Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
| Cash flows from operating activities: |
|
|
|
| Net (loss) income |
$ (12,999)
|
$ (4,525)
|
$ 4,759
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
|
| Change in allowance for doubtful accounts |
676
|
427
|
26
|
| Depreciation and amortization |
26,571
|
10,856
|
6,001
|
| Impairment charges - satellite network |
12,748
|
605
|
|
| Change in the fair values of acquisitions-related contingent consideration |
(1,606)
|
(2,132)
|
(1,003)
|
| Amortization of the fair value adjustment related to StarTrak warranty liabilities |
(12)
|
(164)
|
(47)
|
| Amortization and write-off of deferred debt fees |
464
|
869
|
|
| Stock-based compensation |
4,620
|
3,610
|
2,973
|
| Foreign exchange (gains) losses |
(413)
|
(227)
|
32
|
| Amortization of premium on marketable securities |
|
|
187
|
| Increase in fair value of indemnification assets |
|
(126)
|
(253)
|
| Loss on settlement agreement in connection with the indemnification assets |
|
97
|
|
| Deferred income taxes |
825
|
(276)
|
724
|
| Other |
|
173
|
|
| Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
8,045
|
(6,882)
|
(2,698)
|
| Inventories |
(7,953)
|
(5,291)
|
729
|
| Prepaid expenses and other assets |
(449)
|
(173)
|
(444)
|
| Accounts payable and accrued liabilities |
(2,995)
|
5,353
|
(1,465)
|
| Deferred revenue |
(1,126)
|
611
|
(1,032)
|
| Other liabilities |
(313)
|
397
|
265
|
| Net cash provided by operating activities |
26,083
|
3,202
|
8,754
|
| Cash flows from investing activities: |
|
|
|
| Acquisition of businesses, net of cash acquired |
(141,575)
|
(28,883)
|
(7,076)
|
| Capital expenditures |
(70,017)
|
(45,543)
|
(37,296)
|
| Cash held for acquisition |
123,000
|
(123,000)
|
|
| Proceeds received from settlement agreement in connection with indemnification assets |
|
691
|
|
| Proceeds from warranty claim on acquired inventory |
|
167
|
|
| Purchases of marketable securities |
|
|
(51,448)
|
| Proceeds from maturities of marketable securities |
|
|
79,230
|
| Change in restricted cash |
|
1,000
|
|
| Net cash used in investing activities |
(88,592)
|
(195,568)
|
(16,590)
|
| Cash flows from financing activities: |
|
|
|
| Proceeds received from issuance of common stock in connection with public offerings, net of underwriters’ discounts and commissions and offering costs |
|
114,798
|
|
| Proceeds received from issuance of long-term debt |
10,000
|
150,000
|
45,000
|
| Cash paid for debt issuance costs |
(942)
|
(3,652)
|
(1,387)
|
| Proceeds received from exercise of stock options |
244
|
101
|
1,825
|
| Principal payment of long-term debt |
(10,000)
|
(45,000)
|
(3,450)
|
| Principal payments of capital leases |
|
(163)
|
(203)
|
| Payment of deferred purchase consideration |
(1,106)
|
(25)
|
|
| Net cash (used in) provided by financing activities |
(1,804)
|
216,059
|
41,785
|
| Effect of exchange rate changes on cash and cash equivalents |
(175)
|
(482)
|
(378)
|
| Net (decrease) increase in cash and cash equivalents |
(64,488)
|
23,211
|
33,571
|
| Cash and cash equivalents: |
|
|
|
| Beginning of year |
91,565
|
68,354
|
34,783
|
| End of year |
27,077
|
91,565
|
68,354
|
| Cash paid for: |
|
|
|
| Interest |
9,005
|
3,324
|
4,262
|
| Income taxes |
$ 723
|
$ 692
|
$ 1,404
|