v3.10.0.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 54,908 $ 88,950
Accounts receivable, net of allowance for doubtful accounts of $6,575 in 2018 and $8,978 in 2017 122,971 126,809
Inventories 76,630 71,529
Prepaid expenses and other current assets 32,224 18,340
Total current assets 286,733 305,628
Property and equipment, net 21,645 22,071
Intangible assets, net 162,559 172,582
Goodwill 163,550 172,998
Deferred income tax 10,296 10,709
Other assets 18,855 25,931
Total assets 663,638 709,919
Current liabilities:    
Accounts payable 24,053 25,242
Accrued liabilities 54,874 51,738
Deferred revenue 16,892 15,157
Total current liabilities 95,819 92,137
Long-term liabilities:    
Other liabilities 21,970 21,995
Long-term debt, net 119,379 154,283
Deferred income tax 18,936 19,407
Total liabilities 256,104 287,822
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,590,337 in 2018 and 33,134,101 in 2017 321,295 316,577
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2018 and 2017 0 0
Retained earnings 119,470 129,115
Accumulated other comprehensive loss (33,231) (23,595)
Total stockholders’ equity 407,534 422,097
Total liabilities and stockholders’ equity $ 663,638 $ 709,919

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v3.10.0.1
Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue $ 130,653 $ 122,227 $ 259,261 $ 246,887
Cost of revenue 52,897 54,589 108,266 111,502
Intangibles amortization 2,717 1,500 4,305 2,500
Gross profit 75,039 66,138 146,690 132,885
Operating expenses:        
Marketing and selling 33,401 30,354 69,273 62,569
Research and development 15,616 13,713 31,059 26,466
General and administrative 23,721 24,156 41,169 40,172
Intangibles amortization 4,151 3,885 8,957 7,959
Restructuring 1,938 307 2,750 593
Total operating expenses 78,827 72,415 153,208 137,759
Loss from operations (3,788) (6,277) (6,518) (4,874)
Other expense, net (2,398) (378) (4,218) (1,418)
Loss before provision for income tax (6,186) (6,655) (10,736) (6,292)
Provision for income tax (3,609) (1,621) (5,009) (1,606)
Net loss $ (2,577) $ (5,034) $ (5,727) $ (4,686)
Loss per share:        
Basic (dollars per share) $ (0.08) $ (0.15) $ (0.17) $ (0.14)
Diluted (dollars per share) $ (0.08) $ (0.15) $ (0.17) $ (0.14)
Weighted average shares used in the calculation of loss per share:        
Basic (in shares) 32,859 32,529 32,809 32,507
Diluted (in shares) 32,859 32,529 32,809 32,507
Other comprehensive income (loss):        
Unrealized loss on available-for-sale investments $ 0 $ 12 $ 0 $ (45)
Foreign currency translation adjustment (13,253) 8,558 (9,636) 12,205
Total other comprehensive income (loss) (13,253) 8,570 (9,636) 12,160
Comprehensive income (loss) $ (15,830) $ 3,536 $ (15,363) $ 7,474

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v3.10.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating activities:    
Net loss $ (5,727) $ (4,686)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 4,089 7,072
Depreciation and amortization 16,694 13,819
Loss (gain) on disposal of property and equipment 160 (6)
Warranty reserve 975 5,708
Share-based compensation 5,632 4,975
Changes in operating assets and liabilities:    
Accounts receivable 2,064 (8,898)
Inventories (2,483) 6,092
Prepaid expenses and other assets (15,141) 677
Accounts payable (364) (796)
Accrued liabilities 3,414 (10,504)
Deferred revenue 1,687 (8,888)
Deferred income tax 326 5,749
Net cash provided by operating activities 11,326 10,314
Investing activities:    
Acquisition of businesses, net of cash acquired 151 (147,436)
Purchase of property and equipment (3,387) (1,464)
Purchase of intangible assets (298) 0
Sale of short-term investments 0 34,019
Net cash used in investing activities (3,534) (114,881)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 5,092 2,073
Repurchase of common stock (5,630) (2,268)
Taxes paid related to net share settlement of equity awards (326) (3,136)
Contingent consideration (147) (2,500)
Proceeds from borrowings 0 10,000
Deferred debt issuance costs 0 (38)
Payments on borrowings (35,000) (40,000)
Net cash used in financing activities (36,011) (35,869)
Exchange rate changes effect on cash and cash equivalents (5,823) 7,188
Net decrease in cash and cash equivalents (34,042) (133,248)
Cash and cash equivalents, beginning of period 88,950 213,551
Cash and cash equivalents, end of period 54,908 80,303
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,966 2,102
Cash paid for income taxes 7,234 3,056
Non-cash investing activities:    
Property and equipment included in accounts payable 93 297
Inventory transferred to property and equipment $ 293 $ 773

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