Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 20,950 $ 51,845 $ 21,002
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 13,834 11,295 12,302
Loss on rental assets and other fixed assets 568 1,160 1,136
Gain on sale of former rental assets (68) (416) (64)
Provision for sales revenue returns and doubtful accounts 17,177 17,518 13,773
Provision for rental revenue adjustments 2,233 2,678 5,057
Provision for inventory losses 972 351 340
Stock-based compensation expense 9,129 12,790 9,640
Deferred income taxes 2,873 (11,595) 7,947
Change in fair value of earnout liability 810    
Changes in operating assets and liabilities:      
Accounts receivable (16,707) (25,963) (18,263)
Inventories (10,336) (9,972) (5,894)
Income tax receivable (321) (1,348) (875)
Prepaid expenses and other current assets (2,693) (4,524) (782)
Operating lease right-of-use asset (5,856)    
Other noncurrent assets (2,064) (1,626)  
Accounts payable and accrued expenses 3,202 6,360 7,438
Accrued payroll (5,188) 4,538 722
Warranty reserve 3,041 3,359 2,689
Deferred revenue 2,724 3,360 3,654
Income tax payable 429 64 225
Operating lease liability 6,716    
Other noncurrent liabilities (832) 103 447
Net cash provided by operating activities 40,593 59,977 60,494
Cash flows from investing activities      
Purchases of marketable securities (58,686) (76,162) (46,933)
Maturities of marketable securities 91,350 63,455 37,041
Investment in intangible assets (254) (350) (3,316)
Investment in property and equipment (3,143) (8,043) (2,914)
Production and purchase of rental equipment (3,117) (4,580) (3,997)
Proceeds from sale of former assets 194 715 183
Payment for acquisition, net of cash acquired (70,401)   (4,494)
Net cash used in investing activities (44,057) (24,965) (24,430)
Cash flows from financing activities      
Proceeds from stock options exercised 3,109 17,156 12,625
Proceeds from employee stock purchases 2,748 2,348 1,379
Payment of employment taxes related to release of restricted stock (928) (1,208)  
Net cash provided by financing activities 4,929 18,296 14,004
Effect of exchange rates on cash (62) 373 34
Net increase in cash and cash equivalents 1,403 53,681 50,102
Cash and cash equivalents, beginning of period 196,634 142,953 92,851
Cash and cash equivalents, end of period 198,037 196,634 142,953
Supplemental disclosures of cash flow information      
Cash paid during the period for income taxes, net of refunds received 239 1,653 1,267
Supplemental disclosure of non-cash transactions      
Accrued value of earnout related to acquisition 25,749    
Property and equipment in account payable and accrued liabilities $ 66 $ 125 $ 70