v3.20.2
Condensed Consolidated Balance Sheets (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 74,536 $ 63,297
Accounts receivable, net of allowance for doubtful accounts of $6,669 in 2020 and $7,384 in 2019 84,107 115,889
Inventories 80,135 71,368
Prepaid expenses and other current assets 27,740 19,195
Total current assets 266,518 269,749
Property and equipment, net 24,245 24,702
Operating lease right-of-use assets 11,960 15,046
Intangible assets, net 94,030 114,799
Goodwill 147,716 146,367
Deferred income tax 28,749 30,355
Other assets 23,672 21,509
Total assets 596,890 622,527
Current liabilities:    
Accounts payable 27,597 27,253
Current portion of long-term debt 40,000 35,000
Accrued liabilities 39,034 54,451
Deferred revenue 20,034 20,246
Current portion of operating lease liabilities 5,343 5,871
Total current liabilities 132,008 142,821
Liabilities, Noncurrent [Abstract]    
Other liabilities 19,574 17,616
Operating lease liabilities 9,358 12,051
Long-term debt, net of current portion 25,697 19,665
Deferred income tax 14,786 14,251
Total liabilities 201,423 206,404
Stockholders’ equity:    
Common stock, $0.001 par value, 120,000,000 shares authorized; shares issued and outstanding 33,870,387 in 2020 and 34,148,700 in 2019 339,665 344,476
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued and outstanding in 2020 and 2019 0 0
Retained earnings 66,106 87,922
Accumulated other comprehensive loss (10,304) (16,275)
Total stockholders’ equity 395,467 416,123
Total liabilities and stockholders’ equity $ 596,890 $ 622,527

Source

v3.20.2
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenue $ 102,803 $ 123,463 $ 296,966 $ 363,759
Cost of revenue 47,160 48,389 134,665 147,291
Intangibles amortization 8,117 1,736 11,440 5,237
Gross profit 47,526 73,338 150,861 211,231
Operating expenses:        
Marketing and selling 26,035 30,787 79,567 96,841
Research and development 14,670 14,447 46,574 41,166
General and administrative 12,384 15,394 36,754 44,390
Intangibles amortization 4,025 3,751 11,330 11,300
Restructuring 350 1,106 1,842 41,147
Total operating expenses 57,464 65,485 176,067 234,844
Income (loss) from operations (9,938) 7,853 (25,206) (23,613)
Other expense, net (947) (1,609) (3,198) (4,921)
Income (loss) before benefit from income tax (10,885) 6,244 (28,404) (28,534)
Benefit from income taxes (1,569) (1,987) (6,588) (9,852)
Net income (loss) $ (9,316) $ 8,231 $ (21,816) $ (18,682)
Net income (loss) per share:        
Basic (dollars per share) $ (0.28) $ 0.24 $ (0.65) $ (0.55)
Diluted (dollars per share) $ (0.28) $ 0.24 $ (0.65) $ (0.55)
Weighted average shares used in the calculation of net income (loss) per share:        
Basic (in shares) 33,828 33,655 33,577 33,666
Diluted (in shares) 33,828 33,738 33,577 33,666

Source

v3.20.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities:    
Net loss $ (21,816) $ (18,682)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for losses on accounts receivable 1,158 3,934
Impairment of intangible assets 6,678 0
Impairment of intangible assets 1,861 0
Depreciation and amortization 20,989 22,946
Loss on disposal of property and equipment 149 482
Warranty reserve 1,129 2,588
Share-based compensation 7,059 6,377
Impairment charge for sale of entity 0 24,571
Changes in operating assets and liabilities:    
Accounts receivable 30,367 14,850
Inventories (6,417) (2,074)
Prepaid expenses and other assets (11,078) (9,527)
Accounts payable (19) 2,076
Accrued liabilities (13,844) 1,073
Deferred revenue (941) 2,371
Deferred income tax 1,826 (3,072)
Net cash provided by operating activities 17,101 47,913
Investing activities:    
Purchase of property and equipment (7,617) (3,872)
Purchase of intangible assets 0 (13)
Net cash used in investing activities (7,617) (3,885)
Financing activities:    
Proceeds from stock option exercises and Employee Stock Purchase Program purchases 658 2,193
Repurchase of common stock (10,495) 0
Taxes paid related to net share settlement of equity awards (1,936) (1,596)
Principal payments of financing lease liability (415) (404)
Proceeds from borrowings 60,000 0
Deferred debt issuance costs (1,175) 0
Payments on borrowings (48,000) (35,000)
Net cash used in financing activities (1,363) (34,807)
Exchange rate changes effect on cash and cash equivalents 3,118 (2,532)
Net increase in cash and cash equivalents 11,239 6,689
Cash and cash equivalents, beginning of period 63,297 56,373
Cash and cash equivalents, end of period 74,536 63,062
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,605 3,727
Cash paid for income taxes 6,489 4,169
Non-cash investing activities:    
Property and equipment included in accounts payable (59) 15
Inventory transferred to property and equipment 899 205
Transfer of leased assets to sales-type leases $ 4,063 $ 0

Source