Year Ended December 31, 2011 |
Year Ended December 31, 2010 |
Year Ended December 31, 2009 |
||||||||||
(In thousands) |
||||||||||||
Cash flows from operating activities: |
||||||||||||
Net income |
$ |
71,378 |
$ |
59,019 |
$ |
38,822 |
||||||
Adjustments to reconcile net income |
||||||||||||
Depreciation and amortization |
7,514 |
6,038 |
3,955 |
|||||||||
Provision for doubtful accounts |
976 |
1,143 |
321 |
|||||||||
Provision for deferred taxes |
(5,083) |
(1,752) |
(2,615) |
|||||||||
Unrealized foreign exchange gain
|
2,346 |
(1,304) |
(500) |
|||||||||
Unrealized foreign exchange gain |
(5,795) |
(598) |
— |
|||||||||
Unrealized gain on put option |
(537) |
(6,059) |
(89) |
|||||||||
Share-based compensation |
2,205 |
1,850 |
1,369 |
|||||||||
Debt discount amortization on convertible debt |
21 |
327 |
— |
|||||||||
Reduction of acquisition earn-out contingent liability |
(2,847) |
(1,500) |
— |
|||||||||
Changes in current assets and |
||||||||||||
Accounts receivable |
(2,903) |
(3,018) |
(8,619) |
|||||||||
Other assets |
1,647 |
(955) |
(577) |
|||||||||
Accounts payable and accrued expenses |
1,525 |
(356) |
1,127 |
|||||||||
Accrued payroll and related benefits |
(532) |
165 |
587 |
|||||||||
Deferred rent |
(261) |
(125) |
27 |
|||||||||
Other liabilities |
836 |
(61) |
109 |
|||||||||
Deferred revenue |
796 |
(35) |
(40) |
|||||||||
Net cash provided by operating activities |
71,286 |
52,779 |
33,877 |
|||||||||
Cash flows from investing activities: |
||||||||||||
Investment in ADAM, net of cash acquired |
3,529 |
— |
— |
|||||||||
Investment in MCN, net of cash acquired |
(381) |
(2,931) |
— |
|||||||||
Investment in Trades Monitor, net of cash acquired |
— |
(2,749) |
— |
|||||||||
Investment in Connective Technologies, |
— |
(1,337) |
— |
|||||||||
Investment in USIX, net of cash acquired |
— |
(7,131) |
— |
|||||||||
Investment in e-Trek, net of cash acquired |
— |
(1,011) |
— |
|||||||||
Investment in IDS, net of cash acquired |
— |
— |
(1,000) |
|||||||||
Investment in Health Connect Solutions,
|
(17,945) |
— |
— |
|||||||||
Investment in Periculum, net of cash acquired |
— |
(6) |
(200) |
|||||||||
Investment in Acclamation, net of cash acquired |
— |
— |
(85) |
|||||||||
Investment in Confirmnet, net of cash acquired |
(184) |
(2,975) |
(3,279) |
|||||||||
Purchases of marketable securities |
(3,098) |
(11,507) |
(4,133) |
|||||||||
Maturities of marketable securities |
7,600 |
7,006 |
3,870 |
|||||||||
Investment in Facts, net of cash acquired |
(12) |
(11) |
(6,215) |
|||||||||
Investment in Peak Performance,
|
— |
— |
(7,894) |
|||||||||
Investment in EZ Data, net of cash acquired |
— |
— |
(25,362) |
|||||||||
Capital expenditures |
(2,829) |
(1,754) |
(3,129) |
|||||||||
Net cash used in investing activities |
(13,320 |
) |
(24,406 |
) |
(47,427 |
) |
||||||
Cash flows from financing activities: |
||||||||||||
Proceeds from / (Repayment) to line of credit, net |
6,750 |
1,900 |
(1,846 |
|||||||||
Proceeds from term loan |
16,250 |
10,157 |
— |
|||||||||
Proceeds from the issuance of convertible debt |
— |
— |
25,000 |
|||||||||
Principal payments on term loan obligation |
(6,407) |
(5,000) |
— |
|||||||||
Repurchase of common stock |
(63,659) |
(10,650) |
(505) |
|||||||||
Settlement on conversion of convertible debt |
(6,761) |
(22,521) |
— |
|||||||||
Payments of long term debt |
— |
— |
(742) |
|||||||||
Payments for capital lease obligations |
(300) |
(804) |
(293) |
|||||||||
Proceeds from exercise of common stock options |
51 |
1,236 |
1,565 |
|||||||||
Dividends paid |
(1,461) |
— |
— |
|||||||||
Net cash provided (used)
|
(55,537) |
(25,682) |
|
23,179 |
||||||||
Effect of foreign exchange rates on
|
(2,130) |
1,479 |
123 |
|||||||||
Net change in cash and cash equivalents |
299 |
4,170 |
9,752 |
|||||||||
Cash and cash equivalents at the
|
23,397 |
19,227 |
9,475 |
|||||||||
Cash and cash equivalents at
|
$ |
23,696 |
$ |
23,397 |
$ |
19,227 |
||||||
Supplemental disclosures of
|
||||||||||||
Interest paid |
$ |
710 |
$ |
526 |
$ |
1,125 |
||||||
Income taxes paid |
2,907 |
2,396 |
4,752 |