|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 10,653 |
$ (1,468) |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred taxes |
(5,440) |
0 |
| Excess tax benefits realized from share-based compensation |
(844) |
0 |
| Depreciation and amortization |
1,187 |
579 |
| Share-based compensation |
1,384 |
908 |
| Allowance for doubtful accounts |
50 |
0 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(431) |
(947) |
| Deferred commissions |
152 |
(1,512) |
| Prepaid expenses and other assets |
(470) |
(470) |
| Security deposits |
(127) |
129 |
| Accounts payable and accrued expenses |
1,221 |
2,195 |
| Income taxes payable |
2,236 |
0 |
| Deferred revenue |
13,065 |
7,513 |
| Other |
160 |
13 |
| Net cash provided by operating activities |
22,796 |
6,940 |
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(2,460) |
(663) |
| Net cash used in investing activities |
(2,460) |
(663) |
| Cash flows from financing activities: |
|
|
| Repayment of note receivable from shareholder |
3,072 |
4 |
| Payment of preferred stock dividend |
(120) |
(159) |
| Proceeds from exercise of stock options and purchase of shares under stock purchase plan |
575 |
19 |
| Excess tax benefits realized from share-based compensation |
844 |
0 |
| Repayments of obligations under capital leases |
(254) |
(96) |
| Payments of obligations under software licensing agreements |
(145) |
(72) |
| Repurchase of common stock |
0 |
(250) |
| Net cash provided by (used in) financing activities |
3,972 |
(554) |
| Effect of exchange rates on cash and cash equivalents |
72 |
(4) |
| Net increase in cash and cash equivalents |
24,380 |
5,719 |
| Cash and cash equivalents at beginning of year |
8,931 |
3,212 |
| Cash and cash equivalents at end of year |
33,311 |
8,931 |
| Supplemental disclosure of cash flow information: |
|
|
| Interest |
33 |
27 |
| Income taxes |
212 |
51 |
| Supplemental disclosure of noncash investing and financing activities: |
|
|
| Tender of common stock in lieu of interest payment on note receivable from shareholder |
200 |
0 |
| Capital contribution in lieu of preferred stock dividend |
240 |
200 |
| Property and equipment acquired under capital leases |
1,024 |
118 |
| Acquisition of software licenses |
0 |
389 |
| Accounts payable for property and equipment |
$ 0 |
$ 742 |