Web.com Reports Fourth Quarter and Full Year 2016 Financial Results

February 9, 2017
  • Solid progress on Yodle integration and strong financial performance that beat profit targets and hit the high end of revenue guidance
  • Generated $128 million of operating cash flow and $106 million of free cash flow for the year
  • Paid down $81 million of debt during the year
  • Repurchased 1.7 million shares for $29 million, of which 0.7 million shares for $11 million were repurchased in the fourth quarter

JACKSONVILLE, Fla., Feb. 09, 2017 (GLOBE NEWSWIRE) -- Web.com Group, Inc. (NASDAQ:WEB), a leading provider of Internet services and online marketing solutions for small businesses, today announced results for the fourth quarter and full year ended December 31, 2016.

"Web.com reported a strong finish to 2016, with fourth quarter financial results that exceeded our expectations for profitability and were at the high end of our revenue goals.  During the quarter, our team executed on a number of our strategic priorities.  We will build on this success and momentum to realize further benefits of the Yodle integration," said David L. Brown, chairman, chief executive officer and president of Web.com.

Brown continued, "As we begin 2017, we will remain focused on improving customer retention and product innovation, which we believe will drive accelerating growth in the second half of the year.  At the same time, we expect to continue to generate significant free cash flow that we intend to utilize to pay down debt and repurchase shares to deliver value to our shareholders."

Summary of Fourth Quarter 2016 Financial Results

  • Total revenue, calculated in accordance with U.S. generally accepted accounting principles (GAAP), was $187.2 million for the fourth quarter of 2016, compared to $138.3 million for the fourth quarter of 2015. Non-GAAP revenue was $188.9 million for the fourth quarter of 2016, compared to $141.3 million in the year ago quarter, and at the high end of the company's guidance range of $186 to $189 million.

  • GAAP operating income was $12.1 million for the fourth quarter of 2016, compared to $18.9 million for the fourth quarter of 2015, representing a 6% and 14% GAAP operating margin, respectively. Non-GAAP operating income was $41.9 million for the fourth quarter of 2016, representing a 22% non-GAAP operating margin, compared to $36.9 million for the fourth quarter of 2015, representing a 26% non-GAAP operating margin.

  • GAAP net income was $1.9 million, or $0.04 per diluted share, for the fourth quarter of 2016, representing a 1% GAAP net income margin. GAAP net income was $77.0 million, or $1.48 per diluted share, in the fourth quarter of 2015, representing a 56% GAAP net income margin. GAAP net income in the fourth quarter of 2015 was favorably impacted by the release of certain valuation allowances on the company's deferred tax assets resulting in the recognition of a large tax benefit in the quarter. Without the release of the valuation allowances, the fourth quarter tax provision would have been $6.1 million of expense. The release resulted in a benefit of $68.8 million, bringing the net tax benefit to $62.7 million, in the fourth quarter of 2015.

  • Adjusted EBITDA was $47.4 million for the fourth quarter of 2016, representing a 25% adjusted EBITDA margin, compared to $42.0 million for the fourth quarter of 2015, representing a 30% adjusted EBITDA margin.

  • The company generated cash from operations of $38.1 million for the fourth quarter of 2016, compared to $40.2 million of cash from operations for the fourth quarter of 2015.   Free cash flow was $33.6 million for the fourth quarter of 2016, compared to $36.6 million for the fourth quarter of 2015.

Fourth Quarter and Recent Business Highlights

  • Web.com's total net subscribers were approximately 3,458,000 at the end of the fourth quarter of 2016, up approximately 10,000 from the end of the third quarter of 2016.

  • Web.com's average revenue per user (ARPU) was $18.07 for the fourth quarter of 2016 compared to $13.92 for the fourth quarter of 2015.  ARPU was down sequentially during the fourth quarter of 2016 from $18.47 for the third quarter of 2016.

  • Web.com's trailing twelve month customer retention rate was 85.4% for the fourth quarter of 2016.

  • Web.com used $25.0 million in cash to reduce debt during the fourth quarter of 2016.

  • Web.com repurchased 687,000 shares for $11.1 million in the fourth quarter of 2016.

Summary of Full Year 2016 Financial Results

  • Total revenue, calculated in accordance with GAAP, was $710.5 million for 2016, compared to $543.5 million for 2015. Non-GAAP revenue was $728.9 million for 2016, compared to $559.4 million in 2015.

  • GAAP operating income was $44.7 million for 2016 compared to $61.7 million for 2015, representing a 6% and 11% GAAP operating margin, respectively. Non-GAAP operating income was $158.2 million for 2016, representing a 22% non-GAAP operating margin, compared to $138.8 million for 2015, representing a 25% non-GAAP operating margin.

