| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||
Net income | |||||||||
63,655 | 76,588 | 51,778 | 42,707 | 46,514 | 41,635 | 35,277 | 24,025 | 17,972 | 10,951 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
30,864 | 26,754 | 18,474 | 17,485 | 14,126 | 11,138 | 7,569 | 6,080 | 4,264 | 3,483 |
Stock-based compensation expense | |||||||||
10,781 | 10,928 | 8,558 | 6,775 | 6,082 | 4,809 | 3,461 | 3,039 | 1,130 | 331 |
Deferred taxes | |||||||||
6,106 | 11,936 | 1,174 | 2,780 | 2,837 | -1,875 | 467 | -583 | 2,230 | 561 |
Excess tax benefit from stock-based compensation | |||||||||
- | - | - | - | - | 4,470 | 9,873 | 6,218 | 657 | - |
Loss on impairment of assets | |||||||||
0 | 0 | 513 | 455 | 0 | 0 | - | - | - | 773 |
Gain on sale of businesses | |||||||||
0 | 671 | 0 | - | - | - | - | - | - | - |
Loss on disposal of property and equipment | |||||||||
- | - | - | - | - | - | -110 | -154 | 10 | -26 |
Gain on acquisition | |||||||||
- | - | - | - | 344 | 0 | 0 | - | - | - |
Amortization of held-to-maturity securities | |||||||||
-5 | -374 | -1,063 | -1,173 | -1,234 | -1,517 | -1,468 | -369 | - | - |
Other | |||||||||
-391 | 619 | 153 | 1,541 | 0 | 0 | - | - | - | - |
Changes in operating assets and liabilities: | |||||||||
Accounts receivable | |||||||||
-1,848 | 6,098 | 9,933 | -900 | 11,371 | 5,304 | 2,470 | 4,372 | 3,457 | 2,993 |
Inventories | |||||||||
-60 | 189 | 985 | -136 | 2,097 | 896 | 579 | 829 | 2,195 | 537 |
Prepaid expenses and other | |||||||||
-545 | 2,098 | 691 | 1,312 | 2,047 | -107 | -1,630 | 1,887 | 591 | 801 |
Income taxes | |||||||||
6,555 | -6,652 | 1,646 | 8,207 | -2,310 | 9,373 | 8,845 | 4,314 | 37 | -104 |
Accounts payable | |||||||||
-719 | 1,942 | 3,176 | -1,116 | 5,781 | 1,435 | 1,651 | 306 | 1,545 | 1,148 |
Accrued liabilities and other | |||||||||
-4,039 | 10,734 | 7,128 | 850 | 5,691 | -259 | 885 | 1,277 | 3,267 | 1,174 |
Net cash provided by operating activities | |||||||||
116,052 | 122,929 | 81,748 | 77,499 | 64,096 | 57,210 | 48,441 | 25,675 | 23,535 | 14,012 |
Investing activities | |||||||||
Proceeds from sale of property and equipment | |||||||||
- | - | - | - | - | - | - | - | - | 30 |
Purchases of property, equipment and other capital assets | |||||||||
62,230 | 87,104 | 32,635 | 33,616 | 44,362 | 43,507 | 18,753 | 17,397 | 19,003 | 7,069 |
Cash used for acquisitions, net of cash acquired | |||||||||
0 | 90 | 110,533 | - | 5,032 | 33,864 | 0 | - | - | - |
Proceeds from sale of businesses | |||||||||
0 | 284 | 0 | - | - | - | - | - | - | - |
Purchases of other assets and investments | |||||||||
4,000 | 126 | 8,742 | - | 0 | - | - | - | - | - |
Purchases of marketable securities | |||||||||
46,403 | 41,384 | 20,037 | 89,315 | 66,393 | 60,186 | 106,298 | 84,588 | - | 1,504 |
Proceeds from maturities of marketable securities | |||||||||
68,330 | 65,139 | 47,972 | 62,176 | 52,193 | 74,058 | 66,570 | 22,368 | 500 | 2,502 |
Net cash (used in) provided by investing activities | |||||||||
-44,303 | -63,281 | -123,975 | -60,755 | -63,594 | -63,499 | -58,481 | -79,617 | -18,503 | -6,041 |
Financing activities | |||||||||
Proceeds from initial public offering, net of offering costs | |||||||||
- | - | - | - | - | - | - | 71,530 | - | - |
Proceeds from follow-on offering, net of offering costs | |||||||||
- | - | - | - | - | - | - | 2,451 | - | - |
Payments on debt | |||||||||
0 | 5,000 | 0 | - | 152 | 1,054 | 258 | 388 | 4,049 | 4,702 |
Proceeds from issuance of debt | |||||||||
0 | 0 | 5,000 | - | 0 | - | - | - | - | 417 |
Proceeds from exercises of stock options | |||||||||
4,391 | 8,935 | 8,602 | 5,715 | 6,251 | 4,820 | 6,496 | 2,975 | 547 | 56 |
Purchases of shares withheld for tax obligations | |||||||||
2,487 | 2,144 | 0 | - | - | - | - | - | - | - |
Acquisition-related contingent consideration | |||||||||
- | - | - | 400 | 1,400 | 1,200 | 0 | - | - | - |
Repurchases of common stock | |||||||||
33,521 | 12,229 | 4,410 | - | 0 | - | - | - | - | - |
Excess tax benefit from stock-based compensation | |||||||||
- | - | - | - | - | 4,470 | 9,873 | 6,218 | 657 | - |
Net cash used in financing activities | |||||||||
-31,617 | -10,438 | 9,192 | 5,315 | 4,699 | 7,036 | 16,111 | 82,786 | -2,845 | -4,229 |
Effect of exchange rate changes on cash and cash equivalents | |||||||||
47 | -871 | 947 | -917 | -877 | -457 | 209 | -220 | -153 | -344 |
Net (decrease) increase in cash and cash equivalents | |||||||||
40,179 | 48,339 | -32,088 | 21,142 | 4,324 | 290 | 6,280 | 28,624 | 2,034 | 3,398 |
Supplemental cash flow disclosure | |||||||||
Cash paid for interest | |||||||||
14 | 39 | 19 | 1 | 5 | 19 | 35 | 63 | 140 | 256 |
Cash paid for taxes | |||||||||
4,002 | 9,966 | 19,113 | 9,802 | 20,330 | 11,549 | 6,593 | 7,990 | 5,358 | 4,663 |