Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CYNO | |
Entity Registrant Name | CYNOSURE INC | |
Entity Central Index Key | 885,306 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,725,708 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 81,405 | $ 75,131 |
Short-term marketable securities | 38,429 | 32,055 |
Accounts receivable, net | 44,933 | 42,524 |
Inventories | 74,310 | 59,318 |
Prepaid expenses and other current assets | 14,495 | 9,629 |
Deferred income taxes | 17,527 | 17,228 |
Total current assets | 271,099 | 235,885 |
Property and equipment, net | 38,461 | 34,256 |
Long-term marketable securities | 33,420 | 26,189 |
Goodwill | 105,794 | 105,764 |
Intangibles, net | 46,668 | 53,583 |
Other assets | 2,325 | 2,047 |
Total assets | 497,767 | 457,724 |
Current liabilities: | ||
Accounts payable | 22,114 | 20,856 |
Accrued expenses | 40,706 | 42,426 |
Deferred revenue | 16,140 | 10,971 |
Capital lease obligation | 525 | 137 |
Total current liabilities | 79,485 | 74,390 |
Capital lease obligation, net of current portion | 17,068 | 16,088 |
Deferred revenue, net of current portion | 847 | 809 |
Other noncurrent liability | $ 10,495 | $ 8,325 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value Authorized - 5,000 shares Issued - none | ||
Class A and Class B common stock, $0.001 par value Authorized - 70,000 shares Issued - 24,222 Class A shares and no Class B shares at September 30, 2015 Issued - 23,253 Class A shares and no Class B shares at December 31, 2014 | $ 24 | $ 23 |
Additional paid-in capital | 379,824 | 355,082 |
Retained earnings | 48,553 | 39,974 |
Accumulated other comprehensive loss | (5,425) | (3,863) |
Treasury stock, 1,628 Class A shares, at cost | (33,104) | (33,104) |
Total stockholders' equity | 389,872 | 358,112 |
Total liabilities and stockholders' equity | $ 497,767 | $ 457,724 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A and Class B common stock, shares authorized | 70,000,000 | 70,000,000 |
Common Stock Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 24,222,000 | 23,253,000 |
Treasury stock, shares | 1,628,000 | 1,628,000 |
Common Stock Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
Product revenues | $ 64,644 | $ 55,672 | $ 190,575 | $ 164,969 |
Parts, accessories, service and royalty revenues | 13,770 | 15,858 | 46,445 | 41,138 |
Total revenues | 78,414 | 71,530 | 237,020 | 206,107 |
Cost of revenues | 34,009 | 31,232 | 102,486 | 89,721 |
Gross profit | 44,405 | 40,298 | 134,534 | 116,386 |
Operating expenses: | ||||
Sales and marketing | 26,828 | 21,721 | 78,950 | 62,710 |
Research and development | 5,514 | 5,746 | 16,723 | 16,319 |
Amortization of intangible assets acquired | 736 | 740 | 2,208 | 2,166 |
General and administrative | 6,492 | 6,841 | 22,124 | 22,197 |
Total operating expenses | 39,570 | 35,048 | 120,005 | 103,392 |
Income from operations | 4,835 | 5,250 | 14,529 | 12,994 |
Interest expense, net | (428) | (342) | (1,260) | (1,034) |
Other expense, net | (216) | (827) | (1,395) | (548) |
Income before provision for income taxes | 4,191 | 4,081 | 11,874 | 11,412 |
Provision for income taxes | 962 | 1,007 | 3,295 | 3,074 |
Net income | $ 3,229 | $ 3,074 | $ 8,579 | $ 8,338 |
Basic net income per share | $ 0.14 | $ 0.14 | $ 0.39 | $ 0.38 |
Diluted net income per share | $ 0.14 | $ 0.14 | $ 0.38 | $ 0.37 |
Basic weighted-average common shares outstanding | 22,580 | 21,637 | 22,167 | 21,900 |
Diluted weighted-average common shares outstanding | 22,880 | 21,900 | 22,539 | 22,280 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 3,229 | $ 3,074 | $ 8,579 | $ 8,338 |
Other comprehensive loss components: | ||||
Cumulative translation adjustment | (516) | (1,429) | (1,605) | (1,249) |
Unrealized gain (loss) on marketable securities | 37 | (12) | 43 | (16) |
Total other comprehensive loss | (479) | (1,441) | (1,562) | (1,265) |
Comprehensive income | $ 2,750 | $ 1,633 | $ 7,017 | $ 7,073 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities: | ||
Net income | $ 8,579 | $ 8,338 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,343 | 13,100 |
Stock-based compensation expense | 5,683 | 5,320 |
Loss on disposal of fixed assets | 15 | 67 |
Noncash interest expense on capital lease obligations | 1,271 | 1,110 |
Noncash interest expense on license transfer agreement | 148 | |
Deferred income taxes | 1,590 | (127) |
Net accretion of marketable securities | 1,609 | 1,134 |
Tax benefit from stock option exercises | (1,309) | (3,033) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,391) | (5,994) |
Inventories | (20,018) | (6,325) |
Net book value of demonstration inventory sold | 298 | 500 |
Prepaid expenses and other current assets | (3,889) | 759 |
Accounts payable | 1,339 | 5,774 |
Accrued expenses | (1,345) | (2,599) |
Deferred revenue | 5,380 | (63) |
Other noncurrent liability | (179) | |
Net cash provided by operating activities | 10,124 | 17,961 |
Investing activities: | ||
Purchases of property and equipment | (8,101) | (14,011) |
Proceeds from the sales and maturities of marketable securities | 35,247 | 25,755 |
Purchases of marketable securities | (50,403) | (50,712) |
Cash paid for acquisitions, net of cash received | (13,235) | |
Increase in other noncurrent assets | (29) | (89) |
Net cash used in investing activities | (23,286) | (52,292) |
Financing activities: | ||
Excess tax benefit on options exercised | 1,309 | 3,033 |
Repurchases of common stock | (15,554) | |
Proceeds from stock option exercises | 17,745 | 7,629 |
Payments on capital lease obligation | (179) | (602) |
Net cash provided by (used in) financing activities | 18,875 | (5,494) |
Effect of exchange rate changes on cash and cash equivalents | 561 | (76) |
Net increase (decrease) in cash and cash equivalents | 6,274 | (39,901) |
Cash and cash equivalents, beginning of the period | 75,131 | 93,655 |
Cash and cash equivalents, end of the period | 81,405 | 53,754 |
Supplemental cash flow information | ||
Cash paid for interest | 13 | 14 |
Cash paid for income taxes | 2,915 | 1,827 |
Supplemental noncash investing and financing activities | ||
Transfer of demonstration equipment from inventory to fixed assets | 4,970 | 3,151 |
Assets acquired under capital lease | 273 | $ 166 |
Net effect of acquisition-related opening balance sheet adjustments | $ 143 |
Interim Consolidated Financial
