SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 20, 2005
VERISIGN, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation)
000-23593 | 94-3221585 | |
(Commission File Number) |
(IRS Employer Identification No.) |
487 East Middlefield Road, Mountain View, CA | 94043 | |
(Address of Principal Executive Offices) | (Zip Code) |
(650) 961-7500
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On July 20, 2005, VeriSign, Inc. (VeriSign or the Company) announced its financial results for the quarter ended June 30, 2005 and certain other information. A copy of this press release is attached hereto as Exhibit 99.1.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended (the Exchange Act), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Use of Non-GAAP Financial Information
VeriSign provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). Along with this information, we typically disclose and discuss certain non-GAAP financial information in our quarterly earnings releases, on investor conference calls and during investor conferences and related events. This non-GAAP financial information does not include the following types of financial measures that are included in GAAP: amortization and write-down of goodwill and intangible assets related to acquisitions, in-process research and development, the net gain on the sale of investments or the impairment of investments, restructuring and other recoveries/charges, and stock-based compensation charges related to acquisitions. Management believes that this non-GAAP financial data supplements our GAAP financial by providing investors with additional information which allows them to have a clearer picture of the companys core recurring operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We believe that the non-GAAP information enhances the investors overall understanding of our financial performance and the comparability of the companys operating results from period to period. In the press release attached hereto to as Exhibit 99.1, we have provided a reconciliation of the non-GAAP financial information that we provide each quarter with the comparable financial information reported in accordance with GAAP for the given period.
Item 9.01. Financial Statements and Exhibits.
(c) | Exhibits. |
99.1 | Text of press release of VeriSign, Inc. issued on July 20, 2005. |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VERISIGN, INC. | ||||
Date: July 20, 2005 |
By: |
/s/ James M. Ulam | ||
James M. Ulam | ||||
Senior Vice President, General Counsel and Secretary |
Exhibit Index
Exhibit No. |
Description | |
Exhibit 99.1 | Text of press release of VeriSign, Inc. issued on July 20, 2005. |
3
Exhibit 99.1
VeriSign Reports Second Quarter 2005 Results
MOUNTAIN VIEW, CA July 20, 2005 VeriSign, Inc. (Nasdaq: VRSN), the leading provider of intelligent infrastructure services for the Internet and telecommunications networks, today reported its results for the second quarter ended June 30, 2005.
VeriSign reported revenue of $445 million for the second quarter of 2005, a 74 percent increase compared to the same period of 2004. On a GAAP basis, VeriSign reported net income of $41 million for the second quarter 2005 and earnings per share of $0.15 per fully-diluted share. This compares with net income of $22 million and earnings per share of $.09 per fully-diluted share for the same period of 2004.
On a non-GAAP basis, using a 30% effective tax rate on non-GAAP pre-tax income of $105 million, earnings per share for the second quarter was $0.27 per fully-diluted share, as compared to non-GAAP pre-tax income of $55 million and earnings per fully-diluted share of $0.15 for the same period in 2004. These non-GAAP results exclude the following items, which are included under GAAP: amortization of intangible assets related to acquisitions, in-process research and development, the net gain or loss on the sale of investments, restructuring and other recoveries/charges, and stock-based compensation charges related to acquisitions. A table reconciling the non-GAAP to GAAP numbers reported above is appended to this release.
Our second quarter results were driven by continued demand for our Intelligent Infrastructure services across the worlds voice and data networks, said Stratton Sclavos, Chairman and Chief Executive Officer of VeriSign. As the global foundation for the delivery of communications, commerce and content continues to migrate from physical to digital, we are confident that our customers will look to utilize our services to enable and protect their interactions.
Strong top and bottom-line growth during Q2 drove healthy cash flow and strengthened our balance sheet said Dana Evan, Chief Financial Officer of VeriSign. The record revenue and operating income generated $136 million in operating cash flow and led to a balance of more than $930 million in cash and cash equivalents at the end of the quarter.
