XML 59 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 44,119 $ 38,941 $ 35,420
Adjustments to reconcile net income to net cash provided by operating activities:      
(Benefit of) deferred income taxes (9,892) (661) (5,140)
Depreciation and amortization 30,444 21,229 11,093
Non-cash interest on convertible notes 974 3,876 409
Provision for bad debts 4,961 3,039 1,731
Stock-based compensation 13,558 5,118 2,637
(Gain) loss on the disposition of property and equipment 1,128 (674) 256
Deferred interest income (1,018)    
Loss on conversion of convertible debt 11,275 7,021  
Changes in operating accounts:      
Accounts receivable (43,684) (19,246) (12,090)
Inventories (30,893) (12,225) (2,608)
Prepaid expenses and other current assets (1,780) (794) 45
Accounts payable 7,620 (238) (3,457)
Accrued liabilities (6,495) 7,567 (2,496)
Customer deposits 1,904 (1,336) 857
Deferred revenue 7,526 1,164 525
Other operating assets and liabilities (4,563) (1,251) 478
Net cash provided by operating activities 25,184 51,530 27,660
Cash flows from investing activities:      
Purchases of property and equipment (6,972) (3,224) (2,870)
Additions to license and patent costs (1,648) (729) (336)
Proceeds from disposition of property and equipment 1,882   174
Cash paid for acquisitions, net of cash assumed (162,318) (183,701) (92,677)
Other investing activities (4,701)    
Net cash used in investing activities (173,757) (187,654) (95,709)
Cash flows from financing activities:      
Proceeds from issuance of common stock 272,076 106,889 62,054
Proceeds from 5.5% convertible notes     148,960
Tax benefits from share-based payment arrangements 26,038 1,514  
Convertible notes capitalized costs     (3,594)
Proceeds from exercise of stock options and restricted stock, net 902 4,400 2,764
Cash disbursed in lieu of fractional shares related to stock split (176)    
Repayment of capital lease obligations (157) (163) (221)
Restricted cash 13   12
Net cash provided by financing activities 298,696 112,640 209,975
Effect of exchange rate changes on cash 334 223 (155)
Net increase (decrease) in cash and cash equivalents 150,457 (23,261) 141,771
Cash and cash equivalents at the beginning of the period 155,859 179,120 37,349
Cash and cash equivalents at the end of the period 306,316 155,859 179,120
Supplemental Cash Flow Information:      
Interest payments 1,584 9,113 1,188
Income tax payments 5,642 3,506 1,523
Transfer of equipment from inventory to property and equipment, net 4,886 [1] 4,057 [1] 3,714 [1]
Transfer of equipment to inventory from property and equipment, net 612 [2] 1,924 [2] 1,068 [2]
Stock issued for acquisitions of businesses 13,131 7,672 3,042
Notes redeemed for shares of common stock $ 80,754 $ 60,082  
[1] Inventory is transferred from inventory to property and equipment at cost when the Company requires additional machines for training or demonstration or for placement into Quickparts locations.
[2] In general, an asset is transferred from property and equipment, net into inventory at its net book value when the Company has identified a potential sale for a used machine.