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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss) $ 128,489 $ 120,357 $ 94,411
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 123,168 102,709 89,985
Gain on disposition of business (249)   (431)
Loss on sale or abandonment of property and equipment 2,302 1,490 5,838
Write-off of certain intangible assets and other long-term assets 313 456 506
Acquired in-process research and development     1,550
Amortization of right-of-use operating lease assets 11,481 12,023 11,307
Fair value adjustments related to contingent consideration liabilities 984 443 1,704
Amortization of deferred credits (103) (103) (104)
Amortization and write-off of long-term debt issuance costs 5,656 6,769 1,717
Deferred income taxes 5,214 (14,873) (12,643)
Stock-based compensation expense 43,460 28,473 21,333
Changes in operating assets and liabilities, net of acquisitions:      
Trade receivables (7,341) (13,686) (11,916)
Other receivables 4,368 (6,482) 2,429
Inventories (21,602) (2,287) (32,105)
Prepaid expenses and other current assets (2,520) (4,295) 1,281
Prepaid income taxes (1,612) 709 (92)
Income tax refund receivables 246 (1,536) (58)
Other assets (1,697) (6,066) (5,976)
Trade payables 1,011 (2,314) (7,297)
Accrued expenses 14,262 9,715 (2,484)
Income taxes payable 5,230 (1,785) (1,685)
Liabilities related to unrecognized tax benefits 80 206  
Deferred compensation payable (1,655) 2,030 1,903
Operating lease liabilities (11,167) (12,183) (11,492)
Other long-term obligations (947) 1,029 (2,530)
Total adjustments 168,882 100,442 50,740
Net cash, cash equivalents, and restricted cash provided by operating activities 297,371 220,799 145,151
Capital expenditures for:      
Property and equipment (81,716) (35,140) (34,290)
Intangible assets (3,120) (2,903) (2,411)
Proceeds from asset and business dispositions 303 5 632
Cash paid for notes receivable and other investments (18,084) (10,433) (4,755)
Cash paid in acquisitions, net of cash acquired (144,769) (320,182) (134,523)
Net cash, cash equivalents, and restricted cash used in investing activities (247,386) (368,653) (175,347)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 28,213 40,908 15,584
Proceeds from issuance of long-term debt     1,199,203
Payments on long-term debt   (99,063) (579,624)
Purchase of capped call option     (66,528)
Long-term debt issuance costs     (677)
Contingent payments related to acquisitions (2,685) (261) (3,569)
Payment of taxes related to an exchange of common stock (9,529) (1,592) (5,123)
Net cash, cash equivalents, and restricted cash provided by (used in) financing activities 15,999 (60,008) 559,266
Effect of exchange rates on cash, cash equivalents, and restricted cash 3,798 (2,515) (484)
Net increase (decrease) in cash, cash equivalents and restricted cash 69,782 (210,377) 528,586
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:      
Beginning of period 378,767 589,144 60,558
End of period 448,549 378,767 589,144
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 446,404 376,715 587,036
Restricted cash reported in prepaid expenses and other current assets $ 2,145 $ 2,052 $ 2,108
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current
Total cash, cash equivalents and restricted cash $ 448,549 $ 378,767 $ 589,144
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $1,398, $1,005 and $1,272, respectively) 20,991 23,244 14,051
Income taxes 31,392 45,047 31,534
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 3,136 13,244 8,267
Acquisition purchases in accrued expenses and other long-term obligations 3,886 4,956 3,713
Merit common stock surrendered (118, 0 and 86 shares, respectively) in exchange for exercise of stock options 10,863   5,809
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 32,684 $ 9,947 $ 8,891