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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 32,120 $ 33,349
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 79 313
Depreciation - Property, plant and equipment 6,580 5,521
Depreciation - Rental equipment 2,355 2,105
Amortization of intangibles 4,059 3,815
Amortization of debt issuance 176 176
Stock-based compensation expense 2,125 1,699
Provision for deferred income tax 148 436
Loss (Gain) on sale of property, plant and equipment 151 (1,716)
Changes in operating assets and liabilities:    
Accounts receivable (33,154) (44,825)
Inventories (9,185) (8,703)
Rental equipment (6,206) (4,502)
Prepaid expenses and other assets (4,974) 380
Trade accounts payable and accrued liabilities 180 4,564
Income taxes payable 5,160 8,783
Other assets and long-term liabilities, net 1,510 (189)
Net cash provided by operating activities 1,124 1,206
Investing Activities    
Purchase of property, plant and equipment (6,653) (8,999)
Proceeds from sale of property, plant and equipment 749 2,533
Net cash used in investing activities (5,904) (6,466)
Financing Activities    
Borrowings on bank revolving credit facility 134,000 91,000
Repayments on bank revolving credit facility (44,000) (18,000)
Principal payments on long-term debt and finance leases (3,813) (3,753)
Contingent consideration payment from acquisition (4,402) 0
Dividends paid (3,103) (2,615)
Proceeds from exercise of stock options 728 877
Common stock repurchased (1,618) (736)
Net cash provided by financing activities 77,792 66,773
Effect of exchange rate changes on cash and cash equivalents (3,129) 791
Net change in cash and cash equivalents 69,883 62,304
Cash and cash equivalents at beginning of the year 51,919 47,016
Cash and cash equivalents at end of the period 121,802 109,320
Cash paid during the period for:    
Interest 5,830 5,065
Income taxes $ 5,306 $ 3,042