v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ 62,728 $ 63,966
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 60,313 47,690
Gain on disposition of business (249)  
Loss on sale or abandonment of property and equipment 315 79
Write-off of certain intangible assets and other long-term assets 82 280
Amortization of right-of-use operating lease assets 5,766 6,063
Fair value adjustments related to contingent consideration liabilities 1,166 189
Amortization of deferred credits (52) (52)
Amortization and write-off of long-term debt issuance costs 2,828 2,954
Stock-based compensation expense 19,951 12,245
Changes in operating assets and liabilities, net of acquisitions:    
Trade receivables (7,310) (6,901)
Other receivables 2,817 (499)
Inventories (11,720) 3,119
Prepaid expenses and other current assets (2,575) (2,306)
Income tax refund receivables (3,653) (3,621)
Other assets (1,471) (2,968)
Trade payables 3,697 (7,096)
Accrued expenses (2,740) (2,804)
Income taxes payable 1,537 (3,869)
Deferred compensation payable 603 1,421
Operating lease liabilities (5,925) (5,962)
Other long-term obligations (2,229) 2,794
Total adjustments 61,151 40,756
Net cash, cash equivalents, and restricted cash provided by operating activities 123,879 104,722
Capital expenditures for:    
Property and equipment (34,812) (22,309)
Intangible assets (1,296) (1,576)
Proceeds from the sale of property and equipment 45 2
Proceeds from disposition of business 249  
Cash paid for notes receivable and other investments (14,617) (9,723)
Cash paid in acquisitions, net of cash acquired (122,555) (4,932)
Net cash, cash equivalents, and restricted cash used in investing activities (172,986) (38,538)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock 20,014 10,931
Payments on long-term debt   (24,063)
Contingent payments related to acquisitions (2,567) (142)
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 11,302 (14,866)
Effect of exchange rates on cash, cash equivalents, and restricted cash 2,953 (1,750)
Net (decrease) increase in cash, cash equivalents and restricted cash (34,852) 49,568
CASH, CASH EQUIVALENTS AND RESTRICTED CASH:    
Beginning of period 378,767 589,144
End of period 343,915 638,712
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 341,819 636,658
Restricted cash reported in prepaid expenses and other current assets $ 2,096 $ 2,054
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 $ 343,915 $ 638,712
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest (net of capitalized interest of $594 and $428, respectively) 13,530 4,404
Income taxes 19,658 22,619
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES    
Property and equipment purchases in accounts payable 9,062 5,411
Acquisition purchases in accrued expenses and other long-term obligations 4,068 4,553
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 $ 28,504 $ 8,167