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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating Activities    
Net income $ 104,638 $ 72,763
Adjustment to reconcile net income to net cash provided by (used in) operating activities:    
Provision for doubtful accounts 367 319
Depreciation - Property, plant and equipment 17,204 16,307
Depreciation - Rental equipment 6,470 5,665
Amortization of intangibles 11,465 11,481
Amortization of debt issuance 527 500
Stock-based compensation expense 5,373 4,629
Provision for deferred income tax (3,971) (4,029)
Gain on sale of property, plant and equipment (2,204) (156)
Changes in operating assets and liabilities:    
Accounts receivable (60,885) (74,884)
Inventories (19,220) (54,122)
Rental equipment (11,176) (6,416)
Prepaid expenses and other assets 1,535 (802)
Trade accounts payable and accrued liabilities 21,784 5,696
Income taxes payable 7,365 910
Long-term tax payable (1,147) (635)
Other assets and long-term liabilities, net (1,094) 1,595
Net cash provided by (used in) operating activities 77,031 (21,179)
Investing Activities    
Acquisitions, net of cash acquired 0 (2,000)
Purchase of property, plant and equipment (27,051) (23,499)
Proceeds from sale of property, plant and equipment 3,094 527
Net cash used in investing activities (23,957) (24,972)
Financing Activities    
Borrowings on bank revolving credit facility 134,000 190,000
Repayments on bank revolving credit facility (101,000) (85,000)
Principal payments on long-term debt and finance leases (11,256) (11,277)
Dividends paid (7,861) (6,411)
Proceeds from exercise of stock options 1,417 639
Common stock repurchased (1,034) (712)
Net cash provided by financing activities 14,266 87,239
Effect of exchange rate changes on cash and cash equivalents (822) (7,895)
Net change in cash and cash equivalents 66,518 33,193
Cash and cash equivalents at beginning of the year 47,016 42,115
Cash and cash equivalents at end of the period 113,534 75,308
Cash paid during the period for:    
Interest 18,729 9,742
Income taxes $ 29,712 $ 27,162