Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Operating activities |
|
|
|
| Net income |
$ 36,951
|
$ 33,176
|
$ 35,086
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation expense |
4,097
|
3,379
|
1,798
|
| Amortization of intangible assets |
4,029
|
3,111
|
1,999
|
| (Gain) loss on disposal of property, plant, and equipment |
(14)
|
62
|
348
|
| Stock-based compensation |
9,445
|
8,262
|
4,096
|
| Amortization of debt issuance costs |
386
|
404
|
426
|
| Changes in assets and liabilities: |
|
|
|
| Receivables |
1,000
|
(21,053)
|
(24,646)
|
| Other assets |
(7,232)
|
1,537
|
(8,193)
|
| Accounts payable |
(2,680)
|
(11,733)
|
29,960
|
| Deferred taxes |
(10,665)
|
(7,173)
|
475
|
| Compensation and other employee benefits |
12,004
|
9,652
|
178
|
| Other liabilities |
16,760
|
7,933
|
(1,471)
|
| Net cash provided by operating activities |
64,081
|
27,557
|
40,056
|
| Investing activities |
|
|
|
| Purchases of capital assets |
(4,500)
|
(16,151)
|
(10,025)
|
| Proceeds from the disposition of assets |
84
|
5,400
|
33
|
| Acquisition of business, net of cash acquired |
(133,609)
|
(45,074)
|
(36,855)
|
| Net cash (used in) investing activities |
(138,025)
|
(55,825)
|
(46,847)
|
| Financing activities |
|
|
|
| Repayments of long-term debt |
(6,500)
|
(4,500)
|
(4,000)
|
| Proceeds from revolver |
314,000
|
333,500
|
207,000
|
| Repayments of revolver |
(199,000)
|
(333,500)
|
(207,000)
|
| Proceeds from exercise of stock options |
59
|
3,672
|
1,595
|
| Payment of debt issuance costs |
(830)
|
0
|
0
|
| Payments of employee withholding taxes on share-based compensation |
(1,955)
|
(1,068)
|
(880)
|
| Net cash provided by (used in) financing activities |
105,774
|
(1,896)
|
(3,285)
|
| Exchange rate effect on cash |
1,579
|
(663)
|
(1,232)
|
| Net change in cash, cash equivalents and restricted cash |
33,409
|
(30,827)
|
(11,308)
|
| Cash, cash equivalents and restricted cash - beginning of year |
35,318
|
66,145
|
77,453
|
| Cash, cash equivalents and restricted cash - end of year |
68,727
|
35,318
|
66,145
|
| Supplemental Disclosure of Cash Flow Information: |
|
|
|
| Interest paid |
3,717
|
6,229
|
4,973
|
| Income taxes paid |
14,520
|
4,511
|
11,588
|
| Purchase of capital assets on account |
$ 2,226
|
$ 556
|
$ 1,128
|