UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2018
OR
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period From to
Commission file number: 001-36309
INOGEN, INC.
(Exact name of registrant as specified in its charter)
Delaware |
|
33-0989359 |
(State or other jurisdiction of |
|
(I.R.S. Employer |
|
|
|
326 Bollay Drive |
|
93117 |
(Address of principal executive offices) |
|
(Zip Code) |
(805) 562-0500
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
☒ |
Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
Emerging growth company |
☐ |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of October 31, 2018, the registrant had 21,522,602 shares of common stock, par value $0.001, outstanding.
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Page |
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Item 1. |
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3 |
|
|
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Consolidated Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017 |
|
3 |
|
|
|
5 |
|
|
|
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6 |
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|
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7 |
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|
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Condensed Notes to the Consolidated Financial Statements (unaudited) |
|
9 |
Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|
30 |
Item 3. |
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|
55 |
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Item 4. |
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56 |
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Item 1. |
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|
57 |
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Item 1A. |
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57 |
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Item 2. |
|
|
87 |
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Item 3. |
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|
87 |
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Item 4. |
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87 |
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Item 5. |
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87 |
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Item 6. |
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88 |
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|
89 |
2
PART I – FINANCIAL INFORMATION
Inogen, Inc.
(amounts in thousands)
|
September 30, |
|
|
December 31, |
|
||
|
2018 |
|
|
2017 |
|
||
|
(unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
176,282 |
|
|
$ |
142,953 |
|
Marketable securities |
|
47,574 |
|
|
|
30,991 |
|
Accounts receivable, net |
|
34,250 |
|
|
|
31,444 |
|
Inventories, net |
|
30,621 |
|
|
|
18,842 |
|
Deferred cost of revenue |
|
401 |
|
|
|
361 |
|
Income tax receivable |
|
2,356 |
|
|
|
1,313 |
|
Prepaid expenses and other current assets |
|
8,066 |
|
|
|
2,584 |
|
Total current assets |
|
299,550 |
|
|
|
228,488 |
|
Property and equipment |
|
|
|
|
|
|
|
Rental equipment, net |
|
44,515 |
|
|
|
49,349 |
|
Manufacturing equipment and tooling |
|
7,669 |
|
|
|
6,858 |
|
Computer equipment and software |
|
6,434 |
|
|
|
5,484 |
|
Furniture and equipment |
|
1,385 |
|
|
|
746 |
|
Leasehold improvements |
|
2,888 |
|
|
|
1,598 |
|
Land and building |
|
125 |
|
|
|
125 |
|
Construction in process |
|
3,660 |
|
|
|
408 |
|
Total property and equipment |
|
66,676 |
|
|
|
64,568 |
|
Less accumulated depreciation |
|
(43,661 |
) |
|
|
(44,465 |
) |
Property and equipment, net |
|
23,015 |
|
|
|
20,103 |
|
Goodwill |
|
2,288 |
|
|
|
2,363 |
|
Intangible assets, net |
|
4,103 |
|
|
|
4,717 |
|
Deferred tax asset - noncurrent |
|
26,282 |
|
|
|
18,636 |
|
Other assets |
|
1,874 |
|
|
|
765 |
|
Total assets |
$ |
357,112 |
|
|
$ |
275,072 |
|
See accompanying condensed notes to the consolidated financial statements.
