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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Consolidated net income $ 40,773 [1] $ 51,095 [2] $ 62,307 [3]
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Depreciation and amortization 38,280 37,052 30,758
Provision for inventory excess and obsolescence 3,188 1,898 1,421
Share-based compensation 9,340 7,714 5,493
Deferred income taxes (4,332) (6,076) (2,560)
Earnings from equity-method investment     (104)
Gain on acquisition of business     (26,409)
Loss on disposal of fixed assets 756 106 36
Contingent consideration adjustments 100   425
Inventory acquisition fair value adjustment 1,270   4,754
Non-cash interest expense 1,055 955 825
Other non-cash items 259 (165) 283
Changes in assets and liabilities which provided/(used) cash, excluding effects from businesses acquisitions:      
Accounts receivable (3,600) (1,156) (2,077)
Inventories (7,397) (15,603) (13,587)
Prepaid expenses and other current assets (1,526) 1,350 (2,169)
Prepaid income taxes, income taxes receivable and income taxes payable (4,966) (1,485) (2,900)
Accounts payable, accrued expenses and other current liabilities (14,800) 14,888 9,611
Other non-current assets and liabilities 4,848 (926) (2,729)
Cash provided by operating activities 63,248 89,647 63,378
Cash flows from investing activities:      
Purchases of property, plant and equipment (10,743) (14,658) (9,094)
Acquisition of businesses, net of cash acquired and working capital adjustments (53,143) (29,600) (168,332)
Acquisition of assets   (1,599)  
Proceeds from sale of property, plant and equipment 42 267 46
Cash used in investing activities (63,844) (45,590) (177,380)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 66,792 55,253 176,769
Repayments under term loan and revolving credit facilities (50,694) (74,648) (26,925)
Payments of debt issuance costs (2,655)   (655)
Payments of withholding taxes from share-based awards (6,935) (3,556) (2,090)
Payments of contingent considerations     (2,546)
Repurchases of common shares (10,000) (5,850) (370)
Acquisition of noncontrollling interest   (30,800)  
Other financing activities (443) (563) (853)
Cash provided by (used in) financing activities (3,935) (60,164) 143,330
Effect of exchange rates on cash and cash equivalents 1,432 (1,907) 2,621
Increase (decrease) in cash and cash equivalents (3,099) (18,014) 31,949
Cash and cash equivalents, beginning of year 82,043 100,057 68,108
Cash and cash equivalents, end of year 78,944 82,043 100,057
Supplemental disclosure of cash flow information:      
Cash paid for interest 8,389 8,924 5,832
Cash paid for income taxes 14,260 20,323 21,121
Income tax refunds received 767 3,011 337
Supplemental disclosure of non-cash investing activity:      
Accrual for capital expenditures $ 638 $ 1,187 $ 1,601
[1] For the year ended December 31, 2019, 46 non-GAAP EPS performance-based restricted stock units granted to certain members of the executive management team and 213 shares of restricted stock issued to Laser Quantum former non-controlling interest shareholders are considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2019.
[2] For the year ended December 31, 2018, 54 non-GAAP EPS performance-based restricted stock units granted to certain members of the executive management team and 213 shares of restricted stock issued to Laser Quantum former non-controlling interest shareholders were considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2018.
[3] For the year ended December 31, 2017, 59 non-GAAP EPS performance-based restricted stock units granted to certain members of the executive management team were excluded from the calculation of the denominator as the contingent conditions had not been met as of December 31, 2017.