Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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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 income $ 11,585 $ 6,826 $ 25,435
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,012 12,080 8,544
Loss on rental units and other fixed assets 1,214 1,897 321
Provision for sales returns 4,918 3,451 1,770
Provision for doubtful accounts 2,680 1,692 2,045
Provision for rental revenue adjustments 8,543 7,898 6,613
Provision for inventory obsolescence 27 147 78
Provision for other inventory losses 62 55  
Stock-based compensation expense 3,640 1,451 230
Increase (decrease) in fair value of preferred stock warrant liability 0 (36) 262
Deferred tax assets 4,760 1,564 (21,788)
Excess tax benefits from stock-based compensation arrangements 1,641 (1,641)  
Changes in operating assets and liabilities:      
Accounts receivable (16,699) (22,159) (13,628)
Inventories (2,570) (3,570) (267)
Deferred costs of revenue 118 (226) (130)
Income tax receivable (1,670) (401) (87)
Prepaid expenses and other current assets 252 (591) (378)
Accounts payable and accrued expenses 1,582 3,637 2,150
Accrued payroll 1,205 1,168 543
Warranty reserve 858 306 362
Deferred revenue 2,030 2,229 1,169
Income tax payable 11   (25)
Deferred tax liabilities     (10)
Other noncurrent liabilities (38) (80) 258
Net cash provided by operating activities 38,161 15,697 13,467
Cash flows from investing activities      
Purchases of available-for-sale investments (36,626)    
Maturities of available-for-sale investments 19,810    
Investment in intangible assets (45) (205) (37)
Production and purchase of rental equipment (10,236) (14,481) (15,075)
Purchases of property and equipment (2,208) (1,551) (3,030)
Payment of deposit   (17)  
Net cash used in investing activities (29,305) (16,254) (18,142)
Cash flows from financing activities      
Proceeds from borrowings   6,000 6,000
Proceeds from redeemable convertible preferred stock warrants and common stock warrants exercised 5 506 1,883
Proceeds from stock options exercised 1,615 946 10
Proceeds from initial public offering   56,471  
Costs associated with initial public offering   (6,031) (597)
Proceeds from employee stock purchases 701 413  
Repayment of debt from investment in intangible assets (299) (213) (212)
Repayment of borrowings   (15,861) (4,000)
Excess tax benefits from stock-based compensation arrangements (1,641) 1,641  
Net cash provided by financing activities 381 43,872 3,084
Effect of exchange rates on cash 33    
Net increase (decrease) in cash and cash equivalents 9,270 43,315 (1,591)
Cash and cash equivalents, beginning of period 56,836 13,521 15,112
Cash and cash equivalents, end of period 66,106 56,836 13,521
Supplemental disclosures of cash flow information      
Cash paid during the period for interest 26 487 552
Cash paid during the period for income taxes, net of refunds received $ 19 2,061 311
Non-cash transactions:      
Deemed dividend on redeemable convertible preferred stock   $ 987 $ 7,278