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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Consolidated net income $ 50,331 [1] $ 44,521 [2] $ 40,773 [3]
Adjustments to reconcile consolidated net income to net cash provided by operating activities:      
Depreciation and amortization 43,394 38,293 38,280
Provision for inventory excess and obsolescence 3,627 4,002 3,188
Share-based compensation 25,606 23,119 9,340
Deferred income taxes (3,945) (4,113) (4,332)
Loss (gain) on disposal of fixed assets 65 120 756
Contingent consideration adjustments (99) (6,632) 100
Inventory acquisition fair value adjustments 1,411 188 1,270
Non-cash interest expense 1,170 1,045 1,055
Other non-cash items 74 157 259
Changes in assets and liabilities which provided/(used) cash, excluding effects from business acquisitions:      
Accounts receivable (25,355) 18,026 (3,600)
Inventories (19,078) 22,102 (7,397)
Prepaid expenses and other current assets (3,117) 4,456 (1,526)
Prepaid income taxes, income taxes receivable and income taxes payable (140) 6,015 (4,966)
Accounts payable, accrued expenses and other current liabilities 24,516 (14,484) (14,800)
Other non-current assets and liabilities (3,835) 3,424 4,848
Cash provided by operating activities 94,625 140,239 63,248
Cash flows from investing activities:      
Purchases of property, plant and equipment (19,976) (10,524) (10,743)
Acquisition of businesses, net of cash acquired and working capital adjustments (284,728)   (53,143)
Payment of contingent consideration related to acquisition of technology assets (2,200) (2,632)  
Proceeds from sale of property, plant and equipment 200   42
Cash used in investing activities (306,704) (13,156) (63,844)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 280,000   66,792
Repayments under term loan and revolving credit facilities (32,381) (35,391) (50,694)
Payments of debt issuance costs (890) (1,614) (2,655)
Payments of withholding taxes from share-based awards (30,830) (8,554) (6,935)
Payments of deferred and escrowed purchase price related to acquisitions   (31,021)  
Payments of contingent considerations related to acquisitions (1,836) (1,135)  
Repurchases of common shares   (5,500) (10,000)
Purchase of building under finance lease (8,743)    
Other financing activities (567) (1,142) (443)
Cash provided by (used in) financing activities 204,753 (84,357) (3,935)
Effect of exchange rates on cash and cash equivalents (335) 3,384 1,432
Increase (decrease) in cash and cash equivalents (7,661) 46,110 (3,099)
Cash and cash equivalents, beginning of year 125,054 78,944 82,043
Cash and cash equivalents, end of year 117,393 125,054 78,944
Supplemental disclosure of cash flow information:      
Cash paid for interest 6,207 5,529 8,389
Cash paid for income taxes 11,304 5,879 14,260
Income tax refunds received 1,557 4,833 767
Supplemental disclosure of non-cash investing activity:      
Accruals for capital expenditures $ 708 $ 166 $ 638
[1] For the year ended December 31, 2021, 45 shares of non-GAAP EPS performance-based restricted stock units and 37 shares of operating cash flow 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, 2021.
[2] For the year ended December 31, 2020, 45 shares of 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, 2020.
[3] For the year ended December 31, 2019, 46 shares of 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, 2019.