3
Consolidated Balance Sheets (continued)
(amounts in thousands, except share and per share amounts)
|
September 30, |
|
|
December 31, |
|
||
|
2018 |
|
|
2017 |
|
||
|
(unaudited) |
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
26,769 |
|
|
$ |
20,626 |
|
Accrued payroll |
|
11,904 |
|
|
|
6,877 |
|
Warranty reserve - current |
|
3,539 |
|
|
|
2,505 |
|
Deferred revenue - current |
|
3,549 |
|
|
|
3,533 |
|
Income tax payable |
|
369 |
|
|
|
345 |
|
Total current liabilities |
|
46,130 |
|
|
|
33,886 |
|
Long-term liabilities |
|
|
|
|
|
|
|
Warranty reserve - noncurrent |
|
5,703 |
|
|
|
3,666 |
|
Deferred revenue - noncurrent |
|
12,781 |
|
|
|
9,402 |
|
Deferred tax liability - noncurrent |
|
338 |
|
|
|
348 |
|
Other noncurrent liabilities |
|
896 |
|
|
|
729 |
|
Total liabilities |
|
65,848 |
|
|
|
48,031 |
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
Common stock, $0.001 par value per share; 200,000,000 authorized; 21,503,012 and 20,976,350 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively |
|
21 |
|
|
|
21 |
|
Additional paid-in capital |
|
240,101 |
|
|
|
218,109 |
|
Retained earnings |
|
50,439 |
|
|
|
8,639 |
|
Accumulated other comprehensive income |
|
703 |
|
|
|
272 |
|
Total stockholders' equity |
|
291,264 |
|
|
|
227,041 |
|
Total liabilities and stockholders' equity |
$ |
357,112 |
|
|
$ |
275,072 |
|
See accompanying condensed notes to the consolidated financial statements.
4
Consolidated Statements of Comprehensive Income
(unaudited)
(amounts in thousands, except share and per share amounts)
|
Three months ended |
|
|
Nine months ended |
|
||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales revenue |
$ |
89,712 |
|
|
$ |
63,137 |
|
|
$ |
255,283 |
|
|
$ |
167,141 |
|
Rental revenue |
|
5,579 |
|
|
|
5,893 |
|
|
|
16,297 |
|
|
|
18,510 |
|
Total revenue |
|
95,291 |
|
|
|
69,030 |
|
|
|
271,580 |
|
|
|
185,651 |
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales revenue |
|
42,810 |
|
|
|
31,401 |
|
|
|
124,726 |
|
|
|
81,307 |
|
Cost of rental revenue, including depreciation of $1,689 and $2,366 for the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended and $5,820 and $7,577 for the nine months ended, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
respectively |
|
3,668 |
|
|
|
4,459 |
|
|
|
11,844 |
|
|
|
13,863 |
|
Total cost of revenue |
|
46,478 |
|
|
|
35,860 |
|
|
|
136,570 |
|
|
|
95,170 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit-sales revenue |
|
46,902 |
|
|
|
31,736 |
|
|
|
130,557 |
|
|
|
85,834 |
|
Gross profit-rental revenue |
|
1,911 |
|
|
|
1,434 |
|
|
|
4,453 |
|
|
|
4,647 |
|
Total gross profit |
|
48,813 |
|
|
|
33,170 |
|
|
|
135,010 |
|
|
|
90,481 |
|
Operating expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
2,096 |
|
|
|
1,375 |
|
|
|
5,287 |
|
|
|
3,944 |
|
Sales and marketing |
|
26,339 |
|
|
|
13,095 |
|
|
|
67,376 |
|
|
|
35,569 |
|
General and administrative |
|
9,982 |
|
|
|
10,368 |
|
|
|
29,230 |
|
|
|
28,568 |
|
Total operating expense |
|
38,417 |
|
|
|
24,838 |
|
|
|
101,893 |
|
|
|
68,081 |
|
Income from operations |
|
10,396 |
|
|
|
8,332 |
|
|
|
33,117 |
|
|
|
22,400 |
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
895 |
|
|
