any material change in methods of accounting, (vi) enter into any sale and leaseback arrangement, (vii) amend, modify, restate, cancel or terminate our organizational documents, (viii) sell, transfer or convey any mortgaged property or (ix) incur funded outside debt.
An event of default under the 2021 Consolidated Loan includes, among other events, (i) failure to pay principal or interest when due, (ii) breaches of certain covenants, (iii) any failure to meet the required financial covenants and (iv) an institution of a bankruptcy, reorganization, liquidation or receivership.
Cash Flow Analysis Our cash flows from operating activities have historically been significantly impacted by profitability, implementation revenue received but deferred, and our investment in sales and marketing to drive growth.
Our ability to meet future liquidity needs will be driven by our operating performance and the extent of continued investment in our operations.
Failure to generate sufficient revenue and related cash flows or to raise additional capital could have a material adverse effect on our ability to meet our liquidity needs and achieve our business objectives.
As part of our payroll and payroll tax filing services, we collect funds for federal, state and local employment taxes from our clients which we remit to the appropriate tax agencies.
We invest these funds in short-term certificates of deposit and money market funds from which we earn interest income during the period between their receipt and disbursement.
As our business grows, we expect our capital expenditures and our investment activity to continue to increase.
Depending on certain growth opportunities, we may choose to accelerate investments in sales and marketing, acquisitions, technology and services.
Actual future capital requirements will depend on many factors, including our future revenues, cash from operating activities and the level of expenditures in all areas of our business.
Year ended December 31, 2014 compared to the year ended December 31, 2013 and the year ended December 31, 2013 compared to the year ended December 31, 2012 The following table summarizes the consolidated statement of cash flows for the years ended December 31, 2014, 2013 and 2012:
## Table 0 ##
Operating Activities For the year ended December 31, 2014, net cash provided by operating activities was $22.3 million.
The net cash provided by operating activities resulted primarily from net income of $5.7 million, an adjustment for depreciation and amortization of $7.2 million, an increase in deferred revenue of $6.8 million related to increased implementation fees, and the write off of the debt discount costs of $4.1 million.
For the year ended December 31, 2013, net cash provided by operating activities was $17.0 million.
The net cash provided by operating activities resulted primarily from net income of $0.6 million, an adjustment for depreciation and amortization of $5.5 million, an increase in deferred revenue of $4.2 million related to increased implementation fees, an increase in accounts payable of $2.7 million and an increase in accrued expenses and other liabilities of $2.4 million.
Investing Activities For the year ended December 31, 2014, net cash used in investing activities was $219.1 million.
The net cash used in investing activities resulted primarily from an increase in funds held for clients of $204.8 million related to collection of client taxes and capital expenditures related to investments in real property, software and development and facilities and equipment of $14.3 million.
For the year ended December 31, 2013, net cash used in investing activities was $148.4 million.
The net cash used in investing activities resulted primarily from an increase in funds held for clients of $131.5 million related to collection of client taxes and capital expenditures related to investments in real property, software and development and facilities and equipment of $17.2 million.
Financing Activities For the year ended December 31, 2014, cash flows provided by financing activities was $208.5 million.
The cash flows provided by financing activities resulted primarily from an increase in client funds obligations of $204.8 million related to the collection of client taxes, gross proceeds from our initial public offering of $62.8 million and proceeds from the issuance of debt of $6.5 million, which were partially offset by payments on longterm debt of $65.7 million.
For the year ended December 31, 2013, cash flows provided by financing activities was $131.4 million.
The cash flows provided by financing activities resulted primarily from an increase in client funds obligations of $131.5 million related to the collection of client taxes and advances received from long-term debt of $7.0 million, which were partially offset by distributions paid to members of $5.4 million.
Contractual Obligations Our principal commitments primarily consist of long-term debt and leases for office space.
We disclose our long-term debt to a related party in Note 5 and our commitments and contingencies in Note 11 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.  As of December 31, 2014, the future non-cancelable minimum payments under these commitments were as follows (dollars in thousands):
## Table 1 ##
(1) The amount represents principal of the 2021 Consolidated Loan due at maturity.
We may continue to lease additional office space to support our growth.
In addition, many of our existing lease agreements provide us with the option to renew.
Our future operating lease obligations include payments due during any renewal period provided for in the lease where the lease imposes a penalty for failure to renew.
The contractual commitment amounts in the table above are associated with agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed minimum or variable price provisions, and the approximate timing of the transaction.
Obligations under contracts that we can cancel without a significant penalty are not included in the table above.
## Table 2 ##
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure None.
Item 9A.
