[February 14, 2013] |
|
Datalink Reports 2012 Fourth Quarter and Year-End Operating Results
EDEN PRAIRIE, Minn. --(Business Wire)--
Datalink
(Nasdaq: DTLK), a leading provider of data center infrastructure and
services, today reported results for its fourth quarter and year that
ended December 31, 2012. Revenues for the quarter ended December 31,
2012, increased 28% to $147.3 million compared to $114.7 million for the
prior-year period. Revenues for year ended December 31, 2012, increased
29% to $491.2 million compared to $380.0 million for the year ended
December 31, 2011.
GAAP Results On a GAAP basis, the company reported net
earnings of $3.2 million or $0.18 per diluted share for the fourth
quarter ended December 31, 2012. This compares to net earnings of $2.6
million or $0.15 per diluted share in the fourth quarter of 2011. For
the year ended December 31, 2012, the company reported net earnings of
$10.5 million or $0.60 per diluted share, compared to net earnings of
$9.8 million, or $0.61 per diluted share, for the year ended December
31, 2011.
Non-GAAP Results Non-GAAP net earnings for the fourth
quarter of 2012 were $5.6 million, or $0.31 per diluted share, compared
to non-GAAP net earnings of $4.1 million, or $0.24 per diluted share, in
the fourth quarter of 2011. For the year ended December 31, 2012, the
company reported non-GAAP net earnings of $15.3 million, or $0.88 per
diluted share, compared to net earnings of $13.0 million, or $0.80 per
diluted share, for the year ended December 31, 2011. A detailed
reconciliation between GAAP and non-GAAP information is contained in the
tables included herein.
The company's results for the quarter and year ended December 31, 2012,
include the results of operations from the acquisition of StraTech,
which was completed on October 4, 2012. Excluding StraTech, revenues for
the fourth quarter and year ended December 31, 2012, would have
increased approximately 17% and 26%, respectively, compared to the prior
year periods.
Paul Lidsky, Datalink's president and CEO, commented, "2012 was another
record year for Datalink. We reported record revenues and earnings for
the fourth quarter and fiscal year in large part due to our continued
focus on our expanded data center product and services offerings."
Other significant accomplishments for 2012 and the fourth quarter
include:
-
A record $97.5 million in product revenues for the quarter,
representing a 52% increase from the previous quarter and a 25%
increase over the same period in 2011. In addition, service revenues
were a record $49.8 million in the fourth quarter, up 22% over the
previous quarter and 36% over the same period in 2011. These increases
include incremental revenues from our StraTech acquisition, the
contribution from 27 customers that purchased over one million dollars
in product and services in the fourth quarter, and strong organic
growth throughout the year.
-
Continued growth in the customer base as well as multi-million dollar
accounts among Global 1000 companies. The number of new customers
jumped from 290 to 452 between 2011 and 2012, while the number of
customers purchasing over $1 million worth of product and services
rose from 77 to 102 in the same period.
-
Acquisition of the assets of StraTech on October 4, 2012, which
significantly increased the company's footprint along the East Coast
adding 400 new accounts, a second customer support center, and
expanded managed services offerings and expertise. In addition, on a
non-GAAP basis, the acquisition was accretive in its first quarter of
operations, adding approximately $13.4 million of revenues during the
quarter and $0.03 per share.
-
Accelerating momentum for the company's virtualized data center (VDC)
solutions, with 20 solution projects sold in the fourth quarter
compared to 7 in the comparable period in 2011, and 82 deals for the
fiscal year compared to 35 in 2011.
-
Major new services offerings, including unified monitoring and managed
infrastructure services for the entire multi-vendor VDC stack and new
managed services for backup, monitoring, archiving, cloud backup and
cloud enablement services to help companies analyze the impact of
cloud deployments on their business before full-scale cloud
initiatives.
-
Significant investments in customer support, information technology,
human resources and field engineering to prepare the company for
continued growth.
