XML 128 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 30,147 $ 28,240
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,292 23,599
Loss on sale or abandonment of property and equipment 87 35
Write-off of certain intangible assets and other long-term assets 32 202
Amortization of right-of-use operating lease assets 2,984 3,122
Fair value adjustments related to contingent consideration liabilities 1,023 (117)
Amortization of deferred credits (26) (26)
Amortization and write-off of long-term debt issuance costs 1,414 1,477
Stock-based compensation expense 9,078 5,234
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (7,560) (4,182)
Other receivables (284) (705)
Inventories (10,599) (382)
Prepaid expenses and other current assets 2,041 765
Income tax refund receivables 2,143 305
Other assets (176) (2,947)
Trade payables 4,453 (14,148)
Accrued expenses (20,747) (8,891)
Income taxes payable 1,918 3,651
Deferred compensation payable (580) 1,061
Operating lease liabilities (3,335) (2,931)
Other long-term obligations (733) 2,854
Total adjustments 10,425 7,976
Net cash, cash equivalents, and restricted cash provided by operating activities 40,572 36,216
Capital expenditures for:    
Property and equipment (21,061) (11,682)
Intangible assets (457) (861)
Cash paid for notes receivable and other investments (7,117) (6,508)
Cash paid in acquisitions, net of cash acquired (1,000) (3,000)
Net cash, cash equivalents, and restricted cash used in investing activities (29,635) (22,051)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 13,152 7,730
Payments on long-term debt   (24,063)
Contingent payments related to acquisitions (52) (78)
Payment of taxes related to an exchange of common stock (6,145) (1,592)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities 6,955 (18,003)
Effect of exchange rates on cash, cash equivalents, and restricted cash 936 (1,319)
Net increase (decrease) in cash, cash equivalents and restricted cash 18,828 (5,157)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 378,767 589,144
End of period 397,595 583,987
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 395,529 581,921
Restricted cash reported in prepaid expenses and other current assets $ 2,066 $ 2,066
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 $ 397,595 $ 583,987
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $282 and $207, respectively) 12,361 2,393
Income taxes 3,784 2,066
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 3,813 5,163
Acquisition purchases in accrued expenses and other long-term obligations 4,020 6,417
Merit common stock surrendered (18 and 0 shares, respectively) in exchange for exercise of stock options 1,882  
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 24,871 $ 7,759