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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 2,101 $ (21,445)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,816 6,103
Goodwill impairment charge 0 24,458
Intangible assets impairment charge 0 5,581
Inventory write-downs 144 4,795
Provision for bad debts - accounts receivable (628) 1,282
Share-based compensation expense 2,420 2,454
Deferred income tax provision (benefit) 0 (2,018)
Change in fair value of acquisition-related contingent liabilities (733) 626
Change in fair value of written put options (145) 0
Changes in assets and liabilities, net of acquisition of businesses:    
Accounts receivable 8,854 (3,025)
Accounts receivable - other 3,032 458
Contract assets 5,447 (8,176)
Inventories 10,555 (9,377)
Prepaid expenses and other current assets (285) (925)
Other assets (1,468) 1,812
Accounts payable and other current liabilities 1,280 (7,325)
Payment of acquisition-related contingent liabilities 0 (3,346)
Long-term pension liability 379 1,116
Other long-term liabilities 326 (693)
Net cash provided by (used in) operating activities 38,095 (7,645)
CASH FLOWS FROM INVESTING ACTIVITIES    
Additions to property, plant and equipment (3,643) (7,039)
Acquisition of businesses 0 (11,202)
Net cash used in investing activities (3,643) (18,241)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings of debt 1,000 117,790
Repayment of debt (29,875) (85,299)
Debt issuance costs (300) 0
Payment of cash dividends (4,590) (4,171)
Payment of acquisition-related contingent liabilities 0 (1,416)
Proceeds received on exercise of stock options 43 495
Tax withholdings on vesting of restricted shares and performance based shares 0 (232)
Net cash provided by (used in) financing activities (33,722) 27,167
Effect of currency exchange rates on cash 297 89
Net increase in cash and cash equivalents 1,027 1,370
Cash and cash equivalents balance, beginning of period 17,722 8,935
Cash and cash equivalents balance, end of period $ 18,749 $ 10,305