Interim Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Consolidated Financial Statements | Note 1 — Interim Consolidated Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Cynosure, Inc. (Cynosure) for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the nine months ended September 30, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015, or any other period. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 2 — Stock-Based Compensation Cynosure recorded stock-based compensation expense of $1.9 million and $2.0 million for the three months ended September 30, 2015 and 2014, respectively. Cynosure recorded stock-based compensation expense of $5.7 million and $5.3 million for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015 and 2014, respectively, Cynosure had $29,000 and $25,000 of stock-based compensation expense capitalized as a part of inventory. Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective share-based payments, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Cost of revenues $ 96 $ 79 $ 244 $ 219 Sales and marketing 541 519 1,511 1,481 Research and development 308 270 857 757 General and administrative 1,004 1,108 3,071 2,863 Total stock-based compensation expense $ 1,949 $ 1,976 $ 5,683 $ 5,320 Cash received from option exercises was $17.7 million and $7.6 million during the nine months ended September 30, 2015 and 2014, respectively. Cynosure granted options to purchase 452,499 and 849,680 shares of common stock during the nine months ended September 30, 2015 and 2014, respectively. Cynosure has elected to use the Black-Scholes model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the nine months ended September 30, 2015 and 2014 was $12.40 and $10.51, respectively, using the following assumptions: Nine Months Ended September 30, 2015 2014 Risk-free interest rate 1.39% - 1.72% 1.44% - 1.80% Expected dividend yield — — Expected term 4.8 years 4.6 years Expected volatility 42% - 43% 43% - 44% Estimated forfeiture rate 5% 5% Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. Cynosure’s estimated expected stock price volatility is based on its own historical volatility. Cynosure’s expected term of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and Cynosure’s historical exercise patterns. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield of zero is based on the fact that Cynosure has never paid cash dividends and has no present intention to pay cash dividends. Cynosure granted 86,618 and 44,840 restricted stock units during the nine months ended September 30, 2015 and 2014, respectively, to employees at a fair market value of its common stock on the date of grant and which vest annually over a three-year period. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the three-year period. Cynosure granted 16,685 and 43,500 restricted stock units during the nine months ended September 30, 2015 and 2014, respectively, to non-employee directors at a fair market value of its common stock on the date of grant and which vest quarterly over a one-year period. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the one-year period. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 — Inventories Cynosure states all inventories at the lower of cost or market, determined on a first-in, first-out method. Inventory includes material, labor and overhead and consists of the following: September 30, 2015 December 31, 2014 (in thousands) Raw materials $ 21,032 $ 16,875 Work in process 3,522 3,526 Finished goods 49,756 38,917 $ 74,310 $ 59,318 |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Note 4 — Fair Value U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable markets data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of September 30, 2015 (in thousands): Level 1 Level 2 Level 3 Total Money market funds (1) $ 5,801 $ — $ — $ 5,801 Treasuries and government agencies (2) — 14,523 — 14,523 State and municipal bonds — 59,826 — 59,826 Total $ 5,801 $ 74,349 $ — $ 80,150 The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total Money market funds (1) $ 1,753 $ — $ — $ 1,753 State and municipal bonds — 47,744 — 47,744 Treasuries and government agencies — 8,486 — 8,486 Corporate obligations and commercial paper — 2,001 — 2,001 Equity securities 13 — — 13 Total $ 1,766 $ 58,231 $ — $ 59,997 (1) Included in cash and cash equivalents at September 30, 2015 and December 31, 2014. (2) $2.5 million included in cash and cash equivalents at September 30, 2015. During the nine months ended September 30, 2015, there were no significant transfers in and out of Level 1 and Level 2. Cynosure did not have any Level 3 financial assets at September 30, 2015 or December 31, 2014. |
Short and Long-Term Marketable
Short and Long-Term Marketable Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Short and Long-Term Marketable Securities | Note 5 — Short and Long-Term Marketable Securities Cynosure’s available-for-sale securities at September 30, 2015 consist of approximately $74.3 million of investments in debt securities consisting of state and municipal bonds, treasuries and government agencies. All investments in available-for-sale securities are recorded at fair market value, with any unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. As of September 30, 2015, Cynosure’s marketable securities consist of the following (in thousands): Market Value Amortized Cost Unrealized Gains Unrealized Losses Available-for-Sale Securities: Cash equivalents: Treasuries and government agencies $ 2,500 $ 2,500 $ — $ — Total cash equivalents $ 2,500 $ 2,500 $ — $ — Short-term marketable securities: State and municipal bonds $ 36,929 $ 36,912 $ 17 $ — Treasuries and government agencies 1,500 1,500 — — Total short-term marketable securities $ 38,429 $ 38,412 $ 17 $ — Long-term marketable securities: State and municipal bonds $ 22,897 $ 22,873 $ 26 $ (2 ) Treasuries and government agencies 10,523 10,515 8 — Total long-term marketable securities $ 33,420 $ 33,388 $ 34 $ (2 ) Total available-for-sale securities $ 74,349 $ 74,300 $ 51 $ (2 ) Total marketable securities $ 71,849 As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): Market Value Amortized Cost Unrealized Gains Unrealized Losses Available-for-Sale Securities: Short-term marketable securities: State and municipal bonds $ 26,041 $ 26,033 $ 8 $ — Treasuries and government agencies 4,000 4,000 — — Corporate obligations and commercial paper 2,001 2,001 — — Equity securities 13 18 — (5 ) Total short-term marketable securities $ 32,055 $ 32,052 $ 8 $ (5 ) Long-term marketable securities: State and municipal bonds $ 21,703 $ 21,721 $ 2 $ (20 ) Corporate obligations and commercial paper 4,486 4,500 — (14 ) Total long-term marketable securities $ 26,189 $ 26,221 $ 2 $ (34 ) Total available-for-sale securities $ 58,244 $ 58,273 $ 10 $ (39 ) Total marketable securities $ 58,244 As of September 30, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): Total Maturities Less Than One Year One to Five Years More than Five Years State and municipal bonds $ 59,826 $ 36,929 $ 22,897 $ — Treasuries and government agencies 14,523 4,000 10,523 — Total available-for-sale debt securities $ 74,349 $ 40,929 $ 33,420 $ — |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 6 — Acquisitions Ellman International, Inc. On September 5, 2014, Cynosure acquired substantially all of the assets of Ellman International, Inc. (Ellman) for $13.2 million in cash. In addition, Cynosure assumed current liabilities associated with normal working capital and certain contractual liabilities. The purchase price was based primarily on the net working capital on the date of purchase plus an amount to retire all of Ellman’s long term debt on the date of sale. Cynosure also assumed a license transfer agreement as part of the purchase valued at $4.2 million. The acquisition complements Cynosure’s aesthetic treatment platform with radiofrequency energy sources and accessory products. The acquisition of substantially all of the assets of Ellman was considered a business acquisition for accounting purposes. Cynosure has assessed the fair value of the assets acquired and liabilities assumed. Pro forma financial information was filed with the SEC within the applicable time period. Cynosure has allocated the purchase price to the net tangible and intangible assets based on their estimated fair values as of September 5, 2014. During the nine months ended September 30, 2015, Cynosure completed its purchase accounting estimates of the assets acquired and liabilities assumed in connection with the acquisition of the assets of Ellman, and as a result, increased goodwill from $6.6 million at December 31, 2014 to $6.7 million at September 30, 2015, with the offsetting decrease to inventory. The following table summarizes the estimated fair value as of September 5, 2014 of the net assets acquired (in thousands): Purchase price: Cash paid $ 13,235 Total $ 13,235 Assets (liabilities) acquired: Accounts receivable $ 2,144 Inventory 3,542 Prepaid expenses and other assets 488 Property and equipment 612 Intangible assets 6,800 Goodwill 6,741 Accounts payable (9 ) Accrued expenses (2,469 ) Deferred revenue (454 ) Other noncurrent liability (4,160 ) Total $ 13,235 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7 — Goodwill and Other Intangible Assets Changes to goodwill during the nine months ended September 30, 2015 were as follows (in thousands): Balance – December 31, 2014 $ 105,764 Ellman acquisition 143 Translation adjustment (113 ) Balance – September 30, 2015 $ 105,794 Other intangible assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): Developed Technology & Patents Business Licenses Customer Relationships Trade Names Other Total September 30, 2015 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,353 $ 69,085 Translation adjustment — — (39 ) — — (39 ) Accumulated amortization (12,500 ) (229 ) (7,300 ) (2,290 ) (59 ) (22,378 ) Balance, September 30, 2015 $ 16,740 $ 155 $ 12,379 $ 16,100 $ 1,294 $ 46,668 December 31, 2014 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,338 $ 69,070 Translation adjustment — 34 2 — 2 38 Accumulated amortization (7,840 ) (252 ) (5,818 ) (1,607 ) (8 ) (15,525 ) Balance, December 31, 2014 $ 21,400 $ 166 $ 13,902 $ 16,783 $ 1,332 $ 53,583 Amortization expense related to developed technology and patents is classified as a component of cost of revenues. Amortization expense related to customer relationships and trade names is classified as a component of amortization of intangible assets acquired. Amortization expense related to business licenses and other is classified as a component of general and administrative expenses. Amortization expense for the three months ended September 30, 2015 and 2014 was $2.3 million and $2.2 million, respectively. Amortization expense for the nine months ended September 30, 2015 and 2014 was $6.9 million and $6.4 million, respectively. Cynosure has approximately $1.0 million of indefinite-life intangible assets that are included in other intangible assets in the table above. As of September 30, 2015, amortization expense on existing intangible assets for the next five years and beyond is as follows (in thousands): Remainder of 2015 $ 2,305 2016 8,431 2017 6,441 2018 4,925 2019 3,189 2020 and thereafter 20,401 Total $ 45,692 |
Warranty Costs
Warranty Costs | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Warranty Costs | Note 8 — Warranty Costs Cynosure typically provides a one-year parts and labor warranty on end-user sales of equipment. Distributor sales generally include a one-year warranty on parts only. Estimated future costs for initial product warranties are provided for at the time of revenue recognition and charged to cost of goods sold. The following table provides the detail of the change in Cynosure’s product warranty accrual during the nine months ended September 30, 2015, which is a component of accrued expenses in the consolidated balance sheets (in thousands): Balance – December 31, 2014 $ 8,118 Warranty provision related to new sales 9,570 Costs incurred (9,785 ) Balance – September 30, 2015 $ 7,903 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 9 — Segment Information In accordance with Accounting Standards Codification (ASC) 280, Segment Reporting Topic, The following table represents total revenue by geographic area: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) United States $ 47,341 $ 39,734 $ 136,988 $ 100,404 Europe 8,470 10,207 29,572 35,830 Asia / Pacific 16,217 15,131 51,175 47,857 Other 6,386 6,458 19,285 22,016 Total $ 78,414 $ 71,530 $ 237,020 $ 206,107 Total assets by geographic area are as follows: September 30, 2015 December 31, 2014 (in thousands) United States $ 462,585 $ 420,513 Europe 21,526 23,235 Asia / Pacific 19,247 19,182 Eliminations (5,591 ) (5,206 ) Total $ 497,767 $ 457,724 Long-lived assets (property and equipment only) by geographic area are as follows: September 30, 2015 December 31, 2014 (in thousands) United States $ 34,134 $ 30,912 Europe 1,540 1,656 Asia / Pacific 2,787 1,688 Total $ 38,461 $ 34,256 No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, assets or long-lived assets for any period presented. