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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 69,723 $ 46,942
Adjustment to reconcile net income to net cash provided by (used in) operating activities:    
Provision for doubtful accounts 244 315
Depreciation - Property, plant and equipment 11,270 10,648
Depreciation - Rental equipment 4,259 3,765
Amortization of intangibles 7,639 7,679
Amortization of debt issuance 351 334
Stock-based compensation expense 3,568 3,121
Provision for deferred income tax 105 349
Gain on sale of property, plant and equipment (2,058) (69)
Changes in operating assets and liabilities:    
Accounts receivable (57,260) (74,024)
Inventories (13,273) (37,185)
Rental equipment (6,889) (2,501)
Prepaid expenses and other assets (415) (2,992)
Trade accounts payable and accrued liabilities 17,435 2,263
Income taxes payable 4,586 (1,028)
Long-term tax payable (1,317) (1,972)
Other assets and long-term liabilities, net (784) 966
Net cash provided by (used in) operating activities 37,184 (43,389)
Investing Activities    
Acquisitions, net of cash acquired 0 (2,000)
Purchase of property, plant and equipment (18,238) (14,965)
Proceeds from sale of property, plant and equipment 2,931 181
Net cash used in investing activities (15,307) (16,784)
Financing Activities    
Borrowings on bank revolving credit facility 117,000 162,000
Repayments on bank revolving credit facility (64,000) (53,000)
Principal payments on long-term debt and finance leases (7,504) (7,521)
Dividends paid (5,237) (4,272)
Proceeds from exercise of stock options 1,204 547
Common stock repurchased (989) (712)
Net cash provided by financing activities 40,474 97,042
Effect of exchange rate changes on cash and cash equivalents 2,694 (3,090)
Net change in cash and cash equivalents 65,045 33,779
Cash and cash equivalents at beginning of the year 47,016 42,115
Cash and cash equivalents at end of the period 112,061 75,894
Cash paid during the period for:    
Interest 12,140 5,998
Income taxes $ 19,891 $ 17,615