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SolarWinds Announces 2009 Third Quarter Results
Marketwire
Oct 18, 2009
AUSTIN, TX -- (Marketwire) -- 10/19/09 -- SolarWinds®, Inc. (NYSE: SWI), a leading provider of powerful, simple and affordable network management software to more than 88,000 customers worldwide, today reported results for its third quarter ended September 30, 2009.
Financial Results
SolarWinds reported record total revenue for the third quarter of 2009 of $32.4 million, a 24% increase over total revenue in the third quarter of 2008 and a 20% sequential increase over total revenue in the second quarter of 2009. License revenue was $17.6 million in the third quarter of 2009, the highest quarterly license revenue in SolarWinds' history and representing a 10% increase over license revenue in the third quarter of 2008. Maintenance revenue was $14.7 million in the third quarter of 2009, representing a 46% increase over maintenance revenue in the third quarter of 2008.
On a GAAP basis, operating income was $15.2 million, net income was $10.2 million and diluted earnings per share was $0.14 in the third quarter of 2009, compared to operating income of $11.8 million, net income of $7.3 million and diluted earnings per share of $0.11 in the third quarter of 2008.
Non-GAAP operating income was $17.5 million in the third quarter of 2009 compared to $13.6 million in the third quarter of 2008 and $13.8 million in the second quarter of 2009. Non-GAAP net income was $12.0 million and non-GAAP diluted earnings per share was $0.17 in the third quarter of 2009 compared to $8.7 million and $0.14 in the third quarter of 2008 and $8.8 million and $0.13 in the second quarter of 2009. Non-GAAP net income and operating income exclude stock-based compensation expense, amortization of intangible assets and the related tax impact of these items. Non-GAAP net income for the second quarter of 2009 also excludes the write-off of debt issuance costs and its related tax impact. Non-GAAP diluted earnings per share is equal to non-GAAP net income divided by non-GAAP weighted average shares outstanding, which adjusts GAAP weighted average shares outstanding for the third quarter of 2008 and the second quarter of 2009 to assume that the conversion of our preferred stock in May 2009 occurred at the beginning of the applicable period.
Adjusted EBITDA was $17.8 million, or 55% of total revenue, in the third quarter of 2009, representing a 28% increase over adjusted EBITDA in the third quarter of 2008. Adjusted EBITDA is defined as net income plus net interest expense, income tax expense, depreciation and amortization and stock-based compensation expense. Net cash provided by operating activities was $14.0 million in the third quarter of 2009, representing a 21% increase over net cash provided by operating activities in the third quarter of 2008 and a 99% sequential increase over net cash provided by operating activities in the second quarter of 2009.
Information about SolarWinds' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below.
"Q3 was a strong quarter for SolarWinds, led by strong performance in our U.S. Federal Government business," said Kevin Thompson, SolarWinds' President, Chief Operating Officer and Chief Financial Officer. "The effort that we have invested over the past year has resulted in better traction for SolarWinds' products not just in the Department of Defense, but across a wide range of civilian government agencies. This strength in our Federal business was complemented by solid performance in our global commercial business."
Recent Business Highlights
"I'm very proud of the way SolarWinds executed this quarter," said Mike Bennett, SolarWinds' Chairman and Chief Executive Officer. "While the economic environment continues to be difficult, our excellent results demonstrate that, in addition to meeting a clear demand from IT professionals for powerful, affordable and easy-to-use network management software, this team remains focused on consistently executing upon every element of the business."
-- SolarWinds increased its total number of customers during the third
quarter to over 88,000.
-- SolarWinds further simplified and expanded the company's ecommerce
site, improving the online buying experience for users, providing global
currency support and enabling transactions from anywhere in the world and
further reducing friction in the buying process for our customers.
-- SolarWinds released a new product, Orion IP SLA Manager, which
replaces Orion VoIP Monitor and allows network managers to easily monitor
and manage WAN performance across multiple locations.
-- SolarWinds released new versions of many of its products, including
Orion Application Performance Monitor v3.0, Orion NetFlow Traffic Analyzer
v3.5, Orion IP Address Manager v1.5, SolarWinds Engineer's Toolset v10.3
and Kiwi Syslog Server v9.0.
