MERIT MEDICAL SYSTEMS INC MMSI Cash Flow

Merit medical systems inc (MMSI)

CashFlow / TTM

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)
-3,898	5,451	18,845	38,861	42,943	42,017	39,634	19,447	17,989	27,523	28,223	32,766	30,573	20,121	19,024	22,868	22,979	23,802	26,064	29,010	25,325	22,974	20,843	18,686	18,722	16,570	10,671	12,290	14,633	19,710	24,039	21,376	22,153	23,044	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
93,072	92,100	87,617	81,777	76,610	69,546	64,630	60,652	56,107	53,582	51,549	49,759	46,809	43,755	41,274	38,874	38,062	37,425	36,955	36,592	36,295	35,929	35,335	34,406	33,561	32,542	29,736	27,940	25,447	22,534	21,668	20,045	19,170	19,194	0	0	0
Gain on bargain purchase
-	-	-	-	-	-	-	-	-	11,039	10,796	11,574	12,243	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sales and/or abandonment of property and equipment
136	-115	-837	-1,057	-562	-625	-633	-564	-566	-427	-851	-808	-771	-530	4	14	15	23	488	680	862	916	624	476	261	177	307	200	211	204	27	21	27	31	0	0	0
Write-off of certain intangible assets and other long-term assets
0	-	-	-	-	814	1,646	1,055	1,027	988	97	30	119	101	132	217	127	141	166	1,322	1,407	1,427	1,399	8,274	8,240	8,208	8,197	98	57	55	71	96	89	103	0	0	0
Acquired in-process research and development
-	525	787	863	669	644	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,450	4,850	8,013	6,013	5,838	0	0	0
Fair value adjustments to contingent consideration
0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of right-of-use operating lease assets
12,426	12,256	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred credits
139	139	140	141	141	142	142	142	143	147	409	331	253	170	172	171	171	171	-173	-172	-173	-175	-173	-163	-152	-139	-131	-124	-182	-174	-165	-166	-103	-106	0	0	0
Amortization of long-term debt issuance costs
671	721	771	804	804	804	774	744	715	685	687	774	866	952	1,025	1,014	997	987	987	987	987	987	988	940	893	845	598	399	199	0	0	0	0	-	-	-	-
Purchase of trading investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Realized gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0
Deferred income taxes
-	-	-	-	-	-	-	-	-	-1,304	-1,439	-1,398	-1,519	-962	2,681	3,208	3,158	3,450	5,010	4,234	4,311	3,870	1,188	1,384	1,378	1,359	522	523	538	549	1,228	1,591	1,597	1,677	0	0	0
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	669	679	692	1,261	2,124	2,305	1,760	1,268	576	357	371	374	259	306	835	926	877	981	434	2,071	3,122	0	0	0
Stock-based compensation expense
10,393	9,382	8,538	7,585	6,627	6,117	5,686	5,205	4,754	4,075	3,476	2,787	2,459	2,506	2,513	2,568	2,347	2,243	2,099	1,882	1,641	1,460	1,399	1,347	1,347	1,467	1,535	1,675	1,821	1,917	2,016	2,023	1,864	1,644	0	0	0
Changes in operating assets and liabilities, net of effects from acquisitions:
Trade receivables
2,898	17,900	8,826	20,781	25,913	27,522	27,363	27,543	20,253	12,844	12,613	13,605	11,738	6,816	7,514	9,538	4,373	5,872	7,925	9,240	11,818	13,599	11,943	8,407	9,087	6,445	2,755	4,379	3,178	6,576	7,653	6,572	4,878	3,323	0	0	0
Employee receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	89	-	35	-22	-5	-46	-69	-18	0	53	11	15	9	11	52	46	35	62	0	0	0
Other receivables
-1,382	-1,859	2,937	3,293	2,562	2,754	2,853	2,477	3,069	3,557	2,673	1,079	-204	-1,161	-2,944	-1,519	-2,437	-335	1,381	1,347	4,216	3,042	1,059	899	-416	609	705	629	335	760	531	724	1,273	245	0	0	0
Inventories
30,687	27,044	28,099	26,121	24,124	28,172	27,287	22,863	24,066	17,834	13,798	4,413	540	3,656	5,461	14,682	18,903	13,113	6,275	5,136	3,526	9,396	11,380	4,799	2,167	-2,334	-3,080	4,835	6,272	8,965	12,238	8,279	10,103	9,314	0	0	0
Prepaid expenses and other current assets
4,384	1,239	3,140	-53	758	2,000	2,368	3,111	2,688	1,236	864	-1,267	-998	-271	649	2,291	1,034	696	-51	323	-433	58	664	455	167	758	-632	-376	-119	-736	569	199	829	1,726	0	0	0
Prepaid income taxes
-	-	-	389	425	444	500	619	594	611	-236	-430	-353	-404	1,808	1,863	1,878	1,788	117	87	-11	41	-68	-13	-1	-18	386	330	342	367	427	452	559	431	0	0	0
Income tax refund receivables
