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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 169,075 $ 133,892 $ 50,201
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 119,836 116,031 109,462
Non-cash in-process research and development expense 0 519 64,916
Non-cash impairment charges 2,754 0 5,764
Deferred income tax (benefit) provision (2,755) (64,138) (19,046)
Share-based compensation 36,210 19,590 21,255
Amortization of debt issuance costs and expenses associated with debt refinancing 7,030 12,076 5,390
Non-cash lease expense 3,834 2,955 5,060
Accretion of bond issuance discount 0 15,415 0
Loss on disposal of property and equipment and construction in-progress 2,240 7,855 1,821
Gain from the sale of business (41,798) 0 0
Change in fair value of contingent consideration and others (2,162) 951 1,119
Changes in assets and liabilities:      
Accounts receivable 7,265 52,105 (9,428)
Inventories 5,374 (48,348) (43,308)
Prepaid expenses and other current assets (21,143) 1,632 13,071
Other non-current assets 7,875 13,735 13,156
Accounts payable, accrued expenses and other current liabilities 32,874 (57,512) 14,666
Contract liabilities 28 (37) (607)
Other non-current liabilities (14,110) (2,889) (2,059)
Net cash provided by operating activities 312,427 203,832 231,433
INVESTING ACTIVITIES:      
Purchases of property and equipment (48,022) (38,890) (69,537)
Proceeds from sale of Extremity Orthopedics Business 190,468 0 0
Acquired in-process research and development and intangibles (58) (25,000) (64,995)
Proceeds from note receivable 0 0 752
Cash paid for business acquisitions, net of cash acquired (303,910) 0 (30,509)
Proceeds from sales of property and equipment 3 3,657 37
Net proceeds (payments) on swaps designated as net investment hedges 76 (7,840) 1,584
Net cash used in investing activities (161,443) (68,073) (162,668)
FINANCING ACTIVITIES:      
Proceeds from borrowings of long-term indebtedness 25,500 171,500 236,900
Payments on debt (125,500) (441,000) (246,100)
Purchase of option hedge on convertible notes 0 (104,248) 0
Proceeds from convertible notes issuance 0 575,000 0
Proceeds from sale of stock purchase warrants 0 44,563 0
Payment of debt issuance costs (249) (24,347) 0
Purchase of treasury stock 0 (100,000) 0
Proceeds from exercised stock options 6,824 5,232 6,948
Cash taxes paid in net equity settlement (4,801) (5,075) (6,514)
Net cash (used in) provided by financing activities (98,226) 121,625 (8,766)
Effect of exchange rate changes on cash and cash equivalents (9,476) 13,871 74
Net increase in cash and cash equivalents 43,282 271,255 60,073
Cash and cash equivalents at beginning of period 470,166 198,911 138,838
Cash and cash equivalents at end of period $ 513,448 $ 470,166 $ 198,911