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Note 10 — Net Income Per Common Share Basic net income per share is determined by dividing net income by the weighted average common shares outstanding during the period. Diluted net income per share is determined by dividing net income by the diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options and restricted stock units based on the treasury stock method. A reconciliation of basic and diluted shares is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income $ 3,229 $ 3,074 $ 8,579 $ 8,338 Basic weighted average common shares outstanding 22,580 21,637 22,167 21,900 Weighted average common equivalent shares 300 263 372 380 Diluted weighted average common shares outstanding 22,880 21,900 22,539 22,280 Basic net income per share $ 0.14 $ 0.14 $ 0.39 $ 0.38 Diluted net income per share $ 0.14 $ 0.14 $ 0.38 $ 0.37 For the three and nine months ended September 30, 2015, approximately 0.5 million and 1.1 million weighted average shares subject to stock options and restricted stock units, respectively, were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. For the three and nine months ended September 30, 2014, approximately 1.7 million and 1.5 million weighted average shares subject to stock options and restricted stock units, respectively, were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 11 — Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the nine months ended September 30, 2015 were as follows (in thousands): Unrealized Gain on Marketable Securities, net of taxes Translation Adjustment Accumulated Other Comprehensive Loss Balance — December 31, 2014 $ (10 ) $ (3,853 ) $ (3,863 ) Current period other comprehensive loss 43 (1,605 ) (1,562 ) Balance — September 30, 2015 $ 33 $ (5,458 ) $ (5,425 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 — Income Taxes During the three and nine months ended September 30, 2015, Cynosure recorded an income tax provision of $1.0 million and $3.3 million, respectively, representing an effective tax rate of 23% and 28%, respectively. The income tax provision for the three and nine months ended September 30, 2015 was primarily attributable to applying Cynosure’s estimated annual effective tax rate to its year-to-date consolidated income before provision for income taxes. The estimated annual effective tax rate is favorably impacted by the jurisdictional mix of worldwide earnings and the domestic manufacturing deduction, and unfavorably impacted by non-deductible expenses. The difference between the U.S. federal statutory tax rate and the effective tax rate was primarily attributable to a discrete tax benefit of $0.5 million for the release of valuation allowance previously maintained against the net deferred tax assets of Palomar Japan K.K., that was recorded in the second quarter of 2015, as well as a discrete tax benefit of $0.5 million that was principally due to an increase in 2014 federal and state research credits that was recorded in the third quarter of 2015. During the three and nine months ended September 30, 2014, Cynosure recorded an income tax provision of $1.0 million and $3.1 million, respectively, representing an effective tax rate of 25% and 27%, respectively. The income tax provision for the three and nine months ended September 30, 2014 was primarily attributable to applying Cynosure’s estimated annual effective tax rate to its year-to-date consolidated income before provision for income taxes. The difference between the U.S. federal statutory tax rate and the effective tax rate was primarily attributable to a discrete tax benefit of $0.3 million for the release of the valuation allowance previously maintained against the net deferred tax assets of Cynosure Spain S.L. that was recognized in the second quarter of 2014. Other factors resulting in differences between the U.S. federal statutory tax rate and the effective tax rate are the jurisdictional mix of worldwide earnings, non-deductible expenses and the domestic manufacturing deduction. At September 30, 2015 and December 31, 2014, Cynosure had gross tax-effected unrecognized tax benefits of $0.8 million of which the entire amount, if recognized, would favorably impact the effective tax rate. Cynosure classifies interest and penalties related to income taxes as a component of its provision for income taxes. Cynosure does not expect any material changes in the amounts of unrecognized tax benefits over the next 12 months. Cynosure files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. Cynosure is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2012. With few exceptions, Cynosure is no longer subject to U.S. state tax examinations for years before 2011. Additionally, certain non-U.S. jurisdictions are no longer subject to income tax examinations by tax authorities for years before 2010. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 — Commitments and Contingencies Lease Commitments Cynosure leases the land portion of its U.S. operating facility and certain foreign facilities under non-cancellable operating lease agreements expiring through May 2027. These leases are non-cancellable and typically contain renewal options. Certain leases contain rent escalation clauses for which Cynosure recognizes the expense on a straight-line basis. Rent expense for the three and nine months ended September 30, 2015 was approximately $0.5 million and $1.5 million, respectively. Rent expense for the three and nine months ended September 30, 2014 was approximately $0.6 million and $2.5 million, respectively. The 2014 period rent expense includes rent expense incurred on the former Palomar Medical Technologies, Inc. headquarters, which Cynosure occupied through July 2014. Cynosure leases the buildings portion of its U.S. operating facility and certain equipment and vehicles under capital lease agreements with payments due through May 2027. Commitments under Cynosure’s lease arrangements are as follows as of September 30, 2015 (in thousands): Operating Leases Capital Leases Remainder of 2015 $ 467 $ 45 2016 1,823 2,355 2017 1,818 2,749 2018 1,774 2,650 2019 1,375 2,629 2020 and thereafter 2,844 20,958 Total minimum lease payments $ 10,101 $ 31,386 Less amount representing interest (13,793 ) Present value of obligations under capital leases $ 17,593 Current portion of capital lease obligations 525 Capital lease obligations, net of current portion $ 17,068 Contractual Obligations Cynosure’s significant outstanding contractual obligations relate to its capital leases from its facilities leases, including the buildings portion of its U.S. operating facility, and equipment financings. Cynosure’s leases are non-cancellable and typically contain renewal options. Certain leases contain rent escalation clauses for which Cynosure recognizes the expense on a straight-line basis. Cynosure has summarized in the table below its fixed contractual cash obligations as of September 30, 2015. Total Less Than One Year One to Three Years Three to Five Years More than Five Years (in thousands) Capital lease obligations, including interest $ 31,386 $ 1,811 $ 5,325 $ 5,259 $ 18,991 Operating leases 10,101 1,834 3,605 2,334 2,328 Total contractual obligations $ 41,487 $ 3,645 $ 8,930 $ 7,593 $ 21,319 Contingencies Cynosure continually assesses litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss, which could be estimated. In accordance with the Financial Accounting Standards Board’s guidance on accounting for contingencies, Cynosure accrues for all direct costs associated with the estimated resolution of contingencies at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely, Cynosure accrues the minimum amount of the range. In cases where Cynosure believes that a reasonably possible loss exists, Cynosure discloses the facts and circumstances of the litigation, including an estimable range, if possible. In management’s opinion, Cynosure is not currently involved in any legal proceedings, which, individually or in the aggregate, could have a material effect on Cynosure’s financial statements. Cynosure believes that contingent losses associated with any current litigation were remote as of September 30, 2015 and at the time of the filing of this Quarterly Report on Form 10-Q, and as such, Cynosure has not recorded or disclosed any material loss contingencies. