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, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities      
Net income $ 21,002 $ 20,519 $ 11,585
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 12,302 13,558 14,012
Loss on rental units and other fixed assets 1,136 1,202 1,214
Gain on sale of former rental assets (64) (272)  
Provision for sales returns and doubtful accounts 13,773 11,082 7,598
Provision for rental revenue adjustments 5,057 10,777 8,543
Provision for inventory obsolescence and other inventory losses 340 133 89
Stock-based compensation expense 9,640 7,294 3,640
Deferred income taxes 7,947 1,036 4,760
Excess tax benefits from stock-based compensation arrangements     1,641
Changes in operating assets and liabilities:      
Accounts receivable (18,263) (32,738) (16,699)
Inventories (5,894) (7,458) (2,570)
Deferred cost of revenue 37 (1) 118
Income tax receivable (875) 1,725 (1,670)
Prepaid expenses and other current assets (819) (789) 252
Accounts payable and accrued expenses 7,438 (86) 1,582
Accrued payroll 722 852 1,205
Warranty reserve 2,689 1,507 858
Deferred revenue 3,654 2,759 2,030
Income tax payable 225 (11) 11
Other noncurrent liabilities 447 (55) (38)
Net cash provided by operating activities 60,494 31,034 38,161
Cash flows from investing activities      
Purchases of available-for-sale investments (46,933) (33,142) (36,626)
Maturities of available-for-sale investments 37,041 28,843 19,810
Investment in intangible assets (3,316) (113) (45)
Investment in property and equipment (2,914) (1,718) (2,208)
Production and purchase of rental equipment (3,997) (6,185) (10,236)
Proceeds from sale of former assets 183 388  
Payment for acquisition, net of cash acquired (4,494)    
Net cash used in investing activities (24,430) (11,927) (29,305)
Cash flows from financing activities      
Proceeds from redeemable convertible preferred stock warrants and common stock warrants exercised     5
Proceeds from stock options exercised 12,625 6,974 1,615
Proceeds from employee stock purchases 1,379 1,055 701
Repayment of debt from investment in intangible assets   (315) (299)
Excess tax benefits from stock-based compensation arrangements     (1,641)
Net cash provided by financing activities 14,004 7,714 381
Effect of exchange rates on cash 34 (76) 33
Net increase in cash and cash equivalents 50,102 26,745 9,270
Cash and cash equivalents, beginning of period 92,851 66,106 56,836
Cash and cash equivalents, end of period 142,953 92,851 66,106
Supplemental disclosures of cash flow information      
Cash paid during the period for interest   10 26
Cash paid (received) during the period for income taxes, net of refunds received 1,267 $ (447) $ 19
Supplemental disclosures of non-cash transactions      
Property and equipment in account payable and accrued liabilities $ 70