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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 17,462 $ 15,528
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts (113) 197
Depreciation - Property, plant and equipment 5,247 4,624
Depreciation - Rental equipment 2,207 2,516
Amortization of intangibles 3,658 3,836
Amortization of debt issuance 167 167
Stock-based compensation expense 1,240 933
Provision for deferred income tax (benefit) (502) (4,095)
Gain on sale of property, plant and equipment (615) (745)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (34,239) (16,306)
Inventories (21,552) (11,675)
Rental equipment 365 1,906
Prepaid expenses and other assets (712) (1,139)
Trade accounts payable and accrued liabilities 16,021 2,833
Income taxes payable 2,629 5,829
Long-term tax payable 454 (654)
Other assets and long-term liabilities, net (318) 1,819
Net cash (used in) provided by operating activities (8,601) 5,574
Investing Activities    
Purchase of property, plant and equipment (3,477) (7,378)
Proceeds from sale of property, plant and equipment 681 2,385
Net cash used in investing activities (2,796) (4,993)
Financing Activities    
Borrowings on bank revolving credit facility 86,000 74,000
Repayments on bank revolving credit facility (14,000) (24,000)
Principal payments on long-term debt and finance leases (3,766) (3,791)
Dividends paid (1,654) (1,528)
Proceeds from exercise of stock options 776 369
Net cash provided by financing activities 67,356 45,050
Effect of exchange rate changes on cash and cash equivalents (889) (3,517)
Net change in cash and cash equivalents 55,070 42,114
Cash and cash equivalents at beginning of the year 50,195 42,311
Cash and cash equivalents at end of the period 105,265 84,425
Cash paid during the period for:    
Interest 2,557 5,513
Income taxes $ 2,758 $ 2,690