Controls and Procedures Evaluation of Controls and Procedures The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, refers to controls and procedures that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that such information is accumulated and communicated to a company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2014, the end of the period covered by this Annual Report on Form 10-K.  Based upon such evaluation, our chief executive officer and chief financial officer have concluded that our disclosure controls and procedures were effective as of such date.
Management’s Report on Internal Control Over Financial Reporting and Attestation Report of the Registered Public Accounting Firm This Annual Report on Form 10-K does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of our registered public accounting firm due to a transition period established by rules of the SEC for newly public companies and our status as an “emerging growth company” under the JOBS Act.
Changes in Internal Control Over Financial Reporting There have been no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2014 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B.
Other Information None
The unaudited pro foma results for 2003 include $90.4million of expense related to Centerpulse hip and knee litigation,$54.4 million of cash income tax benefits as a result of Centerpulse electing to carry back its 2002 U. S.  federal net operating loss for 5 years versus 10 years, which resulted in more losses being carried forward to future years and less tax credits going unutilized due to the shorter cary back period and an $8.0 million gain on sale of Orquest inc. , an investment previously held by Centerpulse.
The unaudited pro forma results are not necessarily indicative either of the results of operations that actually would have resulted had the Exchange Offers been in effect at the beginning of the respective years or of future results.
TransFx On Jtune 25,2003, the Company acquired the Trans Fix Extemal Fixation System product line from Immedica, Inc.  for approximately $14.8 milion cash, which has been allocated primarily to goodwill and technology based intangible assets.
The Company has sold the TransFx product line since early 2001 under a distribution agreement with Immedica.
Implex Corp.  On March 2,2004, the Company entered into an Amended and Restated Merger Agreement relating to the acquisition of implex Corp. (C"Implex'"),a privately held orthopaedics company based in New Jersey, for cash.
Each share of Implex stock will be converted into the right to receive cash having an aggregate value of approximately $108.0 million at closing and additional cash earn-out payments that are contingent on the growth of Implex product sales through 2006.
The net value transferred at closing will be approximately $89 million, which includes adjustments for debt repayment, certain payments previously made by Zimmer to Implex pursuant to their existing aliance arrangement, escrow and other items.
The acquisition will be accounted for under the purchase method of accounting.4.
CHANGE IN ACCOUNTING PRINCIPLE Instruments are hand held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures.
Effective January 1,2003, instruments are recognized as long-lived assets and are induded in property, plant and equipment.
Undeployed instruments are carried at cost, net of allowances for obsolescence.
Instruments in the field are carried at cost less accumulated depreciation.
Depreciation is computed using the straight-line method based on average estimated useful lives, determined principally in reference to associated product life cycles, primarily five years.
In accordance with SFAS No.144, the Company reviews instruments for impairment whenever events or changes in circumstances indi cate that the carrying value of an asset may not be recoverable.
An impairment loss would be recognized when estimated future cash flows relating to the asset are less than its carrying amount.
Depreciation of instruments is recognized as selling, general and administrative expense, consistent with the classification of instrument cost in periods prior to January 1,2003.
Prior to January 1,2003, undeployed instruments were carried as a prepaid expense at cost, net of allowances for obsolescence($54.8 million, net, at December 31,2002), and recognized in selling, general and administrative expense inthe year in which the instruments were placed into service.
The new method of accounting for instruments was adopted to recognize the cost of these important assets of the Company's business within the consolidated balance sheet and meaningfully allocate the cost of these assets over the periods benefited, typically five years.
The effect of the change during the year ended December 31,2003 was to increase eamings before cumulative effect of change in accounting principle by $26.8 million ($17.8 million net of tax), or $0.08 per diluted share.
The cumulative effect adjustment of $55.1 milion(net of income taxes of 834.0 million) to retroactively apply the new capitalization method as if applied in years prior to 2003 is included in earnings during the year ended December 31, 2003.
The pro foma amounts shown on the consolidated statement of earnings have been adjusted for the effect of the retroactive application on depreciation and related income taxes.5.
INVENTORIES Inventories at December 31,2003 and 2002, consist of the following(in millions): Reserves for obsolete and slow-moving inventory at December 31,2003 and 2002 were $47.4 million and $45.5 million, respectively.
Provisions charged to expense were $11.6 million,$6.0 million and $11.9 million for the years ended December 31,2003,2002 and 2001, respectively.
Amounts written off against the reserve were $11.7 million, $7.1 million and $8.5 million for the years ended December 31,2003,2002 and 2001, respectively.
Following the acquisition of Centerpulse, the Company established a common approach for estimating excess inventory and instruments.
