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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net income $ 34,005 $ 36,991
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 16,300 14,924
Amortization of debt issuance costs 21 20
Amortization of right of use assets 143 0
Provision for credit losses on accounts receivable, net of adjustments 181 12
Provision for excess and obsolete inventories 148 292
Share-based compensation 6,908 5,793
Gain on disposal of assets (12) 0
Foreign currency transaction (gain) loss 9 (11)
Interest income on note receivable (11) (19)
Deferred (127) 2,747
Changes in assets and liabilities:    
Accounts receivable (53,736) (5,936)
Income tax receivable (1,895) 1,248
Inventories (33,879) (5,472)
Contract assets (2,820) 0
Prepaid expenses and other (3,066) 799
Accounts payable 6,490 10,650
Contract liabilities 22,217 0
Deferred revenue 421 574
Accrued liabilities and other long-term liabilities 7,123 300
Net cash (used in) provided by operating activities (1,580) 62,912
Investing Activities    
Capital expenditures (27,227) (33,157)
Cash paid for building (see Note 3) (22,000) 0
Cash paid in business combination, net of cash acquired (249) 0
Proceeds from sale of property, plant and equipment 12 2
Principal payments from note receivable 27 29
Net cash used in investing activities (49,437) (33,126)
Financing Activities    
Borrowings under revolving credit facility 94,900 0
Payments under revolving credit facility (28,651) 0
Principal payments on financing lease (28) 0
Stock options exercised 6,385 11,848
Repurchase of stock (5,912) (10,271)
Employee taxes paid by withholding shares (954) (1,532)
Net cash provided by financing activities 65,740 45
Net increase in cash, cash equivalents and restricted cash 14,723 29,831
Cash, cash equivalents and restricted cash, beginning of period 3,487 82,288
Cash, cash equivalents and restricted cash, end of period $ 18,210 $ 112,119