v3.19.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 53,423 $ 56,373
Accounts receivable, net of allowance for doubtful accounts of $7,451 in 2019 and $6,960 in 2018 110,900 127,041
Inventories 82,866 79,736
Prepaid expenses and other current assets 26,793 22,625
Total current assets 273,982 285,775
Property and equipment, net 26,280 22,913
Operating lease right-of-use assets 18,982 0
Intangible assets, net 132,205 139,453
Goodwill 147,390 147,644
Deferred income tax 19,165 22,639
Other assets 20,559 19,716
Total assets 638,563 638,140
Current liabilities:    
Accounts payable 25,103 28,805
Current portion of long-term debt 35,000 35,000
Accrued liabilities 51,157 52,568
Deferred revenue 19,017 17,073
Current portion of operating lease liabilities 6,251 0
Liabilities and accrued impairment held for sale 24,786 0
Total current liabilities 161,314 133,446
Long-term liabilities:    
Other liabilities 21,325 19,845
Operating lease liabilities 15,234 0
Long-term debt, net 64,522 69,474
Deferred income tax 8,467 16,931
Total liabilities 270,862 239,696
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,955,077 in 2019 and 33,804,379 in 2018 335,348 334,215
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2019 and 2019 0 0
Retained earnings 73,592 102,261
Accumulated other comprehensive loss (41,239) (38,032)
Total stockholders’ equity 367,701 398,444
Total liabilities and stockholders’ equity $ 638,563 $ 638,140

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v3.19.1
Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenue $ 114,757 $ 128,609
Cost of revenue 46,370 55,369
Intangibles amortization 1,756 1,587
Gross profit 66,631 71,653
Operating expenses:    
Marketing and selling 33,729 35,872
Research and development 13,058 15,443
General and administrative 16,305 17,448
Intangibles amortization 3,786 4,806
Restructuring 37,372 812
Total operating expenses 104,250 74,381
Loss from operations (37,619) (2,728)
Other expense, net (2,112) (1,821)
Loss before benefit from income tax (39,731) (4,549)
Benefit from income tax (9,730) (1,401)
Net loss (30,001) (3,148)
Foreign currency translation adjustment (1,875) 3,617
Comprehensive income (loss) $ (31,876) $ 469
Loss per share:    
Basic (dollars per share) $ (0.89) $ (0.10)
Diluted (dollars per share) $ (0.89) $ (0.10)
Weighted average shares used in the calculation of loss per share:    
Basic (in shares) 33,590 32,760
Diluted (in shares) 33,590 32,760

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating activities:    
Net loss $ (30,001) $ (3,148)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 600 918
Depreciation and amortization 7,711 7,915
Loss on disposal of property and equipment 179 52
Warranty reserve 354 (1,125)
Share-based compensation 2,554 2,362
Impairment Charge on Reclassified Assets 24,571 0
Changes in operating assets and liabilities:    
Accounts receivable 15,555 (2,242)
Inventories (4,616) 2,885
Prepaid expenses and other assets (7,703) (5,390)
Accounts payable (3,436) (622)
Accrued liabilities (1,319) 3,319
Deferred revenue 1,982 1,314
Deferred income tax 62 87
Net cash provided by operating activities 6,493 6,325
Investing activities:    
Purchase of property and equipment (2,461) (2,473)
Net cash used in investing activities (2,461) (2,473)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 268 577
Repurchase of common stock 0 (4,736)
Taxes paid related to net share settlement of equity awards (1,567) (19)
Principal payments of financing lease liability (165) 0
Payment of contingent consideration related to a business combination 0 (147)
Payments on borrowings (5,000) (25,000)
Net cash used in financing activities (6,464) (29,325)
Exchange rate changes effect on cash and cash equivalents (518) 994
Net decrease in cash and cash equivalents (2,950) (24,479)
Cash and cash equivalents, beginning of period 56,373 88,950
Cash and cash equivalents, end of period 53,423 64,471
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,347 1,482
Cash paid for income taxes 1,224 1,657
Non-cash investing activities:    
Property and equipment included in accounts payable 141 349
Inventory transferred to property and equipment $ 143 $ 161

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