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 14 — Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers Revenue Recognition |
Recent Accounting Pronounceme21
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers Revenue Recognition |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Compensation Expenses | Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective share-based payments, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Cost of revenues $ 96 $ 79 $ 244 $ 219 Sales and marketing 541 519 1,511 1,481 Research and development 308 270 857 757 General and administrative 1,004 1,108 3,071 2,863 Total stock-based compensation expense $ 1,949 $ 1,976 $ 5,683 $ 5,320 |
Summary of Share-Based Compensation Arrangement Fair Value Assumptions | The weighted average fair value of the options granted during the nine months ended September 30, 2015 and 2014 was $12.40 and $10.51, respectively, using the following assumptions: Nine Months Ended September 30, 2015 2014 Risk-free interest rate 1.39% - 1.72% 1.44% - 1.80% Expected dividend yield — — Expected term 4.8 years 4.6 years Expected volatility 42% - 43% 43% - 44% Estimated forfeiture rate 5% 5% |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventory includes material, labor and overhead and consists of the following: September 30, 2015 December 31, 2014 (in thousands) Raw materials $ 21,032 $ 16,875 Work in process 3,522 3,526 Finished goods 49,756 38,917 $ 74,310 $ 59,318 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Measurement of Fair Value Hierarchy for Financial Assets | The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of September 30, 2015 (in thousands): Level 1 Level 2 Level 3 Total Money market funds (1) $ 5,801 $ — $ — $ 5,801 Treasuries and government agencies (2) — 14,523 — 14,523 State and municipal bonds — 59,826 — 59,826 Total $ 5,801 $ 74,349 $ — $ 80,150 The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total Money market funds (1) $ 1,753 $ — $ — $ 1,753 State and municipal bonds — 47,744 — 47,744 Treasuries and government agencies — 8,486 — 8,486 Corporate obligations and commercial paper — 2,001 — 2,001 Equity securities 13 — — 13 Total $ 1,766 $ 58,231 $ — $ 59,997 (1) Included in cash and cash equivalents at September 30, 2015 and December 31, 2014. (2) $2.5 million included in cash and cash equivalents at September 30, 2015. |
Short and Long-Term Marketabl25
Short and Long-Term Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | As of September 30, 2015, Cynosure’s marketable securities consist of the following (in thousands): Market Value Amortized Cost Unrealized Gains Unrealized Losses Available-for-Sale Securities: Cash equivalents: Treasuries and government agencies $ 2,500 $ 2,500 $ — $ — Total cash equivalents $ 2,500 $ 2,500 $ — $ — Short-term marketable securities: State and municipal bonds $ 36,929 $ 36,912 $ 17 $ — Treasuries and government agencies 1,500 1,500 — — Total short-term marketable securities $ 38,429 $ 38,412 $ 17 $ — Long-term marketable securities: State and municipal bonds $ 22,897 $ 22,873 $ 26 $ (2 ) Treasuries and government agencies 10,523 10,515 8 — Total long-term marketable securities $ 33,420 $ 33,388 $ 34 $ (2 ) Total available-for-sale securities $ 74,349 $ 74,300 $ 51 $ (2 ) Total marketable securities $ 71,849 As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): Market Value Amortized Cost Unrealized Gains Unrealized Losses Available-for-Sale Securities: Short-term marketable securities: State and municipal bonds $ 26,041 $ 26,033 $ 8 $ — Treasuries and government agencies 4,000 4,000 — — Corporate obligations and commercial paper 2,001 2,001 — — Equity securities 13 18 — (5 ) Total short-term marketable securities $ 32,055 $ 32,052 $ 8 $ (5 ) Long-term marketable securities: State and municipal bonds $ 21,703 $ 21,721 $ 2 $ (20 ) Corporate obligations and commercial paper 4,486 4,500 — (14 ) Total long-term marketable securities $ 26,189 $ 26,221 $ 2 $ (34 ) Total available-for-sale securities $ 58,244 $ 58,273 $ 10 $ (39 ) Total marketable securities $ 58,244 |
Schedule of Available-for-Sale Debt Securities Mature | As of September 30, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): Total Maturities Less Than One Year One to Five Years More than Five Years State and municipal bonds $ 59,826 $ 36,929 $ 22,897 $ — Treasuries and government agencies 14,523 4,000 10,523 — Total available-for-sale debt securities $ 74,349 $ 40,929 $ 33,420 $ — |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Estimated Fair Value of Net Assets Acquired | The following table summarizes the estimated fair value as of September 5, 2014 of the net assets acquired (in thousands): Purchase price: Cash paid $ 13,235 Total $ 13,235 Assets (liabilities) acquired: Accounts receivable $ 2,144 Inventory 3,542 Prepaid expenses and other assets 488 Property and equipment 612 Intangible assets 6,800 Goodwill 6,741 Accounts payable (9 ) Accrued expenses (2,469 ) Deferred revenue (454 ) Other noncurrent liability (4,160 ) Total $ 13,235 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes to Goodwill | Changes to goodwill during the nine months ended September 30, 2015 were as follows (in thousands): Balance – December 31, 2014 $ 105,764 Ellman acquisition 143 Translation adjustment (113 ) Balance – September 30, 2015 $ 105,794 |
Schedule of Components of Other Intangible Assets | Other intangible assets consisted of the following at September 30, 2015 and December 31, 2014 (in thousands): Developed Technology & Patents Business Licenses Customer Relationships Trade Names Other Total September 30, 2015 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,353 $ 69,085 Translation adjustment — — (39 ) — — (39 ) Accumulated amortization (12,500 ) (229 ) (7,300 ) (2,290 ) (59 ) (22,378 ) Balance, September 30, 2015 $ 16,740 $ 155 $ 12,379 $ 16,100 $ 1,294 $ 46,668 December 31, 2014 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,338 $ 69,070 Translation adjustment — 34 2 — 2 38 Accumulated amortization (7,840 ) (252 ) (5,818 ) (1,607 ) (8 ) (15,525 ) Balance, December 31, 2014 $ 21,400 $ 166 $ 13,902 $ 16,783 $ 1,332 $ 53,583 |
