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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income $ 100,376 $ 58,758 $ 79,009
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 35,106 30,343 25,634
Amortization of debt issuance costs 43 43 43
Amortization of right of use assets 324 73 0
Provision for credit losses on accounts receivable, net of adjustments (72) 43 153
Provision for excess and obsolete inventories 2,740 629 1,108
Share-based compensation 13,700 11,812 11,342
Gain on disposition of assets and insurance recoveries (12) (21) (6,478)
Foreign currency transaction loss (gain) 41 (1) (12)
Interest income on note receivable (22) (24) (24)
Deferred income taxes (13,332) 3,669 13,027
Changes in assets and liabilities:      
Accounts receivable (56,306) (9,737) 19,859
Income tax receivable 18,195 (1,136) (3,815)
Inventories (71,409) (45,955) (9,726)
Contract assets (9,402) 1,886 0
Prepaid expenses and other (2,367) 1,374 (2,364)
Accounts payable 11,574 10,899 (2,155)
Contract liabilities 13,882 (229) 0
Deferred revenue 1,314 447 1,010
Accrued liabilities and other long-term liabilities 16,945 (1,690) 2,203
Net cash provided by operating activities 61,318 61,183 128,814
Investing Activities      
Capital expenditures (54,024) (55,362) (67,802)
Cash paid for building (Note 4) (22,000) 0 0
Cash paid in business combination, net of cash acquired (249) (103,430) 0
Proceeds from sale of property, plant and equipment 12 19 60
Insurance proceeds 0 0 6,417
Principal payments from note receivable 48 54 52
Net cash used in investing activities (76,213) (158,719) (61,273)
Financing Activities      
Borrowings under revolving credit facility 225,758 40,000 0
Payments under revolving credit facility (194,754) 0 0
Principal payments on financing lease (115) 0 0
Stock options exercised 23,140 21,148 21,418
Repurchase of stock (12,737) (20,876) (30,060)
Employee taxes paid by withholding shares (1,018) (1,590) (1,169)
Dividends paid to stockholders (22,917) (19,947) (19,815)
Net cash provided by (used in) financing activities 17,357 18,735 (29,626)
Net increase (decrease) in cash, cash equivalents and restricted cash 2,462 (78,801) 37,915
Cash, cash equivalents and restricted cash, beginning of year 3,487 82,288 44,373
Cash, cash equivalents and restricted cash, end of year $ 5,949 $ 3,487 $ 82,288