v3.20.1
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 107,016 $ 63,297
Accounts receivable, net of allowance for doubtful accounts of $7,291 in 2020 and $7,384 in 2019 101,219 115,889
Inventories 74,808 71,368
Prepaid expenses and other current assets 19,671 19,195
Total current assets 302,714 269,749
Property and equipment, net 26,267 24,702
Operating lease right-of-use assets 14,198 15,046
Intangible assets, net 108,346 114,799
Goodwill 145,028 146,367
Deferred income tax 30,176 30,355
Other assets 20,741 21,509
Total assets 647,470 622,527
Current liabilities:    
Accounts payable 33,284 27,253
Current portion of long-term debt 35,000 35,000
Accrued liabilities 45,255 54,451
Deferred revenue 22,823 20,246
Current portion of operating lease liabilities 5,727 5,871
Total current liabilities 142,089 142,821
Long-term liabilities:    
Other liabilities 17,268 17,616
Operating lease liabilities 11,212 12,051
Long-term debt, net of current portion 64,713 19,665
Deferred income tax 14,035 14,251
Total liabilities 249,317 206,404
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,802,133 in 2020 and 34,148,700 in 2019 334,296 344,476
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2020 and 2019 0 0
Retained earnings 84,325 87,922
Accumulated other comprehensive loss (20,468) (16,275)
Total stockholders’ equity 398,153 416,123
Total liabilities and stockholders’ equity $ 647,470 $ 622,527

Source

v3.20.1
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
Revenue $ 109,383 $ 114,757
Cost of revenue 44,933 46,509
Intangibles amortization 1,668 1,756
Gross profit 62,782 66,492
Operating expenses:    
Marketing and selling 30,730 33,729
Research and development 17,569 13,394
General and administrative 13,182 16,306
Intangibles amortization 3,661 3,786
Restructuring 871 37,372
Total operating expenses 66,013 104,587
Loss from operations (3,231) (38,095)
Other expense, net (1,494) (2,112)
Loss before provision for income tax benefit (4,725) (40,207)
Benefit from income taxes (1,128) (9,809)
Net loss $ (3,597) $ (30,398)
Net loss per share:    
Basic (dollars per share) $ (0.11) $ (0.90)
Diluted (dollars per share) $ (0.11) $ (0.90)
Weighted average shares used in the calculation of net loss per share:    
Basic (in shares) 33,800 33,590
Diluted (in shares) 33,800 33,590

Source

v3.20.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Interest Paid, Excluding Capitalized Interest, Operating Activities $ 637 $ 1,347
Operating activities:    
Net loss (3,597) (30,398)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 1,564 1,797
Loss on commencement of sales-type leases (295) 0
Depreciation and amortization 6,994 7,711
Loss on disposal of property and equipment 42 179
Warranty reserve 704 354
Share-based compensation 2,291 2,554
Impairment charge for sale of entity 0 24,571
Changes in operating assets and liabilities:    
Accounts receivable 14,570 14,358
Inventories (3,443) (4,476)
Prepaid expenses and other assets (1,060) (7,367)
Accounts payable 6,038 (3,436)
Accrued liabilities (9,329) (1,319)
Deferred revenue 2,190 1,982
Deferred income tax 103 (17)
Net cash provided by operating activities 17,362 6,493
Investing activities:    
Purchase of property and equipment (3,575) (2,461)
Net cash used in investing activities (3,575) (2,461)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 0 268
Repurchase of common stock (10,495) 0
Taxes paid related to net share settlement of equity awards (1,883) (1,567)
Principal payments of financing lease liability (133) (165)
Proceeds from borrowings 60,000 0
Payments on borrowings (15,000) (5,000)
Net cash provided by (used in) financing activities 32,489 (6,464)
Exchange rate changes effect on cash and cash equivalents (2,557) (518)
Net increase (decrease) in cash and cash equivalents 43,719 (2,950)
Cash and cash equivalents, beginning of period 63,297 56,373
Cash and cash equivalents, end of period 107,016 53,423
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,492 1,224
Non-cash investing activities:    
Property and equipment included in accounts payable 131 141
Inventory transferred to property and equipment 196 143
Transfer of leased assets to sales-type leases $ 663 $ 0

Source