Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Cash, Cash Equivalents and Restricted Cash

The following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in the Company’s consolidated statements of cash flows for the years ended December 31, 2021, 2020 and 2019:

	For the Years Ended December 31,
	2021		2020		2019
	(Amounts in thousands)
Cash and cash equivalents	$	603,814	$	717,292	$	528,392
Restricted cash		—		—		9,015
Total cash, cash equivalents, and restricted cash	$	603,814	$	717,292	$	537,407

Property, Plant and Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification	Estimated Useful Life
Buildings	Thirty years
Leasehold improvements	Shorter of the term of the lease or estimated useful life
Equipment	Three to twelve years
Furniture, fixtures and office equipment	Three to eight years
Computer hardware and software	Three to seven years or estimated useful life

Reconciliation of Basic and Diluted Shares Amounts

A reconciliation of basic and diluted share amounts is as follows:

	For the Years Ended December 31,
	2021		2020		2019
	(Amounts in thousands, except per share data)
Net income	$	128,291	$	59,926	$	21,411
Weighted average shares used in computing net income per    share - basic		55,015		52,554		48,343
Effect of dilutive shares:
Options and stock units		915		971		864
Convertible senior notes		1,253		367		—
Dilutive effect of unvested performance stock units		81		—		—
Dilutive potential common shares		2,249		1,338		864
Weighted average shares used in computing net income per    share - diluted		57,264		53,892		49,206
Earnings per share:
Basic	$	2.33	$	1.14	$	0.44
Diluted	$	2.24	$	1.11	$	0.44

Summary of Product Revenues by Product Line

The following table represents product revenues by product line:

	For the Years Ended December 31,
	2021(1)		2020(2)		2019(3)
	(Amounts in thousands)
Filtration products	$	403,505	$	174,851	$	119,464
Chromatography products(4)		91,037		70,677		60,662
Process analytics products		48,019		33,346		16,405
Proteins products(4)		123,707		83,317		69,004
Other		4,051		3,945		4,562
Total product revenue	$	670,319	$	366,136	$	270,097

(1)2021 revenue for filtration products includes revenue related to Polymem from July 1, 2021 as well as BioFlex and NTM from December 16, 2021 through December 31, 2021. 2021 revenue for proteins products includes revenue related to Avitide from September 20, 2021 through December 31, 2021.

(2)2020 revenue for filtration products includes revenue related to EMT from July 13, 2020, NMS from October 20, 2020 and ARTeSYN from December 3, 2020 through December 31, 2020.

(3)2019 revenue includes process analytics revenue related to C Technologies from June 1, 2019 through December 31, 2019.

(4)Revised 2020 and 2019 revenue in the table above reflects a shift in revenue from chromatography products to proteins products of approximately $3 million and $4 million, respectively. These changes are consistent with the current year presentation of product revenue.

Total Assets by Geographic Area

The following table represents the Company’s total assets by geographic area:

	December 31,
	2021		2020
	(Amounts in thousands)
Total assets by geographic locations:
North America	$	2,082,721	$	1,697,149
Europe		243,076		188,698
APAC		32,557		17,040
Total assets by geographic location	$	2,358,354	$	1,902,887

Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets by geographic area:

	December 31,
	2021		2020
	(Amounts in thousands)
Long-lived assets by geographic locations:
North America	$	198,436	$	78,429
Europe		27,168		12,918
APAC		1,534		1,272
Total long-lived assets by geographic location	$	227,138	$	92,619

Percentage of Revenue from Significant Customers

Revenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:

	For the Years Ended December 31,
	2021	2020	2019
Pfizer Inc.	10%	N/A	N/A
MilliporeSigma	N/A	11%	13%
Cytiva	N/A	N/A	12%

Total Revenue

Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	For the Years Ended December 31,
	2021			2020			2019
Revenue by customers' geographic locations:
North America		41	%		48	%		51	%
Europe		40	%		38	%		37	%
APAC/Other		19	%		14	%		12	%
Total revenue		100	%		100	%		100	%

Trade Accounts Receivable Member

Percentage of Revenue from Significant Customers

is as follows:

	December 31,
	2021			2020
Pfizer Inc.		14	%	N/A
Cytiva	N/A				11	%