"Datalink's collective accomplishments during 2012 reflect the
successful execution on our acquisition and data center strategies. In
addition, our strong fourth quarter 2012 performance left us with a
record backlog going into the first quarter and accelerated activity
that has carried over with strong sales in the first months of first
quarter," Lidsky added. "As we exited the year, we continued to see
increasing demand for unified data center solutions with flexible
architectures. Our investments in our expanded data center portfolio
support these market conditions, and our ability to deliver unified
platforms to our customers should fuel continued growth in 2013."
Outlook Based on the company's current backlog, sales
pipeline, historical seasonal trends and the addition of StraTech
revenues, Datalink projects revenues of in the range of $127.0 million
to $137.0 million for the first quarter of 2013 compared to $119.1
million for the first quarter of 2012. First quarter 2013 net earnings
results are expected to be between $0.03 and $0.08 per diluted share on
a GAAP basis, and between $0.15 and $0.20 per diluted share on a
non-GAAP basis. This compares to net earnings of $0.12 per diluted share
and $0.17 per diluted share on a GAAP and non-GAAP basis, respectively,
for the same period in 2012.
Non-GAAP earnings per share exclude the effect of acquisition accounting
adjustments from the StraTech acquisition to deferred revenue and costs,
integration and transaction costs related to acquisitions, stock-based
compensation expense, amortization of intangible assets, and the related
effects on income taxes. The company estimates this total effect will be
approximately $0.12 per diluted share for the first quarter of 2013.
Conference Call and Webcast Today Datalink will hold a
conference call at 4:00 p.m. Central Standard Time, during which
Datalink's president and chief executive officer, Paul Lidsky, and vice
president of finance and chief financial officer, Greg Barnum, will
discuss company results and provide a business overview. Participants
can access the conference call by dialing (866-700-6979). Participants
will be asked to identify the Datalink conference call and provide the
designated identification number (14986898). A live Webcast of
the conference call can be heard via Datalink's website at www.datalink.com.
About Datalink A complete data center solutions and services
provider for Fortune 500 and mid-tier enterprises, Datalink transforms
data centers so they become more efficient, manageable and responsive to
changing business needs. Datalink helps leverage and protect storage,
server, and network investments with a focus on long-term value,
offering a full lifecycle of services, from consulting and design to
implementation, management and support. Datalink solutions span virtualization
and consolidation, data
storage and protection, advanced
networks, and business
continuity. Each delivers measurable performance gains and maximizes
the business value of IT. For more information, call 800.448.6314 or
visit www.datalink.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe
harbor" for certain forward-looking statements. This press release
contains forward-looking statements, including the financial impact of
the StraTech acquisition and our internal projections of anticipated
2012 results, which reflect our views regarding future events and
financial performance. These forward-looking statements are subject to
certain risks and uncertainties, including those identified below, which
could cause actual results to differ materially from historical results
or those anticipated. The words "aim," "believe," "expect,"
"anticipate," "intend," "estimate," "should" and other expressions which
indicate future events and trends identify forward-looking statements.
Actual future results and trends may differ materially from historical
results or those anticipated depending upon a variety of factors, many
of which are included under "Risk Factors" in our annual report on Form
10-K for our year ended December 31, 2011, including, but not limited
to: the level of continuing demand for storage, including the effects of
current economic and credit conditions; competition and pricing
pressures and timing of our installations that may adversely affect our
revenues and profits; the length of our sales cycle; fixed employment
costs that may impact profitability if we suffer revenue shortfalls;
revenue recognition policies that may unpredictably defer reporting of
our revenues; our ability to hire and retain key technical and sales
personnel; our dependence on key suppliers; our ability to adapt to
rapid technological change; risks associated with integrating completed
and future acquisitions; fluctuations in our quarterly operating
results; future changes in applicable accounting rules; and volatility
in our stock price. Furthermore, our revenues for any particular quarter
are not necessarily reflected by our backlog of contracted orders, which
also may fluctuate unpredictably. We cannot assure you that we can grow
or maintain our revenue and backlog from current levels. Additional
factors that may cause actual results to differ from our assumptions and
expectations include those set forth in our most recent filing on Form
10-K filed with the Securities and Exchange Commission. Any
forward-looking statement made by us in this press release is based only
on information currently available to us and speaks only as of the date
on which it is made. We undertake no obligation to publicly update any
forward-looking statement, whether written or oral, that may be made
from time to time, whether as a result of new information, future
developments or otherwise.
