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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income (loss) $ (6,333) $ (5,829) $ 20,950
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 21,628 18,581 13,834
Loss on rental assets and other fixed assets 1,521 864 568
Gain on sale of former rental assets (65) (94) (68)
Provision for sales revenue returns and doubtful accounts 11,094 10,486 17,177
Provision for rental revenue adjustments   2,579 2,233
Provision for inventory losses 2,062 1,283 972
Stock-based compensation expense 10,943 8,203 9,129
Deferred income taxes 14,444 (82) 2,873
Change in fair value of earnout liability (11,596) 1,053 810
Changes in operating assets and liabilities:      
Accounts receivable (6,127) (8,177) (16,707)
Inventories (10,775) 7,591 (10,336)
Income tax receivable 705 928 (321)
Prepaid expenses and other current assets (8,104) 31 (2,693)
Operating lease right-of-use asset (16,087) (2,970) (5,856)
Other noncurrent assets 96 2,296 (2,064)
Accounts payable and accrued expenses (6,476) (5,830) 3,202
Accrued payroll 10,231 870 (5,188)
Warranty reserve (668) 1,823 3,041
Deferred revenue 1,613 (203) 2,724
Income tax payable (1,141) 319 429
Operating lease liability 16,668 3,291 6,716
Other noncurrent liabilities     (832)
Net cash provided by operating activities 23,633 37,013 40,593
Cash flows from investing activities      
Purchases of marketable securities (9,987) (22,751) (58,686)
Maturities of marketable securities 19,256 14,545 91,350
Investment in intangible assets (132) (255) (254)
Investment in property and equipment (5,482) (4,385) (3,143)
Production and purchase of rental equipment (18,453) (12,957) (3,117)
Proceeds from sale of former assets 153 163 194
Payment for acquisition, net of cash acquired     (70,401)
Net cash used in investing activities (14,645) (25,640) (44,057)
Cash flows from financing activities      
Proceeds from stock options exercised 13,699 332 3,109
Proceeds from employee stock purchases 1,948 2,084 2,748
Payment of employment taxes related to release of restricted stock (647) (350) (928)
Net cash provided by financing activities 15,000 2,066 4,929
Effect of exchange rates on cash (426) 486 (62)
Net increase in cash and cash equivalents 23,562 13,925 1,403
Cash and cash equivalents, beginning of period 211,962 198,037 196,634
Cash and cash equivalents, end of period 235,524 211,962 198,037
Supplemental disclosures of cash flow information      
Cash paid (received) during the period for income taxes, net of refunds received 1,544 (713) 239
Supplemental disclosure of non-cash transactions      
Accrued value of earnout related to acquisition     25,749
Property and equipment in account payable and accrued liabilities $ 353 $ 55 $ 66