XML 36 R7.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,656 $ 32,828
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 68,507 50,436
Loss on sales and/or abandonment of property and equipment 637 425
Amortization of right-of-use operating lease assets 9,226  
Write-off of patents and intangible assets 3,492 744
Acquired in-process research and development 525 382
Amortization of deferred credits (104) (106)
Amortization of long-term debt issuance costs 570 603
Stock-based compensation expense 6,915 4,494
Changes in operating assets and liabilities, net of effects from acquisitions:    
Trade receivables (6,786) (25,482)
Other receivables 72 255
Inventories (19,302) (19,375)
Prepaid expenses and other current assets (3,859) (2,719)
Prepaid income taxes   (120)
Income tax refund receivables (8,680) 134
Other assets (3,832) (1,370)
Trade payables (3,775) 15,936
Accrued expenses 66 7,707
Income taxes payable (928) (1,528)
Deferred compensation payable 2,276 994
Operating lease liabilities (8,956)  
Other long-term obligations 5,184 (1,381)
Total adjustments 41,248 30,029
Net cash provided by operating activities 50,904 62,857
Capital expenditures for:    
Property and equipment (58,104) (47,024)
Intangible assets (2,560) (2,234)
Proceeds from the sale of property and equipment 262 7
Issuance of note receivable 0 (10,750)
Cash paid in acquisitions, net of cash acquired (53,512) (122,770)
Net cash used in investing activities (113,914) (182,771)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 5,863 213,276
Offering costs   (366)
Proceeds from issuance of long-term debt 194,477 380,825
Payments on long-term debt (149,477) (450,575)
Long-term debt issuance costs (1,479)  
Contingent payments related to acquisitions (15,684) (184)
Payment of taxes related to an exchange of common stock   (2,616)
Net cash provided by financing activities 33,700 140,360
EFFECT OF EXCHANGE RATES ON CASH (734) (827)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (30,044) 19,619
CASH AND CASH EQUIVALENTS:    
Beginning of period 67,359 32,336
End of period 37,315 51,955
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $896 and $468, respectively) 9,319 8,018
Income taxes 10,071 6,069
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 7,481 3,058
Acquisition purchases in accrued expenses and other long-term obligations 9,583 0
Merit common stock surrendered (3 and 43 shares, respectively) in exchange for exercise of stock options 93 $ 2,262
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 7,431