Non-GAAP Details Non-GAAP financial measures exclude the
impact from acquisition accounting adjustments to deferred revenue and
costs, stock-based compensation expense, amortization of acquisition
intangible assets, integration and transaction costs related to
acquisitions and the related effects on income taxes. These non-GAAP
measures are not in accordance with, or an alternative for measures
prepared in accordance with, GAAP and may be different from non-GAAP
measures used by other companies. In addition, these non-GAAP measures
are not based on any comprehensive set of accounting rules or
principles. We believe that non-GAAP measures have limitations in that
they do not reflect all of the amounts associated with our results of
operations as determined in accordance with GAAP and that these measures
should only be used to evaluate our results of operations in conjunction
with the corresponding GAAP measures.
These non-GAAP financial measures facilitate management's internal
comparisons to our historical operating results and comparisons to
competitors' operating results. We include these non-GAAP financial
measures in our earnings announcement because we believe they are useful
to investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making, such as employee compensation planning. We
believe that the presentation of these non-GAAP measures when shown in
conjunction with the corresponding GAAP measures provides useful
information to investors and management regarding financial and business
trends relating to our financial condition and results of operations.
|
DATALINK CORPORATION
|
STATEMENTS OF OPERATIONS
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
Products
|
|
|
$
|
97,455
|
|
|
|
$
|
77,932
|
|
|
|
$
|
319,041
|
|
|
|
$
|
245,743
|
|
Services
|
|
|
|
49,843
|
|
|
|
|
36,780
|
|
|
|
|
172,161
|
|
|
|
|
134,284
|
|
Total net sales
|
|
|
|
147,298
|
|
|
|
|
114,712
|
|
|
|
|
491,202
|
|
|
|
|
380,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of products
|
|
|
|
76,102
|
|
|
|
|
60,228
|
|
|
|
|
248,286
|
|
|
|
|
188,384
|
|
Cost of services
|
|
|
|
38,541
|
|
|
|
|
27,493
|
|
|
|
|
130,890
|
|
|
|
|
100,978
|
|
Amortization of intangibles
|
|
|
|
-
|
|
|
|
|
1,053
|
|
|
|
|
-
|
|
|
|
|
1,053
|
|
Total cost of sales
|
|
|
|
114,643
|
|
|
|
|
88,774
|
|
|
|
|
379,176
|
|
|
|
|
290,415
|
|
Gross profit
|
|
|
|
32,655
|
|
|
|
|
25,938
|
|
|
|
|
112,026
|
|
|
|
|
89,612
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing
|
|
|
|
13,724
|
|
|
|
|
11,402
|
|
|
|
|
48,553
|
|
|
|
|
38,723
|
|
General and administrative
|
|
|
|
4,647
|
|
|
|
|
4,142
|
|
|
|
|
18,227
|
|
|
|
|
15,468
|
|
Engineering
|
|
|
|
6,270
|
|
|
|
|
5,444
|
|
|
|
|
22,974
|
|
|
|
|
17,535
|
|
Other income
|
|
|
|
-
|
|
|
|
|
(553
|
)
|
|
|
|
-
|
|
|
|
|
(1,127
|
)
|
Integration and transaction costs
|
|
|
|
236
|
|
|
|
|
329
|
|
|
|
|
359
|
|
|
|
|
454
|
|
Amortization of intangibles