Within VeriSigns Internet Services Group (ISG), the VeriSign Security Services (VSS) business achieved a number of milestones during the quarter. Highlights included the announcement of a multi-year Managed Security Services (MSS) contract with ScottishPower, a channel partner relationship with Global Crossing and the recent acquisition of iDEFENSE which will provide real-time intelligence to VeriSigns MSS customers. VSS also announced the launch of several new products including a three-year SSL certificate and enhancements to the VeriSign E-mail Security Solution which includes a Message Archiving Service that helps enterprises meet regulatory compliance and business continuity needs.
The VeriSign Naming and Directory Services (VNDS) business saw its active domain names under management reach a record level as new registrations and renewal rates remained strong. The company was also notified by the Internet Corporation for Assigned Names and Numbers (ICANN) that VeriSign has been awarded the contract to continue operating the .net domain registry. In addition, VNDS announced the acquisition of R4 Global Solutions to provide consulting and implementation services in support of the companys Intelligent Supply Chain offering for enterprises that deploy RFID technology.
The VeriSign Communications Services (VCS) business saw continued growth across its Communications, Commerce and Content businesses in the second quarter. As part of VeriSigns mobile content strategy, VeriSign completed the acquisition of LightSurf and announced the powering of inter-carrier multi-media messaging across Canada and with carriers in the US including T-Mobile and Virgin Mobile. Through an asset acquisition, VCS also added Lightbridges PrepayIN platform to the Communications & Commerce groups billing services.
Additional Financial Information
| VeriSign ended the quarter with Cash, Cash Equivalents, Restricted Cash and Short-term Investments of $933 million, an increase of $61 million from the prior quarter. |
| Cash flow from operations was $136 million for the second quarter of 2005. |
| During the quarter, VeriSign repurchased approximately 1.6 million shares of its common stock for approximately $43 million under its existing repurchase program. |
| Deferred revenue on the balance sheet was $477 million as of June 30, 2005, up $27 million or 6% over last quarter. |
| Net days sales outstanding (Net DSO), which takes into account the change in deferred revenue balance, was 52 days which was up from 49 days in Q1. |
| Capital expenditures for the second quarter of 2005 were approximately $29 million, up from $17 million in the first quarter of 2005. |
| Non-GAAP operating income was $92 million, up from $83 million in the first quarter of 2005. |
| The U.S. dollars move against certain foreign currencies during the period negatively impacted reported revenues by approximately $7 million, or 1.6% |
Internet Services Group
| The Internet Services Group (ISG) which includes VeriSigns Security, Payments, and Naming & Directory services delivered $168 million of revenue in the second quarter of 2005. The results for the second quarter included sequential growth in both VeriSigns Security Services (VSS) and VeriSigns Naming & Directory Services (VNDS) businesses. |
| VeriSigns Web site certificate business issued approximately 124,000 new and renewed certificates in Q2, ending the quarter with a base of more than 471,000 certificates, up from 462,000 at the end of first quarter of 2005. |
| VeriSigns Payments business ended the second quarter with approximately 144,000 merchants under management, an increase of approximately 8,000 merchants over the first quarter of 2005. Further, the business processed approximately 127 million individual transactions with an aggregate value of $11.4 billion during the quarter. |
| VeriSigns Naming & Directory Services business ended the second quarter with over 44 million active domain names in .com and .net, a net increase of approximately 2.8 million names or 7% from the first quarter of 2005. |
Communications Services Group
| VeriSigns Communications Services (VCS) Group which provides intelligent communications, commerce and content services to telecommunications carriers and next generation service providers delivered revenues of $277 million in the second quarter of 2005, up 14% from the first quarter of 2005. The Communications and Commerce group generated revenues of $102 million, up 5% sequentially, while the Content group generated revenues of $175 million. |
| VeriSigns Communications Services Group ended Q2 with a base of approximately 7.2 million wireless billing customer subscribers up modestly from a Q1 base of 7.1 million. |
| The VCS business supported 14.4 billion database queries in Q2 2005, up 13% from Q1 2005. |
Todays Conference Call
VeriSign will be hosting a teleconference call today at 2:00 pm (PT) to review the second quarter results. The call will be accessible by direct dial at (800) 946-0712 (US) or (719) 457-2641 (international). A listen-only live web cast of the Q2 earnings conference call will also be available at www.verisign.com or www.streetevents.com. A replay of this call will be available at (888) 203-1112 (passcode: 6588408) or (719) 457-0820 (international) beginning at 5:00 pm (PT) on July 20th and will run through July 27th. This press release and the financial information discussed on todays conference call are available on the companys website at www.verisign.com under the Investor Relations site.