4,280	2,247	8,582	2,602	5	-232	734	2,028	443	588	-172	172	368	-406	52	-166	-179	784	217	91	720	-11	-750	-218	-2,241	-1,267	-720	-1,244	372	-452	107	274	584	733	0	0	0
Other assets
3,626	5,141	2,147	1,779	1,286	-315	2,113	2,986	3,054	3,735	5,164	4,501	5,044	3,763	1,177	-1,763	-349	362	1,036	3,634	1,143	1,388	2,011	1,634	2,276	1,806	1,232	1,554	1,119	1,178	1,065	329	741	283	0	0	0
Trade payables
2,923	-2,295	-3,985	1,297	6,439	15,726	17,229	12,520	7,787	417	1,307	1,976	-8,196	-6,835	-3,990	4,397	17,082	14,766	14,409	8,249	5,895	5,326	4,728	1,708	1,594	-5	-2,162	4,725	4,342	7,721	5,996	4,270	1,266	-2,129	0	0	0
Accrued expenses
10,935	9,580	5,065	7,164	12,125	12,706	9,698	6,507	867	6,461	6,019	7,624	10,377	3,242	549	4,437	-716	5,873	8,468	7,073	5,922	6,137	4,559	6,968	4,872	-276	1,506	378	1,515	4,448	1,521	1,381	2,035	1,334	0	0	0
Advances from employees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-610	-	-293	33	72	142	158	-48	142	-277	73	424	3	317	-158	95	324	-65	0	0	0
Income taxes payable
2,637	-351	1,518	935	519	918	-743	-1,754	-437	21	870	-470	851	1,451	-2,030	910	1,400	2,199	1,881	3,233	2,369	1,083	3,641	2,333	380	255	-751	-1,228	598	2,057	-1,240	-673	1,381	2,658	0	0	0
Liabilities related to unrecognized tax benefits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-76	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred compensation payable
1,585	3,635	1,321	1,119	1,297	39	1,857	1,895	1,786	1,970	1,319	622	1,204	712	67	-354	-913	-135	456	1,092	993	802	1,656	1,762	1,878	1,877	1,398	1,586	1,171	1,371	1,041	349	589	327	0	0	0
Operating lease liabilities
-11,861	-11,970	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other long-term obligations
-1,959	-1,901	5,764	1,586	-585	-801	555	1,424	1,383	2,510	625	919	666	-200	916	916	1,260	1,769	404	761	1,049	566	-23	-3,826	-4,743	-4,399	-4,385	-232	738	-89	-362	-470	-642	-70	0	0	0
Total adjustments
97,070	72,362	55,735	48,313	49,160	44,516	42,557	43,763	37,495	35,204	32,431	29,955	26,621	33,478	29,767	31,652	38,790	45,656	52,681	44,558	39,312	30,351	28,491	38,461	37,718	34,803	37,729	27,451	27,713	27,228	11,729	18,685	12,585	10,971	0	0	0
Net cash provided by operating activities
93,172	77,813	74,580	87,174	92,103	86,533	82,191	63,210	55,484	62,727	60,654	62,721	57,194	53,599	48,791	54,520	61,769	69,458	78,745	73,568	64,637	53,325	49,334	57,147	56,440	51,373	48,400	39,741	42,346	46,938	35,768	40,061	34,738	34,015	0	0	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
Property and equipment
73,868	78,173	74,404	67,724	65,340	63,324	56,125	52,400	44,684	38,623	35,867	29,397	32,024	32,837	37,950	46,815	52,458	50,959	49,420	40,831	34,965	34,181	35,732	47,832	48,252	59,505	63,414	60,286	66,871	64,643	69,672	70,390	66,229	59,195	0	0	0
Intangible assets
3,533	3,324	3,338	2,864	2,980	3,012	2,884	3,250	2,794	2,577	2,550	2,310	2,403	2,217	2,165	2,070	1,943	1,956	1,731	1,664	1,776	1,714	1,842	1,881	1,656	1,617	1,544	1,308	1,452	1,460	1,368	1,539	1,590	2,077	0	0	0
Proceeds from sale-leaseback transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,017	4,354	7,538	7,344	5,521	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of cost method investment
-	-	-	-	-	-	-	-	-	-	-	-	-	1,089	1,089	1,089	1,089	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of property and equipment
-	920	310	73	55	55	19	22	21	21	23	22	22	19	1,210	1,241	1,244	1,247	78	83	83	98	103	81	123	113	106	87	48	43	9	14	8	5	0	0	0
Cash received for settlement of current note receivable
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid in acquisitions, net of cash acquired
-	53,904	232,531	220,391	203,536	301,789	124,852	169,427	158,316	105,582	108,853	157,170	151,122	125,161	120,308	32,918	32,618	12,368	13,593	6,727	7,177	5,927	34,802	32,050	30,600	31,600	170,207	178,992	181,992	192,762	25,555	23,520	22,020	10,250	0	0	0
Net cash used in investing activities
-128,196	-134,481	-309,963	-291,156	-282,551	-378,820	-194,592	-235,555	-205,773	-146,761	-147,247	-188,855	-185,527	-159,107	-158,124	-79,473	-84,492	-62,019	-60,312	-41,601	-36,491	-36,203	-45,089	-57,682	-56,385	-68,609	-235,059	-239,356	-247,019	-255,574	-95,841	-95,833	-92,334	-74,020	0	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
