| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | ||||||||||
Net income | ||||||||||
62,906 | 73,486 | 44,315 | 40,045 | 43,209 | 41,151 | 36,094 | 28,903 | 32,687 | 21,117 | 18,633 |
Adjustment to reconcile net income to net cash provided by operating activities: | ||||||||||
Provision for doubtful accounts | ||||||||||
575 | 71 | 187 | 482 | 965 | 469 | 31 | 253 | 992 | 1,112 | 546 |
Depreciation - Property, plant and equipment | ||||||||||
14,934 | 12,884 | 11,616 | 11,267 | 11,381 | 10,645 | 8,898 | 9,948 | 10,418 | 10,558 | 8,706 |
Depreciation - Rental equipment | ||||||||||
9,373 | 6,725 | 5,531 | 6,429 | 7,607 | - | - | - | - | - | - |
Amortization of intangibles | ||||||||||
5,658 | 3,505 | 3,317 | 3,104 | 3,113 | 2,005 | 0 | 0 | - | 342 | 79 |
Amortization of debt issuance costs | ||||||||||
295 | 221 | 203 | 213 | 214 | 183 | 126 | 126 | 188 | 375 | 63 |
Gain on bargain purchase | ||||||||||
- | - | - | - | - | - | - | - | 8,616 | 0 | 30,177 |
Goodwill impairment | ||||||||||
- | - | - | - | - | - | - | 656 | 1,898 | 0 | 14,104 |
Stock-based compensation expense | ||||||||||
3,269 | 2,450 | 1,869 | 1,414 | 1,057 | 1,986 | 1,501 | 940 | 985 | 674 | 543 |
Excess tax (benefit) expense from stock-based payment arrangements | ||||||||||
- | - | - | - | - | 94 | 0 | -102 | 63 | 0 | 122 |
Provision for deferred income tax (benefit) expense | ||||||||||
3,316 | 2,052 | 1,328 | 2,620 | 2,804 | -108 | -877 | -405 | 850 | -6,384 | 8,896 |
Gain on sale of property, plant and equipment | ||||||||||
912 | 361 | 341 | 345 | 4,046 | 911 | 237 | -155 | 263 | 833 | 59 |
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||
Accounts receivable | ||||||||||
-11,447 | 27,029 | 23,134 | -3,876 | 9,657 | 12,596 | 10,515 | -4,770 | 15,152 | 16,615 | -40,285 |
Inventories | ||||||||||
-657 | 25,991 | -142 | -12,340 | -9,759 | 10,993 | -776 | -6,932 | 8,680 | -24,603 | -32,432 |
Rental equipment | ||||||||||
20,729 | 22,424 | 3,054 | -315 | 11,699 | 5,184 | 0 | 0 | - | - | - |
Prepaid expenses and other assets | ||||||||||
4,633 | 583 | -2,845 | 5,634 | 3,521 | -6,661 | 925 | 2,376 | 72 | 1,061 | -3,177 |
Trade accounts payable and accrued liabilities | ||||||||||
6,397 | 4,130 | 11,688 | -5,382 | -1,708 | 1,202 | 4,420 | 960 | -4,162 | 9,133 | -25,408 |
Income taxes payable | ||||||||||
-4,861 | -10,332 | 2,357 | 2,908 | 3,700 | -3,075 | -4,565 | 2,338 | 397 | -268 | 2,423 |
Long term tax payable | ||||||||||
-1,082 | -6,196 | 12,478 | 0 | 0 | - | - | - | - | - | - |
Other assets and long-term liabilities, net | ||||||||||
2,203 | 302 | -543 | 2,132 | -760 | -1,131 | -3,100 | -2,039 | -740 | -876 | -2,035 |
Net cash provided by (used in) operating activities | ||||||||||
88,813 | 12,910 | 70,804 | 75,784 | 52,418 | 30,210 | 31,627 | 51,263 | 10,667 | 41,877 | 72,086 |
Investing Activities | ||||||||||
Acquisitions, net of cash acquired | ||||||||||
400,784 | 0 | 38,553 | 188 | 3,465 | 196,467 | 1,002 | 0 | 6,536 | 0 | 0 |
Purchase of property, plant and equipment | ||||||||||
31,337 | 26,587 | 13,490 | 9,711 | 15,479 | 9,806 | 13,639 | 4,654 | 5,766 | 4,980 | 3,453 |
Proceeds from sale of property, plant and equipment | ||||||||||
2,277 | 1,341 | 767 | 1,293 | 4,246 | 1,442 | 475 | 564 | 440 | 2,014 | 922 |
Purchase of patents | ||||||||||
96 | 112 | 0 | 50 | 0 | 0 | - | - | - | - | - |
Net cash used in investing activities | ||||||||||
-429,940 | -25,358 | -51,276 | -8,656 | -14,698 | -204,831 | -14,166 | -4,090 | -11,862 | -2,966 | -2,531 |
Financing Activities | ||||||||||
Borrowings on bank revolving credit facility | ||||||||||
217,000 | 159,000 | 143,000 | 79,000 | 79,000 | 273,000 | 0 | -7,000 | -14,000 | -20,000 | -54,000 |
Repayments on bank revolving credit facility | ||||||||||
157,000 | 134,000 | 153,000 | 153,000 | 125,000 | 83,000 | 0 | 0 | - | - | - |
Principal payments on long-term debt and capital leases | ||||||||||
-122 | 216 | -17 | -38 | 449 | 682 | 399 | 2,117 | 2,570 | 4,545 | 2,255 |
Proceeds from issuance of long-term debt | ||||||||||
300,002 | 0 | 0 | 48 | 0 | 767 | 0 | 0 | - | 368 | 1,387 |
Debt issuance cost | ||||||||||
2,875 | 0 | 0 | 593 | 0 | 818 | 0 | 0 | - | - | 938 |
Dividends paid | ||||||||||
5,626 | 5,124 | 4,614 | 4,114 | 3,628 | 3,328 | 3,371 | 2,854 | 2,845 | 2,826 | 2,399 |
Proceeds from exercise of stock options | ||||||||||
2,573 | 2,552 | 2,397 | 1,369 | 2,023 | 903 | 1,286 | 2,131 | 281 | 990 | 1,118 |
Treasury stock repurchased | ||||||||||
4,140 | 0 | 0 | - | - | 34,204 | - | - | - | - | - |
Common stock repurchased | ||||||||||
589 | 436 | 166 | 19 | 0 | 0 | 0 | 0 | - | - | - |
Excess tax expense (benefit) from stock-based payment arrangements | ||||||||||
- | - | - | - | - | 94 | 0 | -102 | 63 | 0 | 122 |
Net cash provided by financing activities | ||||||||||
349,223 | 22,208 | -12,400 | -77,347 | -48,054 | 152,732 | -2,484 | -9,942 | -19,071 | -26,013 | -56,965 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
172 | -1,090 | 1,452 | 90 | -2,277 | -2,538 | 692 | 772 | 311 | -429 | 652 |
Net change in cash and cash equivalents | ||||||||||
8,268 | 8,670 | 8,580 | -10,129 | -12,611 | -24,427 | 15,669 | 38,003 | -19,955 | 12,469 | 13,242 |
Cash paid during the period for: | ||||||||||
Interest | ||||||||||
9,455 | 5,199 | 5,217 | 5,796 | 6,936 | 3,320 | 1,118 | 1,837 | 2,295 | 3,597 | 5,179 |
Income taxes | ||||||||||
23,099 | 30,295 | 23,175 | 16,637 | 18,709 | 22,243 | 21,580 | 13,533 | 15,247 | 12,999 | 5,181 |