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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income $ 61,478 $ 52,572
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,624 22,532
Amortization of debt issuance costs 32 31
Amortization of right of use assets 191 0
Provision for credit losses on accounts receivable, net of adjustments 300 0
Provision for excess and obsolete inventories 1,380 378
Share-based compensation 10,229 8,784
Gain on disposal of assets (12) (15)
Foreign currency transaction loss (gain) 42 (1)
Interest income on note receivable (17) (19)
Deferred (563) 2,766
Changes in assets and liabilities:    
Accounts receivable (63,593) (11,369)
Income tax receivable 3,782 2,588
Inventories (47,998) (22,712)
Contract assets (3,843) 0
Prepaid expenses and other (70) 937
Accounts payable 18,616 16,390
Contract liabilities 24,249 0
Deferred revenue 730 316
Accrued liabilities and other long-term liabilities 12,857 1,525
Net cash provided by operating activities 43,414 74,703
Investing Activities    
Capital expenditures (41,586) (42,636)
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 19
Principal payments from note receivable 41 41
Net cash used in investing activities (63,782) (42,576)
Financing Activities    
Borrowings under revolving credit facility 151,103 0
Payments under revolving credit facility (114,812) 0
Principal payments on financing lease (115) 0
Stock options exercised 10,990 14,573
Repurchase of stock (7,943) (15,014)
Employee taxes paid by withholding shares (978) (1,537)
Cash dividends paid to stockholders 10,096 9,964
Net cash provided by (used in) financing activities 28,149 (11,942)
Net increase in cash, cash equivalents and restricted cash 7,781 20,185
Cash, cash equivalents and restricted cash, beginning of period 3,487 82,288
Cash, cash equivalents and restricted cash, end of period $ 11,268 $ 102,473