Quarterly Report (10-q)
November 03 2022 - 04:16PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
10-Q
(Mark One)
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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended
September 30,
2022
OR
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the Transition Period From
to
Commission file number:
001-36309
INOGEN, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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33-0989359
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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301 Coromar Drive
Goleta,
CA
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93117
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
(805)
562-0500
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value
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INGN
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The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
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Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
☒ No ☐
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files).
Yes
☒ No ☐
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
☒
As of October 28, 2022, the registrant had
22,921,002
shares of common stock, par value $0.001, outstanding.
TABLE OF CONTENTS
2
INOGEN, INC.
PART I – FINANCIAL
INFORMATION
Item 1. Financial
Statements
Inogen, Inc.
Consolidated
Balance Sheets
(unaudited)
(amounts in thousands)
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September 30,
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December 31,
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2022
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2021
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Assets
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Current assets
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Cash and cash equivalents
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$
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209,633
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$
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235,524
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Marketable securities
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—
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9,989
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Accounts receivable, net
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50,533
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24,452
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Inventories, net
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35,725
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31,873
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Income tax receivable
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1,579
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1,343
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Prepaid expenses and other current assets
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20,306
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26,005
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Total current assets
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317,776
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329,186
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Property and equipment
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Rental equipment, net
|
|
58,698
|
|
|
|
59,073
|
|
|
Manufacturing equipment and tooling
|
|
11,246
|
|
|
|
12,050
|
|
|
Computer equipment and software
|
|
9,219
|
|
|
|
8,585
|
|
|
Furniture and equipment
|
|
3,194
|
|
|
|
3,167
|
|
|
Leasehold improvements
|
|
6,126
|
|
|
|
5,956
|
|
|
Land and building
|
|
125
|
|
|
|
125
|
|
|
Construction in process
|
|
2,843
|
|
|
|
1,639
|
|
|
Total property and equipment
|
|
91,451
|
|
|
|
90,595
|
|
|
Less accumulated depreciation
|
|
(50,819
|
)
|
|
|
(51,669
|
)
|
|
Property and equipment, net
|
|
40,632
|
|
|
|
38,926
|
|
|
Goodwill
|
|
32,674
|
|
|
|
32,979
|
|
|
Intangible assets, net
|
|
53,700
|
|
|
|
60,147
|
|
|
Operating lease right-of-use asset
|
|
22,479
|
|
|
|
24,912
|
|
|
Other assets
|
|
2,323
|
|
|
|
3,363
|
|
|
Total assets
|
$
|
469,584
|
|
|
$
|
489,513
|
|
See accompanying condensed notes to the consolidated financial
statements.
3
Inogen, Inc.
Consolidated Balance Sheets (continued)
(unaudited)
(amounts in thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2022
|
|
|
2021
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
$
|
33,512
|
|
|
$
|
25,689
|
|
|
Accrued payroll
|
|
11,789
|
|
|
|
17,307
|
|
|
Warranty reserve - current
|
|
7,830
|
|
|
|
6,480
|
|
|
Operating lease liability - current
|
|
3,486
|
|
|
|
3,393
|
|
|
Deferred revenue - current
|
|
9,119
|
|
|
|
8,568
|
|
|
Income tax payable
|
|
—
|
|
|
|
75
|
|
|
Total current liabilities
|
|
65,736
|
|
|
|
61,512
|
|
|
Long-term liabilities
|
|
|
|
|
|
|
Warranty reserve - noncurrent
|
|
7,630
|
|
|
|
7,246
|
|
|
Operating lease liability - noncurrent
|
|
20,662
|
|
|
|
23,281
|
|
|
Earnout liability - noncurrent
|
|
13,687
|
|
|
|
15,386
|
|
|
Deferred revenue - noncurrent
|
|
11,027
|
|
|
|
11,861
|
|
|
Total liabilities
|
|
118,742
|
|
|
|
119,286
|
|
|
Commitments and
contingencies (Note
9)
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
Common stock, $0.001 par
value per share;
200,000,000 authorized;
22,919,781 and
22,731,586
shares issued and outstanding as of September 30,
2022 and December 31, 2021, respectively
|
|
23
|
|
|
|
23
|
|
|
Additional paid-in capital
|
|
309,140
|
|
|
|
299,463
|
|
|
Retained earnings
|
|
42,110
|
|
|
|
69,272
|
|
|
Accumulated other comprehensive income (loss)
|
|
(431
|
)
|
|
|
1,469
|
|
|
Total stockholders' equity
|
|
350,842
|
|
|
|
370,227
|
|
|
Total liabilities and stockholders' equity
|
$
|
469,584
|
|
|
$
|
489,513
|
|
See accompanying condensed notes to the consolidated financial
statements.
