| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Consolidated net income | ||||||
47,004 | 2,910 | 4,657 | 14,814 | 2,365 | 2,245 | 4,099 |
Adjustments to reconcile consolidated net income to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
8,104 | 6,168 | 3,781 | 2,297 | 1,752 | 751 | 700 |
(Accretion of discount) amortization of premium on marketable investments | ||||||
- | - | - | -997 | -83 | 0 | 0 |
Stock-based compensation | ||||||
21,485 | 18,422 | 17,812 | 14,637 | 7,271 | 1,433 | 886 |
Loss on non-marketable equity investments | ||||||
0 | -3,101 | -1,430 | 0 | 0 | - | - |
Excess tax benefit from stock-based compensation | ||||||
- | - | - | - | - | - | 0 |
Provision for doubtful accounts | ||||||
656 | 1,563 | 606 | 216 | -13 | 150 | 259 |
Inventory write-downs | ||||||
4,400 | 1,700 | 1,000 | 2,667 | 1,163 | 1,852 | 892 |
Write off of note receivable | ||||||
- | - | - | - | - | 21 | 0 |
Loss on minority investment | ||||||
- | - | - | - | - | -150 | 0 |
(Release of) provision for sales returns | ||||||
- | - | - | - | - | - | -212 |
Loss on disposal of property and equipment | ||||||
- | - | - | - | - | -21 | -3 |
Realized (gain) loss on marketable investments | ||||||
- | - | - | - | -541 | 0 | -160 |
Provision for product warranty | ||||||
- | - | - | - | - | - | 0 |
Release of valuation allowance | ||||||
- | - | - | - | - | - | 4,962 |
Deferred taxes | ||||||
1,820 | -6,480 | -4,288 | -12,378 | -3,204 | -892 | -335 |
Acquired in-process research and development | ||||||
0 | 30,835 | 0 | 0 | - | - | - |
Change in fair value of contingent consideration | ||||||
-35 | 950 | 109 | 0 | - | - | - |
Other | ||||||
49 | -101 | 1,036 | 135 | 134 | - | - |
Issuance of common stock to third parties | ||||||
- | - | - | - | - | - | 132 |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
25,029 | 25,762 | 9,118 | 14,560 | 11,063 | 7,426 | 1,550 |
Inventories | ||||||
41,407 | 22,288 | 18,826 | 19,737 | 25,126 | 9,444 | 3,779 |
Prepaid expenses and other current and non-current assets | ||||||
4,001 | -2,231 | -2,436 | 9,043 | 4,013 | 1,906 | 961 |
Accounts payable | ||||||
6,038 | 1,329 | 1,851 | 1,375 | 132 | 1,299 | -451 |
Accrued expenses and other non-current liabilities | ||||||
7,557 | 14,230 | 10,168 | 5,773 | 9,289 | 5,357 | 1,746 |
Net cash provided by (used in) operating activities | ||||||
26,652 | 28,808 | 12,691 | -12,807 | -20,689 | -6,389 | -3,396 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Asset acquisition (Note 3 and Note 6) and acquisition of business (Note 5), net of cash acquired | ||||||
0 | 20,414 | 9,253 | 0 | 0 | - | - |
Contributions to non-marketable investments | ||||||
0 | 1,382 | 5,265 | 0 | 0 | - | - |
Lease payments made prior to commencement | ||||||
6,636 | - | - | - | - | - | - |
Purchases of marketable investments | ||||||
77,326 | 108,227 | 189,658 | 63,346 | 135,340 | 51,342 | 6,858 |
Proceeds from sales of marketable investments | ||||||
4,746 | 12,129 | 28,752 | 12,997 | 54,998 | 18,229 | 6,405 |
Proceeds from maturities of marketable investments | ||||||
90,614 | 127,112 | 112,803 | 64,671 | 0 | 0 | - |
Acquisition of intangible assets from a licensing agreement | ||||||
0 | 0 | 2,500 | 0 | 0 | - | - |
Purchases of property and equipment | ||||||
22,109 | 9,603 | 12,532 | 13,635 | 5,474 | 3,888 | 798 |
Other | ||||||
2,000 | 0 | 0 | - | - | - | - |
Net cash provided by (used in) investing activities | ||||||
-12,711 | -385 | -77,653 | 687 | -85,816 | -37,001 | -1,251 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from issuance of preferred stock, net of issuance costs | ||||||
- | - | - | - | - | 57,212 | 0 |
Proceeds from issuance of common stock issued in initial public offering, net of issuance costs | ||||||
- | - | - | - | 124,742 | 0 | 0 |
Proceeds from issuance of common stock upon underwritten public offering, net of issuance cost | ||||||
0 | 0 | 106,267 | 0 | 0 | - | - |
Proceeds from exercises of stock options | ||||||
4,120 | 5,064 | 5,048 | 3,172 | 617 | 1,036 | 178 |
Proceeds from issuance of stock under employee stock purchase plan | ||||||
8,984 | 7,231 | 5,809 | 6,578 | 0 | 0 | - |
Payment of obligations on debt and credit facilities | ||||||
0 | -404 | -1,079 | 0 | 0 | - | - |
Repurchase of preferred stock | ||||||
- | - | - | - | - | 8,311 | 0 |
Proceeds from credit facility | ||||||
- | - | - | - | - | - | 2,000 |
Repayment of credit facility | ||||||
- | - | - | - | - | 6,000 | 0 |
Repurchase of common stock and stock options | ||||||
- | - | - | - | - | 1,040 | 0 |
Excess tax benefit from stock-based compensation | ||||||
- | - | - | - | - | - | 0 |
Payment of employee taxes related to vested stock | ||||||
18,535 | 17,725 | 11,686 | 2,624 | 2,525 | 0 | 0 |
Payments of finance lease obligations | ||||||
2,570 | - | - | - | - | - | - |
Payment of acquisition-related obligations | ||||||
1,758 | 4,481 | 0 | 0 | - | - | - |
Proceeds from capital contribution from non-controlling interest | ||||||
800 | 500 | 0 | 0 | - | - | - |
Net cash used in financing activities | ||||||
-8,959 | -9,815 | 104,359 | 7,126 | 122,834 | 42,897 | 2,178 |
Effect of foreign exchange rate changes on cash and cash equivalents | ||||||
-53 | -1,395 | -1,996 | -1,317 | -72 | -348 | -835 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ||||||
4,929 | 17,213 | 37,401 | -6,311 | 16,257 | -841 | -3,304 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||
Cash paid for interest | ||||||
- | - | - | - | - | 160 | 100 |
Cash paid for income taxes | ||||||
175 | 156 | 141 | 2,149 | 1,220 | 3,086 | 37 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||||
Common shares issued as consideration in connection with a buyout agreement (Notes 7, 10 and 11) | ||||||
0 | 5,256 | 0 | 0 | - | - | - |
Conversion of convertible preferred stock into common stock | ||||||
- | - | - | - | 111,467 | 0 | 0 |
Purchase of property and equipment funded through accounts payable and accrued liabilities | ||||||
2,903 | 1,037 | 977 | 1,442 | 143 | 44 | 5 |
Asset acquisition (Note 3 and Note 6) and acquisition of business (Note 5) related contingent and working capital liabilities | ||||||
0 | 4,000 | 6,067 | 0 | 0 | - | - |
Indefinite-lived intangible assets related to licensed technology related contingent liabilities (Note 7) | ||||||
0 | 0 | 12,717 | 0 | 0 | - | - |