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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 177,623 $ 100,376 $ 58,758
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 46,468 35,106 30,343
Amortization of debt issuance costs 82 43 43
Amortization of right of use assets 324 324 73
(Recoveries of) provision for credit losses on accounts receivable, net of adjustments (154) (72) 43
Provision for excess and obsolete inventories, net of write-offs 1,633 2,740 629
Share-based compensation 16,384 13,700 11,812
Gain on disposition of assets (13) (12) (21)
Foreign currency transaction (gain) loss (10) 41 (1)
Interest income on note receivable (21) (22) (24)
Deferred income taxes (6,527) (13,332) 3,669
Changes in assets and liabilities:      
Accounts receivable (9,978) (56,306) (9,737)
Income taxes (11,302) 18,195 (1,136)
Inventories (16,226) (71,409) (45,955)
Contract assets (30,043) (9,402) 1,886
Prepaid expenses and other long-term assets (1,048) (2,367) 1,374
Accounts payable (18,316) 11,574 10,899
Contract liabilities (7,667) 13,882 (229)
Extended warranties 2,600 1,314 447
Accrued liabilities and other long-term liabilities 15,086 16,945 (1,690)
Net cash provided by operating activities 158,895 61,318 61,183
Investing Activities      
Capital expenditures (104,294) (54,024) (55,362)
Cash paid for building (Note 4) 0 (22,000) 0
Cash paid in business combination, net of cash acquired 0 (249) (103,430)
Proceeds from sale of property, plant and equipment 129 12 19
Acquisition of intangible assets (5,197) 0 0
Principal payments from note receivable 51 48 54
Net cash used in investing activities (109,311) (76,213) (158,719)
Financing Activities      
Borrowings under revolving credit facility 597,111 225,758 40,000
Payments under revolving credit facility (629,787) (194,754) 0
Proceeds from financing obligation, net of issuance costs 6,061 0 0
Payments related to financing costs (398) 0 0
Principal payments on financing lease 0 (115) 0
Stock options exercised 33,259 23,140 21,148
Repurchase of stock (25,009) (12,737) (20,876)
Employee taxes paid by withholding shares (1,302) (1,018) (1,590)
Dividends paid to stockholders (26,445) (22,917) (19,947)
Net cash (used in) provided by financing activities (46,510) 17,357 18,735
Net increase (decrease) in cash, cash equivalents and restricted cash 3,074 2,462 (78,801)
Cash, cash equivalents and restricted cash, beginning of year 5,949 3,487 82,288
Cash, cash equivalents and restricted cash, end of year $ 9,023 $ 5,949 $ 3,487