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Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income $ 87,849 $ 104,638
Adjustment to reconcile net income to net cash provided by operating activities:    
Provision for doubtful accounts 1,234 367
Depreciation - Property, plant and equipment 20,027 17,204
Depreciation - Rental equipment 7,257 6,470
Amortization of intangibles 12,175 11,465
Amortization of debt issuance 527 527
Stock-based compensation expense 7,185 5,373
Provision for deferred income tax (2,406) (3,971)
Gain on sale of property, plant and equipment (789) (2,204)
Changes in operating assets and liabilities:    
Accounts receivable 4,847 (60,885)
Inventories 5,451 (19,220)
Rental equipment (15,259) (11,176)
Prepaid expenses and other assets (1,583) 1,535
Trade accounts payable and accrued liabilities (804) 21,784
Income taxes payable 3,172 7,365
Long-term tax payable (1,925) (1,147)
Other assets and long-term liabilities, net 3,684 (1,094)
Net cash provided by operating activities 130,642 77,031
Investing Activities    
Purchase of property, plant and equipment (18,988) (27,051)
Proceeds from sale of property, plant and equipment 2,906 3,094
Net cash used in investing activities (16,082) (23,957)
Financing Activities    
Borrowings on bank revolving credit facility 187,000 134,000
Repayments on bank revolving credit facility (187,000) (101,000)
Principal payments on long-term debt and finance leases (11,317) (11,256)
Contingent consideration payment from acquisition (4,402) 0
Dividends paid (9,329) (7,861)
Proceeds from exercise of stock options 1,589 1,417
Common stock repurchased (1,944) (1,034)
Net cash (used in) provided by financing activities (25,403) 14,266
Effect of exchange rate changes on cash and cash equivalents (1,038) (822)
Net change in cash and cash equivalents 88,119 66,518
Cash and cash equivalents at beginning of the year 51,919 47,016
Cash and cash equivalents at end of the period 140,038 113,534
Cash paid during the period for:    
Interest 17,349 18,729
Income taxes $ 29,004 $ 29,712