Company: ICUI
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000883984-25-000007
Chunk: 301

Company: ICU MEDICAL INC/DE
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 301
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 changes in our financing cash flows (in thousands):

52

For the Years Ended December 31,Variance20242023202220242023Financing Cash Flows:Proceeds from issuance of long-term debt, net of lender debt issuance costs$— $— $1,664,362 $— $(1,664,362)(1)Principal payments on long-term debt(51,000)(29,688)(22,375)(21,312)(7,313)(2)Payment of third-party debt issuance costs— — (2,177)— 2,177 (3)Proceeds from exercise of stock options10,939 4,022 8,785 6,917 (4,763)(4)Payments on finance leases(1,147)(963)(680)(184)(283)Payment of contingent earn-out(2,600)— — (2,600)— (5)Tax withholding payments related to net share settlement of equity awards(11,992)(9,350)(10,883)(2,642)1,533 (6)Net cash (used in) provided by financing activities$(55,800)$(35,979)$1,637,032 $(19,821)$(1,673,011)

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(1)    During 2022, we borrowed an aggregate of $1.7 billion under the Senior Secured Credit Facilities contained in the Credit Agreement to partially finance our acquisition of Smiths Medical (see Note 13: Long-Term Obligations to our accompanying consolidated financial statements for additional information). The proceeds are net of $37.8 million in payments of lender debt issuance costs.

(2)    Relates to scheduled principal payments on the Senior Secured Credit Facilities. 

(3)    Relates to third-party debt issuance costs in connection with entering into the Senior Secured Credit Facilities.

(4)    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.

(5)    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).

(6)