|
221 |
|
|
|
2,111 |
|
|
|
468 |
|
Other income (expense) |
|
8 |
|
|
|
264 |
|
|
|
(596 |
) |
|
|
994 |
|
Total other income, net |
|
903 |
|
|
|
485 |
|
|
|
1,515 |
|
|
|
1,462 |
|
Income before provision (benefit) for income taxes |
|
11,299 |
|
|
|
8,817 |
|
|
|
34,632 |
|
|
|
23,862 |
|
Provision (benefit) for income taxes |
|
(5,133 |
) |
|
|
1,479 |
|
|
|
(7,168 |
) |
|
|
2,254 |
|
Net income |
|
16,432 |
|
|
|
7,338 |
|
|
|
41,800 |
|
|
|
21,608 |
|
Other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation adjustment |
|
(47 |
) |
|
|
115 |
|
|
|
137 |
|
|
|
312 |
|
Change in net unrealized gains (losses) on foreign currency hedging |
|
102 |
|
|
|
(196 |
) |
|
|
577 |
|
|
|
(442 |
) |
Less: reclassification adjustment for net (gains) losses included in net income |
|
(354 |
) |
|
|
305 |
|
|
|
(286 |
) |
|
|
297 |
|
Total net change in unrealized gains (losses) on foreign currency hedging |
|
(252 |
) |
|
|
109 |
|
|
|
291 |
|
|
|
(145 |
) |
Change in net unrealized gains (losses) on available-for-sale investments |
|
3 |
|
|
|
13 |
|
|
|
3 |
|
|
|
71 |
|
Total other comprehensive income (loss), net of tax |
|
(296 |
) |
|
|
237 |
|
|
|
431 |
|
|
|
238 |
|
Comprehensive income |
$ |
16,136 |
|
|
$ |
7,575 |
|
|
$ |
42,231 |
|
|
$ |
21,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share attributable to common stockholders (Note 5) |
$ |
0.77 |
|
|
$ |
0.35 |
|
|
$ |
1.97 |
|
|
$ |
1.05 |
|
Diluted net income per share attributable to common stockholders (Note 5) |
$ |
0.73 |
|
|
$ |
0.33 |
|
|
$ |
1.86 |
|
|
$ |
0.99 |
|
Weighted-average number of shares used in calculating net income per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares |
|
21,324,256 |
|
|
|
20,753,789 |
|
|
|
21,175,286 |
|
|
|
20,622,848 |
|
Diluted common shares |
|
22,659,052 |
|
|
|
21,998,660 |
|
|
|
22,512,125 |
|
|
|
21,832,544 |
|
See accompanying condensed notes to the consolidated financial statements.
5
Consolidated Statements of Stockholders’ Equity
(amounts in thousands, except share amounts)
|
Three months ended September 30, 2018 and September 30, 2017 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Total |
|
||||||||
|
Common stock |
|
|
paid-in |
|
|
Retained |
|
|
comprehensive |
|
|
stockholders' |
|
|||||||||
|
Shares |
|
|
Amount |
|
|
capital |
|
|
earnings |
|
|
income (loss) |
|
|
equity |
|
||||||
Balance, June 30, 2017 |
|
20,709,797 |
|
|
$ |
21 |
|
|
$ |
205,883 |
|
|
$ |
1,907 |
|
|
$ |
(34 |
) |
|
$ |
207,777 |
|
Stock-based compensation |
|
41,574 |
|
|
|
— |
|
|
|
2,523 |
|
|
|
— |
|
|
|
— |
|
|
|
2,523 |
|
Employee stock purchases |
|
12,718 |
|
|
|
— |
|
|
|
798 |
|
|
|
— |
|
|
|
— |
|
|
|
798 |
|
Stock options exercised |
|
87,607 |
|
|
|
— |
|
|
|
2,613 |
|
|
|
— |
|
|
|
— |
|
|
|
2,613 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,338 |
|
|
|
— |
|
|
|
7,338 |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
237 |
|
|
|
237 |
|
Balance, September 30, 2017 (unaudited) |
|
20,851,696 |
|
|
$ |
21 |
|
|
$ |
211,817 |
|
|
$ |
9,245 |
|
|
$ |
203 |
|
|
$ |
221,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2018 |
|
21,321,543 |
|
|
$ |
21 |
|
|
$ |
231,879 |
|
|
$ |
34,007 |
|
|
$ |
999 |
|
|
$ |