4
Inogen, Inc.
Consolidated Statements
of Comprehensive Income (Loss)
(unaudited)
(amounts in thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30,
|
|
|
Nine months ended September 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales revenue
|
$
|
90,672
|
|
|
$
|
80,974
|
|
|
$
|
247,365
|
|
|
$
|
248,359
|
|
|
Rental revenue
|
|
14,717
|
|
|
|
12,131
|
|
|
|
41,785
|
|
|
|
33,241
|
|
|
Total revenue
|
|
105,389
|
|
|
|
93,105
|
|
|
|
289,150
|
|
|
|
281,600
|
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales revenue
|
|
55,891
|
|
|
|
40,437
|
|
|
|
146,052
|
|
|
|
129,637
|
|
|
Cost of rental revenue, including depreciation of
$2,795 and
$2,315,
for the three months ended and $8,153 and
$6,257 for
the nine months ended, respectively
|
|
6,700
|
|
|
|
4,981
|
|
|
|
19,036
|
|
|
|
14,068
|
|
|
Total cost of revenue
|
|
62,591
|
|
|
|
45,418
|
|
|
|
165,088
|
|
|
|
143,705
|
|
|
Gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit-sales revenue
|
|
34,781
|
|
|
|
40,537
|
|
|
|
101,313
|
|
|
|
118,722
|
|
|
Gross profit-rental revenue
|
|
8,017
|
|
|
|
7,150
|
|
|
|
22,749
|
|
|
|
19,173
|
|
|
Total gross profit
|
|
42,798
|
|
|
|
47,687
|
|
|
|
124,062
|
|
|
|
137,895
|
|
|
Operating expense
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
4,581
|
|
|
|
3,754
|
|
|
|
16,009
|
|
|
|
11,892
|
|
|
Sales and marketing
|
|
33,734
|
|
|
|
28,301
|
|
|
|
92,161
|
|
|
|
83,109
|
|
|
General and administrative
|
|
14,775
|
|
|
|
9,258
|
|
|
|
42,646
|
|
|
|
26,981
|
|
|
Total operating expense
|
|
53,090
|
|
|
|
41,313
|
|
|
|
150,816
|
|
|
|
121,982
|
|
|
Income (loss) from operations
|
|
(10,292
|
)
|
|
|
6,374
|
|
|
|
(26,754
|
)
|
|
|
15,913
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
868
|
|
|
|
21
|
|
|
|
1,122
|
|
|
|
107
|
|
|
Other expense
|
|
(12
|
)
|
|
|
(466
|
)
|
|
|
(1,167
|
)
|
|
|
(472
|
)
|
|
Total other income (expense), net
|
|
856
|
|
|
|
(445
|
)
|
|
|
(45
|
)
|
|
|
(365
|
)
|
|
Income (loss) before provision (benefit) for income
taxes
|
|
(9,436
|
)
|
|
|
5,929
|
|
|
|
(26,799
|
)
|
|
|
15,548
|
|
|
Provision (benefit) for income taxes
|
|
70
|
|
|
|
(6,245
|
)
|
|
|
363
|
|
|
|
(996
|
)
|
|
Net income (loss)
|
|
(9,506
|
)
|
|
|
12,174
|
|
|
|
(27,162
|
)
|
|
|
16,544
|
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in foreign currency translation adjustment
|
|
(616
|
)
|
|
|
(251
|
)
|
|
|
(1,453
|
)
|
|
|
(585
|
)
|
|
Change in net unrealized gains (losses) on foreign currency
hedging
|
|
209
|
|
|
|
494
|
|
|
|
(1,669
|
)
|
|
|
2,028
|
|
|
Less: reclassification adjustment for net (gains) losses included
in net income
|
|
—
|
|
|
|
106
|
|
|
|
1,206
|
|
|
|
(267
|
)
|
|
Total net change in unrealized gains (losses) on foreign currency
hedging
|
|
209
|
|
|
|
600
|
|
|
|
(463
|
)
|
|
|
1,761
|
|
|
Change in net unrealized gains (losses) on marketable
securities
|
|
17
|
|
|
|
(1
|
)
|
|
|
16
|
|
|
|
—
|
|
|
Total other comprehensive income (loss), net of tax
|
|
(390
|
)
|
|
|
348
|
|
|
|
(1,900
|
)
|
|
|
1,176
|
|
|
Comprehensive income (loss)
|
$
|
(9,896
|
)
|
|
$
|
12,522
|
|
|
$
|
(29,062
|
)
|
|
$
|
17,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income (loss) per share attributable to common
stockholders (Note 6)
|
$
|
(0.42
|
)
|
|
$
|
0.54
|
|
|
$
|
(1.19
|
)
|
|
$
|
0.74
|
|
|
Diluted net income (loss) per share attributable to common
stockholders (Note 6)
|
$
|
(0.42
|
)
|
|
$
|
0.53
|
|
|
$
|
(1.19
|
)
|
|
$
|
0.73
|
|
|
Weighted average number of shares used in calculating net income
(loss) per share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic common shares
|
|
22,882,333
|
|
|
|
22,619,272
|
|
|
|
22,827,733
|
|
|
|
22,416,575
|
|
|
Diluted common shares
|
|
22,882,333
|
|
|
|
22,854,229
|
|
|
|
22,827,733
|
|
|
|
22,803,355
|
|
See accompanying condensed notes to the consolidated financial
statements.
