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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities    
Net income $ 18,059 $ 16,376
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,076 7,398
Amortization of debt issuance costs 11 10
Amortization of right of use assets 67 0
Provision for (recovery of) credit losses on accounts receivable, net of adjustments 288 (13)
Provision for (recovery of) excess and obsolete inventories 220 (194)
Share-based compensation 3,112 2,761
Gain on disposal of assets (2) 0
Foreign currency transaction gain (9) (8)
Interest income on note receivable (6) (6)
Deferred 973 4,658
Changes in assets and liabilities:    
Accounts receivable (43,244) (5,179)
Income tax receivable 3,631 (2,766)
Inventories (16,041) (1,627)
Contract assets (4,252) 0
Prepaid expenses and other (3,588) 108
Accounts payable 6,325 4,904
Contract liabilities 17,998 0
Deferred revenue 68 2,358
Accrued liabilities 2,511 58
Net cash (used in) provided by operating activities (6,803) 28,838
Investing Activities    
Capital expenditures (14,031) (16,404)
Cash paid in business combination, net of cash acquired (249) 0
Proceeds from sale of property, plant and equipment 2 0
Principal payments from note receivable 14 14
Net cash used in investing activities (14,264) (16,390)
Financing Activities    
Borrowings under revolving credit facility 25,000 0
Stock options exercised 2,890 9,438
Repurchase of stock (3,278) (5,185)
Employee taxes paid by withholding shares (804) (1,217)
Net cash provided by financing activities 23,808 3,036
Net increase in cash, cash equivalents and restricted cash 2,741 15,484
Cash, cash equivalents and restricted cash, beginning of period 3,487 82,288
Cash, cash equivalents and restricted cash, end of period $ 6,228 $ 97,772