CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2017 |
Mar. 31, 2016 |
| Operating activities |
|
|
| Net income |
$ 843
|
$ 6,639
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Depreciation expense |
929
|
767
|
| Amortization of intangible assets |
1,230
|
934
|
| Provision for doubtful accounts |
137
|
119
|
| Investment premium amortization |
|
130
|
| Stock-based compensation |
3,254
|
1,823
|
| Tax benefit from business acquisition |
(2,415)
|
(9,824)
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
2,199
|
1,576
|
| Inventories |
(928)
|
(6,497)
|
| Restricted cash |
(2)
|
|
| Prepaid expenses and other current assets |
345
|
(1,175)
|
| Other assets |
(380)
|
(137)
|
| Accounts payable |
(136)
|
2,383
|
| Accrued liabilities |
(2,662)
|
(523)
|
| Deferred revenue |
49
|
202
|
| Other long-term liabilities |
5
|
(18)
|
| Net cash provided by (used in) operating activities |
2,468
|
(3,601)
|
| Investing activities |
|
|
| Purchases of available-for-sale investments |
(14,678)
|
|
| Proceeds from maturities of available-for-sale investments |
14,560
|
20,362
|
| Purchases of property and equipment |
(922)
|
(432)
|
| Business acquisitions, net of cash acquired |
(7,917)
|
(32,155)
|
| Net cash used in investing activities |
(8,957)
|
(12,225)
|
| Financing activities |
|
|
| Proceeds from exercise of options for common stock |
3,535
|
116
|
| Payments for taxes related to net share settlement of equity awards |
(2,067)
|
|
| Repurchase of common stock |
(1,821)
|
(1,737)
|
| Repayment of notes payable |
|
(194)
|
| Proceeds from revolving credit facility |
|
5,000
|
| Payment of debt issuance costs |
|
(89)
|
| Net cash (used in) provided by financing activities |
(353)
|
3,096
|
| Effect of exchange rate changes on cash and cash equivalents |
244
|
204
|
| Net change in cash and cash equivalents |
(6,598)
|
(12,526)
|
| Cash and cash equivalents at beginning of period |
34,813
|
29,530
|
| Cash and cash equivalents at end of period |
28,215
|
17,004
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for interest |
34
|
30
|
| Cash paid for taxes |
12
|
190
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
| Business acquisitions holdback liability |
1,438
|
|
| Purchases of property and equipment financed by accounts payable |
93
|
|
| Net unrealized losses on available-for-sale investments |
$ (4)
|
$ 74
|