CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| Operating activities |
|
|
| Net income (loss) |
$ 7,163
|
$ (2,190)
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation expense |
1,573
|
1,321
|
| Amortization of intangible assets |
2,172
|
728
|
| Provision for doubtful accounts |
167
|
172
|
| Investment premium amortization |
216
|
|
| Stock-based compensation |
3,950
|
3,528
|
| Tax benefit from business acquisition |
(9,708)
|
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(1,600)
|
(1,458)
|
| Inventories |
(6,940)
|
(1,912)
|
| Prepaid expenses and other current assets |
1,513
|
(421)
|
| Other assets |
(347)
|
(116)
|
| Accounts payable |
1,752
|
(1,818)
|
| Accrued liabilities |
514
|
(256)
|
| Deferred revenue |
212
|
190
|
| Other long-term liabilities |
(462)
|
(369)
|
| Net cash provided by (used in) operating activities |
175
|
(2,601)
|
| Investing activities |
|
|
| Purchases of available-for-sale investments |
(1,996)
|
(36,272)
|
| Proceeds from maturities of available-for-sale investments |
27,208
|
39,079
|
| Purchases of property and equipment |
(1,171)
|
(1,927)
|
| Business acquisitions, net of cash acquired |
(32,891)
|
(8,380)
|
| Net cash used in investing activities |
(8,850)
|
(7,500)
|
| Financing activities |
|
|
| Proceeds from exercise of options for common stock |
711
|
710
|
| Repurchase of common stock |
(3,242)
|
(2,148)
|
| Repayment of notes payable |
(387)
|
(506)
|
| Proceeds from revolving credit facility |
5,000
|
|
| Payment of debt issuance costs |
(89)
|
|
| Net cash provided by (used in) financing activities |
1,993
|
(1,944)
|
| Effect of exchange rate changes on cash and cash equivalents |
(41)
|
38
|
| Net decrease in cash and cash equivalents |
(6,723)
|
(12,007)
|
| Cash and cash equivalents at beginning of period |
29,530
|
29,187
|
| Cash and cash equivalents at end of period |
22,807
|
17,180
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for interest |
104
|
65
|
| Cash paid for taxes |
622
|
121
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
| Net unrealized losses on available-for-sale investments |
$ 70
|
$ 28
|