|
|
|
|
2,339
|
|
|
|
|
619
|
|
|
|
|
4,196
|
|
|
|
|
1,766
|
|
Total operating expenses
|
|
|
|
27,216
|
|
|
|
|
21,383
|
|
|
|
|
94,309
|
|
|
|
|
72,819
|
|
Earnings from operations
|
|
|
|
5,439
|
|
|
|
|
4,555
|
|
|
|
|
17,717
|
|
|
|
|
16,793
|
|
Interest income
|
|
|
|
19
|
|
|
|
|
28
|
|
|
|
|
59
|
|
|
|
|
50
|
|
Interest expense
|
|
|
|
(17
|
)
|
|
|
|
(14
|
)
|
|
|
|
(56
|
)
|
|
|
|
(40
|
)
|
Earnings before income taxes
|
|
|
|
5,441
|
|
|
|
|
4,569
|
|
|
|
|
17,720
|
|
|
|
|
16,803
|
|
Income tax expense
|
|
|
|
2,214
|
|
|
|
|
1,962
|
|
|
|
|
7,190
|
|
|
|
|
6,958
|
|
Net earnings
|
|
|
$
|
3,227
|
|
|
|
$
|
2,607
|
|
|
|
$
|
10,530
|
|
|
|
$
|
9,845
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.19
|
|
|
|
$
|
0.16
|
|
|
|
$
|
0.62
|
|
|
|
$
|
0.62
|
|
Diluted
|
|
|
$
|
0.18
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.60
|
|
|
|
$
|
0.61
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
17,348
|
|
|
|
|
16,736
|
|
|
|
|
17,114
|
|
|
|
|
15,803
|
|
Diluted
|
|
|
|
17,866
|
|
|
|
|
17,206
|
|
|
|
|
17,491
|
|
|
|
|
16,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
BALANCE SHEETS
|
(In thousands, except share data)
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
Current assets
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
10,315
|
|
|
$
|
18,947
|
Short term investments
|
|
|
|
-
|
|
|
|
3,486
|
Accounts receivable, net
|
|
|
|
143,958
|
|
|
|
102,289
|
Receivable due from seller of StraTech acquisition
|
|
|
|
4,243
|
|
|
|
-
|
Inventories
|
|
|
|
2,554
|
|
|
|
1,736
|
Deferred customer support contract costs
|
|
|
|
86,604
|
|
|
|
62,901
|
Inventories shipped but not installed
|
|
|
|
8,784
|
|
|
|
9,779
|
Income tax receivable
|
|
|
|
2,430
|
|
|
|
405
|
Other current assets
|
|
|
|
852
|
|
|
|
1,169
|
Total current assets
|
|
|
|
259,740
|
|
|
|
200,712
|
Property and equipment, net
|
|
|
|
6,082
|
|
|
|
3,453
|
Goodwill
|
|
|
|
37,780
|
|
|
|
32,446
|
Finite life intangibles, net
|
|
|
|
20,759
|
|
|
|
9,035
|
Deferred customer support contract costs non-current
|
|
|
|
40,723
|
|
|
|
28,785
|
Deferred tax asset
|
|
|
|
4,467
|
|
|
|
3,159
|
Other assets
|
|
|
|
455
|
|
|
|
361
|
Total assets
|
|
|
$
|
370,006
|
|
|
$
|
277,951
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
Current liabilities
|
|
|
|
|
|
|
Line of credit
|
|
|
$
|
6,000
|
|
|
$
|
-
|
Accounts payable
|
|
|
|
83,880
|
|
|
|
63,292
|
Accrued commissions
|
|
|
|
8,730
|
|
|
|
5,069
|
Accrued sales and use tax
|
|
|
|
3,489
|
|
|
|
2,574
|
Accrued expenses, other
|
|
|
|
6,027
|
|
|
|
5,209
|
Deferred tax liability
|
|
|
|
9,034
|
|
|
|
7,459
|
Customer deposits
|
|
|
|
3,645
|
|
|
|
2,145
|
Deferred revenue from customer support contracts
|
|
|
|
106,510
|
|
|
|
76,998
|
Other current liabilities
|
|
|
|
157
|
|
|
|
85
|
Total current liabilities
|
|
|
|
227,472
|
|
|
|
162,831
|
Deferred revenue from customer support contracts non-current
