|
Nine Months Ended
|
|
September 30,
|
|
2012
|
2011
|
|
Cash flows from operating activities:
|
|
|
|
Net income
|
$ 51,824
|
$ 54,048
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
Depreciation and amortization
|
6,571
|
5,617
|
|
Benefit for deferred taxes
|
(605)
|
(5,940)
|
|
Share based compensation
|
1,567
|
1,737
|
|
Provision for doubtful accounts
|
416
|
747
|
|
Debt discount amortization on convertible debt
|
13
|
21
|
|
Unrealized foreign exchange gain on forward contracts
|
--
|
909
|
|
Unrealized foreign exchange (gain) loss
|
397
|
(4,047)
|
|
(Gain) loss on put option
|
(677)
|
893
|
|
Reduction of acquisition earnout accruals
|
--
|
(3,048)
|
|
Changes in assets and liabilities, net of effects from
acquisitions:
|
|
|
|
Accounts receivable
|
(1,859)
|
(2,985)
|
|
Other assets
|
(1,715)
|
422
|
|
Accounts payable and accrued expenses
|
2,758
|
1,916
|
|
Accrued payroll and related benefits
|
(1,415)
|
(959)
|
|
Deferred revenue
|
(811)
|
1,024
|
|
Deferred rent
|
(92)
|
(188)
|
|
Other current liabilities
|
(2,370)
|
1,696
|
|
Net cash provided by operating activities
|
54,002
|
51,863
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
Acquisition of ADAM, net of cash acquired
|
--
|
3,529
|
|
Investment in MCN, net of cash acquired
|
(1,537)
|
(381)
|
|
Acquisition of BSI, net of cash acquired
|
(992)
|
--
|
|
Acquisition of Taimma, net of cash acquired
|
(5,003)
|
--
|
|
Acquisition of Fintechnix, net of cash acquired
|
(4,713)
|
--
|
|
Acquisition of Planetsoft, net of cash acquired
|
(34,078)
|
--
|
|
Acquisition of TriSystems, net of cash acquired
|
(9,277)
|
--
|
|
Investment in Curepet, Inc.
|
(2,000)
|
--
|
|
Investment in ConfirmNet
|
--
|
(184)
|
|
Maturities of marketable securities
|
931
|
7,600
|
|
Purchases of marketable securities
|
(785)
|
(2,963)
|
|
Capital expenditures
|
(1,468)
|
(1,863)
|
|
Net cash provided by/(used in) investing activities
|
(58,922)
|
5,738
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
Repayments on revolving line of credit, (net of proceeds)
|
6,090
|
(14,750)
|
|
Proceeds from term loan
|
45,000
|
16,250
|
|
Principal payments of term loan obligation
|
(17,062)
|
(4,740)
|
|
Repurchases of common stock
|
(15,150)
|
(56,548)
|
|
Settlement on conversion of convertible debt
|
--
|
(6,761)
|
|
Excess tax benefit from share-based compensation
|
73
|
70
|
|
Proceeds from the exercise of stock options
|
739
|
14
|
|
Dividend payments
|
(5,161)
|
--
|
|
Principal payments of debt obligations
|
(600)
|
--
|
|
Payments of capital lease obligations
|
(229)
|
(253)
|
|
Net cash provided by/ (used in) financing activities
|
13,700
|
(66,718)
|
|
Effect of foreign exchange rates on cash
|
(2,985)
|
(327)
|
|
Net change in cash and cash equivalents
|
5,795
|
(9,444)
|
|
Cash and cash equivalents at the beginning of the period
|
23,696
|
23,397
|
|
Cash and cash equivalents at the end of the period
|
$ 29,491
|
$ 13,953
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
Interest paid
|
$ 929
|
$ 579
|
|
Income taxes paid
|
$ 6,308
|
$ 1,757
|
Investor Home
