CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net income (loss) |
$ 8,940
|
$ (999)
|
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
| Depreciation expense |
2,402
|
2,146
|
| Amortization of intangible assets |
3,393
|
1,113
|
| Loss on disposal of fixed assets |
13
|
|
| Provision for doubtful accounts |
313
|
281
|
| Investment premium amortization |
293
|
|
| Stock-based compensation |
5,933
|
5,336
|
| Tax benefit from business acquistion |
(9,402)
|
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(3,469)
|
(2,097)
|
| Inventories |
(6,776)
|
(1,779)
|
| Prepaid expenses and other current assets |
1,740
|
(566)
|
| Other assets |
(341)
|
(247)
|
| Accounts payable |
2,333
|
342
|
| Accrued liabilities |
421
|
(622)
|
| Deferred revenue |
291
|
347
|
| Other long-term liabilities |
(451)
|
(298)
|
| Net cash provided by operating activities |
5,633
|
2,957
|
| Investing activities |
|
|
| Purchases of available-for-sale investments |
(10,147)
|
(49,095)
|
| Proceeds from sales of available-for-sale investments |
900
|
2,018
|
| Proceeds from maturities of available-for-sale investments |
33,858
|
49,535
|
| Purchases of property and equipment |
(1,780)
|
(2,917)
|
| Business acquisitions, net of cash acquired |
(32,891)
|
(8,380)
|
| Net cash used in investing activities |
(10,060)
|
(8,839)
|
| Financing activities |
|
|
| Proceeds from exercise of options for common stock |
3,021
|
1,127
|
| Repurchase of common stock |
(3,242)
|
(4,942)
|
| Repayment of notes payable |
(581)
|
(722)
|
| Proceeds from revolving credit facility |
5,000
|
|
| Repayment of revolving credit facility |
(3,500)
|
|
| Payment of debt issuance costs |
(89)
|
|
| Net cash provided by (used in) financing activities |
609
|
(4,537)
|
| Effect of exchange rate changes on cash and cash equivalents |
(41)
|
(31)
|
| Net decrease in cash and cash equivalents |
(3,859)
|
(10,450)
|
| Cash and cash equivalents at beginning of period |
29,530
|
29,187
|
| Cash and cash equivalents at end of period |
25,671
|
18,737
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for interest |
164
|
85
|
| Cash paid for taxes |
858
|
431
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
| Net unrealized losses on available-for-sale investments |
$ 60
|
$ 65
|