Schedule of Amortization Expenses on Intangible Assets | As of September 30, 2015, amortization expense on existing intangible assets for the next five years and beyond is as follows (in thousands): Remainder of 2015 $ 2,305 2016 8,431 2017 6,441 2018 4,925 2019 3,189 2020 and thereafter 20,401 Total $ 45,692 |
Warranty Costs (Tables)
Warranty Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Schedule of Change in Product Warranty Accrual | The following table provides the detail of the change in Cynosure’s product warranty accrual during the nine months ended September 30, 2015, which is a component of accrued expenses in the consolidated balance sheets (in thousands): Balance – December 31, 2014 $ 8,118 Warranty provision related to new sales 9,570 Costs incurred (9,785 ) Balance – September 30, 2015 $ 7,903 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenue by Geographic Area | The following table represents total revenue by geographic area: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) United States $ 47,341 $ 39,734 $ 136,988 $ 100,404 Europe 8,470 10,207 29,572 35,830 Asia / Pacific 16,217 15,131 51,175 47,857 Other 6,386 6,458 19,285 22,016 Total $ 78,414 $ 71,530 $ 237,020 $ 206,107 |
Schedule of Total Assets by Geographic Area | Total assets by geographic area are as follows: September 30, 2015 December 31, 2014 (in thousands) United States $ 462,585 $ 420,513 Europe 21,526 23,235 Asia / Pacific 19,247 19,182 Eliminations (5,591 ) (5,206 ) Total $ 497,767 $ 457,724 |
Schedule of Long-Lived Assets (Property and Equipment Only) by Geographic Area | Long-lived assets (property and equipment only) by geographic area are as follows: September 30, 2015 December 31, 2014 (in thousands) United States $ 34,134 $ 30,912 Europe 1,540 1,656 Asia / Pacific 2,787 1,688 Total $ 38,461 $ 34,256 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic and Diluted Shares | A reconciliation of basic and diluted shares is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net income $ 3,229 $ 3,074 $ 8,579 $ 8,338 Basic weighted average common shares outstanding 22,580 21,637 22,167 21,900 Weighted average common equivalent shares 300 263 372 380 Diluted weighted average common shares outstanding 22,880 21,900 22,539 22,280 Basic net income per share $ 0.14 $ 0.14 $ 0.39 $ 0.38 Diluted net income per share $ 0.14 $ 0.14 $ 0.38 $ 0.37 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes to Accumulated Other Comprehensive Loss | Changes to accumulated other comprehensive loss during the nine months ended September 30, 2015 were as follows (in thousands): Unrealized Gain on Marketable Securities, net of taxes Translation Adjustment Accumulated Other Comprehensive Loss Balance — December 31, 2014 $ (10 ) $ (3,853 ) $ (3,863 ) Current period other comprehensive loss 43 (1,605 ) (1,562 ) Balance — September 30, 2015 $ 33 $ (5,458 ) $ (5,425 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Facility, Certain Equipment and Vehicles Under Operating Lease and Capital Lease Agreements with Payments | Cynosure leases the buildings portion of its U.S. operating facility and certain equipment and vehicles under capital lease agreements with payments due through May 2027. Commitments under Cynosure’s lease arrangements are as follows as of September 30, 2015 (in thousands): Operating Leases Capital Leases Remainder of 2015 $ 467 $ 45 2016 1,823 2,355 2017 1,818 2,749 2018 1,774 2,650 2019 1,375 2,629 2020 and thereafter 2,844 20,958 Total minimum lease payments $ 10,101 $ 31,386 Less amount representing interest (13,793 ) Present value of obligations under capital leases $ 17,593 Current portion of capital lease obligations 525 Capital lease obligations, net of current portion $ 17,068 |
Summary of Fixed Contractual Cash Obligations | Cynosure has summarized in the table below its fixed contractual cash obligations as of September 30, 2015. Total Less Than One Year One to Three Years Three to Five Years More than Five Years (in thousands) Capital lease obligations, including interest $ 31,386 $ 1,811 $ 5,325 $ 5,259 $ 18,991 Operating leases 10,101 1,834 3,605 2,334 2,328 Total contractual obligations $ 41,487 $ 3,645 $ 8,930 $ 7,593 $ 21,319 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,949,000 | $ 1,976,000 | $ 5,683,000 | $ 5,320,000 |
Stock-based compensation expense capitalized to inventory | 29,000 | 25,000 | ||
Cash received from option exercises | $ 17,700,000 | $ 7,600,000 | ||
Stock options granted | 452,499 | 849,680 | ||
Weighted average fair value of the options granted | $ 12.40 | $ 10.51 | ||
Cash dividend yield | 0.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted restricted stock units to employees | 86,618 | 44,840 | ||
Vested period | 3 years | |||
Share based compensation period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted restricted stock units to employees | 16,685 | 43,500 | ||
Vested period | 1 year | |||
Share based compensation period | 1 year |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,949 | $ 1,976 | $ 5,683 | $ 5,320 |
Cost of Revenues [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 96 | 79 | 244 | 219 |
Sales and Marketing [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 541 | 519 | 1,511 | 1,481 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 308 | 270 | 857 | 757 |
General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 1,004 | $ 1,108 | $ 3,071 | $ 2,863 |
Stock-Based Compensation - Su35
Stock-Based Compensation - Summary of Share-Based Compensation Arrangement Fair Value Assumptions (Detail) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate Minimum | 1.39% | 1.44% |
Risk-free interest rate Maximum | 1.72% | 1.80% |
Expected dividend yield | 0.00% | 0.00% |
Expected term | 4 years 9 months 18 days | 4 years 7 months 6 days |
Expected volatility Minimum | 42.00% | 43.00% |
Expected volatility Maximum | 43.00% | 44.00% |
Estimated forfeiture rate | 5.00% | 5.00% |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 21,032 | $ 16,875 |
Work in process | 3,522 | 3,526 |
Finished goods | 49,756 | 38,917 |
Inventories, Total | $ 74,310 | $ 59,318 |
Fair Value - Measurement of Fai
