CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| Operating activities |
|
|
|
| Net income (loss) |
$ 12,954
|
$ (1,652)
|
$ 8,156
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
| Depreciation expense |
3,318
|
2,926
|
2,547
|
| Amortization of intangible assets |
4,598
|
1,474
|
491
|
| Loss on disposal of fixed assets |
13
|
|
|
| Provision for doubtful accounts |
345
|
345
|
229
|
| Investment premium amortization |
339
|
|
|
| Stock-based compensation |
8,370
|
7,034
|
5,341
|
| Tax benefit from business acquisition |
(9,402)
|
|
|
| Excess tax benefit from exercise of options for common stock |
(89)
|
|
(91)
|
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable |
(3,765)
|
(1,127)
|
(5,331)
|
| Inventories |
(1,589)
|
(3,488)
|
1,025
|
| Restricted cash |
|
|
(330)
|
| Prepaid expenses and other current assets |
1,184
|
(1,443)
|
(323)
|
| Other assets |
(295)
|
(264)
|
(209)
|
| Accounts payable |
(32)
|
615
|
1,698
|
| Accrued liabilities |
1,999
|
248
|
(2,110)
|
| Deferred revenue |
471
|
258
|
199
|
| Other long-term liabilities |
(553)
|
(512)
|
(44)
|
| Net cash provided by operating activities |
17,866
|
4,414
|
11,248
|
| Investing activities |
|
|
|
| Purchases of available-for-sale investments |
(19,227)
|
(50,619)
|
(89,844)
|
| Proceeds from sales of available-for-sale investments |
900
|
2,018
|
2,850
|
| Proceeds from maturities of available-for-sale investments |
42,203
|
65,142
|
18,915
|
| Purchases of property and equipment |
(2,682)
|
(3,772)
|
(2,710)
|
| Business acquisitions, net of cash acquired |
(32,891)
|
(8,380)
|
(1,116)
|
| Net cash provided by (used in) investing activities |
(11,697)
|
4,389
|
(71,905)
|
| Financing activities |
|
|
|
| Proceeds from exercise of options for common stock |
3,437
|
1,360
|
6,411
|
| Excess tax benefit from exercise of options for common stock |
89
|
|
91
|
| Repurchase of common stock |
(3,242)
|
(9,020)
|
|
| Repayment of notes payable |
(913)
|
(915)
|
(1,138)
|
| Proceeds from revolving credit facility |
5,000
|
|
|
| Repayment of revolving credit facility |
(5,000)
|
|
|
| Payment of debt issuance costs |
(89)
|
|
|
| Net cash provided by (used in) financing activities |
(718)
|
(8,575)
|
5,364
|
| Effect of exchange rate changes on cash and cash equivalents |
(168)
|
115
|
(66)
|
| Net change in cash and cash equivalents |
5,283
|
343
|
(55,359)
|
| Cash and cash equivalents at beginning of period |
29,530
|
29,187
|
84,546
|
| Cash and cash equivalents at end of period |
34,813
|
29,530
|
29,187
|
| Supplemental disclosure of cash flow information |
|
|
|
| Cash paid for interest |
204
|
101
|
188
|
| Cash paid for taxes |
1,115
|
831
|
246
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
|
| Landlord paid tenant improvements |
39
|
|
739
|
| Purchases of property and equipment financed by accounts payable |
135
|
|
257
|
| Net unrealized gains (losses) on available-for-sale investments |
$ 46
|
$ (14)
|
$ (47)
|