WAYNE, Pa.--(BUSINESS WIRE)--Kenexa (Nasdaq: KNXA), a global provider of business solutions for human resources, today announced operating results for the first quarter, ended March 31, 2011.
For the first quarter of 2011, Kenexa reported total GAAP revenue of $60.0 million, with non-GAAP revenue of $63.0 million after eliminating the $3.0 million GAAP adjustment to deferred revenue resulting from the October 2010 acquisition of Salary.com, Inc. Non-GAAP revenue increased 59% compared to $39.7 million for the first quarter of 2010. Within total non-GAAP revenue, subscription revenue was $49.2 million for the first quarter of 2011, an increase of 48% compared with $33.3 million in the first quarter of 2010. Professional services and other revenue was $13.8 million for the first quarter of 2011, an increase of 116% compared to $6.4 million for the first quarter of 2010.
“The first quarter was a strong start to 2011, with all major areas of our business performing at or above our expectations,” said Rudy Karsan, Chief Executive Officer of Kenexa. “With the economy improving and hiring beginning to increase, we are seeing a growing number of organizations looking for a strategic HR solutions provider that can help them transform their recruiting and overall talent management business processes. Our unique combination of software, proprietary content and services is a key driver to Kenexa’s growing market share and success with global organizations.”
Karsan added, “For the second quarter in a row, we are materially increasing our FY11 revenue guidance reflecting what we see as Kenexa’s growing momentum. In addition, we are increasingly optimistic about Kenexa’s long-term market position and believe the company is at the early stages of realizing the benefits from our increased investments in sales and marketing as well as R&D.”
Non-GAAP income from operations, which excludes share-based compensation expense, amortization of acquired intangibles, fees related to our acquisitions and the purchase accounting impact to Salary.com’s deferred revenue, was $5.0 million for the three months ended March 31, 2011. This was above the Company’s guidance of $4.4 million to $4.8 million and represented an increase of 119% compared to non-GAAP income from operations of $2.3 million for the three months ended March 31, 2010.
Non-GAAP net income available to common shareholders, which excludes the items listed above, was $3.7 million for the three months ended March 31, 2011, compared to $2.2 million for the three months ended March 31, 2010. Non-GAAP net income available to common shareholders was $0.15 per diluted share for the quarter ended March 31, 2011, above the Company’s guidance of $0.13 to $0.14 and up 50% compared to $0.10 per diluted share in the first quarter of 2010.
Kenexa’s loss from operations for the three months ended March 31, 2011, determined in accordance with GAAP, was $2.8 million, compared to income from operations of $62,000 for the same period of 2010. GAAP net loss available to common shareholders was approximately $3.2 million, or a loss of $0.14 per basic share for the three months ended March 31, 2011, compared to a net loss of $18,000, or $0.00 per diluted share, in the same period of 2010.
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
Kenexa had cash and cash equivalents of $19.7 million at March 31, 2011, compared to $52.5 million at the end of the prior quarter. During the quarter, the company used approximately $23 million in cash to reduce its long-term debt and approximately $10 million as consideration for two small acquisitions made during the quarter. Deferred revenue was $82.2 million at March 31, 2011, an increase of 51% from March 31, 2010 and up from $76.1 million at the end of the fourth quarter of 2010.
Other First Quarter and Recent Highlights
- More than 50 “preferred partner” customers were added during the quarter (defined as customers that spend more than $50,000 annually), an increase from the over 30 preferred partner customer additions in the year ago period.
- The average annualized revenue from the Company’s top 80 customers, or P-cubed metric, was greater than $1.4 million, an increase from the over $1.0 million level in the first quarter of 2010.
Business Outlook
Based on information as of today, May 3, 2011, the Company is issuing financial guidance as follows:
Second Quarter 2011*: The Company expects GAAP revenue to be $64.0 million to $66.0 million. Excluding the GAAP adjustment to deferred revenue, resulting from the Salary.com acquisition, the Company expects non-GAAP revenue to be $66.0 million to $68.0 million, and non-GAAP operating income to be $5.4 million to $5.8 million. Assuming an effective tax rate for reporting purposes of approximately 20% and approximately 24.4 million shares outstanding, Kenexa expects its non-GAAP net income per diluted share to be $0.16 to $0.17.
