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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net income $ 48,550 $ 53,338
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 541 280
Depreciation - Property, plant and equipment 14,237 10,583
Depreciation - Rental equipment 7,504 6,770
Amortization of intangibles 11,093 3,081
Amortization of debt issuance 500 166
Stock-based compensation expense 3,115 2,341
Provision for deferred income tax (benefit) (4,548) (2,549)
Gain on sale of property, plant and equipment (1,037) (732)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 17,612 (11,263)
Inventories 22,893 (8,413)
Rental equipment 4,189 (18,970)
Prepaid expenses and other assets 5,765 (5,377)
Trade accounts payable and accrued liabilities (2,422) 9,481
Income taxes payable 8,432 1,738
Long-term tax payable (654) 590
Other assets and long-term liabilities, net 205 3,146
Net cash provided by operating activities 135,975 44,210
Investing Activities    
Acquisitions, net of cash acquired 0 (58,531)
Purchase of property, plant and equipment (14,962) (19,488)
Proceeds from sale of property, plant and equipment 3,433 1,987
Net cash used in investing activities (11,529) (76,032)
Financing Activities    
Borrowings on bank revolving credit facility 98,000 141,000
Repayments on bank revolving credit facility (153,000) (76,000)
Principal payments on long-term debt and finance leases (15,094) (97)
Proceeds from issuance of long-term debt and finance leases 0 2
Dividends paid (4,590) (4,217)
Proceeds from exercise of stock options 1,272 2,465
Treasury stock repurchased 0 (4,140)
Common stock repurchased (710) (590)
Net cash (used in) provided by financing activities (74,122) 58,423
Effect of exchange rate changes on cash and cash equivalents 880 (365)
Net change in cash and cash equivalents 51,204 26,236
Cash and cash equivalents at beginning of the year 42,311 34,043
Cash and cash equivalents at end of the period 93,515 60,279
Cash paid during the period for:    
Interest 14,149 5,327
Income taxes $ 13,309 $ 18,431