XML 24 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities      
Net income $ 73,486 $ 44,315 $ 40,045
Adjustments to reconcile net income to cash provided by operating activities:      
Provision for doubtful accounts 71 187 482
Depreciation - PP&E 12,884 11,616 11,267
Depreciation - Rental 6,725 5,531 6,429
Amortization of intangibles 3,505 3,317 3,104
Amortization of debt issuance 221 203 213
Stock-based compensation expense 2,450 1,869 1,414
Provision for deferred income tax expense 2,052 1,328 2,620
Gain on sale of property, plant and equipment (361) (341) (345)
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (27,029) (23,134) 3,876
Inventories (25,991) 142 12,340
Rental equipment (22,424) (3,054) 315
Prepaid expenses and other (583) 2,845 (5,634)
Trade accounts payable and accrued liabilities 4,130 11,688 (5,382)
Income taxes payable (10,332) 2,357 2,908
Long term tax payable (6,196) 12,478 0
Other assets and liabilities, net 302 (543) 2,132
Net cash provided by operating activities 12,910 70,804 75,784
Investing Activities      
Acquisitions, net of cash acquired 0 (38,553) (188)
Purchase of property, plant and equipment (26,587) (13,490) (9,711)
Proceeds from sale of property, plant and equipment 1,341 767 1,293
Purchase of patents (112) 0 (50)
Net cash used in investing activities (25,358) (51,276) (8,656)
Financing Activities      
Borrowings on bank revolving credit facility 159,000 143,000 79,000
Repayment on bank revolving credit facility (134,000) (153,000) (153,000)
Principal payments on long-term debt and capital leases 216 (17) (38)
Proceeds from issuance of long-term debt 0 0 48
Debt issuance cost 0 0 (593)
Dividends paid (5,124) (4,614) (4,114)
Proceeds from exercise of stock options 2,552 2,397 1,369
Common stock repurchased (436) (166) (19)
Net cash used in financing activities 22,208 (12,400) (77,347)
Effect of exchange rate changes on cash (1,090) 1,452 90
Net change in cash and cash equivalents 8,670 8,580 (10,129)
Cash and cash equivalents at beginning of the year 25,373 16,793 26,922
Cash and cash equivalents at end of the year 34,043 25,373 16,793
Cash paid during the year for:      
Interest 5,199 5,217 5,796
Income taxes $ 30,295 $ 23,175 $ 16,637