Company: ICUI
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0000883984-25-000016
Chunk: 17

Company: ICU MEDICAL INC/DE
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 17
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    The following table summarizes the changes in our financing cash flows (in thousands):    

Three months ended March 31,20252024ChangeFinancing Cash Flows:Principal payments on long-term debt(47,750)(12,750)(35,000)(1)Proceeds from exercise of stock options133 150 (17)(2)Payments on finance leases(328)(245)(83)Payment of contingent earn-out liability— (2,600)2,600 (3)Tax withholding payments related to net share settlement of equity awards(8,391)(11,400)3,009 (4)Net cash used in financing activities$(56,336)$(26,845)$(29,491)

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(1)    Relates to scheduled principal payments on the Senior Secured Credit Facilities. In March 2025, we prepaid $35.0 million on our Term Loan B.

(2)    Proceeds from the exercise of stock options will vary from period to period based on the volume of options exercised and the exercise price of the specific options exercised.

(3)    During the first quarter of 2024, we paid $3.4 million in cash related to the settlement of the Mediverse contingent earn-out. Of the $3.4 million, the amount recorded as the acquisition date fair value, which is considered financing cash flows, was $2.6 million (see Note 10: Fair Value Measurements).

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(4)    During the three months ended March 31, 2025, our employees surrendered 58,858 shares of our common stock from vested restricted stock unit awards as consideration for approximately $8.4 million in minimum statutory withholding obligations paid on their behalf. During the three months ended March 31, 2024, our employees surrendered 110,119 shares of our common stock from vested restricted stock unit awards as consideration for approximately $11.4 million in minimum statutory withholding obligations paid on their behalf.

Our common stock purchase plan, which authorized the repurchase of up to $100.0 million of our common stock, was approved by our Board of Directors in August 2019. This plan has no expiration date. As of March 31, 2025, all of the $100.0 million available for purchase was remaining under the plan. We are limited on share purchases in accordance with the terms and conditions of our Credit Agreement (see Note 18: Long-Term Debt in