v3.19.3
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 63,062 $ 56,373
Accounts receivable, net of allowance for doubtful accounts of $9,047 in 2019 and $6,960 in 2018 108,964 127,041
Inventories 75,107 79,736
Prepaid expenses and other current assets 27,735 22,625
Total current assets 274,868 285,775
Property and equipment, net 25,095 22,913
Operating lease right-of-use assets 16,059 0
Intangible assets, net 119,008 139,453
Goodwill 146,144 147,644
Deferred income tax 21,955 22,639
Other assets 25,984 19,716
Total assets 629,113 638,140
Current liabilities:    
Accounts payable 30,096 28,805
Current portion of long-term debt   35,000
Accrued liabilities 56,657 52,568
Deferred revenue 19,242 17,073
Current portion of operating lease liabilities 5,901 0
Total current liabilities 146,896 133,446
Long-term liabilities:    
Other liabilities 20,200 19,845
Operating lease liabilities 13,112 0
Long-term debt, net 34,618 69,474
Deferred income tax 8,129 16,931
Total liabilities 222,955 239,696
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 34,090,301 in 2019 and 33,804,379 in 2018 341,083 334,215
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2019 and 2018 0 0
Retained earnings 86,241 102,261
Accumulated other comprehensive loss (21,166) (38,032)
Total stockholders’ equity 406,158 398,444
Total liabilities and stockholders’ equity $ 629,113 $ 638,140

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v3.19.3
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenue $ 123,463 $ 130,638 $ 363,759 $ 389,900
Cost of revenue 48,706 51,583 147,240 159,849
Intangibles amortization 1,736 1,930 5,237 6,235
Gross profit 73,021 77,125 211,282 223,816
Operating expenses:        
Marketing and selling 30,848 33,200 96,813 102,474
Research and development 14,114 15,127 39,941 46,186
General and administrative 15,113 15,799 44,108 56,966
Intangibles amortization 3,751 4,477 11,300 13,434
Restructuring 1,106 11,432 41,147 14,182
Total operating expenses 64,932 80,035 233,309 233,242
Income (loss) from operations 8,089 (2,910) (22,027) (9,426)
Other expense, net (1,609) (726) (4,921) (4,944)
Income (loss) before provision for (benefit from) income tax 6,480 (3,636) (26,948) (14,370)
Provision for (benefit from) income tax (1,981) 1,940 (9,596) (3,069)
Net income (loss) $ 8,461 $ (5,576) $ (17,352) $ (11,301)
Net income (loss) per share:        
Basic (dollars per share) $ 0.25 $ (0.17) $ (0.52) $ (0.34)
Diluted (dollars per share) $ 0.25 $ (0.17) $ (0.52) $ (0.34)
Weighted average shares used in the calculation of net income (loss) per share:        
Basic (in shares) 33,655 33,321 33,666 32,982
Diluted (in shares) 33,738 33,321 33,666 32,982

Source

v3.19.3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Statement of Cash Flows [Abstract]    
Interest Paid, Excluding Capitalized Interest, Operating Activities $ 3,727 $ 4,426
Operating activities:    
Net loss (17,352) (11,301)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 1,494 5,871
Depreciation and amortization 22,946 25,652
Loss on disposal of property and equipment 482 410
Warranty reserve 2,588 73
Share-based compensation 6,377 15,446
Impairment charge for sale of entity 24,571 0
Changes in operating assets and liabilities:    
Accounts receivable 17,290 2,955
Inventories (2,074) (5,183)
Prepaid expenses and other assets (10,643) (14,398)
Accounts payable 1,607 (3,799)
Accrued liabilities 1,073 968
Deferred revenue 2,371 1,745
Deferred income tax (2,817) 517
Net cash provided by operating activities 47,913 18,956
Investing activities:    
Acquisition of businesses, net of cash acquired 0 151
Purchase of property and equipment (3,872) (5,127)
Purchase of intangible assets (13) (637)
Net cash used in investing activities (3,885) (5,613)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 2,193 10,515
Repurchase of common stock 0 (5,629)
Taxes paid related to net share settlement of equity awards (1,596) (5,173)
Principal payments of financing lease liability (404) 0
Payment of contingent consideration related to a business combination 0 (147)
Payments on borrowings (35,000) (40,000)
Net cash used in financing activities (34,807) (40,434)
Exchange rate changes effect on cash and cash equivalents (2,532) (7,419)
Net increase (decrease) in cash and cash equivalents 6,689 (34,510)
Cash and cash equivalents, beginning of period 56,373 88,950
Cash and cash equivalents, end of period 63,062 54,440
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 4,169 7,946
Non-cash investing activities:    
Property and equipment included in accounts payable 15 82
Inventory transferred to property and equipment $ 205 $ 754

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