| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
92,418 | 102,450 | 81,678 | 57,217 | 57,303 | 25,915 | 62,303 | 10,968 | 9,647 | 10,392 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
37,857 | 31,848 | 24,665 | 22,061 | 23,826 | 22,473 | 21,775 | 23,120 | 21,828 | 20,505 |
Non-cash deferred revenue | |||||||||
1,709 | 4,887 | 25,822 | 12,372 | 17,873 | 10,093 | 238 | 973 | - | - |
Loss on voluntary pension settlement | |||||||||
- | - | - | - | -7,170 | 0 | 0 | - | - | - |
Increase in inventory reserve | |||||||||
6,967 | 4,892 | 7,885 | 3,119 | 5,343 | 2,329 | 2,790 | 1,637 | 1,719 | 4,196 |
Restructuring expenses | |||||||||
- | - | 1,138 | 15,573 | 0 | 0 | - | - | - | - |
Unrealized loss/(gain) on investment in equity securities | |||||||||
13,023 | - | - | - | - | - | - | - | - | - |
(Gain)/loss on sale of assets | |||||||||
- | - | - | - | 1,099 | 4,281 | 5 | -25 | - | - |
Allowance for doubtful accounts | |||||||||
- | - | - | - | - | 433 | 193 | -103 | 479 | -191 |
Stock based compensation | |||||||||
4,094 | 8,914 | 7,766 | 5,599 | 5,002 | 2,825 | 1,802 | 1,565 | 1,822 | 1,281 |
Deferred income tax provision | |||||||||
-2,057 | 7,186 | 8,556 | 19,736 | -16,025 | 5,902 | -40,712 | -721 | -1,165 | -287 |
Toll tax | |||||||||
-2,105 | 2,105 | - | 0 | - | - | - | - | - | - |
Restructuring charges | |||||||||
- | - | - | - | - | - | - | - | 870 | 0 |
Equity in losses of partially-owned affiliates | |||||||||
- | - | - | - | -4,623 | -2,262 | -1,766 | -1,621 | -286 | 0 |
Stock option modification | |||||||||
- | - | - | - | - | - | - | - | - | 94 |
Foreign tax reserve | |||||||||
- | - | - | - | - | - | - | - | - | 5,330 |
Other | |||||||||
-134 | -581 | -160 | 141 | -584 | -348 | -348 | -365 | -297 | 259 |
Changes in assets and liabilities: | |||||||||
Trade receivables | |||||||||
62,183 | -40,651 | 5,120 | 14,378 | 8,955 | 27,707 | 6,310 | -2,066 | 7,148 | -5,930 |
Contract assets | |||||||||
-20,916 | - | - | - | - | - | - | - | - | - |
Inventories | |||||||||
7,658 | 13,283 | 23,679 | 32,721 | 9,062 | 19,328 | 10,295 | 3,523 | 4,925 | -712 |
Prepaid expenses and other current assets | |||||||||
-14,927 | 8,123 | 729 | -4,268 | 5,766 | 2,651 | 188 | -729 | -1,357 | -2,083 |
Accounts payable and other current liabilities | |||||||||
-2,307 | -20,114 | 12,056 | 11,779 | 12,369 | 10,107 | 3,134 | 6,247 | -2,316 | -13,038 |
Contract liabilities, current | |||||||||
3,238 | 985 | 41,962 | - | - | - | - | - | - | - |
Deferred revenue and advance payments | |||||||||
- | - | - | 12,178 | 11,773 | 18,644 | 10,748 | 1,497 | -104 | - |
Other non-current assets and liabilities | |||||||||
2,666 | 5,608 | 3,961 | 5,331 | 2,387 | -11,229 | -182 | 5,597 | -770 | 2,356 |
Discontinued operations: | |||||||||
Non-current liabilities | |||||||||
1,055 | 2,858 | 7,517 | 0 | 0 | - | - | - | - | - |
Net cash used in discontinued operations | |||||||||
-916 | -1,440 | -516 | -1,536 | -1,858 | -1,533 | -3,747 | -601 | -133 | 0 |
Net cash provided by operating activities | |||||||||
86,982 | 149,015 | 133,556 | 85,051 | 64,968 | 36,874 | 43,546 | 38,322 | 23,284 | 34,392 |
Cash flows from investing activities: | |||||||||
Capital expenditures | |||||||||
62,598 | 52,143 | 49,714 | 62,491 | 23,323 | 57,320 | 18,156 | 15,008 | 12,637 | 12,587 |
Proceeds from sale of assets | |||||||||
- | - | 13 | 2,308 | 2,355 | 2,378 | 16 | 20 | - | - |
Proceeds from sale of business | |||||||||
- | 2,836 | - | 0 | - | - | - | - | - | - |
Advances to partially-owned affiliates | |||||||||
- | - | - | - | 1,404 | 1,655 | 2,047 | 0 | 0 | - |
Acquisition of businesses, net of cash acquired | |||||||||
424,244 | - | 24,275 | 0 | 2,426 | 0 | 0 | 500 | 25,249 | 0 |
Capital invested in partially-owned affiliate | |||||||||
- | - | - | - | - | - | - | - | 1,148 | 0 |
Other | |||||||||
- | - | - | 56 | 0 | 0 | -5 | 0 | 18 | -67 |
Net cash used in investing activities | |||||||||
-486,842 | -49,307 | -73,976 | -60,239 | -24,798 | -56,597 | -20,182 | -15,488 | -39,052 | -12,520 |
Cash flows from financing activities: | |||||||||
Dividends and return of capital | |||||||||
- | - | - | - | - | - | - | - | - | 889 |
Borrowings | |||||||||
325,000 | - | - | - | 25,750 | 70,950 | 5,500 | 105,800 | 33,200 | 23,600 |
Repayments | |||||||||
25,000 | - | 30,000 | 30,000 | 45,000 | 55,700 | 39,500 | 123,700 | 38,100 | 26,600 |
Debt issuance costs | |||||||||
- | - | 2,515 | 0 | 0 | - | - | 1,541 | 0 | 0 |
Proceeds from stock options exercised | |||||||||
14,041 | 4,781 | 4,941 | 5,816 | 4,203 | 3,224 | 1,355 | 145 | 0 | 9 |
Excess tax benefits | |||||||||
- | - | - | - | 522 | - | - | - | - | - |
Other | |||||||||
- | - | - | - | - | -301 | -22 | -340 | -54 | -48 |
Net cash provided by financing activities | |||||||||
314,041 | 4,781 | -27,574 | -24,184 | -14,525 | 18,173 | -32,667 | -19,636 | -4,954 | -3,928 |
Effect of exchange rate changes on cash and cash equivalents | |||||||||
-1,613 | 4,654 | -1,839 | -2,172 | -2,872 | 744 | 933 | -891 | -2,029 | 1,881 |
Net decrease in cash and cash equivalents | |||||||||
-87,432 | 109,143 | 30,167 | -1,544 | 22,773 | -806 | -8,370 | 2,307 | -22,751 | 19,825 |
Interest paid, net of capitalized interest | |||||||||
4,923 | 1,270 | 425 | 1,340 | 2,068 | 2,325 | 2,556 | 2,258 | 4,328 | 4,906 |
Income taxes paid, net of refunds received | |||||||||
15,671 | 45,744 | 18,210 | 5,731 | 6,725 | 7,211 | 5,068 | 8,520 | 3,579 | 6,882 |