XML 52 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net income $ 44,029 $ 51,824
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,459 6,571
Benefit for deferred taxes (4,682) (605)
Share based compensation 1,481 1,567
Provision for doubtful accounts 1,361 416
Debt discount amortization on convertible debt 32 13
Unrealized foreign exchange (gain) loss (95) 397
(Gain) loss on put option 1,251 (677)
Reduction of acquisition earnout accruals (10,253) 0
Changes in assets and liabilities, net of effects from acquisitions:    
Accounts receivable (4,562) (1,859)
Other assets 845 (1,715)
Accounts payable and accrued expenses (2,568) 2,758
Accrued payroll and related benefits (1,205) (1,415)
Deferred revenue (2,802) (811)
Deferred rent (60) (92)
Other current liabilities 7,545 (2,370)
Net cash provided by operating activities 37,776 54,002
Cash flows from investing activities:    
Maturities of marketable securities 104 931
Purchases of marketable securities 0 (785)
Capital expenditures (887) (1,468)
Net cash used in investing activities (8,500) (58,922)
Cash flows from financing activities:    
Repayments on revolving line of credit, (net of proceeds) (15,000) 6,090
Proceeds from term loan 0 45,000
Principal payments of term loan obligation (6,531) (17,062)
Repurchases of common stock (2,492) (15,150)
Excess tax benefit from share-based compensation 0 73
Proceeds from the exercise of stock options 1,425 739
Forfeiture of certain shares to satisfy exercise costs and the recipients income tax obligations related to stock options exercised and restricted stock vested (916) 0
Dividend payments (2,794) (5,161)
Principal payments of debt obligations (636) (600)
Payments of capital lease obligations (221) (229)
Net cash provided by/ (used in) financing activities (27,165) 13,700
Effect of foreign exchange rates on cash (1,671) (2,985)
Net change in cash and cash equivalents 440 5,795
Cash and cash equivalents at the beginning of the period 36,449 23,696
Cash and cash equivalents at the end of the period 36,889 29,491
Supplemental disclosures of cash flow information:    
Interest paid 901 929
Income taxes paid 13,009 6,308
Taimma [Member]
   
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (5,003)
Investment in acquisition (2,250) 0
Qatarlyst [Member]
   
Cash flows from investing activities:    
Acquisition of business, net of cash acquired (4,740) 0
MCN [Member]
   
Cash flows from investing activities:    
Investment in acquisition 0 (1,537)
BSI [Member]
   
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (992)
Fintechnix [Member]
   
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (4,713)
Planetsoft [Member]
   
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 (34,078)
USIX [Member]
   
Cash flows from investing activities:    
Investment in acquisition (727) 0
Curepet, Inc. [Member]
   
Cash flows from investing activities:    
Investment in business $ 0 $ (2,000)