XML 92 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 5,451 $ 42,017 $ 27,523
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 92,100 69,546 53,582
Gain on bargain purchase     (11,039)
Loss on sales and/or abandonment of property and equipment 115 625 427
Write-off of certain intangible assets and other long-term assets 25,563 814 988
Acquired in-process research and development 525 644 12,136
Amortization of right-of-use operating lease assets 12,256    
Amortization of deferred credits (139) (142) (147)
Amortization of long-term debt issuance costs 721 804 685
Deferred income taxes (12,436) 2,052 (1,304)
Stock-based compensation expense 9,382 6,117 4,075
Changes in operating assets and liabilities, net of effects from acquisitions:      
Trade receivables (17,900) (27,522) (12,844)
Other receivables 1,859 (2,754) (3,557)
Inventories (27,044) (28,172) (17,834)
Prepaid expenses and other current assets (1,239) (2,000) (1,236)
Prepaid income taxes 128 (444) (611)
Income tax refund receivables (2,247) 232 (588)
Other assets (5,141) 315 (3,735)
Trade payables (2,295) 15,726 417
Accrued expenses 9,580 12,706 6,461
Income taxes payable (351) 918 21
Long-term income taxes payable (45) (4,454) 4,846
Liabilities related to unrecognized tax benefits (794) 267 (19)
Deferred compensation payable 3,635 39 1,970
Operating lease liabilities (11,970)    
Other long-term obligations (1,901) (801) 2,510
Total adjustments 72,362 44,516 35,204
Net cash provided by operating activities 77,813 86,533 62,727
Capital expenditures for:      
Property and equipment (78,173) (63,324) (38,623)
Intangible assets (3,324) (3,012) (2,577)
Proceeds from the sale of property and equipment 920 55 21
Issuance of note receivable   (10,750)  
Cash paid in acquisitions, net of cash acquired (53,904) (301,789) (105,582)
Net cash used in investing activities (134,481) (378,820) (146,761)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 6,252 214,993 143,810
Offering costs   (366) (816)
Proceeds from issuance of long-term debt 246,659 639,108 197,214
Payments on long-term debt (202,159) (522,608) (243,214)
Long-term debt issuance costs (1,479)   (416)
Contingent payments related to acquisitions (15,740) (231) (61)
Payment of taxes related to an exchange of common stock   (2,616)  
Net cash provided by financing activities 33,533 328,280 96,517
EFFECT OF EXCHANGE RATES ON CASH 96 (970) 682
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (23,039) 35,023 13,165
CASH AND CASH EQUIVALENTS:      
Beginning of period 67,359 32,336 19,171
End of period 44,320 67,359 32,336
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $1,290, $647 and $513, respectively) 12,434 10,324 7,707
Income taxes 12,069 8,692 6,049
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 7,952 4,989 1,992
Receivable for issuance of common stock associated with option exercises     137
Acquisition purchases in accrued expenses and other long-term obligations 10,541 72,209 $ 10,488
Merit common stock surrendered (3, 43, and 0 shares, respectively) in exchange for exercise of stock options 93 $ 2,261  
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 10,637