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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows From Operating Activities      
Net income $ 7,201 $ 48,867 $ 60,267
Adjustments to reconcile net income to net cash provided by (used for) operating activities      
Depreciation and amortization 38,593 22,786 21,216
Amortization of deferred financing costs 1,917 313 441
Amortization of acquisition-related inventory step-up 4,457 0 0
Non-cash stock-based compensation expense 1,660 6,671 7,436
(Gain) loss on disposal of fixed assets 201 (195) (667)
Impairment charges 22,016 [1] 0 0
Deferred taxes (6,048) 1,039 2,072
Other (297) 944 1,520
Cash flows provided by (used for) working capital      
Accounts receivable - trade and other, net 26,822 2,656 (23,625)
Inventories 6,227 2,630 7,955
Prepaid expenses and other current assets (525) 151 (1,409)
Accounts payable and accrued expenses (22,932) 310 (2,585)
Net cash provided by (used for) operating activities 79,292 86,172 72,621
Cash Flows From Investing Activities      
Capital expenditures (24,435) (22,855) (24,292)
Acquisition of business, net of cash acquired (348,312) (160) (27,626)
Proceeds from sale of property, plant and equipment 242 258 1,537
Net cash provided by (used for) investing activities (372,505) (22,757) (50,381)
Cash Flows From Financing Activities      
Borrowings on revolving credit facility 466,400 740,000 1,264,200
Repayments on revolving credit facility (486,400) (776,000) (1,261,200)
Proceeds from Term Loan A 400,000 0 0
Repayments of Term Loan A (18,000) 0 0
Repayments of senior unsecured notes (38,000) 0 0
Payments on finance lease (593) (542) (500)
Cash dividends paid (20,432) (20,240) (19,797)
Proceeds from issuance of common stock 3,342 2,338 2,320
Shares withheld for employee taxes on equity awards (2,050) (2,072) (451)
Deferred financing fees (9,172) 0 (889)
Net cash provided by (used for) financing activities 295,095 (56,516) (16,317)
Foreign exchange rate effect on cash 50 252 (439)
Net increase (decrease) in cash 1,932 7,151 5,484
Cash at January 1 30,290 23,139 17,655
Cash at December 31 32,222 30,290 23,139
Supplemental Disclosures of Cash Flow Information      
Interest 31,653 5,980 4,574
Income taxes $ 13,036 $ 13,451 $ 13,023
[1] The Company recognized $22.0 million of non-cash impairment charges, as described in Note 4, for the year ended December 31, 2024, which are included in Material Handling's results.