XML 83 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 94,411 $ 74,516 $ 48,454
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 89,985 81,804 84,066
(Gain) Loss on disposition of business (431) 1,417  
Loss on sale or abandonment of property and equipment 5,838 380 1,303
Write-off of certain intangible assets and other long-term assets 506 2,281 4,412
Acquired in-process research and development 1,550 6,671  
Amortization of right-of-use operating lease assets 11,307 10,394 11,718
Fair value adjustments related to contingent consideration liabilities 1,704 4,611 3,161
Amortization of deferred credits (104) (107) (108)
Amortization and write-off of long-term debt issuance costs 1,717 604 604
Deferred income taxes (12,643) (14,924) (4,631)
Stock-based compensation expense 21,333 18,042 16,090
Changes in operating assets and liabilities, net of acquisitions and divestitures:      
Trade receivables (11,916) (15,116) (8,618)
Other receivables 2,429 4,154 (10,418)
Inventories (32,105) (47,929) (25,183)
Prepaid expenses and other current assets 1,281 (1,798) (3,555)
Prepaid income taxes (92) (379) 125
Income tax refund receivables (58) 1,952 739
Other assets (5,976) 657 (1,670)
Trade payables (7,297) 12,661 6,050
Accrued expenses (2,484) (16,379) 36,462
Income taxes payable (1,685) 4,521 (119)
Liabilities related to unrecognized tax benefits   (45) 314
Deferred compensation payable 1,903 (2,848) 1,303
Operating lease liabilities (11,492) (11,127) (12,410)
Other long-term obligations (2,530) 278 (858)
Total adjustments 50,740 39,775 98,777
Net cash, cash equivalents, and restricted cash provided by operating activities 145,151 114,291 147,231
Capital expenditures for:      
Property and equipment (34,290) (45,029) (27,939)
Intangible assets (2,411) (3,175) (2,834)
Proceeds from the sale of property and equipment 201 65 1,037
Proceeds (payments) from disposition of business 431 (971)  
Cash received for settlement of note receivable     2,000
Issuance of note receivable (1,000)   (2,254)
Cash paid in acquisitions, net of cash acquired (138,278) (8,287) (7,171)
Net cash, cash equivalents, and restricted cash used in investing activities (175,347) (57,397) (37,161)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 15,584 20,070 21,306
Proceeds from issuance of long-term debt 1,199,203 215,205 98,421
Payments on long-term debt (579,624) (260,143) (206,921)
Purchase of capped call option (66,528)    
Long-term debt issuance costs (677)    
Contingent payments related to acquisitions (3,569) (32,918) (10,665)
Payment of taxes related to an exchange of common stock (5,123) (2,474) (576)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities 559,266 (60,260) (98,435)
Effect of exchange rates on cash, cash equivalents, and restricted cash (484) (3,826) (801)
Net increase (decrease) in cash, cash equivalents and restricted cash 528,586 (7,192) 10,834
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Beginning of period 60,558 67,750 56,916
End of period 589,144 60,558 67,750
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 587,036 58,408 67,750
Restricted cash reported in prepaid expenses and other current assets $ 2,108 2,150  
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current    
Total cash, cash equivalents and restricted cash $ 589,144 60,558 67,750
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $XXX, $858 and $480, respectively) 14,051 6,258 5,261
Income taxes 31,534 17,092 8,828
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 8,267 3,702 2,558
Acquisition purchases in accrued expenses and other long-term obligations 3,713 3,526  
Merit common stock surrendered (XX, 18 and 3 shares, respectively) in exchange for exercise of stock options 5,809 1,140 180
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 8,891 $ 11,130 $ 1,524