Full Year 2011*: The Company expects GAAP revenue to be $259 million to $265 million. Excluding the GAAP adjustment to deferred revenue, the Company expects non-GAAP revenue to be $267 million to $273 million, and non-GAAP operating income to be $24.0 million to $27.0 million. Assuming an effective tax rate for reporting purposes of approximately 20% and approximately 24.4 million shares outstanding, Kenexa expects its non-GAAP net income per diluted share to be $0.70 to $0.82.
* Kenexa’s non-GAAP results excludes stock based compensation expense, amortization of intangibles associated with acquisitions, fees related to closing acquisitions and the purchase accounting reduction to Salary.com’s revenue
Conference Call Information
Kenexa will host a conference call today, May 3, 2011, at 5:00 p.m. (Eastern Time) to discuss the Company's financial results. To access this call, dial 877-407-9039 (domestic) or 201-689-8470 (international). A replay of this conference call will be available through May 10, 2011, at 877-870-5176 (domestic) or 858-384-5517 (international). The replay passcode is 370543. A live webcast of this conference call will be available on the "Investor Relations" page of the Company's Web site, (www.kenexa.com) and a replay will be archived on the Web site as well.
Forward-Looking Statements
This press release includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These statements may contain, among other things, guidance as to future revenue and earnings, operations, expected benefits from acquisitions, prospects of the business generally, intellectual property and the development of products. These statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under the caption "Risk Factors" in Kenexa’s most recent Annual Report on Form 10-K as filed with the Securities and Exchange Commission and as revised or supplemented by Kenexa’s quarterly reports on Form 10-Q. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors, Kenexa’s ability to implement business and acquisition strategies or to complete or integrate acquisitions. Kenexa does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. Kenexa believes that non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Kenexa’s financial condition and results of operations. The Company’s management uses these non-GAAP results to compare the Company’s performance to that of prior periods for trend analyses, for purposes of determining executive incentive compensation, and for budget and planning purposes. These measures are used in monthly financial reports prepared for management and in quarterly financial reports presented to the Company’s Board of Directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial measures with other companies in the Company’s industry, many of which present similar non-GAAP financial measures to investors.
Management of the Company does not consider such non-GAAP measures in isolation or as an alternative to such measures determined in accordance with GAAP. The principal limitation of such non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which charges are excluded from the non-GAAP financial measures.
In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. Kenexa urges investors and potential investors in the Company’s securities to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures which it includes in press releases announcing earnings information, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.
We have not provided a reconciliation of forward-looking non-GAAP financial measures to the directly comparable GAAP measures because, due primarily to variability and difficulty in making accurate forecasts and projections, not all of the information necessary for a quantitative reconciliation is available to us without unreasonable efforts.
Kenexa presents the following non-GAAP financial measures in this press release: non-GAAP revenue; non-GAAP cash from operations; non-GAAP income from operations; non-GAAP net income allocable to common shareholders’; non-GAAP gross profit; non-GAAP operating margin, and non-GAAP net income per diluted share as described below.
The Company’s non-GAAP financial measures exclude the following:
Non-GAAP revenue. Non-GAAP revenue consists of GAAP revenue and the effect of the write down of the deferred revenue associated with purchase accounting for the Salary.com acquisition. This effect during the three months ended March 31, 2011 was $3.0 million and is added back since the Company believes its inclusion provides a more accurate depiction of total revenue.
Non-GAAP cash from operations. Non-GAAP cash from operations consists of GAAP cash from operations adjusted for non-recurring payments of liabilities associated with our acquisitions and payments of acquisition related fees of $0.5 million. These exclusions are made to GAAP cash from operations to facilitate a consistent and more meaningful comparison to the prior year period as their effect was not included in our first quarter 2010 results.