"This quarter is a good demonstration of the strength of our product development model. We made significant additions to the Orion product family in response to customer demand while also releasing upgrades to our Engineer's Toolset and Kiwi Syslog," continued Bennett. "Customers get the benefit of new and updated features on a frequent basis and we are able simultaneously to expand our market opportunity, respond to the immediate needs of our customers and invest in our technology to build the foundations for growth in 2010 and beyond."
Financial Outlook
As of October 19, 2009, SolarWinds is providing its guidance for its fourth quarter of 2009 and increasing its guidance for its full year ending December 31, 2009. The financial information below represents forward-looking non-GAAP financial information, including an estimate of non-GAAP operating income, non-GAAP net income and non-GAAP diluted earnings per share, for the fourth quarter of 2009 and for the full year 2009. These non-GAAP financial measures exclude, among other items mentioned previously, stock-based compensation expense. SolarWinds cannot reasonably estimate the expected stock-based compensation expense for these future periods as the amounts depend upon such factors as the future price of SolarWinds' stock for purposes of computation.
Financial Outlook for the Fourth Quarter of 2009
SolarWinds management currently expects to achieve the following results for the fourth quarter of 2009:
-- Total revenue in the range of $32.8-$34.2 million
-- Non-GAAP operating income of $16.3-$17.3 million
-- Non-GAAP net income of $11.1-$11.8 million
-- Non-GAAP diluted earnings per share of $0.15-$0.16
-- Weighted average shares outstanding of approximately 73.5 million
Financial Outlook for Full Year 2009
SolarWinds management currently expects to achieve the following results for the full year 2009:
-- Total revenue in the range of $116.3-$117.7 million
-- Non-GAAP operating income of $59.4-$60.4 million
-- Non-GAAP net income of $39.4-$40.1 million
-- Non-GAAP diluted earnings per share of $0.57-$0.58
-- Non-GAAP weighted average shares outstanding of approximately 69.0
million
Conference Call and Webcast
In conjunction with this announcement, SolarWinds will host a conference call today to discuss its financial results and other business at 4:00pm CDT (5:00pm EDT/2:00pm PDT). A live webcast of the event will be available on the SolarWinds Investor Relations website at http://ir.solarwinds.com. A live dial-in is available domestically at 888-850-2545 and internationally at +1-719-325-2128. It is recommended that participants access the webcast or dial into the call at least 5-10 minutes before the scheduled start time. A replay of the webcast will be available on a temporary basis shortly after the event on the SolarWinds Investor Relations website.
Forward-Looking Statements
This press release contains "forward-looking" statements relating to SolarWinds' possible or assumed future results of operations and potential growth and market opportunities. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) the possibility that general economic conditions or uncertainty cause information technology spending to be reduced or purchasing decisions to be delayed; (b) the presence or absence of occasional large customer orders, including in particular those placed by the U.S. federal government; (c) the inability to increase sales to existing customers and to attract new customers; (d) our failure to integrate any future acquisitions successfully; (e) the timing and success of new product introductions by SolarWinds or its competitors; (f) changes in SolarWinds' pricing policies or those of its competitors; (g) the loss of the relationship with a distributor that helps fulfill most of our sales orders from the U.S. government; (h) potential foreign exchange gains and losses related to expenses and sales denominated in currencies other than the functional currency of an associated entity; and (i) such other risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission, including our Form 10-Q previously filed for the second quarter of 2009 and Form 10-Q for the third quarter of 2009 which we expect to file on or before November 15, 2009. All information provided in this release is as of the date hereof and SolarWinds undertakes no duty to update this information except as required by law.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with GAAP, this press release and the accompanying tables contain the following non-GAAP financial measures: non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share, adjusted EBITDA and non-GAAP weighted average shares outstanding. Each of non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share and adjusted EBITDA exclude the impact of stock-based compensation expense, amortization of intangible assets and the related tax benefits from the comparable GAAP measure. Non-GAAP net income for the second quarter of 2009 also excludes the write-off of debt issuance costs and its related tax benefit. This press release also contains a reconciliation of each of these non-GAAP measures to its most comparable GAAP financial measure.
SolarWinds believes that each of these non-GAAP financial measures provides meaningful supplemental information regarding its liquidity and performance by excluding certain expenses and expenditures that may not be indicative of its core business operations. SolarWinds' management and Board of Directors use these non-GAAP measures to assess liquidity and operational performance as well as to determine employee incentive compensation. Accordingly, these measures may provide helpful insight to investors on the motivation and decision-making of management in operating the business.
