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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 Statement of Financial Position [Abstract] Net
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | |||
Net operating loss carryforwards | $ 467,200 | ||
Current assets: | |||
Cash and cash equivalents | 192,114 | $ 279,672 | $319,929 |
Marketable securities | 25,839 | 194,386 | 102,327 |
Accounts receivable, net | 164,553 | 145,692 | 183,992 |
Inventory | 167,192 | 188,232 | 153,026 |
Prepaid expenses and other current assets | 38,115 | 25,261 | 63,769 |
Total current assets | 587,813 | 833,243 | 823,043 |
Property and equipment, net | 76,509 | 70,050 | 41,556 |
Intangible assets, net | 33,530 | 31,027 | 2,937 |
Goodwill | 146,459 | 57,095 | 14,095 |
Other long-term assets | 78,329 | 111,561 | 36,060 |
Total assets | 922,640 | 1,102,976 | 917,691 |
Current liabilities: | |||
Accounts payable | 205,028 | 89,989 | 126,240 |
Accrued liabilities | 211,323 | 192,446 | 118,507 |
Deferred revenue | 14,388 | 12,742 | 14,022 |
Total current liabilities | 430,739 | 295,177 | 258,769 |
Long-term taxes payable | 26,386 | 21,770 | 13,266 |
Other long-term liabilities | 18,570 | 13,996 | 4,452 |
Total liabilities | 475,695 | 330,943 | 276,487 |
Commitments, contingencies and guarantees | |||
Stockholders equity: | |||
Preferred stock, $0.0001 par value, 5,000 shares authorized; none issued | 0 | 0 | 0 |
Common stock and additional paid-in capital, $0.0001 par value, 500,000 Class A shares authorized,104,647 and 100,596 shares issued and outstanding, respectively; 150,000 Class B shares authorized, 36,712 and 36,005 shares issued and outstanding, respectively | 757,226 | 663,311 | 533,000 |
Treasury stock, at cost, 1,545 and 1,545 shares, respectively | -35,613 | -35,613 | 0 |
Retained earnings (accumulated deficit) | -274,668 | 144,335 | 108,204 |
Total stockholders equity | 446,945 | 772,033 | 641,204 |
Total liabilities and stockholders equity | $ 922,640 | $ 1,102,976 | $ 917,691 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 1,185,481 | $ 1,619,971 | $ 1,394,205 |
Cost of revenue | 723,561 | 946,757 | 766,970 |
Gross profit | 461,920 | 673,214 | 627,235 |
Operating expenses: | |||
Research and development | 358,902 | 241,694 | 151,852 |
Sales and marketing | 368,620 | 268,939 | 194,377 |
General and administrative | 107,367 | 107,833 | 93,971 |
Total operating expenses | 834,889 | 618,466 | 440,200 |
Operating income (loss) | -372,969 | 54,748 | 187,035 |
Other expense, net | -2,205 | -2,163 | -6,060 |
Income (loss) before income taxes | -375,174 | 52,585 | 180,975 |
Income tax expense | 43,829 | 16,454 | 52,887 |
Net income (loss) | -419,003 | 36,131 | 128,088 |
Less: net income allocable to participating securities | 0 | 0 | -16,512 |
Net income (loss) attributable to common stockholdersbasic | -419,003 | 36,131 | 111,576 |
Add: net income allocable to dilutive participating securities | 0 | 0 | 2,277 |
Net income (loss) attributable to common stockholdersdiluted | $ (419,003) | $ 36,131 | $ 113,853 |
Net income per share attributable to common stockholders - Basic (in dollars per share) | $ (3.01) | $ 0.27 | $ 1.07 |
Net income per share attributable to common stockholders - Diluted (in dollars per share) | $ (3.01) | $ 0.25 | $ 0.92 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Basic (in shares) | 139,425 | 134,595 | 104,453 |
Weighted-average shares used to compute net income per share attributable to common stockholders - Diluted (in shares) | 139,425 | 146,486 | 123,630 |
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) Statement - USD ($) shares in Thousands, $ in Thousands | Total | Special Termination Benefits [Member] | Preferred Stock [Member]Redeemable Convertible Preferred Stock [Member] |
Beginning Balance at Dec. 31, 2013 | $ (5,366) | $ 77,198 | |
Beginning Balance (shares) at Dec. 31, 2013 | 30,523 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Issuance of common stock upon public offerings, net of offering costs | 286,247 | ||
Issuance of common stock upon public offerings, net of offering costs (shares) | |||
Conversion of preferred stock to common stock upon initial public offering, net of issuance cost accretion | 77,198 | $ (77,198) | |
Conversion of preferred stock to common stock upon initial public offering, net of issuance cost accretion (shares) | -30,523 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax | 7,681 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) | |||
Retirement of common stock | -1,177 | ||
Retirement of common stock (shares) | |||
Stock-based compensation expense | 71,399 | ||
Excess tax benefit from stock-based compensation | 77,134 | ||