266,906 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
3,216 |
|
|
|
— |
|
|
|
— |
|
|
|
3,216 |
|
Employee stock purchases |
|
13,519 |
|
|
|
— |
|
|
|
1,360 |
|
|
|
— |
|
|
|
— |
|
|
|
1,360 |
|
Restricted stock awards issued |
|
3,557 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vesting of restricted stock units |
|
8,707 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld related to net restricted stock settlement |
|
(3,022 |
) |
|
|
— |
|
|
|
(801 |
) |
|
|
— |
|
|
|
— |
|
|
|
(801 |
) |
Stock options exercised |
|
158,708 |
|
|
|
— |
|
|
|
4,447 |
|
|
|
— |
|
|
|
— |
|
|
|
4,447 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,432 |
|
|
|
— |
|
|
|
16,432 |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(296 |
) |
|
|
(296 |
) |
Balance, September 30, 2018 (unaudited) |
|
21,503,012 |
|
|
$ |
21 |
|
|
$ |
240,101 |
|
|
$ |
50,439 |
|
|
$ |
703 |
|
|
$ |
291,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2018 and September 30, 2017 |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Retained |
|
|
Accumulated |
|
|
|
|
|
||
|
|
|
|
Additional |
|
|
earnings |
|
|
other |
|
|
Total |
|
|||||||||
|
Common stock |
|
|
paid-in |
|
|
(accumulated |
|
|
comprehensive |
|
|
stockholders' |
|
|||||||||
|
Shares |
|
|
Amount |
|
|
capital |
|
|
deficit) |
|
|
income (loss) |
|
|
equity |
|
||||||
Balance, December 31, 2016 |
|
20,389,860 |
|
|
$ |
20 |
|
|
$ |
194,466 |
|
|
$ |
(12,363 |
) |
|
$ |
(35 |
) |
|
$ |
182,088 |
|
Stock-based compensation |
|
41,574 |
|
|
|
— |
|
|
|
6,630 |
|
|
|
— |
|
|
|
— |
|
|
|
6,630 |
|
Employee stock purchases |
|
24,523 |
|
|
|
— |
|
|
|
1,379 |
|
|
|
— |
|
|
|
— |
|
|
|
1,379 |
|
Stock options exercised |
|
395,739 |
|
|
|
1 |
|
|
|
9,342 |
|
|
|
— |
|
|
|
— |
|
|
|
9,343 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
21,608 |
|
|
|
— |
|
|
|
21,608 |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
238 |
|
|
|
238 |
|
Balance, September 30, 2017 (unaudited) |
|
20,851,696 |
|
|
$ |
21 |
|
|
$ |
211,817 |
|
|
$ |
9,245 |
|
|
$ |
203 |
|
|
$ |
221,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2017 |
|
20,976,350 |
|
|
$ |
21 |
|
|
$ |
218,109 |
|
|
$ |
8,639 |
|
|
$ |
272 |
|
|
$ |
227,041 |
|
Stock-based compensation |
|
— |
|
|
|
— |
|
|
|
9,783 |
|
|
|
— |
|
|
|
— |
|
|
|
9,783 |
|
Employee stock purchases |
|
25,532 |
|
|
|
— |
|
|
|
2,348 |
|
|
|
— |
|
|
|
— |
|
|
|
2,348 |
|
Restricted stock awards issued |
|
56,609 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Vesting of restricted stock units |
|
15,372 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld related to net restricted stock settlement |
|
(5,575 |
) |
|
|
— |
|
|
|
(1,103 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,103 |
) |
Stock options exercised |
|
434,724 |
|
|
|
— |
|
|
|
10,964 |
|
|
|
— |
|
|
|
— |
|
|
|
10,964 |
|
Net income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,800 |
|
|
|
— |
|
|
|
41,800 |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
431 |
|
|
|
431 |
|
Balance, September 30, 2018 (unaudited) |
|
21,503,012 |
|
|
$ |
21 |
|
|
$ |
240,101 |
|
|
$ |
50,439 |
|
|
$ |
703 |
|
|
$ |
291,264 |
|
See accompanying condensed notes to the consolidated financial statements.