SolarWinds also believes that these non-GAAP financial measures are used by investors and security analysts to (a) compare and evaluate its performance from period to period and (b) compare its performance and liquidity to those of its competitors. These non-GAAP measures exclude certain items that can vary substantially from company to company depending upon their financing and accounting methods, the book value of their assets, their capital structures and the method by which their assets were acquired. These items are typically interest expense, income tax expense, depreciation and amortization and stock-based compensation expense.
SolarWinds also believes that adjusted EBITDA is a useful liquidity measure for investors and security analysts. Adjusted EBITDA is also the performance measure for two of the key operational covenants used to assess SolarWinds' ability to service the debt in its credit agreements. SolarWinds believes that adjusted EBITDA provide useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, can be used for strategic opportunities, including investing in the business, making strategic acquisitions and increasing cash balances.
SolarWinds understands that, although these non-GAAP financial measures are frequently used by investors and securities analysts in their evaluations of companies, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Items such as the amortization of intangible assets, stock-based compensation expense, interest expense and income tax expense that are excluded from these non-GAAP financial measures can have a material impact on net earnings. Furthermore, Adjusted EBITDA does not reflect (a) interest expense, interest income or cash requirements for income taxes; (b) cash requirements for potential replacements of assets being depreciated or amortized in the future; (c) cash expenditures or future requirements for capital expenditures or other contractual commitments; (d) changes in, or cash requirements for, working capital needs; or (e) the total increase or decrease in the cash balance for the period.
As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, operating income, net income, cash flow from operations or other measures of performance prepared in accordance with GAAP. SolarWinds' management and Board of Directors compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are included elsewhere in this press release.
About SolarWinds
SolarWinds provides powerful, simple and affordable network management software to more than 88,000 customers worldwide -- from Fortune 500 enterprises to small businesses. Focused on the real-world needs of network professionals, SolarWinds products are downloadable, easy to use and maintain, and provide the power, scale, and flexibility needed to manage today's complex network environments. SolarWinds' growing online community, thwack, offers users problem-solving and technology-sharing for all of SolarWinds' products.
SolarWinds, thwack and Orion are registered trademarks of SolarWinds. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.
SolarWinds, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except for per share information)
(unaudited)
September 30, December 31,
2009 2008
----------- -----------
Assets
Current assets:
Cash and cash equivalents $ 125,805 $ 40,566
Accounts receivable, net of allowances of $ 187
and $ 117 as of September 30, 2009
(unaudited) and December 31, 2008, respectively 20,964 13,722
Income tax receivable 104 728
Deferred taxes 49 40
Other current assets 2,101 1,420
----------- -----------
Total current assets 149,023 56,476
Property and equipment, net 5,910 5,178
Debt issuance costs, net 450 1,101
Deferred taxes 2,019 1,847
Goodwill 15,791 15,745
Intangible assets and other, net 4,092 6,560
----------- -----------
Total assets $ 177,285 $ 86,907
=========== ===========
Liabilities, convertible preferred stock and
stockholders' equity (deficit)
Current liabilities:
Accounts payable $ 2,202 $ 1,471
Accrued liabilities 5,614 3,284
Accrued interest payable 574 2,011
Dividends payable 20,000 -
Income taxes payable 1,808 201
Current portion of deferred revenue 35,064 25,930
Current portion of capital lease obligations 16 25
Current portion of long-term debt - 7,161
----------- -----------
Total current liabilities 65,278 40,083
Long-term liabilities:
Deferred revenue, net of current portion 1,686 1,232
Capital lease obligations, net of current
portion 10
Other long-term liabilities 366 188
Long-term debt, net of current portion 44,097 93,922
----------- -----------
Total long-term liabilities 46,149 95,352
----------- -----------
Total liabilities 111,427 135,435
----------- -----------
Commitments and contingencies
Convertible preferred stock, $0.001 par value: no
shares authorized and no shares issued and
outstanding as of September 30, 2009 (unaudited)
and 46,551,618 shares authorized and 27,000,003
shares issued and outstanding as of December 31,
2008 - 27
Stockholders' equity (deficit):
Common stock, $0.001 par value: 123,000,000
shares authorized and 65,081,061 and
28,166,656 shares issued and outstanding as of
September 30, 2009 (unaudited) and December
31, 2008, respectively 65 28
Additional paid-in capital 106,230 15,166
Accumulated other comprehensive income (loss) 36 (315)
Accumulated deficit (40,473) (63,434)
----------- -----------
Total stockholders' equity (deficit) 65,858 (48,555)
----------- -----------
Total liabilities, convertible preferred
stock and stockholders' equity (deficit) $ 177,285 $ 86,907
=========== ===========
SolarWinds, Inc.