5,780	6,252	7,580	215,116	215,215	214,993	214,017	6,072	6,752	143,810	143,918	145,469	143,283	5,271	5,166	2,315	3,204	6,668	10,259	9,762	11,364	8,146	6,381	6,381	3,961	3,729	1,588	4,095	4,208	3,755	3,980	1,192	92,762	95,454	0	0	0
Offering costs
-	-	-	-	-	-	-	-	-	816	816	815	833	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of long-term debt
234,205	246,659	452,760	444,027	425,256	639,108	426,577	421,182	370,462	197,214	167,489	222,552	248,044	219,505	245,948	180,848	175,756	152,375	145,141	137,623	139,811	144,018	175,321	177,326	178,575	176,764	312,941	307,001	298,256	330,630	170,992	180,788	148,458	104,585	0	0	0
Payments on long-term debt
172,580	202,159	221,510	457,527	427,756	522,608	495,827	249,682	221,462	243,214	217,402	211,770	238,445	102,098	127,753	158,903	160,233	169,272	175,797	177,235	182,384	169,392	186,615	185,780	178,388	165,477	126,284	106,792	96,527	123,801	112,111	179,170	178,498	155,386	0	0	0
Excess tax benefits from stock-based compensation
-	-	-	-	-	-	-	-	-	-	-	-	-	669	679	691	1,261	2,124	2,305	1,761	1,268	576	357	371	374	259	306	835	926	877	981	434	2,071	3,122	0	0	0
Proceeds from industrial assistant grants
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	389	1,605	1,779	1,779	1,029	0	0	0	-	-	-	-
Contingent payments related to acquisitions
27,940	15,740	-15,269	-250	800	231	-78	-39	61	61	-64	-65	-66	-218	-1,217	-1,215	-1,213	-1,212	-206	-209	-209	-67	-72	-77	-82	-77	-81	-83	-76	-57	0	0	0	-	-	-	-
Payment of taxes related to an exchange of common stock
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	918	947	689	409	249	220	220	241	21	0	0	0	-	-	-	-	953	0	0	0
Net cash used in financing activities
37,120	33,533	221,620	197,922	208,963	328,280	141,169	176,994	155,292	96,517	93,267	154,018	150,621	121,095	120,789	23,478	18,237	-10,235	-19,245	-28,987	-30,559	-16,968	-6,157	-3,158	3,040	14,768	186,196	202,749	204,421	208,288	63,582	2,891	63,867	46,695	0	0	0
EFFECT OF EXCHANGE RATES ON CASH
-1,538	96	-877	-2,270	-3,164	-970	-175	1,188	2,704	682	-630	-696	-986	-593	3	-140	-260	-382	233	-279	-270	-258	-765	-49	479	208	113	91	-392	-61	137	-210	-75	-297	0	0	0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
558	-23,039	-14,640	-8,330	15,351	35,023	28,593	5,837	7,707	13,165	6,044	27,188	21,302	14,994	11,459	-1,615	-4,746	-3,178	-579	2,701	-2,683	-104	-2,677	-3,742	3,574	-2,260	-350	3,225	-644	-409	3,646	-53,091	6,196	6,393	0	0	0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest (net of capitalized interest of $392 and $241, respectively)
12,911	12,434	11,625	10,404	10,662	10,324	9,772	9,035	7,347	7,707	8,602	10,346	10,237	8,872	7,783	5,906	6,397	6,273	6,523	7,324	7,624	9,014	9,700	9,876	9,028	7,877	5,577	3,171	1,864	434	-2	77	170	509	0	0	0
Income taxes
11,772	12,069	12,694	12,407	8,816	8,692	8,089	8,512	6,288	6,049	4,110	3,416	3,461	2,318	2,741	2,780	2,906	3,409	3,515	3,587	3,438	3,289	1,390	1,575	1,114	735	2,672	3,445	5,134	5,277	8,460	7,866	7,193	7,023	0	0	0
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Property and equipment purchases in accounts payable
8,747	7,952	9,412	4,377	7,825	4,989	3,656	4,375	2,988	1,992	1,083	2,461	1,570	2,398	3,587	2,344	3,040	3,199	1,364	1,815	-541	2,896	2,568	-4,884	3,881	4,055	10,283	17,981	10,151	12,372	9,213	10,180	12,654	8,849	0	0	0
Current note receivable converted to equity investment
0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition purchases in accrued expenses and other long-term obligations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,149	4,062	8,770	13,770	1,270	0	0	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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,802	4,102	3,617	2,025	1,941	1,641	1,641	2,093	452	0	0	0	-	-	-	-	1,252	0	0	0
Right-of-use operating lease assets obtained in exchange for operating lease liabilities
12,275	10,637	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-