|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 30,259 |
$ 18,143 |
$ 16,113 |
| Adjustments to reconcile to net cash provided by operating activities: |
|
|
|
| Stock-based compensation expense |
11,238 |
11,115 |
10,739 |
| Depreciation and amortization |
18,958 |
11,197 |
9,355 |
| Deferred income taxes |
13,858 |
3,383 |
20,188 |
| Non-cash development expenses from joint venture |
(347) |
3,670 |
5,290 |
| Change in fair value of contingent obligations |
735 |
(3,005) |
221 |
| Impairment of in-process research and development |
0 |
9,600 |
0 |
| Impairment of long-lived assets |
1,172 |
0 |
976 |
| Excess tax benefits from stock-based compensation |
(3,099) |
(1,588) |
(4,608) |
| Other |
51 |
(40) |
392 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
35,456 |
(21,890) |
(34,873) |
| Inventories |
518 |
(500) |
(1,939) |
| Income taxes |
(7,179) |
8,055 |
1,422 |
| Prepaid expenses and other assets |
(6,226) |
(1,038) |
660 |
| Accounts payable |
(551) |
274 |
2,510 |
| Accrued expenses and other liabilities |
7 |
169 |
(95) |
| Accrued compensation |
2,092 |
1,649 |
(3,303) |
| Deferred revenue |
26 |
449 |
(10,863) |
| Net cash provided by operating activities |
96,968 |
39,643 |
12,185 |
| Cash flows from investing activities: |
|
|
|
| Purchases of property, plant and equipment |
(42,021) |
(53,845) |
(54,026) |
| Proceeds from sale of assets |
0 |
11,765 |
0 |
| Proceeds from maturity of investments |
0 |
1,966 |
4,250 |
| Purchase of investments |
0 |
0 |
(4,187) |
| Acquisition of Healthcare Protective Products Division |
(25,873) |
0 |
0 |
| Net cash used in investing activities |
(67,894) |
(40,114) |
(53,963) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from borrowings on long-term indebtedness |
62,000 |
13,547 |
27,522 |
| Issuance of common stock subject to employee equity plans |
6,848 |
761 |
10,026 |
| Excess tax benefits from stock-based compensation |
3,099 |
1,588 |
4,608 |
| Principal payments on long-term indebtedness and line of credit |
(62,774) |
(10,227) |
(15,494) |
| Contingent obligation payments |
(348) |
(1,748) |
(10,000) |
| Purchase of treasury stock |
(213) |
(5,906) |
0 |
| Restricted cash deposit |
0 |
220 |
(3) |
| Net cash provided by (used in) financing activities |
8,612 |
(1,765) |
16,659 |
| Effect of exchange rate changes on cash and cash equivalents |
(14) |
1 |
1 |
| Net increase (decrease) in cash and cash equivalents |
37,672 |
(2,235) |
(25,118) |
| Cash and cash equivalents at beginning of year |
141,666 |
143,901 |
169,019 |
| Cash and cash equivalents at end of year |
179,338 |
141,666 |
143,901 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid during the year for interest |
2,055 |
2,137 |
1,740 |
| Cash paid during the year for income taxes |
6,331 |
6,537 |
4,280 |
| Supplemental information on non-cash investing and financing activities: |
|
|
|
| Purchases of property, plant and equipment unpaid at year end |
$ 2,755 |
$ 5,612 |
$ 13,509 |