v3.19.3.a.u2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 63,297 $ 56,373
Accounts receivable, net of allowance for doubtful accounts of $7,384 and $6,960 115,889 127,041
Inventories 71,368 79,736
Prepaid expenses and other current assets 19,195 22,625
Total current assets 269,749 285,775
Property and equipment, net 24,702 22,913
Operating lease right-of-use assets 15,046 0
Intangible assets, net 114,799 139,453
Goodwill 146,367 147,644
Deferred income tax 30,355 22,639
Other assets 21,509 19,716
Total assets 622,527 638,140
Current liabilities:    
Accounts payable 27,253 28,805
Current portion of long-term debt 35,000 35,000
Current portion of operating lease liabilities 5,871 0
Accrued liabilities 54,451 52,568
Deferred revenue 20,246 17,073
Total current liabilities 142,821 133,446
Long-term liabilities:    
Other liabilities 17,616 19,845
Long-term debt 19,665 69,474
Operating lease liabilities 12,051 0
Deferred income tax 14,251 16,931
Total liabilities 206,404 239,696
Commitments and contingencies (Note 21)
Stockholders’ equity:    
Common stock, $0.001 par value; 120,000,000 shares authorized; shares issued and outstanding 34,148,700 in 2019 and 33,804,379 in 2018 344,476 334,215
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2019 and in 2018 0 0
Retained earnings 87,922 102,261
Accumulated other comprehensive loss (16,275) (38,032)
Total stockholders’ equity 416,123 398,444
Total liabilities and stockholders’ equity $ 622,527 $ 638,140

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v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue $ 495,175 $ 530,891 $ 500,970
Cost of revenue 196,551 217,952 213,376
Intangibles amortization 6,916 8,924 6,380
Gross profit 291,708 304,015 281,214
Operating expenses:      
Marketing and selling 129,109 136,680 126,166
Research and development 58,733 61,482 51,822
General and administrative 59,649 70,599 74,424
Intangibles amortization 15,144 22,585 19,171
Restructuring 44,739 37,231 914
Total operating expenses 307,374 328,577 272,497
Income (loss) from operations (15,666) (24,562) 8,717
Other expense, net (5,591) (7,698) (3,567)
Income (loss) before provision (benefit) for income tax (21,257) (32,260) 5,150
Provision (benefit) for income tax (5,586) (9,325) 25,443
Net loss $ (15,671) $ (22,935) $ (20,293)
Net loss per share:      
Basic $ (0.47) $ (0.69) $ (0.62)
Diluted (in dollars per share) $ (0.47) $ (0.69) $ (0.62)
Weighted average shares used in the calculation of net loss per share:      
Basic (shares) 33,696 33,111 32,564
Diluted (shares) 33,696 33,111 32,564

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v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net loss $ (15,671) $ (22,935) $ (20,293)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Provision for losses on accounts receivable 1,584 6,909 10,017
Depreciation and amortization 30,722 33,863 30,098
(Gain) loss on disposal of property and equipment 449 746 (21)
Impairment of intangible assets 0 8,192 1,674
Impairment charge for sale of entity 24,571 0 0
Goodwill impairment charge 0 14,846 0
Warranty reserve 2,886 2,168 5,370
Stock-based compensation 8,352 17,051 9,445
Deferred taxes (5,364) (13,714) 4,032
Changes in operating assets and liabilities, net of assets and liabilities acquired in acquisitions:      
Accounts receivable 9,817 (5,199) (30,473)
Inventories 7,185 (7,443) 7,581
Other assets (2,486) (5,118) 5,492
Accounts payable (1,367) 4,105 (1,385)
Accrued liabilities (4,010) (2,527) 5,421
Deferred revenue 3,392 2,076 (7,232)
Net cash provided by operating activities 60,060 33,020 19,726
Investing activities:      
Acquisition of businesses, net of cash acquired 0 151 (190,888)
Acquisition of property and equipment (5,326) (7,875) (4,066)
Acquisition of intangible assets (13) (665) 0
Sales of short-term investments 0 0 34,019
Net cash used in investing activities (5,339) (8,389) (160,935)
Financing activities:      
Proceeds from stock option exercises and ESPP 3,635 11,448 3,466
Repurchase of company stock 0 (5,630) (2,268)
Taxes paid related to net share settlement of equity awards (1,689) (5,183) (7,052)
Proceeds from long-term borrowings 0 0 60,000
Deferred debt issuance costs 0 0 (354)
Contingent consideration earn-out 0 (147) (2,966)
Payments on borrowings (50,000) (50,000) (45,000)
Net cash provided by (used in) financing activities (48,532) (49,512) 5,826
Exchange rate effect on cash and cash equivalents 735 (7,696) 10,782
Net increase (decrease) in cash and cash equivalents 6,924 (32,577) (124,601)
Cash and cash equivalents, beginning of year 56,373 88,950 213,551
Cash and cash equivalents, end of year 63,297 56,373 88,950
Supplemental disclosure of cash flow information:      
Cash paid for interest 4,580 6,169 4,464
Cash paid for income taxes 6,445 9,247 5,740
Non-cash investing activities:      
Property and equipment included in accounts payable 69 167 148
Inventory transferred to property and equipment 300 1,211 1,006
Finance Lease, Principal Payments $ (478) $ 0 $ 0

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