CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
| Operating activities |
|
|
|
| Net income |
$ 43,840
|
$ 15,455
|
$ 12,298
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation expense |
3,946
|
3,686
|
3,318
|
| Amortization of intangible assets |
5,464
|
5,212
|
4,598
|
| Loss on disposal of fixed assets |
5
|
1
|
13
|
| Provision for doubtful accounts |
839
|
815
|
345
|
| Investment discount and premium amortization |
(534)
|
(109)
|
339
|
| Release of valuation allowance |
(23,435)
|
|
|
| Stock-based compensation |
13,511
|
12,105
|
8,370
|
| Tax benefit from business acquisition |
|
(2,257)
|
(9,402)
|
| Deferred tax asset adjustment |
|
767
|
|
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable, net |
(4,503)
|
(5,116)
|
(3,765)
|
| Inventories |
(6,341)
|
(9,324)
|
(1,589)
|
| Prepaid expenses and other current assets |
(1,729)
|
(593)
|
1,184
|
| Other assets |
(450)
|
(201)
|
(307)
|
| Accounts payable |
1,940
|
6,370
|
(32)
|
| Accrued liabilities |
(67)
|
(441)
|
1,999
|
| Deferred revenue |
1,086
|
1,213
|
1,362
|
| Other long-term liabilities |
1,378
|
(156)
|
(653)
|
| Net cash provided by operating activities |
34,950
|
27,427
|
18,078
|
| Investing activities |
|
|
|
| Purchases of available-for-sale investments |
(62,603)
|
(76,796)
|
(19,227)
|
| Proceeds from sales of available-for-sale investments |
3,800
|
3,955
|
900
|
| Proceeds from maturities of available-for-sale investments |
62,650
|
43,780
|
42,203
|
| Purchases of property and equipment |
(6,288)
|
(3,952)
|
(2,682)
|
| Business acquisitions, net of cash acquired |
(1,411)
|
(9,258)
|
(32,891)
|
| Net cash used in investing activities |
(3,852)
|
(42,271)
|
(11,697)
|
| Financing activities |
|
|
|
| Proceeds from exercise of options for common stock |
10,976
|
16,959
|
3,437
|
| Payments for withholding taxes related to net share settlement of equity awards |
(7,367)
|
(5,534)
|
|
| Repurchase of common stock |
(23,872)
|
(1,821)
|
(3,242)
|
| Repayment of notes payable |
|
|
(913)
|
| Proceeds from revolving credit facility |
|
|
5,000
|
| Repayment of revolving credit facility |
|
|
(5,000)
|
| Payment of debt issuance costs |
(113)
|
|
(89)
|
| Net cash (used in) provided by financing activities |
(20,376)
|
9,604
|
(807)
|
| Effect of exchange rate changes on cash and cash equivalents |
(102)
|
214
|
(340)
|
| Net change in cash and cash equivalents |
10,620
|
(5,026)
|
5,234
|
| Unrestricted and restricted cash and cash equivalents at beginning of period |
30,034
|
35,060
|
29,826
|
| Unrestricted and restricted cash and cash equivalents at end of period |
40,654
|
30,034
|
35,060
|
| Supplemental disclosure of cash flow information |
|
|
|
| Cash paid for interest |
145
|
57
|
204
|
| Cash paid for taxes |
1,159
|
1,292
|
1,115
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
|
| Landlord paid tenant improvements |
|
|
39
|
| Business acquisitions holdback liability |
|
1,414
|
|
| Purchases of property and equipment financed by accounts payable |
400
|
351
|
135
|
| Net unrealized gains (losses) on available-for-sale investments |
$ 12
|
$ (47)
|
$ 46
|