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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating Activities    
Net income $ 43,499 $ 28,517
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 115 416
Depreciation - Property, plant and equipment 10,546 9,407
Depreciation - Rental equipment 4,418 5,158
Amortization of intangibles 7,321 7,449
Amortization of debt issuance 334 334
Stock-based compensation expense 2,556 2,036
Provision for deferred income tax (benefit) 500 (3,328)
Gain on sale of property, plant and equipment (4,160) (883)
Changes in operating assets and liabilities:    
Accounts receivable (43,235) 3,408
Inventories (34,621) 15,283
Rental equipment (772) 2,726
Prepaid expenses and other assets (13) 2,834
Trade accounts payable and accrued liabilities 27,283 (23,913)
Income taxes payable (3,414) 9,192
Long-term tax payable 454 (654)
Other assets and long-term liabilities, net (1,415) 728
Net cash provided by operating activities 9,396 58,710
Investing Activities    
Purchase of property, plant and equipment (9,357) (12,545)
Proceeds from sale of property, plant and equipment 9,312 3,163
Net cash used in investing activities (45) (9,382)
Financing Activities    
Borrowings on bank revolving credit facility 103,000 89,000
Repayments on bank revolving credit facility (66,000) (83,000)
Principal payments on long-term debt and finance leases (7,537) (11,320)
Dividends paid (3,311) (3,059)
Proceeds from exercise of stock options 174 (104)
Net cash provided (used) by financing activities 26,326 (8,483)
Effect of exchange rate changes on cash and cash equivalents (242) (1,154)
Net change in cash and cash equivalents 35,435 39,691
Cash and cash equivalents at beginning of the year 50,195 42,311
Cash and cash equivalents at end of the period 85,630 82,002
Cash paid during the period for:    
Interest 5,207 10,545
Income taxes $ 15,647 $ 4,137