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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Activities    
Net income $ 15,528 $ 15,253
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 197 (24)
Depreciation - Property, plant and equipment 4,624 3,338
Depreciation - Rental equipment 2,516 2,088
Amortization of intangibles 3,836 855
Amortization of debt issuance costs 167 55
Stock-based compensation expense 933 627
Provision for deferred income tax (benefit) expense (4,095) 1,865
Gain on sale of property, plant and equipment (745) (180)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (16,306) (34,936)
Inventories (11,675) (17,098)
Rental equipment 1,906 (7,453)
Prepaid expenses and other assets (1,139) (1,472)
Trade accounts payable and accrued liabilities 2,833 1,563
Income taxes payable 5,829 2,925
Long-term tax payable (654) 258
Other assets and long-term liabilities, net 1,819 (25)
Net cash provided by (used in) operating activities 5,574 (32,361)
Investing Activities    
Acquisitions, net of cash acquired 0 (50,477)
Purchase of property, plant and equipment (7,378) (5,284)
Proceeds from sale of property, plant and equipment 2,385 472
Net cash used in investing activities (4,993) (55,289)
Financing Activities    
Borrowings on bank revolving credit facility 74,000 103,000
Repayments on bank revolving credit facility (24,000) (8,000)
Principal payments on long-term debt and finance leases (3,791) (37)
Dividends paid (1,528) (1,404)
Proceeds from exercise of stock options 369 237
Common stock repurchased 0 (1,490)
Net cash provided by financing activities 45,050 92,306
Effect of exchange rate changes on cash and cash equivalents (3,517) 324
Net change in cash and cash equivalents 42,114 4,980
Cash and cash equivalents at beginning of the year 42,311 34,043
Cash and cash equivalents at end of the period 84,425 39,023
Cash paid during the period for:    
Interest 5,513 1,061
Income taxes $ 2,690 $ 2,814