v3.20.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income (loss) $ (708) $ 22,325
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 13,654 9,216
Loss on rental units and other fixed assets 502 473
Gain on sale of former rental assets (84) (64)
Provision for sales revenue returns and doubtful accounts 8,341 13,204
Provision for rental revenue adjustments 2,115 1,701
Provision for inventory losses 720 593
Stock-based compensation expense 6,111 6,930
Deferred income taxes 369 5,908
Change in fair value of earnout liability (166)  
Changes in operating assets and liabilities:    
Accounts receivable (7,716) (19,109)
Inventories 2,597 (7,936)
Income tax receivable (129) (212)
Prepaid expenses and other current assets (8,695) (3,607)
Operating lease right-of-use asset (3,463) (6,356)
Other noncurrent assets 2,105 (2,088)
Accounts payable and accrued expenses (1,495) 3,462
Accrued payroll 1,017 (4,702)
Warranty reserve 1,356 1,946
Deferred revenue 375 2,825
Income tax payable 265 210
Operating lease liability 3,744 7,317
Other noncurrent liabilities   (832)
Net cash provided by operating activities 20,815 31,204
Cash flows from investing activities    
Purchases of marketable securities (6,531) (58,681)
Maturities of marketable securities 11,057 57,900
Investment in intangible assets (215) (31)
Investment in property and equipment (3,352) (2,275)
Production and purchase of rental equipment (8,217) (2,187)
Proceeds from sale of former assets 140 166
Payment for acquisition, net of cash acquired   (70,401)
Net cash used in investing activities (7,118) (75,509)
Net cash used in investing activities (7,118) (75,509)
Cash flows from financing activities    
Proceeds from stock options exercised 186 2,036
Proceeds from employee stock purchases 2,084 2,748
Payment of employment taxes related to release of restricted stock (288) (837)
Net cash provided by financing activities 1,982 3,947
Effect of exchange rates on cash 268 (145)
Net increase (decrease) in cash and cash equivalents 15,947 (40,503)
Cash and cash equivalents, beginning of period 198,037 196,634
Cash and cash equivalents, end of period 213,984 156,131
Supplemental disclosures of cash flow information    
Cash paid during the period for income taxes, net of refunds received 158 221
Supplemental disclosure of non-cash transactions    
Accrued value of earnout related to acquisition   25,749
Property and equipment in accounts payable and accrued liabilities $ 32 $ 18

Source