures of cash flow information:      
Cash interest payments 32,415 9,296 5,156
Cash income tax payments 10,244 19,024 35,251
Accruals related to purchases of property and equipment $ 2,411 $ 3,311 $ 2,281