About VeriSign
VeriSign, Inc. (Nasdaq: VRSN), operates intelligent infrastructure services that enable businesses and individuals to find, connect, secure, and transact across todays complex global networks. Additional news and information about the company is available at www.verisign.com.
Contacts
Media Relations: Brian OShaughnessy, boshaughnessy@verisign.com, 650-426-5270 Investor Relations: Tom McCallum, tmccallum@verisign.com, 650-426-3744
###
Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause VeriSigns actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, the uncertainty of future revenue and profitability and potential fluctuations in quarterly operating results due to such factors as increasing competition and pricing pressure from competing services offered at prices below our prices and market acceptance of our existing services, the inability of VeriSign to successfully develop and market new services and the uncertainty of whether new services as provided by VeriSign will achieve market acceptance or result in any revenues and the risk that the VeriSign and Jamba! businesses as well as other businesses will not be integrated successfully and unanticipated costs of such integration. More information about potential factors that could affect the companys business and financial results is included in VeriSigns filings with the Securities and Exchange Commission, including in the companys Annual Report on Form 10-K for the year ended December 31, 2004 and quarterly reports on Form 10-Q. VeriSign undertakes no obligation to update any of the forward-looking statements after the date of this press release.
VERISIGN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, 2005 |
December 31, 2004 |
|||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 449,579 | $ | 330,641 | ||||
Short-term investments |
431,960 | 406,784 | ||||||
Accounts receivable, net |
279,984 | 198,317 | ||||||
Prepaid expenses and other current assets |
108,576 | 51,324 | ||||||
Deferred tax assets |
18,187 | 19,057 | ||||||
Total current assets |
1,288,286 | 1,006,123 | ||||||
Property and equipment, net |
522,885 | 512,621 | ||||||
Goodwill |
970,966 | 725,427 | ||||||
Other intangible assets, net |
245,261 | 243,838 | ||||||
Restricted cash |
51,444 | 51,518 | ||||||
Long-term note receivable |
25,196 | 39,956 | ||||||
Long-term investments |
6,306 | 6,809 | ||||||
Other assets |
7,235 | 6,582 | ||||||
Total long-term assets |
1,829,293 | 1,586,751 | ||||||
Total assets |
$ | 3,117,579 | $ | 2,592,874 | ||||
Liabilities and Stockholders Equity | ||||||||
Current liabilities: |
||||||||
Accounts payable and accrued liabilities |
$ | 480,283 | $ | 382,025 | ||||
Accrued restructuring costs |
8,669 | 11,696 | ||||||
Deferred revenue |
357,974 | 305,874 | ||||||
Total current liabilities |
846,926 | 699,595 | ||||||
Long-term deferred revenue |
119,369 | 107,595 | ||||||
Long-term restructuring costs |
13,529 | 19,276 | ||||||
Other long-term liabilities |
5,637 | 6,815 | ||||||
Deferred tax liability |
23,334 | 31,319 | ||||||
Total long-term liabilities |
161,869 | 165,005 | ||||||
Total liabilities |
1,008,795 | 864,600 | ||||||
Minority interest in subsidiaries |
38,646 | 36,277 | ||||||
Commitments and contingencies |
||||||||
Stockholders equity: |
||||||||
Preferred stock - par value $.001 per share |
||||||||
Authorized shares: 5,000,000 |
||||||||
Issued and outstanding shares: none |
| | ||||||
Common stock - par value $.001 per share |
||||||||
Authorized shares: 1,000,000,000 |
||||||||
Issued and outstanding shares: 264,249,155 and 253,341,383 (excluding 7,717,017 shares held in treasury at June 30, 2005 and December 31, 2004) |
