MERIT MEDICAL SYSTEMS INC MMSI Cash Flow

Merit medical systems inc (MMSI)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
-3,154	-4,205	-3,398	6,859	6,195	9,189	16,618	10,941	5,269	6,806	-3,569	9,483	14,803	7,506	974	7,290	4,351	6,409	4,818	7,401	5,174	8,671	7,764	3,716	2,823	6,540	5,607	3,752	671	641	7,226	6,095	5,748	4,970	4,563	6,872	6,639
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
23,320	23,593	23,497	22,662	22,348	19,110	17,657	17,495	15,284	14,194	13,679	12,950	12,759	12,161	11,889	10,000	9,705	9,680	9,489	9,188	9,068	9,210	9,126	8,891	8,702	8,616	8,197	8,046	7,683	5,810	6,401	5,553	4,770	4,944	4,778	4,678	4,794
Gain on bargain purchase
-	-	-	-	-	-	-	-	-	243	-778	-669	12,243	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sales and/or abandonment of property and equipment
-37	522	166	-515	-288	-200	-54	-20	-351	-208	15	-22	-212	-632	58	15	29	-98	68	16	37	367	260	198	91	75	112	-17	7	205	5	-6	0	28	-1	0	4
Write-off of certain intangible assets and other long-term assets
3,925	-	-	-	-	70	658	29	57	902	67	1	18	11	0	90	0	42	85	0	14	67	1,241	85	34	39	8,116	51	2	28	17	10	0	44	42	3	14
Acquired in-process research and development
-	0	0	500	25	262	76	306	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	275	2,000	175	2,400	3,438	0	0
Fair value adjustments to contingent consideration
4,897	-	-	-	775	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of right-of-use operating lease assets
3,134	3,030	3,352	2,910	2,964	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred credits
35	35	34	35	35	36	35	35	36	36	35	36	40	298	-43	-42	-43	300	-44	-42	-43	-44	-43	-43	-45	-42	-33	-32	-32	-34	-26	-90	-24	-25	-27	-27	-27
Amortization of long-term debt issuance costs
151	151	168	201	201	201	201	201	201	171	171	172	171	173	258	264	257	246	247	247	247	246	247	247	247	247	199	200	199	0	0	0	0	-	-	-	-
Purchase of trading investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-111
Realized gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-163	163
Deferred income taxes
-	-	-	-	-	-	-	-	-	-1,014	5	92	-387	-1,149	46	-29	170	2,494	573	-79	462	4,054	-203	-2	21	1,372	-7	-8	2	535	-6	7	13	1,214	357	13	93
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	142	539	-9	-3	152	552	560	860	333	7	68	168	114	21	71	53	161	550	162	4	265	3	1,799	1,055
Stock-based compensation expense
2,777	2,467	2,626	2,523	1,766	1,623	1,673	1,565	1,256	1,192	1,192	1,114	577	593	503	786	624	600	558	565	520	456	341	324	339	395	289	324	459	463	429	470	555	562	436	311	335
Changes in operating assets and liabilities, net of effects from acquisitions:
Trade receivables
-3,445	11,114	-14,420	9,649	11,557	2,040	-2,465	14,781	13,166	1,881	-2,285	7,491	5,757	1,650	-1,293	5,624	835	2,348	731	459	2,334	4,401	2,046	3,037	4,115	2,745	-1,490	3,717	1,473	-945	134	2,516	4,871	132	-947	822	3,316
Employee receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	9	-94	43	-	57	-26	6	-2	0	-9	-35	-25	51	9	18	-67	55	3	20	-26	49	-8	47
Other receivables
-613	-1,787	355	663	-1,090	3,009	711	-68	-898	3,108	335	524	-410	2,224	-1,259	-759	-1,367	441	166	-1,677	735	2,157	132	1,192	-439	174	-28	-123	586	270	-104	-417	1,011	41	89	132	-17
Inventories
4,983	7,742	14,164	3,798	1,340	8,797	12,186	1,801	5,388	7,912	7,762	3,004	-844	3,876	-1,623	-869	2,272	5,681	7,598	3,352	-3,518	-1,157	6,459	1,742	2,352	827	-122	-890	-2,149	81	7,793	547	544	3,354	3,834	2,371	-245
Prepaid expenses and other current assets
3,126	-2,620	2,807	1,071	-19	-719	-386	1,882	1,223	-351	357	1,459	-229	-723	-1,774	1,728	498	197	-132	471	160	-550	242	-285	651	56	33	-573	1,242	-1,334	289	-316	625	-29	-81	314	1,522
Prepaid income taxes
-	-	-	-8	53	324	20	28	72	380	139	3	89	-467	-55	80	38	1,745	0	95	-52	74	-30	-3	0	-35	25	9	-17	369	-31	21	8	429	-6	128	-120
Income tax refund receivables
2,475	-6,433	4,700	3,538	442	-98	-1,280	941	205	868	14	-644	350	108	358	-448	-424	566	140	-461	539	-1	14	168	-192	-740	546	-1,855	782	-193	22	-239	-42	366	189	71	107