Fair Value - Measurement of Fair Value Hierarchy for Financial Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 80,150 | $ 59,997 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,801 | 1,766 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 74,349 | 58,231 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,801 | 1,753 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,801 | 1,753 |
State and Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 59,826 | 47,744 |
State and Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 59,826 | 47,744 |
Treasuries and Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 14,523 | 8,486 |
Treasuries and Government Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 14,523 | 8,486 |
Corporate Obligations and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,001 | |
Corporate Obligations and Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,001 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 13 | |
Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 13 |
Fair Value - Measurement of F38
Fair Value - Measurement of Fair Value Hierarchy for Financial Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 80,150 | $ 59,997 |
Treasuries and Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 14,523 | $ 8,486 |
Treasuries and Government Agencies [Member] | Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 2,500 |
Short and Long-Term Marketabl39
Short and Long-Term Marketable Securities - Additional Information (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Available for sale securities in debt | $ 74,349 |
Short and Long-Term Marketabl40
Short and Long-Term Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | $ 74,349 | $ 58,244 |
Amortized Cost | 74,300 | 58,273 |
Unrealized Gains | 51 | 10 |
Unrealized Losses | (2) | (39) |
Total marketable securities | 71,849 | 58,244 |
Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 2,500 | |
Amortized Cost | 2,500 | |
Cash Equivalents [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 2,500 | |
Amortized Cost | 2,500 | |
Short-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 38,429 | 32,055 |
Amortized Cost | 38,412 | 32,052 |
Unrealized Gains | 17 | 8 |
Unrealized Losses | (5) | |
Short-Term Marketable Securities [Member] | Corporate Obligations and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 2,001 | |
Amortized Cost | 2,001 | |
Short-Term Marketable Securities [Member] | State and Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 36,929 | 26,041 |
Amortized Cost | 36,912 | 26,033 |
Unrealized Gains | 17 | 8 |
Short-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 1,500 | 4,000 |
Amortized Cost | 1,500 | 4,000 |
Short-Term Marketable Securities [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 13 | |
Amortized Cost | 18 | |
Unrealized Losses | (5) | |
Long-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 33,420 | 26,189 |
Amortized Cost | 33,388 | 26,221 |
Unrealized Gains | 34 | 2 |
Unrealized Losses | (2) | (34) |
Long-Term Marketable Securities [Member] | Corporate Obligations and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 4,486 | |
Amortized Cost | 4,500 | |
Unrealized Losses | (14) | |
Long-Term Marketable Securities [Member] | State and Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 22,897 | 21,703 |
Amortized Cost | 22,873 | 21,721 |
Unrealized Gains | 26 | 2 |
Unrealized Losses | (2) | $ (20) |
Long-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 10,523 | |
Amortized Cost | 10,515 | |
Unrealized Gains | $ 8 |
Short and Long-Term Marketabl41
Short and Long-Term Marketable Securities - Schedule of Available-for-Sale Debt Securities Mature (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Total | $ 74,349 |
Less Than One Year | 40,929 |
One to Five Years | 33,420 |
More than Five Years | 0 |
State and Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 59,826 |
Less Than One Year | 36,929 |
One to Five Years | 22,897 |
More than Five Years | 0 |
Treasuries and Government Agencies [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 14,523 |
Less Than One Year | 4,000 |
One to Five Years | 10,523 |
More than Five Years | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 05, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 105,794 | $ 105,764 | |
Ellman International, Inc. (Ellman) [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | $ 13,200 | ||
Business acquisition effective date of acquisition | Sep. 5, 2014 | ||
License transfer agreement purchase price | 4,200 | ||
Goodwill | $ 6,700 | $ 6,600 | $ 6,741 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Cash paid | $ 13,235 | |||
Assets (liabilities) acquired: | ||||
Goodwill | $ 105,794 | $ 105,764 | ||
Ellman International, Inc. (Ellman) [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid | $ 13,235 | |||
Total | 13,235 | |||
Assets (liabilities) acquired: | ||||
Accounts receivable | 2,144 | |||
Inventory | 3,542 | |||
Prepaid expenses and other assets | 488 | |||
Property and equipment | 612 | |||
Intangible assets | 6,800 | |||
Goodwill | 6,741 | $ 6,700 | $ 6,600 | |
Accounts payable | (9) | |||
Accrued expenses | (2,469) | |||
Deferred revenue | (454) | |||
Other noncurrent liability | (4,160) | |||
Total | $ 13,235 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Schedule of Changes to Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance - December 31, 2014 | $ 105,764 |
Ellman acquisition | 143 |
Translation adjustment | (113) |
Balance - September 30, 2015 | $ 105,794 |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Schedule of Components of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 69,085 | $ 69,070 |
Translation adjustment | (39) | 38 |
Accumulated amortization | (22,378) | (15,525) |
Other intangible assets, net | 46,668 | 53,583 |
Developed Technology & Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 29,240 | 29,240 |
Accumulated amortization | (12,500) | (7,840) |
Other intangible assets, net | 16,740 | 21,400 |
Business Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 384 | 384 |
Translation adjustment | 34 | |
Accumulated amortization | (229) | (252) |
Other intangible assets, net | 155 | 166 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 19,718 | 19,718 |
Translation adjustment | (39) | 2 |
Accumulated amortization | (7,300) | (5,818) |
Other intangible assets, net | 12,379 | 13,902 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,390 | 18,390 |
Accumulated amortization | (2,290) | (1,607) |
Other intangible assets, net | 16,100 | 16,783 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,353 | 1,338 |
Translation adjustment | 2 | |
Accumulated amortization | (59) | (8) |
Other intangible assets, net | $ 1,294 | $ 1,332 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2.3 | $ 2.2 | $ 6.9 | $ 6.4 |
