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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 33,349 $ 18,470
Adjustment to reconcile net income to net cash (used in) provided by operating activities:    
Provision for doubtful accounts 313 339
Depreciation - Property, plant and equipment 5,521 5,236
Depreciation - Rental equipment 2,105 1,890
Amortization of intangibles 3,815 3,887
Amortization of debt issuance 176 167
Stock-based compensation expense 1,699 1,371
Provision for deferred income tax 436 2,797
Gain on sale of property, plant and equipment (1,716) (22)
Changes in operating assets and liabilities:    
Accounts receivable (44,825) (58,231)
Inventories (8,703) (34,139)
Rental equipment (4,502) (1,227)
Prepaid expenses and other assets 380 (3,989)
Trade accounts payable and accrued liabilities 4,564 7,979
Income taxes payable 8,783 (382)
Other assets and long-term liabilities, net (189) 869
Net cash provided by (used in) operating activities 1,206 (54,985)
Investing Activities    
Purchase of property, plant and equipment (8,999) (4,358)
Proceeds from sale of property, plant and equipment 2,533 33
Net cash used in investing activities (6,466) (4,325)
Financing Activities    
Borrowings on bank revolving credit facility 91,000 128,000
Repayments on bank revolving credit facility (18,000) (21,000)
Principal payments on long-term debt and finance leases (3,753) (3,763)
Dividends paid (2,615) (2,133)
Proceeds from exercise of stock options 877 474
Common stock repurchased (736) (390)
Net cash provided by financing activities 66,773 101,188
Effect of exchange rate changes on cash and cash equivalents 791 284
Net change in cash and cash equivalents 62,304 42,162
Cash and cash equivalents at beginning of the year 47,016 42,115
Cash and cash equivalents at end of the period 109,320 84,277
Cash paid during the period for:    
Interest 5,065 2,619
Income taxes $ 3,042 $ 3,574