v3.19.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 52,009 $ 56,373
Accounts receivable, net of allowance for doubtful accounts of $8,579 in 2019 and $6,960 in 2018 106,934 127,041
Inventories 78,275 79,736
Prepaid expenses and other current assets 28,022 22,625
Total current assets 265,240 285,775
Property and equipment, net 26,547 22,913
Operating lease right-of-use assets 17,217 0
Intangible assets, net 126,985 139,453
Goodwill 147,740 147,644
Deferred income tax 19,187 22,639
Other assets 25,084 19,716
Total assets 628,000 638,140
Current liabilities:    
Accounts payable 25,235 28,805
Current portion of long-term debt 35,000 35,000
Accrued liabilities 51,605 52,568
Deferred revenue 19,861 17,073
Current portion of operating lease liabilities 5,960 0
Total current liabilities 137,661 133,446
Long-term liabilities:    
Other liabilities 21,237 19,845
Operating lease liabilities 14,326 0
Long-term debt, net 44,570 69,474
Deferred income tax 8,649 16,931
Total liabilities 226,443 239,696
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 34,040,230 in 2019 and 33,804,379 in 2018 338,735 334,215
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2019 and 2018 0 0
Retained earnings 77,780 102,261
Accumulated other comprehensive loss (14,958) (38,032)
Total stockholders’ equity 401,557 398,444
Total liabilities and stockholders’ equity $ 628,000 $ 638,140

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v3.19.2
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenue $ 125,539 $ 130,653 $ 240,296 $ 259,261
Cost of revenue 52,164 52,897 98,534 108,266
Intangibles amortization 1,746 2,717 3,502 4,305
Gross profit 71,629 75,039 138,260 146,690
Operating expenses:        
Marketing and selling 32,236 33,401 65,966 69,273
Research and development 12,769 15,616 25,827 31,059
General and administrative 12,691 23,721 28,995 41,169
Intangibles amortization 3,763 4,151 7,549 8,957
Restructuring 2,668 1,938 40,040 2,750
Total operating expenses 64,127 78,827 168,377 153,208
Income (loss) from operations 7,502 (3,788) (30,117) (6,518)
Other expense, net (1,200) (2,398) (3,312) (4,218)
Income (loss) before provision for (benefit from) income tax 6,302 (6,186) (33,429) (10,736)
Provision for (benefit from) income tax 2,114 (3,609) (7,616) (5,009)
Net income (loss) $ 4,188 $ (2,577) $ (25,813) $ (5,727)
Loss per share:        
Basic (dollars per share) $ 0.12 $ (0.08) $ (0.77) $ (0.17)
Diluted (dollars per share) $ 0.12 $ (0.08) $ (0.77) $ (0.17)
Weighted average shares used in the calculation of loss per share:        
Basic (in shares) 33,639 32,859 33,630 32,809
Diluted (in shares) 33,690 32,859 33,630 32,809

Source

v3.19.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Operating activities:    
Net loss $ (25,813) $ (5,727)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 960 4,089
Depreciation and amortization 15,427 16,694
Loss on disposal of property and equipment 482 160
Warranty reserve 1,677 975
Share-based compensation 4,462 5,632
Impairment charge for sale of entity 24,571 0
Changes in operating assets and liabilities:    
Accounts receivable 19,170 2,064
Inventories (2,475) (2,483)
Prepaid expenses and other assets (11,060) (15,141)
Accounts payable (3,517) (364)
Accrued liabilities (2,620) 3,414
Deferred revenue 2,739 1,687
Deferred income tax 44 326
Net cash provided by operating activities 24,047 11,326
Investing activities:    
Acquisition of businesses, net of cash acquired 0 151
Purchase of property and equipment (2,919) (3,387)
Purchase of intangible assets (13) (298)
Net cash used in investing activities (2,932) (3,534)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 1,674 5,092
Repurchase of common stock 0 (5,630)
Taxes paid related to net share settlement of equity awards (1,573) (326)
Principal payments of financing lease liability (265) 0
Payment of contingent consideration related to a business combination 0 (147)
Payments on borrowings (25,000) (35,000)
Net cash used in financing activities (25,164) (36,011)
Exchange rate changes effect on cash and cash equivalents (315) (5,823)
Net decrease in cash and cash equivalents (4,364) (34,042)
Cash and cash equivalents, beginning of period 56,373 88,950
Cash and cash equivalents, end of period 52,009 54,908
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,071 2,966
Cash paid for income taxes 5,328 7,234
Non-cash investing activities:    
Property and equipment included in accounts payable 35 93
Inventory transferred to property and equipment $ 589 $ 293

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