Indefinite-life intangible assets | $ 1 | $ 1 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets - Schedule of Amortization Expenses on Intangible Assets (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $ 2,305 |
2,016 | 8,431 |
2,017 | 6,441 |
2,018 | 4,925 |
2,019 | 3,189 |
2020 and thereafter | 20,401 |
Total | $ 45,692 |
Warranty Costs - Additional Inf
Warranty Costs - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Warranty on end-user sales | 1 year |
Warranty Costs - Schedule of Ch
Warranty Costs - Schedule of Change in Product Warranty Accrual (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Guarantees [Abstract] | |
Balance, beginning of period | $ 8,118 |
Warranty provision related to new sales | 9,570 |
Costs incurred | (9,785) |
Balance, end of period | $ 7,903 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015SegmentCountry | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of individual countries with greater than 10% of total revenue, assets or long lived assets | Country | 0 |
Percentage of total revenue | 10.00% |
Segment Information - Schedule
Segment Information - Schedule of Total Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 78,414 | $ 71,530 | $ 237,020 | $ 206,107 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 47,341 | 39,734 | 136,988 | 100,404 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 8,470 | 10,207 | 29,572 | 35,830 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 16,217 | 15,131 | 51,175 | 47,857 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 6,386 | $ 6,458 | $ 19,285 | $ 22,016 |
Segment Information - Schedul52
Segment Information - Schedule of Total Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 497,767 | $ 457,724 |
Reportable Geographical Components [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 462,585 | 420,513 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 21,526 | 23,235 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 19,247 | 19,182 |
Eliminations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ (5,591) | $ (5,206) |
Segment Information - Schedul53
Segment Information - Schedule of Long-Lived Assets (Property and Equipment Only) by Geographic Area (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 38,461 | $ 34,256 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 34,134 | 30,912 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,540 | 1,656 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 2,787 | $ 1,688 |
Net Income Per Common Share - S
Net Income Per Common Share - Schedule of Reconciliation of Basic and Diluted Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 3,229 | $ 3,074 | $ 8,579 | $ 8,338 |
Basic weighted average common shares outstanding | 22,580 | 21,637 | 22,167 | 21,900 |
Weighted average common equivalent shares | 300 | 263 | 372 | 380 |
Diluted weighted average common shares outstanding | 22,880 | 21,900 | 22,539 | 22,280 |
Basic net income per share | $ 0.14 | $ 0.14 | $ 0.39 | $ 0.38 |
Diluted net income per share | $ 0.14 | $ 0.14 | $ 0.38 | $ 0.37 |
Net Income Per Common Share - A
Net Income Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options and Restricted Stock Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Outstanding options and restricted stock units to purchase common shares | 0.5 | 1.7 | 1.1 | 1.5 |
Accumulated Other Comprehensi56
Accumulated Other Comprehensive Loss - Changes to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized Gain on Marketable Securities, net of taxes, Beginning Balance | $ (10) | |||
Unrealized Gain on Marketable Securities, net of taxes, Current period other comprehensive loss | $ 37 | $ (12) | 43 | $ (16) |
Unrealized Gain on Marketable Securities, net of taxes, Ending Balance | 33 | 33 | ||
Translation Adjustment, Beginning Balance | (3,853) | |||
Translation Adjustment, Current period other comprehensive loss | (516) | (1,429) | (1,605) | (1,249) |
Translation Adjustment, Ending Balance | (5,458) | (5,458) | ||
Accumulated Other Comprehensive Loss, Beginning Balance | (3,863) | |||
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | (479) | $ (1,441) | (1,562) | $ (1,265) |
Accumulated Other Comprehensive Loss, Ending Balance | $ (5,425) | $ (5,425) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Deferred Tax Assets And Liabilities Classification [Line Items] | |||||||
(Benefit) provision for income taxes | $ 962 | $ 1,007 | $ 3,295 | $ 3,074 | |||
Effective tax rate | 23.00% | 25.00% | 28.00% | 27.00% | |||
Discrete tax benefits related to federal and state research credits | $ 500 | ||||||
Unrecognized tax benefits | $ 800 | $ 800 | $ 800 | ||||
Spain [Member] | |||||||
Deferred Tax Assets And Liabilities Classification [Line Items] | |||||||
Discrete tax benefits related to release of valuation allowance | $ 300 | ||||||
Palomar Medical Technologies, Inc. [Member] | Japan [Member] | |||||||
Deferred Tax Assets And Liabilities Classification [Line Items] | |||||||
Discrete tax benefits related to release of valuation allowance | $ 500 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease rent expense | $ 0.5 | $ 0.6 | $ 1.5 | $ 2.5 |
Operating lease expiration period | 2027-05 |
Commitments and Contingencies59
Commitments and Contingencies - Operating Facility, Certain Equipment and Vehicles Under Operating Lease and Capital Lease Agreements with Payments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2015 | $ 467 | |
2,016 | 1,823 | |
2,017 | 1,818 | |
2,018 | 1,774 | |
2,019 | 1,375 | |
2020 and thereafter | 2,844 | |
Total minimum lease payments | 10,101 | |
Remainder of 2015 | 45 | |
2,016 | 2,355 | |
2,017 | 2,749 | |
2,018 | 2,650 | |
2,019 | 2,629 | |
2020 and thereafter | 20,958 | |
Total minimum lease payments | 31,386 | |
Less amount representing interest | (13,793) | |
Present value of obligations under capital leases | 17,593 | |
Current portion of capital lease obligations | 525 | $ 137 |
Capital lease obligations, net of current portion | $ 17,068 | $ 16,088 |
Commitments and Contingencies60
Commitments and Contingencies - Summary of Fixed Contractual Cash Obligations (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | $ 31,386 |
Operating leases | 10,101 |
Total contractual obligations | 41,487 |
Less Than One Year [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 1,811 |
Operating leases | 1,834 |
Total contractual obligations | 3,645 |
One To Three Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 5,325 |
Operating leases | 3,605 |
Total contractual obligations | 8,930 |
Three To Five Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 5,259 |
Operating leases | 2,334 |
Total contractual obligations | 7,593 |
More Than Five Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 18,991 |
Operating leases | 2,328 |
Total contractual obligations | $ 21,319 |