Share-based compensation expense. Share-based compensation expense consists of expenses for stock options and stock awards that the Company began recording in accordance with ASC 718 during the first quarter of 2006. Share-based compensation was $1.1 million for the three months ended March 31, 2011 and $1.3 million for the three months ended March 31, 2010. Share-based compensation expenses are excluded in the Company’s non-GAAP financial measures because share-based compensation amounts are difficult to forecast. This is due in part to the magnitude of the charges which depends upon the volume and timing of stock option grants, which are unpredictable and can vary dramatically from period to period, and external factors such as interest rates and the trading price and volatility of the Company’s common stock. The Company believes that this exclusion provides meaningful supplemental information regarding the Company’s operating results because these non-GAAP financial measures facilitate the comparison of results for future periods with results from past periods. The dilutive effect of all outstanding options is included in the calculation of diluted earnings per share on both a GAAP and a non-GAAP basis.
Amortization of acquired intangible assets. In accordance with GAAP, operating expenses include amortization of acquired intangible assets which are amortized over the estimated useful lives of such assets. Amortization of acquired intangible assets was $3.5 million for the three months ended March 31, 2011, and $0.9 million for the three months ended March 31, 2010. Amortization of acquired intangible assets is excluded from the Company’s non-GAAP financial measures because the Company believes that such exclusion facilitates comparisons to its historical operating results and to the results of other companies in the same industry, which have their own unique acquisition histories.
Acquisition-related fees. In accordance with ASC 805, Business Combinations, acquisition-related fees including advisory, legal, accounting and other professional fees are reported as expense in the periods in which the costs are incurred and the services are received. Acquisition-related fees of $0.1 million for the three months ended March 31, 2011 include legal, travel, and other fees not expected to reoccur from the acquisitions. Acquisition-related fees are excluded in the non-GAAP financial measures because the Company believes that such exclusion facilitates comparisons to its historical operating results and to the results of other companies in the same industry, which have their own unique acquisition histories.
Non-GAAP tax. Non-GAAP tax is an estimated tax applied to the non-GAAP net income for purposes of determining the non-GAAP income allocable to common shareholders. Including the amount is considered important in the determination of non-GAAP income allocable to common shareholders since it depicts a more meaningful measure of the Company’s non-GAAP results.
About Kenexa
Kenexa® provides business solutions for human resources. We help global organizations multiply business success by identifying the best individuals for every job and fostering optimal work environments for every organization. For more than 20 years, Kenexa has studied human behavior and team dynamics in the workplace, and has developed the software solutions, business processes and expert consulting that help organizations impact positive business outcomes through HR. Kenexa is the only company that offers a comprehensive suite of unified products and services that support the entire employee lifecycle from pre-hire to exit. Additional information about Kenexa and its global products and services can be accessed at www.kenexa.com.
Note to editors: Kenexa is a registered trademark of Kenexa. Other company names, product names and company logos mentioned herein are the trademarks or registered trademarks of their respective owners.
