| Jan'20 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | ||||||||
Net income | ||||||||
94,470 | 85,367 | 43,183 | 35,675 | 24,954 | 27,686 | 24,102 | 14,210 | 13,538 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
17,736 | 14,729 | 10,280 | 9,025 | 13,315 | 9,730 | 7,759 | 7,204 | 6,598 |
Cost of goods on acquired inventory step up | ||||||||
- | - | - | 212 | 812 | 953 | 0 | - | - |
Provision for doubtful accounts | ||||||||
- | - | - | - | - | -18 | -74 | 68 | 46 |
Stock-based compensation | ||||||||
6,864 | 7,322 | 8,727 | 6,223 | 4,907 | 4,044 | 2,500 | 2,148 | 1,030 |
Excess tax benefit from exercise of stock options | ||||||||
- | - | - | - | 539 | 2,680 | 0 | 5,755 | - |
Deferred taxes and uncertain tax positions | ||||||||
-10,615 | -19,286 | -1,160 | -3,016 | -4,364 | -5,399 | -3,236 | -3,184 | -2,430 |
Amortization of loan fees | ||||||||
- | - | - | - | - | 182 | 323 | 387 | 207 |
Tax benefit from equity issuance costs | ||||||||
- | - | - | - | - | 958 | 0 | 0 | - |
Loss (gain) on disposal of property and equipment | ||||||||
- | - | - | - | - | 27 | 7 | -253 | -63 |
Write-off of unamortized loan origination costs from related party debt | ||||||||
- | - | - | - | - | - | 1,405 | 0 | - |
Gain on bargain purchase, net of deferred taxes | ||||||||
- | - | - | - | 315 | 0 | 0 | - | - |
City of Watsonville loan credit | ||||||||
- | - | - | - | - | - | - | 4 | 32 |
Change in fair value of contingent consideration | ||||||||
0 | 0 | -150 | -229 | -748 | 2,217 | 0 | 0 | - |
Loss on extinguishment of debt | ||||||||
-516 | - | - | - | - | - | - | - | - |
Changes in operating assets and liabilities, net of effects of acquisition of business: | ||||||||
Accounts receivable | ||||||||
12,061 | 19,034 | -3,554 | 17,862 | 5,435 | 635 | 8,510 | 7,029 | 1,153 |
Inventory | ||||||||
17,009 | 22,998 | 8,074 | 2,991 | 11,128 | 2,157 | 7,447 | 4,723 | 1,476 |
Income taxes | ||||||||
3,586 | -281 | -6,421 | -1,467 | 2,389 | -2,563 | -2,965 | -7,846 | -2,744 |
Prepaids and other assets | ||||||||
-1,709 | 377 | 6,378 | 2,089 | 1,909 | 2,988 | 405 | 474 | 762 |
Accounts payable | ||||||||
-869 | 15,193 | 2,243 | 9,610 | 2,138 | 1,406 | 3,614 | 2,981 | 636 |
Accrued expenses and other liabilities | ||||||||
-2,325 | 4,195 | -10,474 | 2,820 | 10,723 | -764 | -169 | 2,758 | 2,060 |
Deferred rent | ||||||||
- | - | - | - | - | -250 | -201 | 681 | -31 |
Net cash (used in) provided by operating activities | ||||||||
74,830 | 65,392 | 48,172 | 38,845 | 30,022 | 32,905 | 22,619 | 17,367 | 21,038 |
INVESTING ACTIVITIES: | ||||||||
Purchases of property and equipment | ||||||||
53,526 | 30,203 | 16,864 | 12,024 | 10,894 | 4,625 | 3,932 | 4,928 | 3,067 |
Acquisition of businesses, net of cash acquired | ||||||||
6,804 | 0 | 53,592 | 198 | 2,414 | 70,938 | 1,117 | 0 | - |
Purchase of intangible assets | ||||||||
- | - | - | - | - | - | - | 835 | - |
Acquisition of other assets | ||||||||
- | - | - | - | - | 1,401 | 0 | 0 | - |
Proceeds from sale of property and equipment | ||||||||
- | - | - | - | 145 | 135 | 7 | 2 | 11 |
Net cash used in investing activities | ||||||||
-60,330 | -30,203 | -70,456 | -12,222 | -13,163 | -76,829 | -5,042 | -5,761 | -3,056 |
