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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 28,517 $ 35,920
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 416 157
Depreciation - Property, plant and equipment 9,407 6,868
Depreciation - Rental equipment 5,158 4,323
Amortization of intangibles 7,449 1,969
Amortization of debt issuance 334 110
Stock-based compensation expense 2,036 1,575
Provision for deferred income tax (benefit) expense (3,328) 2,306
Gain on sale of property, plant and equipment (883) (284)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 3,408 (32,377)
Inventories 15,283 (11,023)
Rental equipment 2,726 (11,862)
Prepaid expenses and other assets 2,834 (3,393)
Trade accounts payable and accrued liabilities (23,913) 5,555
Income taxes payable 9,192 (477)
Long-term tax payable (654) 258
Other assets and long-term liabilities, net 728 1,274
Net cash provided by operating activities 58,710 899
Investing Activities    
Acquisitions, net of cash acquired 0 (52,499)
Purchase of property, plant and equipment (12,545) (12,423)
Proceeds from sale of property, plant and equipment 3,163 661
Net cash used in investing activities (9,382) (64,261)
Financing Activities    
Borrowings on bank revolving credit facility 89,000 122,000
Repayments on bank revolving credit facility (83,000) (41,000)
Principal payments on long-term debt and finance leases (11,320) (76)
Proceeds from issuance of long-term debt and finance leases 0 38
Dividends paid (3,059) (2,808)
Proceeds from exercise of stock options 606 2,077
Treasury stock repurchased 0 (2,955)
Common stock repurchased (710) (590)
Net cash (used in) provided by financing activities (8,483) 76,686
Effect of exchange rate changes on cash and cash equivalents (1,154) 823
Net change in cash and cash equivalents 39,691 14,147
Cash and cash equivalents at beginning of the year 42,311 34,043
Cash and cash equivalents at end of the period 82,002 48,190
Cash paid during the period for:    
Interest 10,545 3,285
Income taxes $ 4,137 $ 10,035