Other assets
577	1,309	987	753	2,092	-1,685	619	260	491	743	1,492	328	1,172	2,172	829	871	-109	-414	-2,111	2,285	602	260	487	-206	847	883	110	436	377	309	432	1	436	196	-304	413	-22
Trade payables
4,340	1,480	-5,113	2,216	-878	-210	169	7,358	8,409	1,293	-4,540	2,625	1,039	2,183	-3,871	-7,547	2,400	5,028	4,516	5,138	84	4,671	-1,644	2,784	-485	4,073	-4,664	2,670	-2,084	1,916	2,223	2,287	1,295	191	497	-717	-2,100
Accrued expenses
-1,621	9,514	-1,859	4,901	-2,976	4,999	240	9,862	-2,395	1,991	-2,951	4,222	3,199	1,549	-1,346	6,975	-3,936	-1,144	2,542	1,822	2,653	1,451	1,147	671	2,868	-127	3,556	-1,425	-2,280	1,655	2,428	-288	653	-1,272	2,288	366	-48
Advances from employees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	69	269	-388	-	-98	-177	439	-457	228	-138	509	-441	22	52	90	-91	373	-369	404	-566	626	-140	15
Income taxes payable
2,109	577	1,131	-1,180	-879	2,446	548	-1,596	-480	785	-463	-279	-22	1,634	-1,803	1,042	578	-1,847	1,137	1,532	1,377	-2,165	2,489	668	91	393	1,181	-1,285	-34	-613	704	541	1,425	-3,910	1,271	2,595	2,702
Liabilities related to unrecognized tax benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	768	-580	-264	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred compensation payable
-789	1,359	758	257	1,261	-955	556	435	3	863	594	326	187	212	-103	908	-305	-433	-524	349	473	158	112	250	282	1,012	218	366	281	533	406	-49	481	203	-286	191	219
Operating lease liabilities
-2,945	-3,014	-3,074	-2,828	-3,054	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other long-term obligations
-179	-7,085	2,976	2,329	-121	580	-1,202	158	-337	1,936	-333	117	790	51	-39	-136	-76	1,167	-39	208	433	-198	318	496	-50	-787	-3,485	-421	294	-773	668	549	-533	-1,046	560	377	39
Total adjustments
32,018	31,114	18,612	15,326	7,310	14,487	11,190	16,173	2,666	12,528	12,396	9,905	375	9,755	9,920	6,571	7,232	6,044	11,805	13,709	14,098	13,069	3,682	8,463	5,137	11,209	13,652	7,720	2,222	14,135	3,374	7,982	1,737	-1,364	10,330	1,882	123
Net cash provided by operating activities
28,864	26,909	15,214	22,185	13,505	23,676	27,808	27,114	7,935	19,334	8,827	19,388	15,178	17,261	10,894	13,861	11,583	12,453	16,623	21,110	19,272	21,740	11,446	12,179	7,960	17,749	19,259	11,472	2,893	14,776	10,600	14,077	7,485	3,606	14,893	8,754	6,762
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
Property and equipment
13,950	20,069	22,145	17,704	18,255	16,300	15,465	15,320	16,239	9,101	11,740	7,604	10,178	6,345	5,270	10,231	10,991	11,458	14,135	15,874	9,492	9,919	5,546	10,008	8,708	11,470	17,646	10,428	19,961	15,379	14,518	17,013	17,733	20,408	15,236	12,852	10,699
Intangible assets
1,062	764	953	754	853	778	479	870	885	650	845	414	668	623	605	507	482	571	510	380	495	346	443	492	433	474	482	267	394	401	246	411	402	309	417	462	889
Proceeds from sale-leaseback transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	194	1,823	2,337	3,184	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of cost method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	1,089	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of property and equipment
-	658	240	19	3	48	3	1	3	12	6	0	3	14	5	0	0	1,205	36	3	3	36	41	3	18	41	19	45	8	34	0	6	3	0	5	0	0
Cash received for settlement of current note receivable
250	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid in acquisitions, net of cash acquired
-	392	16,256	35,314	1,942	179,019	4,116	18,459	100,195	2,082	48,691	7,348	47,461	5,353	97,008	1,300	21,500	500	9,618	1,000	1,250	1,725	2,752	1,450	0	30,600	0	0	1,000	169,207	8,785	3,000	11,770	2,000	6,750	1,500	0
Net cash used in investing activities
-14,762	-20,567	-39,114	-53,753	-21,047	-196,049	-20,307	-45,148	-117,316	-11,821	-61,270	-15,366	-58,304	-12,307	-102,878	-12,038	-31,884	-11,324	-24,227	-17,057	-9,411	-9,617	-5,516	-11,947	-9,123	-18,503	-18,109	-10,650	-21,347	-184,953	-22,406	-18,313	-29,902	-25,220	-22,398	-14,814	-11,588