FINANCING ACTIVITIES: | ||||||||
Proceeds (repurchases) from stock compensation, net | ||||||||
- | - | - | - | - | - | - | 7,204 | - |
Excess tax benefit from exercise of stock options | ||||||||
- | - | - | - | 539 | 2,680 | 0 | 5,755 | - |
Repurchase of common stock | ||||||||
- | - | - | 7,947 | 5,236 | 571 | 0 | 29 | - |
Proceeds from line of credit | ||||||||
67,500 | 25,000 | 42,120 | 29,500 | 37,000 | 18,600 | 27,721 | 0 | - |
Payments on line of credit | ||||||||
57,053 | 60,585 | 7,000 | 12,500 | 35,500 | 26,600 | 20,500 | 0 | - |
Proceeds from issuance of debt, net of origination fees of $6,622 | ||||||||
- | - | - | 9,222 | 0 | 79,556 | 0 | 0 | - |
Payment of contingent consideration liability | ||||||||
0 | 0 | 5,382 | 6,889 | 7,854 | 0 | 0 | - | - |
Proceeds from related party line of credit | ||||||||
- | - | - | - | - | - | 31,858 | 32,385 | 20,798 |
Payments on related party line of credit | ||||||||
- | - | - | - | - | - | 32,608 | 33,085 | 28,480 |
Repayment of debt | ||||||||
2,813 | 3,750 | 3,750 | 8,522 | 2,838 | 30,000 | 0 | 0 | - |
Repurchases from stock compensation program, net | ||||||||
6,775 | 4,096 | 3,981 | 1,034 | 163 | 2,108 | 0 | - | - |
Proceeds from issuance of related party debt | ||||||||
- | - | - | - | - | - | - | 58,404 | - |
Repayment of related party debt | ||||||||
- | - | - | - | - | - | 58,500 | 15,339 | 10,688 |
Proceeds from initial public offering, net of underwriter fees | ||||||||
- | - | - | - | - | - | 39,857 | 0 | - |
Payments for deferred offering costs of initial public offering | ||||||||
- | - | - | - | - | - | 3,735 | 0 | - |
Tax benefit from equity issuance costs | ||||||||
- | - | - | - | - | 958 | 0 | 0 | - |
Dividends paid | ||||||||
- | - | - | - | - | - | - | 67,000 | - |
Net cash provided by financing activities | ||||||||
859 | -43,431 | 22,007 | 1,830 | -14,052 | 46,731 | -15,907 | -11,705 | -18,370 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ||||||||
419 | 253 | 944 | -117 | -75 | -278 | -2 | 0 | - |
CHANGE IN CASH AND CASH EQUIVALENTS | ||||||||
15,778 | -7,989 | 667 | 28,336 | 2,732 | 2,529 | 1,668 | -99 | -388 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Cash paid during the period for: | ||||||||
Income taxes | ||||||||
28,293 | 24,610 | 15,951 | 8,880 | 15,928 | 9,338 | 10,778 | 3,510 | 6,738 |
Cash paid for interest, net of capitalized interest | ||||||||
2,762 | 2,756 | 2,012 | 1,786 | 1,338 | 809 | 2,565 | 2,787 | 1,809 |
Non-cash investing and financing activities: | ||||||||
Acquisition of business in exchange for equity | ||||||||
7,167 | - | - | - | - | - | - | - | - |
Refinancing of the Second Amended and Restated Credit Facility | ||||||||
88,875 | 0 | - | 18,500 | 0 | 0 | - | - | - |
Capital expenditures included in accounts payable | ||||||||
1,718 | 1,557 | 1,639 | - | - | - | - | - | - |
Non-controlling interests in acquired business | ||||||||
0 | 0 | 12,900 | 0 | 0 | - | - | - | - |
Deferred offering costs recorded in accounts payable | ||||||||
- | - | - | - | - | - | 1,401 | 0 | - |
Tuscany | ||||||||
Debt assumed in acquisition of Tuscany | ||||||||
0 | 0 | 465 | 0 | - | - | - | - | - |