CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES:
Net (loss) income	$ (516,474)	$ (6,944)	$ 67,741
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	151,832	140,893	123,512
Non-cash impairment charges	511,365	12,209	0
Deferred income tax benefit	(66,264)	(20,731)	(11,885)
Share-based compensation	18,583	24,377	20,143
Amortization of debt issuance costs and expenses associated with debt refinancing	5,605	5,593	6,164
Non-cash lease expense	(987)	835	2,189
Lease incentive	1,299	8,452	0
Loss on disposal of property and equipment and construction in-progress	490	1,496	777
Change in fair value of contingent consideration and others	(21,329)	(5,791)	12,888
Changes in assets and liabilities:
Accounts receivable	(485)	7,398	4,593
Inventories	(46,760)	(28,149)	(59,773)
Prepaid expenses and other current assets	(2,802)	(8,187)	2,652
Other non-current assets	3,343	(2,842)	(8,535)
Accounts payable, accrued expenses and other current liabilities	26,724	(2,674)	(20,229)
Contract liabilities	3,400	3,540	128
Other non-current liabilities	(17,156)	(93)	(410)
Net cash provided by operating activities	50,384	129,382	139,955
INVESTING ACTIVITIES:
Purchases of property and equipment	(81,436)	(104,418)	(66,865)
Purchases of intangible assets	(14,202)	(9,953)	0
Purchases of short-term investments	(8,502)	(48,997)	(32,694)
Proceeds from maturities of short-term investments	7,000	54,500	0
Cash paid for business acquisitions, net of cash acquired	0	(277,811)	0
Net (payment) proceeds on swaps designated as net investment hedges	(10,923)	(4,129)	5,381
Net cash used in investing activities	(108,063)	(390,808)	(94,178)
FINANCING ACTIVITIES:
Proceeds from borrowings of long-term indebtedness	720,700	486,500	165,100
Payments on debt	(94,906)	(187,131)	(110,600)
Repayments of convertible debt	(574,983)	0	0
Payment of debt issuance costs	(4,064)	0	(7,879)
Purchase of treasury stock	(221)	(52,471)	(275,000)
Payments for contingent considerations	(16,451)	(11,923)	0
Proceeds from exercise of stock options and employee stock purchase plan	957	6,398	4,317
Cash taxes paid in net equity settlement	(2,697)	(3,510)	(5,863)
Net cash provided by (used in) financing activities	28,335	237,863	(229,925)
Effect of exchange rate changes on cash and cash equivalents	18,017	(6,464)	3,889
Net decrease in cash and cash equivalents	(11,327)	(30,027)	(180,259)
Cash and cash equivalents at beginning of period	246,375	276,402	456,661
Cash and cash equivalents at end of period	$ 235,048	$ 246,375	$ 276,402

INTEGRA LIFESCIENCES HOLDINGS CORP 10-K