Financial Statement
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| Three Months Ended March 31, | ||||||||
| 2009 | 2008 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income | $ | 8,335 | $ | 5,670 | ||||
|
Adjustments to reconcile net income to net cash
provided by operating activities: |
||||||||
| Depreciation and amortization | 743 | 819 | ||||||
| Stock-based compensation | 52 | 13 | ||||||
| Restricted stock compensation | 191 | 87 | ||||||
| Provision for doubtful accounts | 30 | |||||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (2,356) | (4,559) | ||||||
| Other assets | (72) | (64) | ||||||
| Accounts payable and accrued expenses | 326 | 583 | ||||||
| Accrued payroll and related benefits | 672 | 572 | ||||||
| Deferred revenue | 773 | 494 | ||||||
| Deferred rent | (36) | (29 ) | ||||||
| Deferred taxes | (766) | |||||||
| Other current liabilities | (46) | |||||||
| Net cash provided by operating activities | 7,816 | 3,616 | ||||||
| Cash flows from investing activities: | ||||||||
| Investment in Telstra eBusiness Services, net of cash acquired | (42,956) | |||||||
| Investment in IDS | (1,000) | |||||||
| Investment in ConfirmNet | (3,094) | |||||||
| (Purchases)/maturities of marketable securities, net | 1,059 | (4,306) | ||||||
| Capital expenditures | (727) | (181) | ||||||
| Net cash used in investing activities | (3,762) | (47,443) | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from line of credit | 4,295 | |||||||
| Repurchase of common stock | (505) | |||||||
| Proceeds from the exercise of stock options | 271 | |||||||
| Payments for capital lease obligations | (38) | (2 ) | ||||||
| Principal payments of debt obligations | (587) | (493 ) | ||||||
| Net cash provided/(used) in financing activities | (1,130) | 4,071 | ||||||
| Effect of foreign exchange rates on cash | (627) | (451) | ||||||
| Net change in cash and cash equivalents | 2,297 | (40,207) | ||||||
| Cash and cash equivalents at the beginning of the period | 9,475 | 48,437 | ||||||
| Cash and cash equivalents at the end of the period | $ | 11,772 | $ | 8,230 | ||||
| Supplemental disclosures of cash flow information: | ||||||||
| Interest paid | $ | 226 | $ | 221 | ||||
| Income taxes paid | $ | 247 | $ | 410 | ||||
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