5
Inogen, Inc.
Consolidated Statements
of Stockholders’ Equity
(unaudited)
(amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2022 and September 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
other
|
|
|
Total
|
|
|
|
Common stock
|
|
|
paid-in
|
|
|
Retained
|
|
|
comprehensive
|
|
|
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
earnings
|
|
|
income (loss)
|
|
|
equity
|
|
|
Balance, June 30, 2021
|
|
22,578,696
|
|
|
$
|
23
|
|
|
$
|
289,615
|
|
|
$
|
79,975
|
|
|
$
|
1,303
|
|
|
$
|
370,916
|
|
|
Stock-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
2,792
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,792
|
|
|
Employee stock purchases
|
|
22,600
|
|
|
|
—
|
|
|
|
1,021
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,021
|
|
|
Vesting of restricted stock units
|
|
12,131
|
|
|
|
—
|
|
|
|
(39
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(39
|
)
|
|
Shares withheld related to net restricted stock
settlement
|
|
(545
|
)
|
|
|
—
|
|
|
|
(33
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(33
|
)
|
|
Stock options exercised
|
|
108,737
|
|
|
|
—
|
|
|
|
3,741
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,741
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12,174
|
|
|
|
—
|
|
|
|
12,174
|
|
|
Other comprehensive income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
348
|
|
|
|
348
|
|
|
Balance, September 30, 2021
|
|
22,721,619
|
|
|
$
|
23
|
|
|
$
|
297,097
|
|
|
$
|
92,149
|
|
|
$
|
1,651
|
|
|
$
|
390,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2022
|
|
22,865,715
|
|
|
$
|
23
|
|
|
$
|
304,939
|
|
|
$
|
51,616
|
|
|
$
|
(41
|
)
|
|
$
|
356,537
|
|
|
Stock-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
3,500
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,500
|
|
|
Employee stock purchases
|
|
31,770
|
|
|
|
—
|
|
|
|
776
|
|
|
|
—
|
|
|
|
—
|
|
|
|
776
|
|
|
Restricted stock awards issued, net of forfeitures
|
|
(123
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Vesting of restricted stock units
|
|
22,536
|
|
|
|
—
|
|
|
|
(72
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(72
|
)
|
|
Shares withheld related to net restricted stock
settlement
|
|
(117
|
)
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
Net loss
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,506
|
)
|
|
|
—
|
|
|
|
(9,506
|
)
|
|
Other comprehensive loss
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(390
|
)
|
|
|
(390
|
)
|
|
Balance, September 30, 2022
|
|
22,919,781
|
|
|
$
|
23
|
|
|
$
|
309,140
|
|
|
$
|
42,110
|
|
|
$
|
(431
|
)
|
|
$
|
350,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2022 and September 30,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
other
|
|
|
Total
|
|
|
|
Common stock
|
|
|
paid-in
|
|
|
Retained
|
|
|
comprehensive
|
|
|
stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
capital
|
|
|
earnings
|
|
|
income (loss)
|
|
|
equity
|
|
|
Balance, December 31, 2020
|
|
22,131,447
|
|
|
$
|
22
|
|
|
$
|
273,521
|
|
|
$
|
75,605
|
|
|
$
|
475
|
|
|
$
|
349,623
|
|
|
Stock-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
8,547
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,547
|
|
|
Employee stock purchases
|
|
60,299
|
|
|
|
—
|
|
|
|
1,948
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,948
|
|
|
Restricted stock awards issued, net of forfeitures
|
|
(41,344
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Vesting of restricted stock units
|
|
89,052
|
|
|
|
—
|
|
|
|
(396
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(396
|
)
|
|
Shares withheld related to net restricted stock
settlement
|
|
(3,873