| Kenexa Corporation and Subsidiaries | |||||||||||
| Consolidated Balance Sheets | |||||||||||
| (In thousands, except share data) | |||||||||||
| March 31, | December 31, | ||||||||||
| 2011 | 2010 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 19,657 | $ | 52,455 | |||||||
| Accounts receivable, net of allowance for doubtful accounts of $3,108 and $2,545 | 50,829 | 45,584 | |||||||||
| Unbilled receivables | 4,326 | 2,782 | |||||||||
| Income tax receivable | 2,390 | 2,406 | |||||||||
| Deferred income taxes | 5,729 | 5,583 | |||||||||
| Prepaid expenses and other current assets | 9,004 | 8,782 | |||||||||
| Total current assets | 91,935 | 117,592 | |||||||||
| Property and equipment, net | 21,640 | 19,757 | |||||||||
| Software, net | 22,494 | 21,459 | |||||||||
| Goodwill | 40,020 | 34,692 | |||||||||
| Intangible assets, net | 71,272 | 68,238 | |||||||||
| Deferred income taxes, non-current | 35,591 | 35,825 | |||||||||
| Deferred financing costs, net | 513 | 566 | |||||||||
| Other long-term assets | 10,272 | 11,050 | |||||||||
| Total assets | $ | 293,737 | $ | 309,179 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 8,072 | $ | 7,921 | |||||||
| Notes payable, current | 20 | 92 | |||||||||
| Term loan, current | 5,000 | 5,000 | |||||||||
| Commissions payable | 2,789 | 3,169 | |||||||||
| Accrued compensation and benefits | 6,307 | 9,491 | |||||||||
| Other accrued liabilities | 11,083 | 11,764 | |||||||||
| Deferred revenue | 72,048 | 71,346 | |||||||||
| Capital lease obligations | 442 | 271 | |||||||||
| Total current liabilities | 105,761 | 109,054 | |||||||||
| Revolving credit line and term loan | 31,750 | 54,500 | |||||||||
| Capital lease obligations, less current portion | 262 | 146 | |||||||||
| Notes payable, less current portion | - | 10 | |||||||||
| Deferred income taxes | 1,811 | 1,329 | |||||||||
| Deferred revenue, less current portion | 10,160 | 4,706 | |||||||||
| Other long-term liabilities | 2,545 | 2,515 | |||||||||
| Total liabilities | 152,289 | 172,260 | |||||||||
| Commitments and Contingencies | |||||||||||
| Temporary equity | |||||||||||
| Noncontrolling interest | 4,052 | 4,052 | |||||||||
| Shareholders' equity | |||||||||||
|
Preferred stock, $0.01 par value; authorized 10,000,000 shares; |
- | - | |||||||||
|
Common stock, par value $0.01; authorized 100,000,000 shares; |
234 | 229 | |||||||||
| Additional paid-in capital | 288,500 | 281,791 | |||||||||
| Accumulated deficit | (148,438 | ) | (145,271 | ) | |||||||
| Accumulated other comprehensive loss | (2,900 | ) | (3,882 | ) | |||||||
| Total shareholders' equity | 137,396 | 132,867 | |||||||||
| Total liabilities and shareholders' equity | $ | 293,737 | $ | 309,179 | |||||||
| Kenexa Corporation and Subsidiaries | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
| (In thousands, except share and per share data) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2011 | 2010 | |||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Revenue: | ||||||||||||
| Subscription | $ | 46,203 | $ | 33,252 | ||||||||
| Other | 13,775 | 6,412 | ||||||||||
| Total revenues | 59,978 | 39,664 | ||||||||||
| Cost of revenues | 23,345 | 13,811 | ||||||||||
| Gross profit | 36,633 | 25,853 | ||||||||||
| Operating expenses: | ||||||||||||
| Sales and marketing | 14,275 | 9,640 | ||||||||||
| General and administrative | 12,748 | 9,831 | ||||||||||
| Research and development | 4,445 | 2,284 | ||||||||||
| Depreciation and amortization | 7,918 | 4,036 | ||||||||||
| Total operating expenses | 39,386 | 25,791 | ||||||||||
| (Loss) Income loss from operations | (2,753 | ) | 62 | |||||||||
| Interest (expense) income, net | (440 | ) | 146 | |||||||||
| Loss on change in fair market value of investments including ARS and put option, net | - | (31 | ) | |||||||||
| (Loss) income before income taxes | (3,193 | ) | 177 | |||||||||
