CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands |
6 Months Ended |
|
Jun. 30, 2017
USD ($)
|
Jun. 30, 2016
USD ($)
|
| Operating activities |
|
|
| Net income |
$ 4,736
|
$ 7,163
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation expense |
1,762
|
1,573
|
| Amortization of intangible assets |
2,551
|
2,172
|
| Provision for doubtful accounts |
264
|
167
|
| Investment discount and premium amortization |
(23)
|
216
|
| Stock-based compensation |
6,163
|
3,950
|
| Tax benefit from business acquisition |
(2,415)
|
(9,708)
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(1,186)
|
(1,600)
|
| Inventories |
(3,369)
|
(6,940)
|
| Restricted cash |
(3)
|
|
| Prepaid expenses and other current assets |
1,198
|
1,513
|
| Other assets |
(595)
|
(347)
|
| Accounts payable |
875
|
1,752
|
| Accrued liabilities |
(1,653)
|
514
|
| Deferred revenue |
269
|
212
|
| Other long-term liabilities |
252
|
(462)
|
| Net cash provided by operating activities |
8,826
|
175
|
| Investing activities |
|
|
| Purchases of available-for-sale investments |
(28,933)
|
(1,996)
|
| Proceeds from sales of available-for-sale investments |
950
|
|
| Proceeds from maturities of available-for-sale investments |
20,268
|
27,208
|
| Purchases of property and equipment |
(1,618)
|
(1,171)
|
| Business acquisitions, net of cash acquired |
(7,881)
|
(32,891)
|
| Net cash used in investing activities |
(17,214)
|
(8,850)
|
| Financing activities |
|
|
| Proceeds from exercise of options for common stock |
7,775
|
711
|
| Payments for taxes related to net share settlement of equity awards |
(2,596)
|
|
| Repurchase of common stock |
(1,821)
|
(3,242)
|
| Repayment of notes payable |
|
(387)
|
| Proceeds from revolving credit facility |
|
5,000
|
| Payment of debt issuance costs |
|
(89)
|
| Net cash provided by financing activities |
3,358
|
1,993
|
| Effect of exchange rate changes on cash and cash equivalents |
280
|
(41)
|
| Net change in cash and cash equivalents |
(4,750)
|
(6,723)
|
| Cash and cash equivalents at beginning of period |
34,813
|
29,530
|
| Cash and cash equivalents at end of period |
30,063
|
22,807
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for interest |
63
|
104
|
| Cash paid for taxes |
834
|
622
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
| Business acquisitions holdback liability |
1,068
|
|
| Purchases of property and equipment financed by accounts payable |
178
|
|
| Net unrealized (losses) gains on available-for-sale investments |
$ (3)
|
$ 70
|