Condensed Consolidated Statements of Income
(In thousands, except for per share information)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Revenue:
License $ 17,638 $ 16,070 $ 44,777 $ 41,545
Maintenance and other 14,712 10,095 38,690 26,693
-------- -------- -------- --------
Total revenue 32,350 26,165 83,467 68,238
Cost of license revenue 153 61 458 191
Cost of maintenance and other
revenue 1,110 879 3,127 2,415
-------- -------- -------- --------
Gross profit 31,087 25,225 79,882 65,632
-------- -------- -------- --------
Operating expenses:
Sales and marketing 7,765 6,522 21,690 16,198
Research and development 2,986 2,339 8,167 6,249
General and administrative 5,150 4,527 13,127 12,486
-------- -------- -------- --------
Total operating expenses 15,901 13,388 42,984 34,933
-------- -------- -------- --------
Operating income 15,186 11,837 36,898 30,699
-------- -------- -------- --------
Other income (expense):
Interest income 93 140 225 400
Interest expense (668) (1,896) (3,659) (6,435)
Other income (expense) (82) 84 (88) (43)
-------- -------- -------- --------
Total other expense (657) (1,672) (3,522) (6,078)
-------- -------- -------- --------
Income before income taxes 14,529 10,165 33,376 24,621
Income tax expense 4,374 2,878 10,415 7,956
-------- -------- -------- --------
Net income 10,155 7,287 22,961 16,665
Amount allocated to participating
preferred stockholders - (3,567) - (8,161)
-------- -------- -------- --------
Net income available to common
stockholders $ 10,155 $ 3,720 $ 22,961 $ 8,504
======== ======== ======== ========
Net income available to common
stockholders per share:
Basic earnings per share
available to common stockholders $ 0.16 $ 0.13 $ 0.50 $ 0.30
======== ======== ======== ========
Diluted earnings per share
available to common stockholders $ 0.14 $ 0.11 $ 0.44 $ 0.26
======== ======== ======== ========
Weighted shares used to compute net
income available to common
stockholders per share:
Shares used in computation of
basic earnings per share
available to common stockholders 65,045 28,153 46,183 28,130
======== ======== ======== ========
Shares used in computation of
diluted earnings per share
available to common stockholders 71,794 33,407 51,801 32,410
======== ======== ======== ========
SolarWinds, Inc.
Reconciliation of GAAP to Non-GAAP Results of Operations
(In thousands, except for per share information)
(unaudited)
Three Months Ended Three Months Ended
September 30, 2009 September 30, 2008
---------------------------- ----------------------------
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
------- -------- ------- ------- -------- -------
Total revenue $32,350 $ - $32,350 $26,165 $ - $26,165
Gross profit 31,087 163 31,250 25,225 75 25,300
Operating
expenses 15,901 (2,108) 13,793 13,388 (1,655) 11,733
------- -------- ------- ------- -------- -------
Operating
income 15,186 2,271 (a) 17,457 11,837 1,730 (a) 13,567
Total other
expense (657) - (657) (1,672) - (1,672)
------- -------- ------- ------- -------- -------
Income before
income taxes 14,529 2,271 16,800 10,165 1,730 11,895
Income tax
expense 4,374 413 (b) 4,787 2,878 301 (b) 3,179
------- -------- ------- ------- -------- -------
Net income $10,155 $ 1,858 $12,013 $ 7,287 $ 1,429 $ 8,716
======= ======== ======= ======= ======== =======
(a) Reflects the reversal of amortization of intangible assets and
stock-based compensation expense as follows:
Amortization of intangible assets:
Three Months Ended
September 30,
-----------------
2009 2008
------- --------
Cost of license revenue $ 145 $ 58
Sales and marketing - -
Research and development - -
General and administrative 51 25
Stock-based compensation expense:
Three Months Ended
September 30,
-----------------
2009 2008
------- --------
Cost of maintenance revenue $ 18 $ 17
Sales and marketing 541 416
Research and development 303 193
General and administrative 1,213 1,021
(b) Reflects the removal of the tax benefits associated with amortization
of intangible assets, stock-based compensation expense and write-off of
debt issuance costs.