This change in estimate resulted in a charge to eamings of $3.0 million after tax in the fourth quarter.
## Table 3 ##

<table><tr><td></td><td colspan="3">Year Ended December 31,</td><td colspan="2">% Change</td></tr><tr><td></td><td>2014</td><td>2013</td><td>2012</td><td>2014 v 2013</td><td>2013 v 2012</td></tr><tr><td></td><td colspan="3">(in thousands)</td><td colspan="2"></td></tr><tr><td>Net cash provided by (used in):</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$22,337</td><td>$16,984</td><td>$10,974</td><td>32%</td><td>55%</td></tr><tr><td>Investing activities</td><td>-219,050</td><td>-148,432</td><td>-76,983</td><td>-48</td><td>-93</td></tr><tr><td>Financing activities</td><td>208,495</td><td>131,375</td><td>72,192</td><td>59</td><td>82</td></tr><tr><td>Change in cash and cash equivalents</td><td>$11,782</td><td>$-73</td><td>$6,183</td><td>16,240%</td><td>-101%</td></tr></table>
<table><tr><td></td><td></td><td colspan="4"> Payments Due by Period</td></tr><tr><td></td><td> Total</td><td> Less  than  1 Year</td><td> 1-3  Years</td><td> 3-5  Years</td><td> More  than  5 Years</td></tr><tr><td>Long-term debt obligations-1</td><td>$26,978</td><td>$855</td><td>$1,835</td><td>$2,024</td><td>$22,264</td></tr><tr><td>Interest on the 2021 Consolidated Loan</td><td>7,510</td><td>1,279</td><td>2,434</td><td>2,245</td><td>1,552</td></tr><tr><td>Operating lease obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Facilities space</td><td>17,445</td><td>4,226</td><td>8,069</td><td>4,870</td><td>280</td></tr><tr><td>Total</td><td>$51,993</td><td>$6,360</td><td>$12,338</td><td>$9,139</td><td>$24,096</td></tr></table>
<table><tr><td></td><td colspan="4"> Quarter Ended</td></tr><tr><td></td><td>December 31, 2013</td><td>September 30, 2013</td><td>June 30, 2013</td><td>March 31, 2013</td></tr><tr><td>Revenues</td><td>$30,280</td><td>$25,830</td><td>$23,914</td><td>$27,577</td></tr><tr><td>Operating income (loss)</td><td>-1,099</td><td>1,839</td><td>3,193</td><td>5,539</td></tr><tr><td>Net income (loss)</td><td>-1,964</td><td>-424</td><td>360</td><td>2,635</td></tr><tr><td>Net income (loss) per share, basic</td><td>$-0.05</td><td>$-0.01</td><td>$0.01</td><td>$0.06</td></tr><tr><td>Net income (loss) per share, diluted</td><td>$-0.04</td><td>$-0.01</td><td>$0.01</td><td>$0.05</td></tr><tr><td>Unaudited pro forma net income (loss)</td><td>-1,251</td><td>-328</td><td>278</td><td>2,039</td></tr><tr><td>Unaudited pro forma net income (loss) per share, basic</td><td>$-0.03</td><td>$-0.01</td><td>$0.01</td><td>$0.05</td></tr><tr><td>Unaudited pro forma net income (loss) per share, diluted</td><td>$-0.02</td><td>$-0.01</td><td>$0.01</td><td>$0.04</td></tr><tr><td>Weighted average shares outstanding:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>46,017,666</td><td>45,707,802</td><td>45,621,868</td><td>44,857,788</td></tr><tr><td>Diluted</td><td>46,017,666</td><td>45,707,802</td><td>47,998,224</td><td>47,918,011</td></tr><tr><td>Unaudited pro forma weighted average shares outstanding:</td><td></td><td></td><td></td><td></td></tr><tr><td>Basic</td><td>46,017,666</td><td>45,707,802</td><td>45,621,868</td><td>44,857,788</td></tr><tr><td>Diluted</td><td>46,017,666</td><td>45,707,802</td><td>47,998,224</td><td>47,918,011</td></tr></table>
<table><tr><td></td><td>2003</td><td>2002</td></tr><tr><td>Finished goods</td><td>$384.3</td><td>$206.7</td></tr><tr><td>Raw materials and work in progress</td><td>90.8</td><td>50.9</td></tr><tr><td>Inventory step-up</td><td>52.6</td><td>–</td></tr><tr><td>Inventories, net</td><td>$527.7</td><td>$257.6</td></tr></table>

Question: what percent increase did inventories receive between 2002 and 2003?