|
|
|
|
46,328
|
|
|
|
34,740
|
Other liabilities non-current
|
|
|
|
828
|
|
|
|
195
|
Total liabilities
|
|
|
|
274,628
|
|
|
|
197,766
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
Common stock, $.001 par value, 50,000,000 shares authorized,
18,726,723 and 17,899,171 shares issued and outstanding as of
December 31, 2012 and December 31, 2011, respectively
|
|
|
|
19
|
|
|
|
18
|
Additional paid-in capital
|
|
|
|
70,875
|
|
|
|
66,213
|
Retained earnings
|
|
|
|
24,484
|
|
|
|
13,954
|
Total stockholders' equity
|
|
|
|
95,378
|
|
|
|
80,185
|
Total liabilities and stockholders' equity
|
|
|
$
|
370,006
|
|
|
$
|
277,951
|
|
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from operations on a GAAP basis
|
|
|
$
|
5,439
|
|
|
|
$
|
4,555
|
|
|
|
$
|
17,717
|
|
|
|
$
|
16,793
|
|
GAAP operating margin
|
|
|
|
3.7
|
%
|
|
|
|
4.0
|
%
|
|
|
|
3.6
|
%
|
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets
|
|
|
|
-
|
|
|
|
|
1,053
|
|
|
|
|
-
|
|
|
|
|
1,053
|
|
Purchase accounting adjustment to StraTech & Incentra deferred
revenue and cost, net
|
|
|
|
849
|
|
|
|
|
15
|
|
|
|
|
874
|
|
|
|
|
108
|
|
Total gross margin adjustments
|
|
|
|
849
|
|
|
|
|
1,068
|
|
|
|
|
874
|
|
|
|
|
1,161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation expense included in sales and marketing
|
|
|
|
97
|
|
|
|
|
389
|
|
|
|
|
640
|
|
|
|
|
782
|
|
Stock based compensation expense included in general and
administrative
|
|
|
|
213
|
|
|
|
|
351
|
|
|
|
|
1,341
|
|
|
|
|
1,259
|
|
Stock based compensation expense included in engineering
|
|
|
|
224
|
|
|
|
|
143
|
|
|
|
|
594
|
|
|
|
|
516
|
|
Other income from Cross buyout
|
|
|
|
-
|
|
|
|
|
(553
|
)
|
|
|
|
-
|
|
|
|
|
(553
|
)
|
Integration and transaction costs
|
|
|
|
236
|
|
|
|
|
329
|
|
|
|
|
359
|
|
|
|
|
454
|
|
Amortization of intangible assets
|
|
|
|
2,339
|
|
|
|
|
619
|
|
|
|
|
4,196
|
|
|
|
|
1,766
|
|
Total operating expense adjustments
|
|
|
|
3,109
|
|
|
|
|
1,278
|
|
|
|
|
7,130
|
|
|
|
|
4,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP earnings from operations
|
|
|
|
9,397
|
|
|
|
|
6,901
|
|
|
|
|
25,721
|
|
|
|
|
22,178
|
|
Non-GAAP operating margin
|
|
|
|
6.4
|
%
|
|
|
|
6.0
|
%
|
|
|
|
5.2
|
%
|
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income, net
|
|
|
|
1
|
|
|
|
|
14
|
|
|
|
|
3
|
|
|
|
|
10
|
|
Income tax expense impact including Non-GAAP items
|
|
|
|
3,806
|
|
|
|
|
2,863
|
|
|
|
|
10,418
|
|
|
|
|
9,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings
|
|
|
$
|
5,592
|
|
|
|
$
|
4,052
|
|
|
|
$
|
15,306
|
|
|
|
$
|
13,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net earnings per share - Basic
|
|
|
$
|
0.32
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.89
|
|
|
|
$
|
0.82
|
|
Non-GAAP net earnings per share - Diluted
|
|
|
$
|
0.31
|
|
|
|
$
|
0.24
|
|
|
|
$
|
0.88
|
|
|
|
$
