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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Cash flows from operating activities    
Net income $ 18,800 $ 14,254
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 3,454 2,822
Amortization 3,909 3,094
Stock-based compensation expense 2,922 1,720
Amortization of debt issuance costs 100 100
Loss on disposal of fixed assets 224 100
Fair value adjustments to acquisition related liabilities 9 (592)
Deferred income taxes 1,917 1,322
Excess tax benefits from stock-based compensation   (1,489)
Changes in assets and liabilities, net of effects of business acquisitions:    
Accounts receivable 1,577 (236)
Inventories (1,824) (2,295)
Prepaid expenses and other current assets (2,801) (5,534)
Accounts payable and other current liabilities (5,290) (3,005)
Income taxes 1,911 4,854
Net cash provided by operating activities 24,908 15,115
Cash flows from investing activities    
Capital expenditures (8,143) (3,167)
Proceeds from disposal of fixed assets 21  
Acquisition of businesses, net of cash acquired (57,768) (79,810)
Other, net 255 (12)
Net cash used in investing activities (65,635) (82,989)
Cash flows from financing activities    
Borrowings under revolving credit facility 61,000 83,000
Repayments under revolving credit facility (16,000) (14,000)
Excess tax benefits from stock-based compensation   1,489
Purchases of treasury stock (6,216) (3,138)
Net cash provided by financing activities 38,784 67,351
Effect of exchange rate changes on cash and cash equivalents (289) (66)
Decrease in cash and cash equivalents (2,232) (589)
Cash and cash equivalents at beginning of period 28,367 31,720
Cash and cash equivalents at end of period $ 26,135 $ 31,131