Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating activities:      
Net income $ 42,594 $ 37,924 $ 32,478
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for losses on accounts receivable 1,123 1,496 991
Excess tax benefit on the exercise of stock options 0 (7,104) (7,525)
Depreciation and amortization 16,879 15,987 11,759
Gain on disposal of property and equipment (29) (5) 0
Impairment of intangible assets 0 0 598
Impairment of property and equipment 0 0 2,177
Warranty reserve 2,934 10,729 2,306
Stock-based compensation 9,008 6,953 6,062
Changes in operating assets and liabilities, net of assets and liabilities acquired in acquisitions:      
Accounts receivable 19,723 (15,272) (2,431)
Inventories (7,668) (12,232) (2,017)
Other assets (11,387) 858 (3,667)
Accounts payable (4,965) 3,270 (7,648)
Accrued liabilities (6,967) (6,177) 6,595
Deferred revenue 13,879 (1,118) (775)
Deferred taxes (2,437) 1,543 3,240
Net cash provided by operating activities 72,687 36,852 42,143
Investing activities:      
Acquisition of businesses, net of cash acquired (15,849) (14,284) (4,925)
Acquisition of property and equipment (3,186) (4,068) (4,239)
Acquisition of intangible assets (210) (1,126) (1,481)
Purchases of short-term investments (34,019) 0 0
Net cash used in investing activities (53,264) (19,478) (10,645)
Financing activities:      
Proceeds from stock option exercises and ESPP 3,630 10,258 16,210
Excess tax benefit on the exercise of stock options 0 7,104 7,525
Repurchase of company stock (19,289) (11,525) (4,633)
Taxes paid related to net share settlement of equity awards (4,107) (4,341) (1,999)
Proceeds from short-term borrowings 16,000 0 0
Proceeds from long-term borrowings 140,000 0 0
Deferred debt issuance costs (533) 0 0
Contingent consideration earn-out (1,284) (664) 0
Payments on borrowings (16,000) 0 (38,017)
Net cash (used in)/provided by financing activities 118,417 832 (20,914)
Exchange rate effect on cash and cash equivalents (6,758) (2,295) (132)
Net increase in cash and cash equivalents 131,082 15,911 10,452
Cash and cash equivalents, beginning of year 82,469 66,558 56,106
Cash and cash equivalents, end of year 213,551 82,469 66,558
Supplemental disclosure of cash flow information:      
Cash paid for interest 41 0 434
Cash paid for income taxes 16,344 10,164 5,672
Non-cash investing activities:      
Property and equipment included in accounts payable 134 289 122
Inventory transferred to property and equipment $ 1,303 $ 1,056 $ 1,350