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
1,261	389	2,489	1,641	1,733	1,717	210,025	1,740	1,511	741	2,080	2,420	138,569	849	3,631	234	557	744	780	1,123	4,021	4,335	283	2,725	803	2,570	283	305	571	429	2,790	418	118	654	2	91,988	2,810
Offering costs
-	-	-	-	-	-	-	-	-	0	1	-18	833	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt
30,665	52,182	68,731	82,627	43,119	258,283	59,998	63,856	256,971	45,752	54,603	13,136	83,723	16,027	109,666	38,628	55,184	42,470	44,566	33,536	31,803	35,236	37,048	35,724	36,010	66,539	39,053	36,973	34,199	202,716	33,113	28,228	66,573	43,078	42,909	-4,102	22,700
Payments on long-term debt
24,540	52,682	28,731	66,627	54,119	72,033	264,748	36,856	148,971	45,252	18,603	8,636	170,723	19,440	12,971	35,311	34,376	45,095	44,121	36,641	43,415	51,620	45,559	41,790	30,423	68,843	44,724	34,398	17,512	29,650	25,232	24,133	44,786	17,960	92,291	23,461	21,674
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	142	539	-9	-3	152	551	561	860	333	7	68	168	114	21	71	53	161	550	162	4	265	3	1,799	1,055
Proceeds from industrial assistant grants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-511	150	0	750	705	324	0	0	-	-	-	-
Contingent payments related to acquisitions
12,754	31,424	-15,073	-1,165	554	415	-54	-115	-15	106	-15	-15	-15	-19	-16	-16	-167	-1,018	-14	-14	-166	-12	-17	-14	-24	-17	-22	-19	-19	-21	-24	-12	0	-	-	-	-
Payment of taxes related to an exchange of common stock
866	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	258	280	380	29	0	0	220	0	0	21	0	-	-	-	-	134	0	665	154
Net cash used in financing activities
-6,234	-167	25,937	17,584	-9,821	187,920	2,239	28,625	109,496	809	38,064	6,923	50,721	-2,441	98,815	3,526	21,195	-2,747	1,504	-1,715	-7,277	-11,757	-8,238	-3,287	6,314	-946	-5,239	2,911	18,042	170,482	11,314	4,583	21,909	25,776	-49,377	65,559	4,737
EFFECT OF EXCHANGE RATES ON CASH
-2,108	830	96	-356	-474	-143	-1,297	-1,250	1,720	652	66	266	-302	-660	0	-24	91	-64	-143	-144	-31	551	-655	-135	-19	44	61	393	-290	-51	39	-90	41	147	-308	45	-181
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
5,760	7,005	2,133	-14,340	-17,837	15,404	8,443	9,341	1,835	8,974	-14,313	11,211	7,293	1,853	6,831	5,325	985	-1,682	-6,243	2,194	2,553	917	-2,963	-3,190	5,132	-1,656	-4,028	4,126	-702	254	-453	257	-467	4,309	-57,190	59,544	-270
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest (net of capitalized interest of $392 and $241, respectively)
3,198	3,115	3,525	3,073	2,721	2,306	2,304	3,331	2,383	1,754	1,567	1,643	2,743	2,649	3,311	1,534	1,378	1,560	1,434	2,025	1,254	1,810	2,235	2,325	2,644	2,496	2,411	1,477	1,493	196	5	170	63	-240	84	263	402
Income taxes
1,637	1,998	1,215	6,922	1,934	2,623	928	3,331	1,810	2,020	1,351	1,107	1,571	81	657	1,152	428	504	696	1,278	931	610	768	1,129	782	-1,289	953	668	403	648	1,726	2,357	546	3,831	1,132	1,684	376
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment purchases in accounts payable
5,383	471	4,150	-1,257	4,588	1,931	-885	2,191	1,752	598	-166	804	756	-311	1,212	-87	1,584	878	-31	609	1,743	-957	420	-1,747	5,180	-1,285	-7,032	7,018	5,354	4,943	666	-812	7,575	1,784	1,633	1,662	3,770
Current note receivable converted to equity investment
899	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition purchases in accrued expenses and other long-term obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	149	-6,500	-1,000	12,500	-938	-1,792	4,000	0
Contingent receivable received in exchange for sale of cost method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Merit common stock surrendered (3, 43, and 0 shares, respectively) in exchange for exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	485	1,592	1,725	300	0	0	1,641	0	0	452	0	-	-	-	-	-480	0	1,499	233
Right-of-use operating lease assets obtained in exchange for operating lease liabilities
2,800	3,206	4,504	1,765	1,162	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-