|
Year Ended December 31, 2014 |
Year Ended December 31, 2013 |
Year Ended December 31, 2012 |
| |
(in thousands) |
| |
Unaudited |
Audited |
Audited |
| Cash flows from operating activities: |
|
|
|
| Net income |
$63,558 |
$59,274 |
$70,569 |
| Adjustments to reconcile net income to cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
9,681 |
10,107 |
9,155 |
| Provision for doubtful accounts |
1,600 |
1,147 |
442 |
| Provision for deferred taxes |
(1,966) |
(10,368) |
(7,505) |
| Unrealized foreign exchange (gain)/losses |
(741) |
(237) |
443 |
| Unrealized gain on put option |
(296) |
(341) |
(191) |
| Share-based compensation |
1,792 |
1,941 |
2,083 |
| Debt discount amortization on convertible debt |
35 |
42 |
39 |
| Reduction of acquisition earn-out contingent liability |
(10,237) |
(10,253) |
(699) |
| Changes in current assets and liabilities, net of acquisitions: |
|
|
|
| Accounts receivable |
(1,530) |
(3,347) |
(2,023) |
| Other assets |
(4,765) |
80 |
(371) |
| Accounts payable and accrued expenses |
14,670 |
1,135 |
730 |
| Accrued payroll and related benefits |
1,811 |
(1,866) |
(594) |
| Deferred rent |
(324) |
(87) |
(132) |
| Reserve for potential uncertain income tax return positions |
(9,723) |
6,817 |
2,745 |
| Liability – securities litigation settlement |
(3,528) |
4,226 |
- |
| Other liabilities |
(221) |
(225) |
(2,384) |
| Deferred revenue |
(1,306) |
(983) |
(12) |
| Net cash provided by operating activities |
58,510 |
57,062 |
72,295 |
| Cash flows from investing activities: |
|
|
|
| Investment in CurePet, net of cash acquired |
3 |
- |
- |
| Investment in Healthcare Magic, net of cash acquired |
(5,856) |
- |
- |
| Investment in Vertex, net of cash acquired |
(27,547) |
- |
- |
| Investment in Oakstone, net of cash acquired |
(23,791) |
- |
- |
| Investment in I3, net of cash acquired |
(2,000) |
- |
- |
| 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) |
| Payment of acquisition earn-out contingency, MCN |
- |
- |
(1,537) |
| Investment in Qatarlyst, net of cash acquired |
- |
(4,740) |
- |
| Payment of acquisition earn-out contingency, USIX |
|
(727) |
(1,466) |
| Payment of acquisition earn-out contingency, Taimma |
(2,250) |
(2,250) |
- |
| Payment of acquisition earn-out contingency, Health Connect Systems |
- |
- |
(2,000) |
| Payment of acquisition earn-out contingency, Trisystems |
(563) |
- |
- |
| Purchases of marketable securities |
- |
- |
(785) |
| Maturities of marketable securities |
495 |
107 |
1,466 |
| Investment in Facts |
- |
- |
(25) |
| Capital expenditures |
(16,277) |
(1,230) |
(1,965) |
| Net cash used in investing activities |
(77,786) |
(8,840) |
(63,375) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from / (Repayment) to line of credit, net |
97,625 |
(15,000) |
6,090 |
| Proceeds from term loan |
- |
- |
45,000 |
| Proceeds from the issuance of note payable |
- |
- |
161 |
| Principal payments on term loan obligation |
(31,938) |
(8,938) |
(19,125) |
| Repurchase of common stock |
(31,854) |
(2,492) |
(18,374) |
| Payments of long term debt |
(345) |
(665) |
(600) |
| Payments for capital lease obligations |
(231) |
(277) |
(284) |
| Excess tax benefit from share-based compensation |
(3,200) |
3,237 |
1,044 |
| Proceeds from exercise of common stock options |
788 |
2,161 |
1,020 |
| Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested |
(41) |
(1,681) |
(992) |
| Shares reacquired in connection with put option |
(3,535) |
- |
- |
| Dividends paid |
(11,406) |
(2,794) |
(7,034) |
| Net cash provided (used) by financing activities |
15,863 |
(26,449) |
6,906 |
| Effect of foreign exchange rates on cash and cash equivalents |
$(961) |
$(1,548) |
$(3,073) |
| Net change in cash and cash equivalents |
(4,374) |
20,225 |
12,753 |
| Cash and cash equivalents at the beginning of the year |
$56,674 |
$36,449 |
$23,696 |
| Cash and cash equivalents at the end of the year |
$52,300 |
$56,674 |
$36,449 |
| Supplemental disclosures of cash flow information: |
|
|
|
| Interest paid |
1,290 |
1,169 |
1,350 |
| Income taxes paid |
11,433 |
13,779 |
8,590 |
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