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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES:    
Net income $ 56,082 $ 41,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 18,227 17,073
Amortization, including accretion of deferred financing costs 5,035 5,112
Deferred income taxes 4,374 2,399
Earnings of equity method investee (1,230) (1,435)
Gain on sale of fixed assets (132) (21)
Share-based compensation expense 4,699 4,214
Tax benefit related to share-based compensation expense (655) (879)
Gain on disposal of non-core products, net (33,599)  
Change in fair value of earn-out contingent consideration 1,862 1,918
Changes in operating assets and liabilities, net of effect of business combination:    
Accounts receivable, net (8,864) (15,145)
Inventories, net (27,333) (18,041)
Prepaid expenses and other assets (11,232) (1,086)
Accounts payable 12,011 15,280
Accrued expenses and other liabilities 1,277 (3,543)
Net cash provided by operating activities 20,522 47,638
INVESTING ACTIVITIES:    
Capital expenditures, including intangibles (30,771) (22,816)
Proceeds from sale of fixed assets 329 44
Insurance proceeds for fixed assets   1,403
Proceeds from disposal of non-core switch and connector products 34,386  
Investment in venture capital fund (1,200)  
Net cash provided by (used for) investing activities 2,744 (21,369)
FINANCING ACTIVITIES:    
Revolving credit facility borrowings 81,500 27,500
Revolving credit facility payments (69,000) (47,500)
Proceeds from issuance of debt 2,195 369
Repayments of debt (1,300) (4,372)
Earn-out consideration cash payment (3,394)  
Other financing costs (1,346)  
Common Share repurchase program (50,000)  
Repurchase of Common Shares to satisfy employee tax withholding (4,037) (4,206)
Net cash used for financing activities (45,382) (28,209)
Effect of exchange rate changes on cash and cash equivalents (3,713) (3,408)
Net change in cash and cash equivalents (25,829) (5,348)
Cash and cash equivalents at beginning of period 81,092 66,003
Cash and cash equivalents at end of period 55,263 60,655
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,210 3,899
Cash paid for income taxes, net $ 11,858 $ 14,899