Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
||
|
(in thousands) | ||
|
(Unaudited) | (Audited) | |
Cash flows from operating activities: |
|
|
|
Net income | $70,569 | $71,378 | |
Adjustments to reconcile net income to cash
provided by operating activities: |
|
|
|
Depreciation and amortization | 9,155 | 7,514 | |
Provision for doubtful accounts | 442 | 976 | |
Provision for deferred taxes | (4,760) | (5,727) | |
Unrealized foreign exchange (gain)/losses on f orward contracts |
-- | 2,346 | |
Unrealized foreign exchange (gain)/losses | 443 | (5,795) | |
Unrealized gain on put option | (191) | (537) | |
Share-based compensation | 2,083 | 2,205 | |
Debt discount amortization on convertible debt | 39 | 21 | |
Reduction of acquisition earn-out contingent liability | (699) | (2,847) | |
Changes in current assets and liabilities,
net of acquisitions: |
|
|
|
Accounts receivable | (2,023) | (2,903) | |
Other assets | (371) | 1,647 | |
Accounts payable and accrued expenses | 730 | 1,525 | |
Accrued payroll and related benefits | (594) | (532) | |
Deferred rent | (132) | (261) | |
Other liabilities | (2,384) | 836 | |
Deferred revenue | (12) | 796 | |
Net cash provided by operating activities | 72,295 | 70,642 | |
Cash flows from investing activities: |
|
|
|
Investment in BSI, net of cash acquired | (992) | -- | |
Investment in Taimma, net of cash acquired | (5,003) | -- | |
Investment in Fintechnix, net of cash acquired | (4,713) | -- | |
Investment in PlanetSoft, net of cash acquired | (35,078) | -- | |
Investment in TriSystems, net of cash acquired | (9,277) | -- | |
Investment in Curepet, Inc. | (2,000) | -- | |
Investment in ADAM, net of cash acquired | -- | 3,529 | |
Investment in MCN, net of cash acquired | (1,537) | (381) | |
Investment in USIX, net of cash acquired | (1,466) | -- | |
Investment in Health Connect Systems,
net of cash acquired |
(2,000) | (17,945) | |
Investment in Confirmnet, net of cash acquired | -- | (184) | |
Purchases of marketable securities | (785) | (3,098) | |
Maturities of marketable securities | 1,466 | 7,600 | |
Investment in Facts, net of cash acquired | (25) | (12) | |
Capital expenditures | (1,965) | (2,829) | |
Net cash used in investing activities | (63,375) | (13,320) | |
Cash flows from financing activities: |
|
|
|
Proceeds from / (Repayment) to line of credit, net | 6,090 | 6,750 | |
Proceeds from term loan | 45,000 | 16,250 | |
Proceeds from the issuance of note payable | 161 | -- | |
Principal payments on term loan obligation | (19,125) | (6,407) | |
Repurchase of common stock | (18,374) | (63,659) | |
Settlement on conversion of convertible debt | -- | (6,761) | |
Payments of long term debt | (600) | -- | |
Payments for capital lease obligations | (284) | (300) | |
Excess tax benefit from share-based compensation | 1,044 | 644 | |
Proceeds from exercise of common stock options | 1,020 | 51 | |
Forfeiture of certain shares to satisfy exercise costs
and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(992) | -- | |
Dividends paid | (7,034) | (1,461) | |
Net cash provided (used) by financing activities | 6,906 | (54,893) | |
Effect of foreign exchange rates on cash and cash equivalents | $(3,073) | $(2,130) | |
Net change in cash and cash equivalents | 12,753 | 299 | |
Cash and cash equivalents at the beginning of the year | $23,696 | $23,397 | |
Cash and cash equivalents at the end of the year | $36,449 | $23,696 | |
Supplemental disclosures of cash flow information: |
|
|
|
Interest paid | 1,350 | 710 | |
Income taxes paid | 8,590 | 3,796 |