6
Consolidated Statements of Cash Flows
(unaudited)
(amounts in thousands)
|
Nine months ended September 30, |
|
|||||
|
2018 |
|
|
2017 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
|
Net income |
$ |
41,800 |
|
|
$ |
21,608 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
8,521 |
|
|
|
9,257 |
|
Loss on rental units and other fixed assets |
|
848 |
|
|
|
934 |
|
Gain on sale of former rental assets |
|
(409 |
) |
|
|
(62 |
) |
Provision for sales returns and doubtful accounts |
|
14,089 |
|
|
|
10,319 |
|
Provision for rental revenue adjustments |
|
2,157 |
|
|
|
3,828 |
|
Provision for inventory obsolescence and other inventory losses |
|
319 |
|
|
|
222 |
|
Stock-based compensation expense |
|
9,783 |
|
|
|
6,630 |
|
Deferred income taxes |
|
(7,646 |
) |
|
|
2,035 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(19,233 |
) |
|
|
(16,826 |
) |
Inventories |
|
(12,828 |
) |
|
|
(3,481 |
) |
Deferred cost of revenue |
|
(40 |
) |
|
|
40 |
|
Income tax receivable |
|
(1,047 |
) |
|
|
(1,155 |
) |
Prepaid expenses and other current assets |
|
(5,483 |
) |
|
|
(1,421 |
) |
Other noncurrent assets |
|
(1,082 |
) |
|
|
— |
|
Accounts payable and accrued expenses |
|
6,191 |
|
|
|
9,103 |
|
Accrued payroll |
|
5,033 |
|
|
|
717 |
|
Warranty reserve |
|
3,071 |
|
|
|
2,085 |
|
Deferred revenue |
|
3,395 |
|
|
|
2,987 |
|
Income tax payable |
|
34 |
|
|
|
131 |
|
Other noncurrent liabilities |
|
167 |
|
|
|
535 |
|
Net cash provided by operating activities |
|
47,640 |
|
|
|
47,486 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
Purchases of available-for-sale investments |
|
(50,285 |
) |
|
|
(35,367 |
) |
Maturities of available-for-sale investments |
|
33,705 |
|
|
|
23,076 |
|
Investment in intangible assets |
|
(350 |
) |
|
|
(15 |
) |
Investment in property and equipment |
|
(7,240 |
) |
|
|
(2,083 |
) |
Production and purchase of rental equipment |
|
(3,475 |
) |
|
|
(2,682 |
) |
Proceeds from sale of former assets |
|
680 |
|
|
|
129 |
|
Payment for acquisition, net of cash acquired |
|
— |
|
|
|
(4,447 |
) |
Net cash used in investing activities |
|
(26,965 |
) |
|
|
(21,389 |
) |
|
|
|
|
|
|
|
|
(continued on next page) |
|
See accompanying condensed notes to the consolidated financial statements.
7
Consolidated Statements of Cash Flows (continued)
(unaudited)
(amounts in thousands)
|
Nine months ended September 30, |
|
|||||
|
2018 |
|
|
2017 |
|
||
Cash flows from financing activities |
|
|
|
|
|
|
|
Proceeds from stock options exercised |
|
10,964 |
|
|
|
9,343 |
|
Proceeds from employee stock purchases |
|
2,348 |
|
|
|
1,379 |
|
Payment of employment taxes related to release of restricted stock |
|
(1,103 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
12,209 |
|
|
|
10,722 |
|
Effect of exchange rates on cash |
|
445 |
|
|
|
23 |
|
Net increase in cash and cash equivalents |
|
33,329 |