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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 66,782 $ 41,115
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66,359 61,312
Loss on disposition of business   1,389
Loss on sale or abandonment of property and equipment 4,761 196
Write-off of certain intangible assets and other long-term assets 461 1,733
Acquired in-process research and development 1,550 6,671
Amortization of right-of-use operating lease assets 8,621 7,819
Adjustments related to contingent consideration liabilities 2,177 2,888
Amortization of deferred credits (78) (81)
Amortization of long-term debt issuance costs 744 453
Stock-based compensation expense 15,346 13,691
Changes in operating assets and liabilities, net of acquisitions and divestitures:    
Trade receivables (3,852) (9,063)
Other receivables (1,040) 5,669
Inventories (34,426) (30,735)
Prepaid expenses and other current assets (72) (4,186)
Prepaid income taxes (24)  
Income tax refund receivables (8,682) (1,713)
Other assets (719) 1,848
Trade payables (20,332) 9,752
Accrued expenses (599) (8,861)
Income taxes payable (3,431) (1,374)
Deferred compensation payable 245 (3,325)
Operating lease liabilities (8,573) (8,406)
Other long-term obligations (2,318) (509)
Total adjustments 16,118 45,168
Net cash, cash equivalents, and restricted cash provided by operating activities 82,900 86,283
Capital expenditures for:    
Property and equipment (27,151) (32,539)
Intangible assets (1,756) (1,909)
Proceeds from the sale of property and equipment 181 63
Payments from disposition of business   (971)
Cash paid in acquisitions, net of cash acquired (138,278) (4,712)
Net cash, cash equivalents, and restricted cash used in investing activities (167,004) (40,068)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 11,446 6,733
Proceeds from issuance of long-term debt 480,499 172,336
Payments on long-term debt (391,624) (198,593)
Long-term debt issuance costs (5,240)  
Contingent payments related to acquisitions (3,502) (32,862)
Payment of taxes related to an exchange of common stock (5,123) (2,125)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities 86,456 (54,511)
Effect of exchange rates on cash, cash equivalents, and restricted cash (2,181) (5,862)
Net increase (decrease) in cash, cash equivalents and restricted cash 171 (14,158)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 60,558 67,750
End of period 60,729 53,592
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 58,673 51,481
Restricted cash reported in prepaid expenses and other current assets $ 2,056 $ 2,111
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 $ 60,729 $ 53,592
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $941 and $565, respectively) 9,572 4,087
Income taxes 24,875 14,013
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 4,613 1,899
Acquisition purchases in accrued expenses and other long-term obligations 3,674 4,526
Merit common stock surrendered (86 and 15 shares, respectively) in exchange for exercise of stock options 5,809 898
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 7,560 $ 8,948