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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 136,161 $ 101,928 $ 80,245
Adjustments to reconcile net income to cash provided by operating activities:      
Provision for doubtful accounts 253 424 506
Depreciation - PP&E 23,665 23,673 21,229
Depreciation - Rental 8,789 7,739 8,613
Amortization of intangibles 15,519 15,277 14,637
Amortization of debt issuance 703 667 667
Stock-based compensation expense 7,424 5,561 5,987
Provision for deferred income tax benefit (4,253) (2,337) (1,182)
Gain on sale of property, plant and equipment (6,621) (161) (3,779)
Changes in operating assets and liabilities, net of acquisitions:      
       Accounts receivable (35,293) (85,055) (27,571)
Inventories (10,844) (37,739) (78,463)
Rental equipment (13,930) (9,196) 1,138
Prepaid expenses and other (835) (6,146) (6,994)
Trade accounts payable and accrued liabilities 4,813 (2,879) 32,532
Income taxes payable 6,705 2,934 4,648
Long term tax payable (1,147) (635) 462
Other assets and liabilities, net 45 475 (3,008)
Net cash provided by operating activities 131,154 14,530 49,667
Investing Activities      
Acquisitions, net of cash acquired (27,560) (2,000) (17,798)
Purchase of property, plant and equipment (37,745) (31,141) (25,263)
Proceeds from sale of property, plant and equipment 12,682 1,566 9,667
Purchase of patents 0 (163) (44)
Net cash used in investing activities (52,623) (31,738) (33,438)
Financing Activities      
Borrowings on bank revolving credit facility 183,000 222,000 188,000
Repayment on bank revolving credit facility (235,000) (174,000) (189,000)
Principal payments on long-term debt and capital leases (14,948) (15,031) (15,093)
Dividends paid (10,485) (8,549) (6,627)
Proceeds from exercise of stock options 1,586 803 1,676
Common stock repurchased (1,034) (768) (1,957)
Net cash (used in) provided by financing activities (76,881) 24,455 (23,001)
Effect of exchange rate changes on cash 3,253 (2,346) (1,308)
Net change in cash and cash equivalents 4,903 4,901 (8,080)
Cash and cash equivalents at beginning of the year 47,016 42,115 50,195
Cash and cash equivalents at end of the year 51,919 47,016 42,115
Cash paid during the year for:      
Interest 25,358 14,575 10,248
Income taxes $ 37,330 $ 35,102 $ 32,865