CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
| Operating activities |
|
|
| Net income |
$ 9,921
|
$ 8,940
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation expense |
2,703
|
2,402
|
| Amortization of intangible assets |
3,885
|
3,393
|
| (Gain) loss on disposal of fixed assets |
(1)
|
13
|
| Provision for doubtful accounts |
491
|
313
|
| Investment discount and premium amortization |
(57)
|
293
|
| Stock-based compensation |
9,191
|
5,933
|
| Tax benefit from business acquisition |
(2,415)
|
(9,402)
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable, net |
(4,890)
|
(3,469)
|
| Inventories |
(5,347)
|
(6,776)
|
| Restricted cash |
(3)
|
|
| Prepaid expenses and other current assets |
390
|
1,740
|
| Other assets |
(1,002)
|
(341)
|
| Accounts payable |
3,495
|
2,333
|
| Accrued liabilities |
(1,675)
|
421
|
| Deferred revenue |
588
|
291
|
| Other long-term liabilities |
172
|
(451)
|
| Net cash provided by operating activities |
15,446
|
5,633
|
| Investing activities |
|
|
| Purchases of available-for-sale investments |
(52,472)
|
(10,147)
|
| Proceeds from sales of available-for-sale investments |
1,950
|
900
|
| Proceeds from maturities of available-for-sale investments |
34,580
|
33,858
|
| Purchases of property and equipment |
(3,003)
|
(1,780)
|
| Business acquisitions, net of cash acquired |
(7,881)
|
(32,891)
|
| Net cash used in investing activities |
(26,826)
|
(10,060)
|
| Financing activities |
|
|
| Proceeds from exercise of options for common stock |
11,290
|
3,021
|
| Payments for taxes related to net share settlement of equity awards |
(4,591)
|
|
| Repurchase of common stock |
(1,821)
|
(3,242)
|
| Repayment of notes payable |
|
(581)
|
| Proceeds from revolving credit facility |
|
5,000
|
| Repayment of revolving credit facility |
|
(3,500)
|
| Payment of debt issuance costs |
|
(89)
|
| Net cash provided by financing activities |
4,878
|
609
|
| Effect of exchange rate changes on cash and cash equivalents |
316
|
(41)
|
| Net change in cash and cash equivalents |
(6,186)
|
(3,859)
|
| Cash and cash equivalents at beginning of period |
34,813
|
29,530
|
| Cash and cash equivalents at end of period |
28,627
|
25,671
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for interest |
65
|
164
|
| Cash paid for taxes |
1,120
|
858
|
| Supplemental schedule of non-cash investing and financing activities |
|
|
| Business acquisitions holdback liability |
1,068
|
|
| Purchases of property and equipment financed by accounts payable |
396
|
|
| Net unrealized gains on available-for-sale investments |
$ 3
|
$ 60
|