264 | 253 | ||||||
Additional paid-in capital |
23,548,936 | 23,253,111 | ||||||
Unearned compensation |
(11,723 | ) | (6,127 | ) | ||||
Accumulated deficit |
(21,463,359 | ) | (21,553,829 | ) | ||||
Accumulated other comprehensive loss |
(3,980 | ) | (1,411 | ) | ||||
Total stockholders equity |
2,070,138 | 1,691,997 | ||||||
Total liabilities and stockholders equity |
$ | 3,117,579 | $ | 2,592,874 | ||||
VERISIGN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2005 |
2004 |
2005 |
2004 |
|||||||||||||
Revenues |
$ | 444,830 | $ | 256,045 | $ | 845,821 | $ | 485,158 | ||||||||
Costs and expenses: |
||||||||||||||||
Cost of revenues |
136,554 | 102,235 | 261,397 | 193,717 | ||||||||||||
Sales and marketing |
140,417 | 46,847 | 269,794 | 87,017 | ||||||||||||
Research and development |
26,974 | 15,253 | 48,991 | 31,960 | ||||||||||||
General and administrative |
49,944 | 38,595 | 92,322 | 73,834 | ||||||||||||
Restructuring and other (reversals) charges |
(133 | ) | (3,626 | ) | (2,008 | ) | 11,881 | |||||||||
Amortization of other intangible assets |
24,721 | 18,223 | 47,561 | 33,333 | ||||||||||||
In-process research and development |
4,400 | | 4,400 | | ||||||||||||
Total costs and expenses |
382,877 | 217,527 | 722,457 | 431,742 | ||||||||||||
Operating income |
61,953 | 38,518 | 123,364 | 53,416 | ||||||||||||
Other income, net |
14,083 | 1,538 | 29,361 | 2,569 | ||||||||||||
Minority interest in net income of subsidiary |
(1,048 | ) | (836 | ) | (2,176 | ) | (1,128 | ) | ||||||||
Income before income taxes |
74,988 | 39,220 | 150,549 | 54,857 | ||||||||||||
Income tax expense |
33,693 | 17,275 | 60,079 | 23,842 | ||||||||||||
Net income |
$ | 41,295 | $ | 21,945 | $ | 90,470 | $ | 31,015 | ||||||||
Net income per share: |
||||||||||||||||
Basic |
$ | 0.16 | $ | 0.09 | $ | 0.35 | $ | 0.13 | ||||||||
Diluted |
$ | 0.15 | $ | 0.09 | $ | 0.34 | $ | 0.12 | ||||||||
Shares used in per share computation: |
||||||||||||||||
Basic |
263,538 | 249,357 | 258,018 | 246,859 | ||||||||||||
Diluted |
272,734 | 253,068 | 266,793 | 250,614 | ||||||||||||
VERISIGN, INC. AND SUBSIDIARIES
STATEMENT OF OPERATIONS RECONCILIATION
(unaudited)
Three Months Ended June 30, |
||||||||
2005 |
2004 |
|||||||
Statement of Operations Reconciliation | ||||||||
(in thousands, except per share data) |
||||||||
Net income on a GAAP basis |
$ | 41,295 | $ | 21,945 | ||||
Amortization of intangible assets |
24,721 | 18,223 | ||||||
In-process research and development |
4,400 | | ||||||
Stock-based compensation expense resulting from acquisitions |
1,161 | 530 | ||||||
Restructuring and other (recoveries) charges |
(133 | ) | (3,626 | ) | ||||
Net gain on investments |
58 | 336 | ||||||
Income tax expense |
33,693 | 17,275 | ||||||
Non-GAAP income before income taxes |
105,195 | 54,683 | ||||||
Non-GAAP tax rate of 30% in lieu of the GAAP rate |
(31,558 | ) | (16,405 | ) | ||||
Net income on a non-GAAP basis |
$ | 73,637 | $ | 38,278 | ||||
Statement of Operations Reconciliation per Share | ||||||||
Diluted net income per share on a GAAP basis |
$ | 0.15 | $ | 0.09 | ||||
Amortization of intangible assets |
0.09 | 0.07 | ||||||
In-process research and development |
0.02 | | ||||||
Stock-based compensation expense resulting from acquisitions |
| | ||||||
Restructuring and other (recoveries) charges |
| (0.01 | ) | |||||
Net gain on investments |
| | ||||||
Non-GAAP tax rate of 30% in lieu of the GAAP rate |
0.01 | | ||||||
Diluted net income per share on a non-GAAP basis |
$ | 0.27 | $ | 0.15 | ||||
Shares used in calculation of net income |
272,734 | 253,068 |