Net income (loss) | 128,088 | ||
Ending Balance at Dec. 31, 2014 | 641,204 | $ 0 | |
Ending Balance (shares) at Dec. 31, 2014 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issued under employee benefit plans, net of shares withheld for tax | 36,413 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) | |||
Taxes paid related to net share settlements | -13,943 | ||
Retirement of common stock (shares) | |||
Repurchase of outstanding common stock | -35,613 | ||
Repurchase of outstanding common stock (shares) | |||
Stock-based compensation expense | 80,583 | ||
Excess tax benefit from stock-based compensation | 27,258 | ||
Net income (loss) | 36,131 | ||
Ending Balance at Dec. 31, 2015 | 772,033 | $ 0 | |
Ending Balance (shares) at Dec. 31, 2015 | 0 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Common stock issued under employee benefit plans, net of shares withheld for tax | 10,103 | ||
Common stock issued under employee benefit plans, net of shares withheld for tax (shares) | |||
Taxes paid related to net share settlements | -6,889 | ||
Shares issued to third-party vendor for services (Note 11) | 7,297 | ||
Shares issued to third-party vendor for services (Note 11) (shares) | |||
Stock-based compensation expense | 69,499 | $ 15,566 | |
Excess tax benefit from stock-based compensation | -1,661 | ||
Net income (loss) | -419,003 | ||
Ending Balance at Dec. 31, 2016 | $ 446,945 | $ 0 | |
Ending Balance (shares) at Dec. 31, 2016 | 0 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ (419,003) | $ 36,131 | $ 128,088 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 41,640 | 28,981 | 17,945 |
Stock-based compensation | 69,527 | 80,680 | 71,399 |
Excess tax benefit from stock-based compensation | -3,463 | -29,348 | -77,134 |
Deferred income taxes | 38,568 | -11,468 | -16,920 |
Non-cash restructuring charges | 17,601 | 0 | 0 |
Impairment of intangible assets | 7,088 | 0 | 0 |
Other | 7,574 | 5,427 | 1,865 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | -18,816 | 38,313 | -61,323 |
Inventory | 21,040 | -35,005 | -41,033 |
Prepaid expenses and other assets | -14,618 | -23,281 | -30,317 |
Accounts payable and other liabilities | 142,941 | 68,461 | 98,354 |
Deferred revenue | 2,168 | -1,280 | 5,998 |
Net cash provided by (used in) operating activities | -107,753 | 157,611 | 96,922 |
Investing activities: | |||
Purchases of property and equipment, net | -43,627 | -51,245 | -27,210 |
Purchases of marketable securities | 0 | -220,055 | -103,827 |
Maturities of marketable securities | 119,918 | 94,680 | 1,083 |
Sale of marketable securities | 47,348 | 30,048 | 0 |
Acquisitions, net of cash acquired | -104,353 | -65,405 | -3,950 |
Net cash provided by (used in) investing activities | 19,286 | -211,977 | -133,904 |
Financing activities: | |||
Proceeds from issuance of common stock, net | 2,775 | 22,833 | 300,097 |
Excess tax benefit from stock-based compensation | 3,463 | 29,348 | 77,134 |
Payment of deferred acquisition-related consideration | -950 | 0 | -2,000 |
Payment of credit facility issuance costs | -3,333 | 0 | 0 |
Payment of deferred public offering costs | 0 | -903 | -5,730 |
Repurchases of outstanding common stock | 0 | -35,613 | 0 |
Repayment of debt | 0 | 0 | -114,000 |
Net cash provided by financing activities | 1,955 | 15,665 | 255,501 |
Effect of exchange rate changes on cash and cash equivalents | -1,046 | -1,556 | 0 |
Net increase (decrease) in cash and cash equivalents | -87,558 | -40,257 | 218,519 |
Cash and cash equivalents at beginning of period | 279,672 | 319,929 | 101,410 |
Cash and cash equivalents at end of period | 192,114 | 279,672 | 319,929 |
Supplementary cash flow disclosure: | |||
Cash paid for interest | 0 | 0 | 1,853 |
Cash paid (refunded) for income taxes, net | 9,690 | -1,093 | 37,283 |
Non-cash investing and financing activities: | |||
Conversion of preferred stock to common stock, net | 0 | 0 | 77,198 |
Purchases of property and equipment included in accounts payable and accrued liabilities | 2,258 | 5,153 | 2,474 |
Reclass of deferred public offering costs to additional paid-in capital | $ 0 | $ 0 | $ 7,722 |
(1) Sales, or total revenues (Cash + Cash equivalents + Short-term investments, or Short
(2) Sales, or total revenues Accounts receivable
(3) Sales, or total revenues Inventories
(4) Sales, or total revenues Total current assets
(5) Sales, or total revenues Working capital
(6) Sales, or total revenues Net PPE
(1) Gross profit sales, or total revenues
(2) Operating income@ sales, or total revenues
(3) Income from continuing operations before taxes^ sales, or total revenues
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