SolarWinds, Inc.
Reconciliation of GAAP to Non-GAAP Results of Operations
(In thousands, except for per share information)
(unaudited)
Nine Months Ended Nine Months Ended
September 30, 2009 September 30, 2008
---------------------------- ----------------------------
GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP
------- -------- ------- ------- -------- -------
Total revenue $83,467 $ - $83,467 $68,238 $ - $68,238
Gross profit 79,882 502 80,384 65,632 220 65,852
Operating
expenses 42,984 (5,704) 37,280 34,933 (4,329) 30,604
------- -------- ------- ------- -------- -------
Operating
income 36,898 6,206 (a) 43,104 30,699 4,549 (a) 35,248
Total other
expense (3,522) 428 (c) (3,094) (6,078) - (6,078)
------- -------- ------- ------- -------- -------
Income before
income taxes 33,376 6,634 40,010 24,621 4,549 29,170
Income tax
expense 10,415 1,265 (b) 11,680 7,956 847 (b) 8,803
------- -------- ------- ------- -------- -------
Net income $22,961 $ 5,369 $28,330 $16,665 $ 3,702 $20,367
======= ======== ======= ======= ======== =======
(a) Reflects the reversal of amortization of intangible assets and
stock-based compensation expense as follows:
Amortization of intangible assets:
Nine Months Ended
September 30,
-----------------
2009 2008
------- --------
Cost of license revenue $ 450 $ 174
Sales and marketing - -
Research and development - -
General and administrative 128 72
Stock-based compensation expense:
Nine Months Ended
September 30,
-----------------
2009 2008
------- --------
Cost of maintenance revenue $ 52 $ 46
Sales and marketing 1,435 1,179
Research and development 818 563
General and administrative 3,323 2,515
(b) Reflects the removal of the tax benefits associated with amortization
of intangible assets, stock-based compensation expense and write-off of
debt issuance costs.
(c) The amortization of debt issuance cost was decreased as a result of the
lower outstanding principal balance due to the repayment of the
long-term debt.
SolarWinds, Inc.
Reconciliation of Diluted Earnings Per Share to
Non-GAAP Diluted Earnings Per Share
(In thousands, except for per share information)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ------------------
2009 2008 2009 2008
-------- -------- -------- --------
Numerator:
Reconciliation between GAAP and
non-GAAP net income:
Net income $ 10,155 $ 7,287 $ 22,961 $ 16,665
Reversal of intangible assets
amortization 196 83 578 246
Reversal of stock-based
compensation expense 2,075 1,647 5,628 4,303
Reversal of debt issuance costs
write-off - - 428 -
Reversal of tax benefit for
amortization of intangible
assets (53) (30) (153) (88)
Reversal of tax benefit of
stock-based compensation
expense (360) (271) (961) (759)
Reversal of tax benefit of debt
issuance costs write-off - - (151) -
-------- -------- -------- --------
Non-GAAP net income $ 12,013 $ 8,716 $ 28,330 $ 20,367
-------- -------- -------- --------
Denominator:
Reconciliation between GAAP and
non-GAAP weighted average shares
used in computing diluted earnings
per share:
Weighted average number of
shares used in computing
diluted earnings per share 71,794 33,407 51,801 32,410
Pro forma adjustments to reflect
assumed weighted average effect
of conversion of preferred
stock (a) - 27,000 13,798 27,000
-------- -------- -------- --------
Non-GAAP weighted average shares
used in computing non-GAAP
diluted earnings per share (b) 71,794 60,407 65,599 59,410
======== ======== ======== ========
Diluted earnings per share $ 0.14 $ 0.11 $ 0.44 $ 0.26
======== ======== ======== ========
Non-GAAP diluted earnings per
share $ 0.17 $ 0.14 $ 0.43 $ 0.34
======== ======== ======== ========
(a) Represents common shares from the conversion of convertible
preferred shares as if the shares were converted as of the beginning of
the indicated period.
