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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 91,244 [1] $ 82,496
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,923 21,236
Amortization of debt issuance costs 71 32
Amortization of right of use assets 73 67
Provision for (recoveries of) credit losses on accounts receivable, net of adjustments 1,169 (171)
Provision for excess and obsolete inventories, net of write-offs 641 1,458
Share-based compensation 8,451 7,823
(Gain) loss on disposal of assets (16) 12
Foreign currency transaction loss (gain) 15 (13)
Interest income on note receivable (9) (10)
Deferred 41 (4,438)
Changes in assets and liabilities:    
Accounts receivable (12,210) (26,782)
Income taxes (6,139) (15,171)
Inventories 29,903 (17,927)
Contract assets (22,977) (4,711)
Prepaid expenses and other long-term assets (2,708) (2,502)
Accounts payable (1,804) (14,874)
Contract liabilities 13,105 (1,162)
Extended warranties 1,195 1,526
Accrued liabilities and other long-term liabilities (56) 33,051
Net cash provided by operating activities 127,912 59,940
Investing Activities    
Capital expenditures (65,381) (60,629)
Proceeds from sale of property, plant and equipment 16 104
Software development expenditures (10,058) 0
Principal payments from note receivable 26 28
Net cash used in investing activities (75,397) (60,497)
Financing Activities    
Proceeds from financing obligation, net of issuance costs 4,186 6,061
Payment related to financing costs (417) (398)
Borrowings under revolving credit facility 272,526 279,961
Payments under revolving credit facility (224,970) (272,429)
Stock options exercised 15,821 23,244
Repurchase of stock 100,034 0
Employee taxes paid by withholding shares (3,493) (1,162)
Cash dividends paid to stockholders 13,079 13,004
Net cash (used in) provided by financing activities (49,460) 22,273
Net increase in cash, cash equivalents and restricted cash 3,055 21,716
Cash, cash equivalents and restricted cash, beginning of period 9,023 5,949
Cash, cash equivalents and restricted cash, end of period $ 12,078 $ 27,665
[1]
1 Reflects three-for-two stock split effective August 16, 2023