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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 60,444 $ 69,723
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 508 244
Depreciation - Property, plant and equipment 13,279 11,270
Depreciation - Rental equipment 4,814 4,259
Amortization of intangibles 8,114 7,639
Amortization of debt issuance 351 351
Stock-based compensation expense 4,758 3,568
Provision for deferred income tax (21) 105
Loss (Gain) on sale of property, plant and equipment 126 (2,058)
Changes in operating assets and liabilities:    
Accounts receivable (30,657) (57,260)
Inventories (11,160) (13,273)
Rental equipment (12,198) (6,889)
Prepaid expenses and other assets (3,348) (415)
Trade accounts payable and accrued liabilities (34) 17,435
Income taxes payable 9 4,586
Long-term tax payable (2,143) (1,317)
Other assets and long-term liabilities, net 1,474 (784)
Net cash provided by operating activities 34,316 37,184
Investing Activities    
Purchase of property, plant and equipment (11,061) (18,238)
Proceeds from sale of property, plant and equipment 796 2,931
Net cash used in investing activities (10,265) (15,307)
Financing Activities    
Borrowings on bank revolving credit facility 176,000 117,000
Repayments on bank revolving credit facility (110,250) (64,000)
Principal payments on long-term debt and finance leases (7,564) (7,504)
Contingent consideration payment from acquisition (4,402) 0
Dividends paid (6,214) (5,237)
Proceeds from exercise of stock options 1,422 1,204
Common stock repurchased (1,819) (989)
Net cash provided by financing activities 47,173 40,474
Effect of exchange rate changes on cash and cash equivalents (4,608) 2,694
Net change in cash and cash equivalents 66,616 65,045
Cash and cash equivalents at beginning of the year 51,919 47,016
Cash and cash equivalents at end of the period 118,535 112,061
Cash paid during the period for:    
Interest 12,144 12,140
Income taxes $ 21,852 $ 19,891