(b) If the company assumed the common shares issued in the IPO were
issued as of the beginning of the comparable periods, or January 1,
2008, then the weighted average shares used in computing non-GAAP
diluted earnings per share and the non-GAAP diluted earnings per share
would have been 71,794 shares and $0.17 per share, respectively, and
70,131 shares and $0.12 per share, respectively, for the three months
ended September 30, 2009 and 2008 and 70,587 shares and $0.40 per share,
respectively, and 69,134 shares and $0.29 per share, respectively, for
the nine months ended September 30, 2009 and 2008.
SolarWinds, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Reconciliation of Net Income to
Adjusted EBITDA:
Net income $ 10,155 $ 7,287 $ 22,961 $ 16,665
Interest expense, net 575 1,756 3,434 6,035
Income tax expense 4,374 2,878 10,415 7,956
Depreciation and
amortization 596 365 1,627 1,062
Stock-based compensation
expense 2,075 1,647 5,628 4,303
--------- --------- --------- ---------
Adjusted EBITDA $ 17,775 $ 13,933 $ 44,065 $ 36,021
========= ========= ========= =========
SolarWinds, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Cash flows from operating
activities
Net income $ 10,155 $ 7,287 $ 22,961 $ 16,665
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 596 365 1,627 1,062
Provision for doubtful
accounts 17 214 132 315
Stock-based compensation
expense 2,075 1,647 5,628 4,303
Deferred taxes (153) (333) (181) (878)
Excess tax benefit from
stock-based compensation (491) - (2,212) (85)
Other non-cash expenses 32 149 896 509
Changes in operating assets
and liabilities, net of
assets acquired and
liabilities assumed in
business combinations:
Accounts receivable (8,099) (2,371) (7,224) (4,050)
Income taxes receivable 213 - 619 -
Prepaid income taxes 2,129 - - -
Prepaid & other current
assets (144) (552) (643) (497)
Accounts payable 406 (101) 700 279
Accrued liabilities 1,105 1,812 1,872 2,124
Accrued interest payable (459) 39 (1,437) (660)
Income taxes payable 2,091 562 3,991 49
Deferred revenue and other
liabilities 4,562 2,860 9,292 8,354
--------- --------- --------- ---------
Net cash provided by
operating activities 14,035 11,578 36,021 27,490
--------- --------- --------- ---------
Cash flows from investing
activities
Purchases of property and
equipment (831) (766) (1,806) (3,024)
Purchases of intangible
assets (105) (53) (305) (291)
Acquisition of businesses,
net of cash acquired - (500) (46) (1,574)
--------- --------- --------- ---------
Net cash used in
investing activities (936) (1,319) (2,157) (4,889)
--------- --------- --------- ---------
Cash flows from financing
activities
Repayment of long-term debt - - (56,986) (1,417)
Exercise of stock options 294 - 2,685 170
Net cash proceeds from
initial public offering - - 104,625 -
Interest on options exercised
with note - - - 15
Excess tax benefit from
stock-based compensation 491 - 2,212 85
Repayments of capital lease
obligations (6) (7) (19) (20)
Payments for offering costs (618) (364) (1,496) (1,932)
Proceeds from note receivable
from stockholder - - - 1,738
Proceeds from issuance of
stock - - - 13,640
Purchase of stock - - - (13,640)
--------- --------- --------- ---------
Net cash provided by
(used in) financing
activities 161 (371) 51,021 (1,361)
Effect of exchange rate changes
on cash and cash equivalents 395 (522) 354 (736)
--------- --------- --------- ---------
Net increase in cash and cash
equivalents 13,655 9,366 85,239 20,504
Cash and cash equivalents
Beginning of period 112,150 30,441 40,566 19,303
--------- --------- --------- ---------
End of period $ 125,805 $ 39,807 $ 125,805 $ 39,807
========= ========= ========= =========
Supplemental disclosure of cash
flow information
Cash paid for interest $ 1,033 $ 1,764 $ 4,402 $ 6,815
========= ========= ========= =========
Cash paid for income taxes $ 38 $ 2,648 $ 5,903 $ 8,789
========= ========= ========= =========
Noncash investing and financing
transactions
Capital lease termination and
related asset write-off $ - $ - $ - $ 412
========= ========= ========= =========
Debt issuance costs write-off $ - $ - $ 428 $ -
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