  • GAAP net income was $4.0 million, or $0.08 per diluted share, for 2016, representing a 1% GAAP net income margin. GAAP net income was $90.0 million, or $1.72 per diluted share, in 2015, representing a 17% GAAP net income margin. GAAP net income for 2015 was favorably impacted by the release of certain valuation allowances on the company's deferred tax assets resulting in the recognition of a large tax benefit in the fourth quarter. Without the release of the valuation allowances, the full year 2015 tax provision would have been $20.5 million of expense. The release resulted in a benefit of $68.8 million, bringing the net tax benefit to $48.3 million for the full year 2015.

  • Adjusted EBITDA was $179.5 million for the twelve months ended December 31, 2016, representing a 25% adjusted EBITDA margin, compared to $155.8 million for the twelve months ended December 31, 2015, representing a 28% adjusted EBITDA margin.

  • Cash from operations was $127.8 million for 2016 compared to $152.7 million for 2015. Free cash flow was $105.7 million for 2016, compared to $138.0 million for 2015.

As discussed at the company's investor day on December 13, 2016, Web.com will no longer report or guide to non-GAAP net income and non-GAAP net income per diluted share to ensure compliance with the recently issued interpretations from the SEC.

Conference Call Information
Management will host a conference call today, February 9, 2017, at 5:00 p.m. ET, to discuss Web.com's fourth quarter financial results and current business outlook. There will be an accompanying slide presentation which will be available on the Investor Relations page of Web.com's website (http://ir.web.com), along with a live webcast and replay of the call. To access the call, dial 877-719-9801 (domestic) or 719-325-4768 (international). A replay of this conference call will be available until February 23, 2017 at 844-512-2921 (domestic) or 412-317-6671 (international). The replay conference ID is 8889357.

About Web.com
Web.com Group, Inc. (Nasdaq:WEB) is a global provider of a full range of Internet services to small businesses to help them compete and succeed online. Web.com meets the needs of small businesses anywhere along their lifecycle with affordable, subscription-based solutions including domains, hosting, website design and management, search engine optimization, online marketing campaigns, local sales leads, social media, mobile products, eCommerce solutions and call center services. For more information, please visit www.web.com; follow the company on Twitter @webdotcom or on Facebook at www.facebook.com/web.com.

Note to Editors: Web.com is a registered trademark of Web.com Group, Inc.

Use of Non-GAAP Financial Measures
Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Web.com believes presenting non-GAAP measures is useful to investors, because it describes the operating performance of the company, in ways that management views or uses to assess the performance of the company. Web.com's management uses these non-GAAP measures as important indicators of the company's past performance and in planning and forecasting performance in future periods. The non-GAAP financial information Web.com presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP.

You are encouraged to review the reconciliation of non-GAAP financial measures to GAAP financial measures included elsewhere in this press release.

Relative to each of the non-GAAP measures Web.com presents, management further sets forth its rationale as follows:

  • Non-GAAP Revenue. Web.com excludes from non-GAAP revenue the impact of the fair value adjustment to amortized deferred revenue because management believes that excluding such measures helps management and investors better understand the company's revenue trends.

  • Non-GAAP Operating Income and Non-GAAP Operating Margin. Web.com excludes from non-GAAP operating income and non-GAAP operating margin, amortization of intangibles, asset impairment, fair value adjustment to deferred revenue and deferred expense, restructuring expenses, corporate development expenses, and stock-based compensation charges, because management believes that adjusting for such measures helps management and investors better understand the company's operating activities.

  • Adjusted EBITDA and Adjusted EBITDA Margin. Web.com excludes from adjusted EBITDA and adjusted EBITDA margin depreciation and amortization expense, asset impairment, income tax provision, interest expense, interest income, stock-based compensation, fair value adjustments to deferred revenue and deferred expense, corporate development expenses and restructuring expenses, because management believes that excluding such items helps investors better understand the company's operating activities.

  • Non-GAAP Cost of Revenue (excluding depreciation and amortization). Web.com excludes from non-GAAP cost of revenue (excluding depreciation and amortization) the fair value adjustment to deferred expense and stock based compensation charges because management believes that adjusting for such measures helps management and investors better understand the company's operating activities.

  • Free Cash Flow. Free cash flow is a non-GAAP financial measure that Web.com uses and defines as net cash provided by operating activities less capital expenditures. The company considers free cash flow to be a liquidity measure which provides useful information to management and investors about the amount of cash generated by the business after the acquisition of property and equipment, which can then be used for investment opportunities.