VeriSign provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). Along with this information, we typically disclose and discuss certain non-GAAP financial information in our quarterly earnings releases, on investor conference calls and during investor conferences and related events. This non-GAAP financial information does not include the following types of financial measures that are included in GAAP: amortization of intangible assets related to acquisitions, In-process research and development, the net gain/loss on sale of investments, restructuring and other (recoveries)/charges, and stock-based compensation charges related to acquisitions. The non-GAAP financial information is also adjusted for a standard 30% tax rate which differs from the GAAP rate.
Management believes that this non-GAAP financial data supplements our GAAP financial data by providing investors with additional information which allows them to have a clearer picture of the companys core operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We believe that the non-GAAP information enhances the investors overall understanding of our financial performance and the comparability of the companys operating results from period to period. Above, we have provided a reconciliation of the non-GAAP financial information that we provide each quarter with the comparable financial information reported in accordance with GAAP for the given period.
VERISIGN, INC. AND SUBSIDIARIES
STATEMENT OF OPERATIONS RECONCILIATION
(unaudited)
Six Months Ended June 30, |
||||||||
2005 |
2004 |
|||||||
Statement of Operations Reconciliation | ||||||||
(in thousands, except per share data) |
||||||||
Net income on a GAAP basis |
$ | 90,470 | $ | 31,015 | ||||
Amortization of intangible assets |
47,561 | 33,333 | ||||||
In-process research and development |
4,400 | | ||||||
Stock-based compensation expense resulting primarily from acquisitions |
1,538 | 928 | ||||||
Restructuring and other (recoveries) charges |
(2,008 | ) | 11,881 | |||||
Net (gain) loss on investments |
(2,217 | ) | 3,644 | |||||
Income tax expense |
60,079 | 23,842 | ||||||
Non-GAAP income before income taxes |
199,823 | 104,643 | ||||||
Non GAAP tax rate of 30% in lieu of the GAAP rate |
(59,947 | ) | (31,393 | ) | ||||
Net income on a non-GAAP basis |
$ | 139,876 | $ | 73,250 | ||||
Statement of Operations Reconciliation per Share | ||||||||
Diluted net income per share on a GAAP basis |
$ | 0.34 | $ | 0.12 | ||||
Amortization of intangible assets |
0.18 | 0.13 | ||||||
In-process research and development |
0.02 | | ||||||
Stock-based compensation expense resulting primarily from acquisitions |
| | ||||||
Restructuring and other (recoveries) charges |
(0.01 | ) | 0.05 | |||||
Net (gain) loss on investments |
(0.01 | ) | 0.02 | |||||
Non GAAP tax rate of 30% in lieu of the GAAP rate |
| (0.03 | ) | |||||
Diluted net income per share on a non-GAAP basis |
$ | 0.52 | $ | 0.29 | ||||
Shares used in calculation of net income |
266,793 | 250,614 |
VeriSign provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). Along with this information, we typically disclose and discuss certain non-GAAP financial information in our quarterly earnings releases, on investor conference calls and during investor conferences and related events. This non-GAAP financial information does not include the following types of financial measures that are included in GAAP: amortization of intangible assets related to acquisitions, In-process research and development, the net gain/loss on sale of investments, restructuring and other (recoveries)/charges, and stock-based compensation charges related to acquisitions. The non-GAAP financial information is also adjusted for a standard 30% tax rate which differs from the GAAP rate.
