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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 16,480 $ 11,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,645 2,363
Deferred income taxes 1,613 899
Stock-based compensation expense 2,407 1,724
Provision for excess and obsolete inventory 984 802
Changes in operating assets and liabilities:    
Accounts receivable 10,431 19,223
Inventories (16,503) 1,924
Prepaid expenses and other current assets (3,325) (4,435)
Accounts payable and other current liabilities (1,008) 1,689
Deferred revenue (909) 4,859
Income taxes 2 53
Other assets and liabilities 2,281 (645)
Net cash provided by operating activities 15,098 39,677
Cash flows from investing activities    
Expenditures for property, plant and equipment and capitalized software (1,347) (1,290)
Net cash used in investing activities (1,347) (1,290)
Cash flows from financing activities    
Net settlement on restricted stock grants (2,354) (1,162)
Repurchase of common stock (11,635) (7,501)
Proceeds from Employee Stock Purchase Plan   19
Principal payments on finance lease obligation (175)  
Proceeds from exercise of stock options 2,512 4,499
Net cash used in financing activities (11,652) (4,145)
Effect of exchange rate changes on cash and cash equivalents 1,188 640
Net increase in cash, cash equivalents and restricted cash 3,287 34,882
Cash, cash equivalents and restricted cash at beginning of period 204,232 146,534
Cash, cash equivalents and restricted cash at end of period $ 207,519 $ 181,416