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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 72,763 $ 61,018
Adjustment to reconcile net income to net cash (used in) provided by operating activities:    
Provision for doubtful accounts 319 133
Depreciation - Property, plant and equipment 16,307 15,798
Depreciation - Rental equipment 5,665 6,562
Amortization of intangibles 11,481 10,988
Amortization of debt issuance 500 500
Stock-based compensation expense 4,629 5,396
Provision for deferred income tax (benefit) (4,029) (6,705)
Gain on sale of property, plant and equipment (156) (4,162)
Changes in operating assets and liabilities:    
Accounts receivable (74,884) (38,106)
Inventories (54,122) (54,408)
Rental equipment (6,416) (540)
Prepaid expenses and other assets (802) (1,668)
Trade accounts payable and accrued liabilities 5,696 36,331
Income taxes payable 910 10,266
Long-term tax payable (635) 454
Other assets and long-term liabilities, net 1,595 1,530
Net cash (used in) provided by operating activities (21,179) 43,387
Investing Activities    
Acquisitions, net of cash acquired (2,000) 0
Purchase of property, plant and equipment (23,499) (14,584)
Proceeds from sale of property, plant and equipment 527 9,287
Purchase of patents 0 (44)
Net cash used in investing activities (24,972) (5,341)
Financing Activities    
Borrowings on bank revolving credit facility 190,000 128,000
Repayments on bank revolving credit facility (85,000) (108,000)
Principal payments on long-term debt and finance leases (11,277) (11,308)
Dividends paid (6,411) (4,969)
Proceeds from exercise of stock options 639 1,485
Common stock repurchased (712) (1,957)
Net cash provided by financing activities 87,239 3,251
Effect of exchange rate changes on cash and cash equivalents (7,895) (2,303)
Net change in cash and cash equivalents 33,193 38,994
Cash and cash equivalents at beginning of the year 42,115 50,195
Cash and cash equivalents at end of the period 75,308 89,189
Cash paid during the period for:    
Interest 9,742 7,839
Income taxes $ 27,162 $ 20,151