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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 42,017 $ 27,523 $ 20,121
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 69,546 53,582 43,755
Gain on bargain purchase 0 (11,039) 0
Losses on sales and/or abandonment of property and equipment 625 427 530
Write-off of patents and intangible assets 814 988 101
Acquired in-process research and development 644 12,136 461
Amortization of deferred credits (142) (147) (170)
Amortization of long-term debt issuance costs 804 685 952
Deferred income taxes 2,052 (1,304) (962)
Excess tax benefits from stock-based compensation 0 0 (669)
Stock-based compensation expense 6,117 4,075 2,506
Changes in operating assets and liabilities, net of effects from acquisitions:      
Trade receivables (27,522) (12,844) (6,816)
Other receivables (2,754) (3,557) 1,161
Inventories (28,172) (17,834) (3,656)
Prepaid expenses and other current assets (2,000) (1,236) 271
Prepaid income taxes (444) (611) 404
Income tax refund receivables 232 (588) 406
Other assets 315 (3,735) (3,763)
Trade payables 15,726 417 (6,835)
Accrued expenses 12,706 6,461 3,242
Income taxes payable 918 21 1,451
Long-term income taxes payable (4,454) 4,846 0
Liabilities related to unrecognized tax benefits 267 (19) 597
Deferred compensation payable 39 1,970 712
Other long-term obligations (801) 2,510 (200)
Total adjustments 44,516 35,204 33,478
Net cash provided by operating activities 86,533 62,727 53,599
Capital expenditures for:      
Property and equipment (63,324) (38,623) (32,837)
Intangible assets (3,012) (2,577) (2,217)
Proceeds from sale of cost method investment 0 0 1,089
Proceeds from the sale of property and equipment 55 21 19
Issuance of notes receivable (10,750) 0 0
Cash paid in acquisitions, net of cash acquired (301,789) (105,582) (125,161)
Net cash used in investing activities (378,820) (146,761) (159,107)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 214,993 143,810 5,271
Offering costs (366) (816) 0
Proceeds from issuance of long-term debt 639,108 197,214 219,505
Payments on long-term debt (522,608) (243,214) (102,098)
Excess tax benefits from stock-based compensation 0 0 669
Long-term debt issuance costs 0 (416) (1,948)
Contingent payments related to acquisitions (231) (61) (218)
Payment of taxes related to an exchange of common stock (2,616) 0 (86)
Net cash provided by financing activities 328,280 96,517 121,095
EFFECT OF EXCHANGE RATES ON CASH (970) 682 (593)
NET INCREASE IN CASH AND CASH EQUIVALENTS 35,023 13,165 14,994
CASH AND CASH EQUIVALENTS:      
Beginning of year 32,336 19,171 4,177
End of year 67,359 32,336 19,171
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $647, $513 and $460, respectively) 10,324 7,707 8,872
Income taxes 8,692 6,049 2,318
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 4,989 1,992 2,398
Contingent receivable in exchange for sale of equity investment 0 0 711
Receivable for issuance of common stock associated with option exercises 0 137 0
Acquisition purchases in accrued expenses and other long-term obligations 72,209 10,488 0
Merit common stock surrendered (43, 0 and 14 shares, respectively) in exchange for exercise of stock options $ 2,261 $ 0 $ 346