| Income tax benefit (expense) | 26 | (133 | ) | |||||||||
| Net (loss) income | ($3,167 | ) | $ | 44 | ||||||||
| Income allocated to noncontrolling interest | - | (62 | ) | |||||||||
| Net (loss) income allocated to common shareholders' | ($3,167 | ) | ($18 | ) | ||||||||
| Basic and diluted net loss per share | ($0.14 | ) | $ | 0.00 | ||||||||
| Weighted average shares used to compute net loss per share - basic and diluted | 23,042,809 | 22,577,266 | ||||||||||
| Kenexa Corporation and Subsidiaries | ||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||||||||
| (Unaudited and in thousands, except for per share amounts) | ||||||||||||||
| Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| 2011 | 2010 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||
|
Revenue and Gross Profit: |
||||||||||||||
| GAAP subscription revenue | $ | 46,203 | $ | 33,252 | ||||||||||
| Deferred revenue associated with acquisition | 2,986 | - | ||||||||||||
| Non-GAAP subscription revenue | 49,189 | 33,252 | ||||||||||||
| Other revenue | 13,775 | 6,412 | ||||||||||||
| Non-GAAP revenue | $ | 62,964 | $ | 39,664 | ||||||||||
| GAAP Gross profit | $ | 36,633 | $ | 25,853 | ||||||||||
| Share-based compensation expense | 46 | 84 | ||||||||||||
| Gross profit adjustment | 46 | 84 | ||||||||||||
| Non-GAAP Gross Profit | $ | 36,679 | $ | 25,937 | ||||||||||
|
Expenses: |
||||||||||||||
| GAAP Operating expenses | $ | 39,386 | $ | 25,791 | ||||||||||
| Share-based compensation expense | (1,081 | ) | (1,207 | ) | ||||||||||
| Acquisition-related fees | (83 | ) | - | |||||||||||
| Amortization of acquired intangibles | (3,531 | ) | (921 | ) | ||||||||||
| Total operating expense adjustment | (4,695 | ) | (2,128 | ) | ||||||||||
| Non-GAAP Operating expenses | $ | 34,691 | $ | 23,663 | ||||||||||
| Share-based compensation expense | ||||||||||||||
| Sales and marketing | 153 | 290 | ||||||||||||
| General and administrative | 837 | 820 | ||||||||||||
| Research and development | 91 | 97 | ||||||||||||
| Total Share-based compensation expense | $ | 1,081 | $ | 1,207 | ||||||||||
|
Results: |
||||||||||||||
| GAAP (Loss) income from operations | ($2,753 | ) | $ | 62 | ||||||||||
| Deferred revenue associated with acquisition | 2,986 | - | ||||||||||||
| Gross profit adjustment | 46 | 84 | ||||||||||||
| Operating expense adjustment | 4,695 | 2,128 | ||||||||||||
| Non-GAAP Income from operations | $ | 4,974 | $ | 2,274 | ||||||||||
| GAAP Net (loss) allocable to common shareholders | ($3,167 | ) | ($18 | ) | ||||||||||
| Deferred revenue associated with acquisition | 2,986 | - | ||||||||||||
| Gross profit adjustment | 46 | 84 | ||||||||||||
| Operating expense adjustment | 4,695 | 2,128 | ||||||||||||
|
Non-GAAP net income before non-GAAP tax adjustment |
$ | 4,560 | $ | 2,194 | ||||||||||
| Non-GAAP estimated income tax: 19% | (866 | ) | - | |||||||||||
| Non-GAAP net income allocated to common shareholders' | $ | 3,694 | $ | 2,194 | ||||||||||
|
Weighted average shares used to compute net loss allocable to |
23,042,809 | 22,577,266 | ||||||||||||
| Dilutive effect of options and restricted stock | 1,019,169 | 410,296 | ||||||||||||
|
Weighted average shares used to compute net loss allocable to |
24,061,978 | 22,987,562 | ||||||||||||
| GAAP basic net loss per share | ($0.14 | ) | $ | 0.00 | ||||||||||
| Non-GAAP adjustments as described above, per share | $ | 0.30 | $ | 0.10 | ||||||||||
| Non-GAAP basic net income per share | $ | 0.16 | $ | 0.10 | ||||||||||
| GAAP diluted net loss per share | ($0.14 | ) | $ | 0.00 | ||||||||||
| Non-GAAP adjustments as described above, per share | $ | 0.29 | $ | 0.10 | ||||||||||
| Non-GAAP diluted net income per share | $ | 0.15 | $ | 0.10 | ||||||||||
| Three Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| 2011 | 2010 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||
