v3.10.0.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 54,440 $ 88,950
Accounts receivable, net of allowance for doubtful accounts of $6,303 in 2018 and $8,978 in 2017 121,113 126,809
Inventories 80,586 71,529
Prepaid expenses and other current assets 30,843 18,340
Total current assets 286,982 305,628
Property and equipment, net 21,564 22,071
Intangible assets, net 155,623 172,582
Goodwill 162,995 172,998
Deferred income tax 10,135 10,709
Other assets 16,746 25,931
Total assets 654,045 709,919
Current liabilities:    
Accounts payable 20,595 25,242
Short-term debt 30,000 0
Accrued liabilities 52,015 51,738
Deferred revenue 16,816 15,157
Total current liabilities 119,426 92,137
Long-term liabilities:    
Other liabilities 21,338 21,995
Long-term debt, net 84,426 154,283
Deferred income tax 18,896 19,407
Total liabilities 244,086 287,822
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,755,514 in 2018 and 33,134,101 in 2017 331,607 316,577
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2018 and 2017 0 0
Retained earnings 113,895 129,115
Accumulated other comprehensive loss (35,543) (23,595)
Total stockholders’ equity 409,959 422,097
Total liabilities and stockholders’ equity $ 654,045 $ 709,919

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v3.10.0.1
Condensed Consolidated Statements of Income and Comprehensive Income (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 130,638 $ 122,643 $ 389,900 $ 369,531
Cost of revenue 51,583 47,112 159,849 158,615
Intangibles amortization 1,930 1,290 6,235 3,789
Gross profit 77,125 74,241 223,816 207,127
Operating expenses:        
Marketing and selling 33,200 32,537 102,474 95,106
Research and development 15,127 11,632 46,186 38,098
General and administrative 15,799 17,329 56,966 57,501
Intangibles amortization 4,477 3,882 13,434 11,841
Restructuring 11,432 321 14,182 914
Total operating expenses 80,035 65,701 233,242 203,460
Income (loss) from operations (2,910) 8,540 (9,426) 3,667
Other income (expense), net (726) 150 (4,944) (1,268)
Income (loss) before provision for income tax (3,636) 8,690 (14,370) 2,399
Provision for income tax 1,940 17,203 (3,069) 15,597
Net loss $ (5,576) $ (8,513) $ (11,301) $ (13,198)
Loss per share:        
Basic (dollars per share) $ (0.17) $ (0.26) $ (0.34) $ (0.41)
Diluted (dollars per share) $ (0.17) $ (0.26) $ (0.34) $ (0.41)
Weighted average shares used in the calculation of loss per share:        
Basic (in shares) 33,321 32,593 32,982 32,536
Diluted (in shares) 33,321 32,593 32,982 32,536
Other comprehensive income (loss):        
Unrealized loss on available-for-sale investments $ 0 $ 0 $ 0 $ (45)
Foreign currency translation adjustment (2,312) 5,166 (11,948) 17,370
Total other comprehensive income (loss) (2,312) 5,166 (11,948) 17,325
Comprehensive income (loss) $ (7,888) $ (3,347) $ (23,249) $ 4,127

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities:    
Net loss $ (11,301) $ (13,198)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 5,871 8,704
Depreciation and amortization 25,652 20,859
Loss on disposal of property and equipment 410 14
Warranty reserve 73 5,307
Share-based compensation 15,446 7,223
Changes in operating assets and liabilities:    
Accounts receivable 2,955 (13,660)
Inventories (5,183) 6,791
Prepaid expenses and other assets (14,398) 1,395
Accounts payable (3,799) (9,530)
Accrued liabilities 968 (8,537)
Deferred revenue 1,745 (7,890)
Deferred income tax 517 16,770
Net cash provided by operating activities 18,956 14,248
Investing activities:    
Acquisition of businesses, net of cash acquired 151 (142,592)
Purchase of property and equipment (5,127) (2,749)
Purchase of intangible assets (637) 0
Sale of short-term investments 0 34,019
Net cash used in investing activities (5,613) (111,322)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 10,515 2,247
Repurchase of common stock (5,629) (2,268)
Taxes paid related to net share settlement of equity awards (5,173) (3,685)
Payment of contingent consideration related to a business combination (147) (2,946)
Proceeds from borrowings 0 60,000
Deferred debt issuance costs 0 (354)
Payments on borrowings (40,000) (45,000)
Net cash provided by (used in) financing activities (40,434) 7,994
Exchange rate changes effect on cash and cash equivalents (7,419) 7,934
Net decrease in cash and cash equivalents (34,510) (81,146)
Cash and cash equivalents, beginning of period 88,950 213,551
Cash and cash equivalents, end of period 54,440 132,405
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,426 3,056
Cash paid for income taxes 7,946 4,312
Non-cash investing activities:    
Property and equipment included in accounts payable 82 57
Inventory transferred to property and equipment $ 754 $ 935

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