|
)
|
|
|
—
|
|
|
|
(221
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(221
|
)
|
|
Stock options exercised
|
|
486,038
|
|
|
|
1
|
|
|
|
13,698
|
|
|
|
—
|
|
|
|
—
|
|
|
|
13,699
|
|
|
Net income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
16,544
|
|
|
|
—
|
|
|
|
16,544
|
|
|
Other comprehensive income
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,176
|
|
|
|
1,176
|
|
|
Balance, September 30, 2021
|
|
22,721,619
|
|
|
$
|
23
|
|
|
$
|
297,097
|
|
|
$
|
92,149
|
|
|
$
|
1,651
|
|
|
$
|
390,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021
|
|
22,731,586
|
|
|
$
|
23
|
|
|
$
|
299,463
|
|
|
$
|
69,272
|
|
|
$
|
1,469
|
|
|
$
|
370,227
|
|
|
Stock-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
9,185
|
|
|
|
—
|
|
|
|
—
|
|
|
|
9,185
|
|
|
Employee stock purchases
|
|
62,328
|
|
|
|
—
|
|
|
|
1,691
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,691
|
|
|
Restricted stock awards issued, net of forfeitures
|
|
(5,134
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Vesting of restricted stock units
|
|
125,252
|
|
|
|
—
|
|
|
|
(1,134
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,134
|
)
|
|
Shares withheld related to net restricted stock
settlement
|
|
(2,900
|
)
|
|
|
—
|
|
|
|
(100
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(100
|
)
|
|
Stock options exercised
|
|
8,649
|
|
|
|
—
|
|
|
|
35
|
|
|
|
—
|
|
|
|
—
|
|
|
|
35
|
|
|
Net loss
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(27,162
|
)
|
|
|
—
|
|
|
|
(27,162
|
)
|
|
Other comprehensive loss
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,900
|
)
|
|
|
(1,900
|
)
|
|
Balance, September 30, 2022
|
|
22,919,781
|
|
|
$
|
23
|
|
|
$
|
309,140
|
|
|
$
|
42,110
|
|
|
$
|
(431
|
)
|
|
$
|
350,842
|
|
See accompanying condensed notes to the consolidated financial
statements.
6
Inogen, Inc.
Consolidated Statements
of Cash Flows
(unaudited)
(amounts in thousands)
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30,
|
|
|
|
2022
|
|
|
2021
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
Net income (loss)
|
$
|
(27,162
|
)
|
|
$
|
16,544
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
|
17,536
|
|
|
|
15,861
|
|
|
Loss on rental units and other fixed assets
|
|
2,488
|
|
|
|
952
|
|
|
Gain on sale of former rental assets
|
|
(93
|
)
|
|
|
(59
|
)
|
|
Provision for sales revenue returns and doubtful
accounts
|
|
10,816
|
|
|
|
8,248
|
|
|
Provision for rental revenue adjustments
|
|
—
|
|
|
|
3,543
|
|
|
Provision for inventory losses
|
|
2,060
|
|
|
|
1,452
|
|
|
Stock-based compensation expense
|
|
9,185
|
|
|
|
8,547
|
|
|
Deferred income taxes
|
|
—
|
|
|
|
(1,014
|
)
|
|
Change in fair value of earnout liability
|
|
(1,699
|
)
|
|
|
(9,822
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable
|
|
(37,828
|
)
|
|
|
(15,232
|
)
|
|
Inventories
|
|
(5,958
|
)
|
|
|
(9,935
|
)
|
|
Income tax receivable
|
|
(236
|
)
|
|
|
261
|
|
|
Prepaid expenses and other current assets
|
|
5,675
|
|
|
|
(6,323
|
)
|
|
Operating lease right-of-use asset
|
|
2,433
|
|
|
|
(17,005
|
)
|
|
Other noncurrent assets
|
|
135
|
|
|
|
73
|
|
|
Accounts payable and accrued expenses
|
|
7,253
|
|
|
|
(3,015
|
)
|
|
Accrued payroll
|
|
(5,498
|
)
|
|
|
5,141
|
|
|
Warranty reserve
|
|
1,734
|
|
|
|
522
|
|
|
Deferred revenue
|
|
(283
|
)
|
|
|
1,743
|
|
|
Income tax payable
|
|
(82
|
)
|
|
|
(979
|
)
|
|
Operating lease liability
|
|
(2,526
|
)
|
|
|
17,632
|
|
|
Net cash provided by (used in) operating activities
|
|
(22,050
|
)
|
|
|
17,135
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Maturities of marketable securities
|
|
10,005
|
|