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in non-GAAP per share calculation - Basic
|
|
|
|
17,348
|
|
|
|
|
16,736
|
|
|
|
|
17,114
|
|
|
|
|
15,803
|
|
Shares used in non-GAAP per share calculation - Diluted
|
|
|
|
17,866
|
|
|
|
|
17,206
|
|
|
|
|
17,491
|
|
|
|
|
16,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DATALINK CORPORATION
|
STATEMENT OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net earnings
|
|
|
$
|
10,530
|
|
|
|
$
|
9,845
|
|
Adjustments to reconcile net earnings to net cash provided by
operating activities:
|
|
|
|
|
|
|
Provision (benefit) for bad debts
|
|
|
|
(6
|
)
|
|
|
|
84
|
|
Depreciation
|
|
|
|
1,627
|
|
|
|
|
1,045
|
|
Amortization of finite lived intangibles
|
|
|
|
4,196
|
|
|
|
|
2,819
|
|
Deferred income taxes
|
|
|
|
267
|
|
|
|
|
374
|
|
Stock based compensation expense
|
|
|
|
2,576
|
|
|
|
|
2,557
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
(31,544
|
)
|
|
|
|
(33,019
|
)
|
Inventories
|
|
|
|
177
|
|
|
|
|
(2,114
|
)
|
Deferred costs/revenues/customer deposits, net
|
|
|
|
4,440
|
|
|
|
|
2,485
|
|
Accounts payable
|
|
|
|
2,943
|
|
|
|
|
25,610
|
|
Accrued expenses
|
|
|
|
4,629
|
|
|
|
|
3,605
|
|
Income tax receivable
|
|
|
|
(2,025
|
)
|
|
|
|
659
|
|
Other
|
|
|
|
1,006
|
|
|
|
|
(625
|
)
|
Net cash provided by (used in) operating activities
|
|
|
|
(1,184
|
)
|
|
|
|
13,325
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchase of investments
|
|
|
|
-
|
|
|
|
|
(9,978
|
)
|
Maturities of investments
|
|
|
|
1,192
|
|
|
|
|
6,492
|
|
Sales of investments
|
|
|
|
2,294
|
|
|
|
|
-
|
|
Payment for acquisitions
|
|
|
|
(13,172
|
)
|
|
|
|
(17,542
|
)
|
Purchases of property and equipment
|
|
|
|
(3,824
|
)
|
|
|
|
(1,102
|
)
|
Net cash used in investing activities
|
|
|
|
(13,510
|
)
|
|
|
|
(22,130
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Proceeds from stock offering, net of offering costs
|
|
|
|
-
|
|
|
|
|
17,454
|
|
Line of credit
|
|
|
|
6,000
|
|
|
|
|
-
|
|
Excess tax from stock compensation
|
|
|
|
780
|
|
|
|
|
276
|
|
Proceeds from issuance of common stock from option exercise
|
|
|
|
347
|
|
|
|
|
1,034
|
|
Tax withholding payments reimbursed by restricted stock
|
|
|
|
(1,065
|
)
|
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
|
6,062
|
|
|
|
|
18,764
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
|
(8,632
|
)
|
|
|
|
9,959
|
|
Cash, beginning of period
|
|
|
|
18,947
|
|
|
|
|
8,988
|
|
Cash, end of period
|
|
|
$
|
10,315
|
|
|
|
$
|
18,947
|
|
|
|
|
|
|
|
|
Supplemental cash flow information:
|
|
|
|
|
|
|
Cash paid for income taxes
|
|
|
$
|
8,191
|
|
|
|
$
|
5,934
|
|
Cash received for income tax refunds
|
|
|
$
|
25
|
|
|
|
$
|
469
|
|
|
|
|
|
|
|
|
Supplemental disclosure of non-cash investing activities:
|
|
|
|
|
|
|
Non-cash stock issued as consideration for acquisition
|
|
|
$
|
2,025
|
|
|
|
$
|
1,564
|
|
|
|
|
|
|
|
|
|
|
|
|
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