In respect of the foregoing, Web.com provides the following supplemental information to provide additional context for the use and consideration of the non-GAAP financial measures used elsewhere in this press release:

  • Stock-based compensation. These expenses consist of expenses for employee stock options and employee awards under Accounting Standards Codification ("ASC") 718-10. While stock-based compensation expense calculated in accordance with ASC 718-10 constitutes an ongoing and recurring expense, such expense is excluded from non-GAAP results because such expense is not used by management to assess the core profitability of the company's business operations. Web.com further believes these measures are useful to investors in that they allow for greater transparency to certain line items in the company's financial statements. In addition, when management performs internal comparisons to Web.com's historical operating results and compares the company's operating results to the company's competitors, management excludes this item from various non-GAAP measures.

  • Asset impairment. Web.com has recorded expenses related to asset impairment and excludes the impact of these expenses from its non-GAAP measures, because such expense is not used by management to assess the core profitability of the company's business operations.

  • Amortization of intangibles. Web.com incurs amortization of acquired intangibles under ASC 805-10-65. Acquired intangibles primarily consist of customer relationships, customer lists, non-compete agreements, trade names, and developed technology. Web.com expects to amortize for accounting purposes the fair value of the acquired intangibles based on the pattern in which the economic benefits of the intangible assets will be consumed as revenue is generated. Although the intangible assets generate revenue, the company believes the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding the company's operational performance. In addition, when management performs internal comparisons to Web.com's historical operating results and compares the company's operating results to the company's competitors, management excludes this item from various non-GAAP measures.

  • Depreciation expense. Web.com records depreciation expense associated with its fixed assets. Although its fixed assets generate revenue for Web.com, the item is excluded because management believes certain non-GAAP financial measures excluding this item provide meaningful supplemental information regarding the company's operational performance. In addition, when management performs internal comparisons to Web.com's historical operating results and compares the company's operating results to the company's competitors, management excludes this item from various non-GAAP measures.

  • Restructuring expense. Web.com has recorded restructuring expenses and excludes the impact of these expenses from its non-GAAP measures, because such expense is not used by management to assess the core profitability of the company's business operations.

  • Fair value adjustment to deferred revenue and deferred expense. Web.com has recorded a fair value adjustment to acquired deferred revenue and deferred expense in accordance with ASC 805-10-65. Web.com excludes the impact of these adjustments from its non-GAAP measures, because doing so results in non-GAAP revenue and non-GAAP net income which are reflective of ongoing operating results and more comparable to historical operating results, since the majority of the company's revenue is recurring subscription revenue. Excluding the fair value adjustment to deferred revenue and deferred expense therefore facilitates management's internal comparisons to Web.com's historical operating results.

  • Corporate development expenses. Web.com incurred expenses relating to acquisitions and the successful integration of acquisitions. Web.com excludes the impact of these expenses from its non-GAAP measures, because such expense is not used by management to assess the core profitability of the company's business operations.

  • Gains or losses from asset sales or impairment and certain other transactions. Web.com excludes the impact of asset sales or impairment and certain other transactions including debt extinguishments and the sale of equity method investment from its non-GAAP measures because the impact of these items is not considered part of the company's ongoing operations.

  • Monthly average revenue per user, or ARPU. ARPU is a metric the company measures on a quarterly basis. The company defines ARPU as quarterly non-GAAP subscription revenue divided by the average of the number of subscribers at the beginning of the quarter and the number of subscribers at the end of the quarter, divided by three months. The company excludes from subscription revenue the impact of the fair value adjustments to deferred revenue resulting from acquisition-related write downs.

Forward-Looking Statements
This press release includes "forward-looking statements" including, without limitation, the statement that Web.com is confident that its differentiated set of solutions positions it well to deliver improved growth and performance going forward, that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. As a result of the ultimate outcome of such risks and uncertainties, Web.com's actual results could differ materially from those anticipated in these forward-looking statements. These statements are based on Web.com's current beliefs or expectations, and there are a number of important factors that could cause the actual results or outcomes to differ materially from those indicated by these forward-looking statements, including, without limitation: risks related to the successful offering of the products and services of Web.com; the risk that the integration of Yodle may not  result in in further benefits, and other risks that may impact Web.com's business are set forth under the caption, "Risk Factors," in Web.com's Form 10-Q for the quarter ended September 30, 2016, as filed with the Securities and Exchange Commission, which is  available on a website maintained by the Securities and Exchange Commission at www.sec.gov. Web.com expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein as a result of new information, future events or otherwise.