| Other non-GAAP measures referenced on earnings call: | ||||||||||||||
| Cash from operations | $ | 601 | $ | 8,806 | ||||||||||
| Add: non-recurring payments associated with acquisitions | 523 | - | ||||||||||||
| Non-GAAP cash from operations | $ | 1,124 | $ | 8,806 | ||||||||||
| Kenexa Corporation and Subsidiaries | |||||||||||||
| Consolidated Statements of Cash Flows | |||||||||||||
| (in thousands) | |||||||||||||
| For the three months ended | |||||||||||||
| March 31, | |||||||||||||
| 2011 | 2010 | ||||||||||||
| (unaudited) | (unaudited) | ||||||||||||
| Cash flows from operating activities | |||||||||||||
| Net loss (income) from operations | $ | (3,167 | ) | $ | 44 | ||||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||||
| Depreciation and amortization | 7,918 | 4,036 | |||||||||||
| Loss on disposal of property and equipment | - | 34 | |||||||||||
| Loss on change in fair market value of ARS and put option, net | - | 31 | |||||||||||
| Share-based compensation expense | 1,127 | 1,291 | |||||||||||
| Excess tax benefits from share-based payment arrangements | - | - | |||||||||||
| Amortization of deferred financing costs | 53 | - | |||||||||||
| Bad debt expense (recoveries) | 248 | (41 | ) | ||||||||||
| Deferred income tax (benefit) expense | (270 | ) | 143 | ||||||||||
| Changes in assets and liabilities, net of business combinations | |||||||||||||
| Accounts and unbilled receivables | (6,339 | ) | 1,362 | ||||||||||
| Prepaid expenses and other current assets | 202 | (1,859 | ) | ||||||||||
| Income taxes receivable | 17 | 74 | |||||||||||
| Other long-term assets | 1,265 | (821 | ) | ||||||||||
| Accounts payable | (70 | ) | (80 | ) | |||||||||
| Accrued compensation and other accrued liabilities | (5,595 | ) | (523 | ) | |||||||||
| Commissions payable | (389 | ) | 460 | ||||||||||
| Deferred revenue | 5,690 | 4,655 | |||||||||||
| Other liabilities | (89 | ) | - | ||||||||||
| Net cash provided by operating activities | 601 | 8,806 | |||||||||||
| Cash flows from investing activities | |||||||||||||
| Capitalized software and purchases of property and equipment | (6,593 | ) | (3,581 | ) | |||||||||
| Purchases of available-for-sale securities | - | (730 | ) | ||||||||||
| Sales of available-for-sale securities | - | 2,255 | |||||||||||
| Sales of trading securities | - | 4,050 | |||||||||||
| Acquisitions and variable interest entity, net of cash acquired | (9,682 | ) | (1,635 | ) | |||||||||
| Net cash (used in) provided by investing activities | (16,275 | ) | 359 | ||||||||||
| Cash flows from financing activities | |||||||||||||
| Borrowings under revolving credit line and term loan | 3,000 | - | |||||||||||
| Repayment under revolving credit line | (25,750 | ) | - | ||||||||||
| Repayments of notes payable | (87 | ) | (9 | ) | |||||||||
| Repayments of capital lease obligations | (282 | ) | (54 | ) | |||||||||
| Proceeds from common stock issued through Employee Stock Purchase Plan | 108 | 96 | |||||||||||
| Net proceeds from option exercises | 5,479 | 102 | |||||||||||
| Net cash (used in) provided by financing activities | (17,532 | ) | 135 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 408 | (219 | ) | ||||||||||
| Net (decrease) increase in cash and cash equivalents | (32,798 | ) | 9,081 | ||||||||||
| Cash and cash equivalents at beginning of period | 52,455 | 29,221 | |||||||||||
| Cash and cash equivalents at end of period | $ | 19,657 | $ | 38,302 | |||||||||
| Supplemental disclosures of cash flow information | |||||||||||||
| Cash paid during the period for: | |||||||||||||
| Interest expense | $ | 397 | $ | 4 | |||||||||
| Income taxes paid | $ | 1,009 | $ | 272 | |||||||||
| Noncash investing and financing activities | |||||||||||||
| Capital lease obligations incurred | 568 | - | |||||||||||