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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities    
Net income $ 17,337 $ 7,305
Adjustments to reconcile net income to net cash provided by (used for) operating activities    
Depreciation and amortization 5,321 5,261
Non-cash stock-based compensation expense 1,727 1,153
Gain on disposal of fixed assets (467) 0
Other 521 (1,280)
Cash flows provided by (used for) working capital    
Accounts receivable (31,894) (10,901)
Inventories (5,980) (3,861)
Prepaid expenses and other current assets 614 (4,854)
Accounts payable and accrued expenses 20,113 13,765
Net cash provided by (used for) operating activities 7,292 6,588
Cash Flows From Investing Activities    
Capital expenditures (5,060) (5,238)
Acquisition of business 0 (1,223)
Proceeds from sale of property, plant and equipment 1,076 0
Net cash provided by (used for) investing activities (3,984) (6,461)
Cash Flows From Financing Activities    
Net borrowings from revolving credit facility 1,500 33,000
Repayments of long-term debt (40,000)
Payments on finance lease (124) (40)
Cash dividends paid (4,939) (4,906)
Proceeds from issuance of common stock 471 1,900
Shares withheld for employee taxes on equity awards (344) (663)
Deferred financing fees 0 (1,095)
Net cash provided by (used for) financing activities (3,436) (11,804)
Foreign exchange rate effect on cash 49 42
Net (decrease) increase in cash (79) (11,635)
Cash at January 1 17,655 28,301
Cash at March 31 $ 17,576 $ 16,666