Management believes that this non-GAAP financial data supplements our GAAP financial data by providing investors with additional information which allows them to have a clearer picture of the companys core operations. The presentation of this additional information is not meant to be considered in isolation or as a substitute for results prepared in accordance with GAAP. We believe that the non-GAAP information enhances the investors overall understanding of our financial performance and the comparability of the companys operating results from period to period. Above, we have provided a reconciliation of the non-GAAP financial information that we provide each quarter with the comparable financial information reported in accordance with GAAP for the given period.
VERISIGN, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30, |
||||||||
2005 |
2004 |
|||||||
Cash flow from operating activities: |
||||||||
Net income |
$ | 90,470 | $ | 31,015 | ||||
Adjustments to reconcile net loss to net cash provided by operating activities: |
||||||||
Depreciation and amortization of property and equipment |
42,582 | 42,977 | ||||||
Amortization of other intangible assets |
47,561 | 33,333 | ||||||
In-process research and development |
4,400 | | ||||||
Provision for doubtful accounts |
2,489 | 329 | ||||||
Non-cash restructuring and other charges |
146 | 13,436 | ||||||
Net gains and losses and impairments on investments |
(698 | ) | 3,667 | |||||
Dividend income from investment |
(2,180 | ) | | |||||
Minority interest in net income of subsidiary |
2,369 | 1,129 | ||||||
Tax benefit associated with stock options |
9,598 | 25,345 | ||||||
Amortization of unearned compensation |
2,722 | 1,467 | ||||||
Loss on disposal of property and equipment |
186 | | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(77,227 | ) | (14,093 | ) | ||||
Prepaid expenses and other current assets |
(55,329 | ) | (3,303 | ) | ||||
Accounts payable and accrued liabilities |
83,088 | (37,254 | ) | |||||
Deferred revenue |
59,957 | 47,857 | ||||||
Net cash provided by operating activities |
210,134 | 145,905 | ||||||
Cash flow from investing activities: |
||||||||
Purchases of investments |
(203,344 | ) | (95,086 | ) | ||||
Proceeds from maturities and sales of investments |
176,970 | 143,246 | ||||||
Purchases of property and equipment |
(45,819 | ) | (35,383 | ) | ||||
Net cash paid in business combinations |
(18,002 | ) | (246,356 | ) | ||||
Payment received on long-term note receivable and dividend |
20,000 | | ||||||
Merger related costs |
(8,216 | ) | (2,664 | ) | ||||
Other assets |
(1,672 | ) | (34 | ) | ||||
Net cash used in investing activities |
(80,083 | ) | (236,277 | ) | ||||
Cash flow from financing activities: |
||||||||
Proceeds from issuance of common stock from option exercises and employee stock purchase plan |
35,898 | 25,910 | ||||||
Purchase of Treasury Stock |
(42,477 | ) | | |||||
Proceeds from sale of consolidated subsidiary stock |
(28 | ) | 778 | |||||
Payment of long-term liabilities |
(1,100 | ) | (2,850 | ) | ||||
Net cash (used) provided by financing activities |
(7,707 | ) | 23,838 | |||||
Effect of exchange rate changes |
(3,406 | ) | (981 | ) | ||||
Net increase (decrease) in cash and cash equivalents |
118,938 | (67,515 | ) | |||||
Cash and cash equivalents at beginning of period |
330,641 | 393,787 | ||||||
Cash and cash equivalents at end of period |
$ | 449,579 | $ | 326,272 | ||||