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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 92,410 $ 66,782
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 74,093 66,359
Loss on sale or abandonment of property and equipment 215 4,761
Write-off of certain intangible assets and other long-term assets 401 461
Acquired in-process research and development   1,550
Amortization of right-of-use operating lease assets 9,043 8,621
Fair value adjustments related to contingent consideration liabilities 292 2,177
Amortization of deferred credits (77) (78)
Amortization of long-term debt issuance costs 4,431 744
Stock-based compensation expense 18,958 15,346
Changes in operating assets and liabilities, net of acquisitions and divestitures:    
Trade receivables (9,540) (3,852)
Other receivables (4,670) (1,040)
Inventories (2,844) (34,426)
Prepaid expenses and other current assets (5,871) (72)
Prepaid income taxes   (24)
Income tax refund receivables (7,530) (8,682)
Other assets (3,860) (719)
Trade payables (6,489) (20,332)
Accrued expenses (614) (599)
Income taxes payable (2,246) (3,431)
Deferred compensation payable 2,051 245
Operating lease liabilities (9,056) (8,573)
Other long-term obligations 2,958 (2,318)
Total adjustments 59,645 16,118
Net cash, cash equivalents, and restricted cash provided by operating activities 152,055 82,900
Capital expenditures for:    
Property and equipment (31,668) (27,151)
Intangible assets (2,138) (1,756)
Proceeds from the sale of property and equipment 5 181
Issuance of note receivables (6,662)  
Cash paid in acquisitions and investments, net of cash acquired (113,743) (138,278)
Net cash, cash equivalents, and restricted cash used in investing activities (154,206) (167,004)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 15,424 11,446
Proceeds from issuance of long-term debt   480,499
Payments on long-term debt (76,063) (391,624)
Long-term debt issuance costs   (5,240)
Contingent payments related to acquisitions (209) (3,502)
Payment of taxes related to an exchange of common stock (1,592) (5,123)
Net cash, cash equivalents, and restricted cash (used in) provided by financing activities (62,440) 86,456
Effect of exchange rates on cash, cash equivalents, and restricted cash 724 (2,181)
Net increase (decrease) in cash, cash equivalents and restricted cash (63,867) 171
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 589,144 60,558
End of period 525,277 60,729
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 523,128 58,673
Restricted cash reported in prepaid expenses and other current assets $ 2,149 $ 2,056
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Total cash, cash equivalents and restricted cash $ 525,277 $ 60,729
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $712 and $941, respectively) 20,977 9,572
Income taxes 33,054 24,875
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 8,907 4,613
Acquisition purchases in accrued expenses and other long-term obligations 4,894 3,674
Merit common stock surrendered (0 and 86 shares, respectively) in exchange for exercise of stock options   5,809
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 9,191 $ 7,560