v3.10.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 56,373 $ 88,950
Accounts receivable, net of allowance for doubtful accounts of $6,960 and $8,978 127,041 126,809
Inventories 79,736 71,529
Prepaid expenses and other current assets 22,625 18,340
Total current assets 285,775 305,628
Property and equipment, net 22,913 22,071
Intangible assets, net 139,453 172,582
Goodwill 147,644 172,998
Deferred income tax 22,639 10,709
Other assets 19,716 25,931
Total assets 638,140 709,919
Current liabilities:    
Accounts payable 28,805 25,242
Current portion of long-term debt 35,000 0
Accrued liabilities 52,568 51,738
Deferred revenue 17,073 15,157
Total current liabilities 133,446 92,137
Long-term liabilities:    
Other liabilities 19,845 21,995
Long-term debt 69,474 154,283
Deferred income tax 16,931 19,407
Total liabilities 239,696 287,822
Commitments and contingencies (Note 20)
Stockholders’ equity:    
Common stock, $0.001 par value; 120,000,000 shares authorized; shares issued and outstanding 33,804,379 in 2018 and 33,134,101 in 2017 334,215 316,577
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2018 and in 2017 0 0
Retained earnings 102,261 129,115
Accumulated other comprehensive loss (38,032) (23,595)
Total stockholders’ equity 398,444 422,097
Total liabilities and stockholders’ equity $ 638,140 $ 709,919

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v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Revenue $ 530,891 $ 500,970 $ 381,892
Cost of revenue 217,952 213,376 144,632
Intangibles amortization 8,924 6,380 2,327
Gross profit 304,015 281,214 234,933
Operating expenses:      
Marketing and selling 136,680 126,166 84,834
Research and development 61,482 51,822 33,443
General and administrative 70,599 74,424 50,877
Intangibles amortization 22,585 19,171 8,983
Restructuring 37,231 914 1,536
Total operating expenses 328,577 272,497 179,673
Income (loss) from operations (24,562) 8,717 55,260
Other expense, net (7,698) (3,567) (357)
Income (loss) before provision for income tax (32,260) 5,150 54,903
Provision (benefit) for income tax (9,325) 25,443 12,309
Net income (loss) $ (22,935) $ (20,293) $ 42,594
Net income (loss) per share:      
Basic $ (0.69) $ (0.62) $ 1.31
Diluted (in dollars per share) $ (0.69) $ (0.62) $ 1.29
Weighted average shares used in the calculation of net income (loss) per share:      
Basic (shares) 33,111 32,564 32,460
Diluted (shares) 33,111 32,564 33,056
Other comprehensive income:      
Unrealized losses on available-for-sale investments $ 0 $ (45) $ (168)
Foreign currency translation adjustment (14,437) 21,470 (5,003)
Total other comprehensive income (14,437) 21,425 (5,171)
Comprehensive income (loss) $ (37,372) $ 1,132 $ 37,423

Source

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities:      
Net loss $ (22,935) $ (20,293) $ 42,594
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for losses on accounts receivable 6,909 10,017 1,123
Depreciation and amortization 33,863 30,098 16,879
(Gain) loss on disposal of property and equipment 746 (21) (29)
Impairment of intangible assets 8,192 1,674 0
Goodwill impairment charge 14,846 0 0
Warranty reserve 2,168 5,370 2,934
Stock-based compensation 17,051 9,445 9,008
Deferred taxes (13,714) 4,032 (2,437)
Changes in operating assets and liabilities, net of assets and liabilities acquired in acquisitions:      
Accounts receivable (5,199) (30,473) 19,723
Inventories (7,443) 7,581 (7,668)
Other assets (5,118) 5,492 (11,387)
Accounts payable 4,105 (1,385) (4,965)
Accrued liabilities (2,527) 5,421 (6,967)
Deferred revenue 2,076 (7,232) 13,879
Net cash provided by operating activities 33,020 19,726 72,687
Investing activities:      
Acquisition of businesses, net of cash acquired 151 (190,888) (15,849)
Acquisition of property and equipment (7,875) (4,066) (3,186)
Acquisition of intangible assets (665) 0 (210)
Purchases of short-term investments 0 0 (34,019)
Sales of short-term investments 0 34,019 0
Net cash used in investing activities (8,389) (160,935) (53,264)
Financing activities:      
Proceeds from stock option exercises and ESPP 11,448 3,466 3,630
Repurchase of company stock (5,630) (2,268) (19,289)
Taxes paid related to net share settlement of equity awards (5,183) (7,052) (4,107)
Proceeds from short-term borrowings 0 0 16,000
Proceeds from long-term borrowings 0 60,000 140,000
Deferred debt issuance costs 0 (354) (533)
Contingent consideration earn-out (147) (2,966) (1,284)
Payments on borrowings (50,000) (45,000) (16,000)
Net cash provided by (used in) financing activities (49,512) 5,826 118,417
Exchange rate effect on cash and cash equivalents (7,696) 10,782 (6,758)
Net increase (decrease) in cash and cash equivalents (32,577) (124,601) 131,082
Cash and cash equivalents, beginning of year 88,950 213,551 82,469
Cash and cash equivalents, end of year 56,373 88,950 213,551
Supplemental disclosure of cash flow information:      
Cash paid for interest 6,169 4,464 41
Cash paid for income taxes 9,247 5,740 16,344
Non-cash investing activities:      
Property and equipment included in accounts payable 167 148 134
Inventory transferred to property and equipment $ 1,211 $ 1,006 $ 1,303

Source