v3.20.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 84,878 $ 63,297
Accounts receivable, net of allowance for doubtful accounts of $7,539 in 2020 and $7,384 in 2019 89,230 115,889
Inventories 83,589 71,368
Prepaid expenses and other current assets 21,059 19,195
Total current assets 278,756 269,749
Property and equipment, net 26,673 24,702
Operating lease right-of-use assets 12,926 15,046
Intangible assets, net 103,984 114,799
Goodwill 145,917 146,367
Deferred income tax 30,204 30,355
Other assets 22,346 21,509
Total assets 620,806 622,527
Current liabilities:    
Accounts payable 31,654 27,253
Current portion of long-term debt 35,000 35,000
Accrued liabilities 38,857 54,451
Deferred revenue 21,186 20,246
Current portion of operating lease liabilities 5,533 5,871
Total current liabilities 132,230 142,821
Liabilities, Noncurrent [Abstract]    
Other liabilities 16,851 17,616
Operating lease liabilities 10,224 12,051
Long-term debt, net of current portion 51,761 19,665
Deferred income tax 14,267 14,251
Total liabilities 225,333 206,404
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,871,723 in 2020 and 34,148,700 in 2019 337,338 344,476
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2020 and 2019 0 0
Retained earnings 75,422 87,922
Accumulated other comprehensive loss (17,287) (16,275)
Total stockholders’ equity 395,473 416,123
Total liabilities and stockholders’ equity $ 620,806 $ 622,527

Source

v3.20.2
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Revenue $ 84,780 $ 125,539 $ 194,163 $ 240,296
Cost of revenue 42,573 52,393 87,506 98,903
Intangibles amortization 1,654 1,746 3,322 3,502
Gross profit 40,553 71,400 103,335 137,891
Operating expenses:        
Marketing and selling 22,802 32,324 53,532 66,054
Research and development 14,336 13,324 31,905 26,718
General and administrative 11,187 12,691 24,368 28,996
Intangibles amortization 3,644 3,763 7,305 7,549
Restructuring 621 2,668 1,492 40,040
Total operating expenses 52,590 64,770 118,602 169,357
Income (loss) from operations (12,037) 6,630 (15,267) (31,466)
Other expense, net (757) (1,200) (2,251) (3,312)
Income (loss) before provision for (benefit from) income tax (12,794) 5,430 (17,518) (34,778)
Provision for (benefit from) income taxes (3,891) 1,944 (5,018) (7,865)
Net income (loss) $ (8,903) $ 3,486 $ (12,500) $ (26,913)
Net income (loss) per share:        
Basic (dollars per share) $ (0.26) $ 0.10 $ (0.37) $ (0.80)
Diluted (dollars per share) $ (0.26) $ 0.10 $ (0.37) $ (0.80)
Weighted average shares used in the calculation of net loss per share:        
Basic (in shares) 33,827 33,639 33,624 33,630
Diluted (in shares) 33,827 33,690 33,624 33,630

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Statement of Cash Flows [Abstract]    
Interest Paid, Excluding Capitalized Interest, Operating Activities $ 1,561 $ 3,071
Operating activities:    
Net loss (12,500) (26,913)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 3,044 4,260
Impairment of intangible assets (1,095) 0
Depreciation and amortization 13,677 15,427
Loss on disposal of property and equipment 22 482
Warranty reserve 1,280 1,677
Share-based compensation 4,664 4,462
Impairment charge for sale of entity 0 24,571
Changes in operating assets and liabilities:    
Accounts receivable 25,152 15,870
Inventories (11,194) (2,106)
Prepaid expenses and other assets (4,066) (10,383)
Accounts payable 4,324 (3,215)
Accrued liabilities (16,343) (2,620)
Deferred revenue 302 2,739
Deferred income tax 155 (205)
Net cash provided by operating activities 9,612 24,046
Investing activities:    
Purchase of property and equipment (6,927) (2,919)
Purchase of intangible assets 0 (13)
Net cash used in investing activities (6,927) (2,932)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 658 1,674
Repurchase of common stock (10,495) 0
Taxes paid related to net share settlement of equity awards (1,926) (1,573)
Principal payments of financing lease liability (242) (265)
Proceeds from borrowings 60,000 0
Payments on borrowings (28,000) (25,000)
Net cash provided by (used in) financing activities 19,995 (25,164)
Exchange rate changes effect on cash and cash equivalents (1,099) (314)
Net increase (decrease) in cash and cash equivalents 21,581 (4,364)
Cash and cash equivalents, beginning of period 63,297 56,373
Cash and cash equivalents, end of period 84,878 52,009
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 4,667 5,328
Non-cash investing activities:    
Property and equipment included in accounts payable (13) 35
Inventory transferred to property and equipment 525 589
Transfer of leased assets to sales-type leases $ 2,365 $ 0

Source