 
Web.com Group, Inc.
Consolidated Statement of Comprehensive Income
(in thousands, except for per share data)
 
 
 Three months ended
December 31,
  Twelve months ended
December 31,
 2016 2015  2016 2015
         
Revenue$187,203  $138,320   $710,505  $543,461 
         
Cost of revenue and operating expenses        
Cost of revenue (excluding depreciation and amortization)56,843  45,433   224,032  184,751 
Sales and marketing52,427  33,579   210,294  139,971 
Technology and development17,904  9,509   65,800  35,529 
General and administrative20,529  15,773   74,919  64,592 
Restructuring charges1,570  224   3,617  559 
Asset impairment7,111     9,091   
Depreciation and amortization18,697  14,906   78,048  56,345 
Total cost of revenue and operating expenses175,081  119,424   665,801  481,747 
         
Income from operations12,122  18,896   44,704  61,714 
         
Interest expense, net(7,932) (4,616)  (30,462) (20,013)
Net income before income taxes4,190  14,280   14,242  41,701 
Income tax (expense) benefit(2,276) 62,697   (10,252) 48,260 
Net income1,914  76,977   3,990  89,961 
         
Other comprehensive income (loss):        
Foreign currency translation adjustments(496) (289)  (1,901) (724)
Unrealized (loss) gain on investments, net of tax  (2)  28  (31)
Total comprehensive income$1,418  $76,686   $2,117  $89,206 
         
         
Net income per basic common share$0.04  $1.55   $0.08  $1.79 
         
Net income per diluted common share$0.04  1.48   $0.08  1.72 
         
         


Web.com Group, Inc.
Consolidated Balance Sheets
(in thousands, except share count)
      
   December 31, 2016 December 31, 2015
Assets     
Current assets:     
Cash and cash equivalents  $20,447  $18,706 
Accounts receivable, net of allowance of $1,695 and $1,815, respectively  20,567  12,892 
Prepaid expenses  12,311  8,151 
Deferred expenses  60,217  59,400 
Other current assets  1,872  4,380 
Total current assets  115,414  103,529 
      
Property and equipment, net  53,132  41,963 
Deferred expenses  49,127  50,113 
Goodwill  871,751  639,145 
Intangible assets, net  413,127  318,107 
Other assets  11,282  4,482 
Total assets  $1,513,833  $1,157,339 
      
Liabilities and stockholders' equity     
Current liabilities:     
Accounts payable  $19,619  $9,974 
Accrued expenses  14,475  13,303 
Accrued compensation and benefits  18,307  13,765 
Deferred revenue  230,206  219,187 
Current portion of debt  16,847  11,169 
Deferred consideration  20,244   
Other liabilities  5,034  3,802 
Total current liabilities  324,732  271,200 
      
Deferred revenue  195,859  191,426 
Long-term debt  647,294  411,409 
Deferred tax liabilities  80,135  37,840 
Other long-term liabilities  30,361  7,287 
Total liabilities  1,278,381  919,162 
Stockholders' equity:     
Common stock, $0.001 par value per share: 150,000,000 shares authorized, 50,278,137 and 50,683,717 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively  50  51 
Additional paid-in capital  578,486  565,648 
Treasury stock at cost, 3,146,012 shares as of December 31, 2016, and 2,120,944 shares as of December 31, 2015  (62,430) (44,750)
Accumulated other comprehensive loss  (4,020) (2,148)
Accumulated deficit  (276,634) (280,624)
Total stockholders' equity  235,452  238,177 
Total liabilities and stockholders' equity  $1,513,833  $1,157,339 
      


Web.com Group, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except for per share data)
(unaudited)
     
  Three months ended
December 31,
 Twelve months ended
December 31,
  2016 2015 2016 2015
Reconciliation of GAAP revenue to non-GAAP revenue        
GAAP revenue $187,203  $138,320  $710,505  $543,461 
Fair value adjustment to deferred revenue 1,658  3,017  18,363  15,909 
Non-GAAP revenue $188,861  $141,337  $728,868  $559,370 
         
Reconciliation of GAAP operating income to non-GAAP operating income        
GAAP operating income $12,122  $18,896  $44,704  $61,714 
Amortization of intangibles 13,197  9,817  56,805  39,283 
Loss on sale of assets 7    7   
Asset impairment 7,111    9,091   
Stock based compensation 5,506  4,813  20,714  20,064 
Restructuring charges 1,570  224  3,617  559 
Corporate development 706  2  4,631  599 
Fair value adjustment to deferred revenue 1,658  3,017  18,363  15,909 
Fair value adjustment to deferred expense 68  128  301  633 
Non-GAAP operating income $41,945  $36,897  $158,233  $138,761 
         
Reconciliation of GAAP operating margin to non-GAAP operating margin        
GAAP operating margin 6% 14% 6% 11%
Amortization of intangibles 7  7  8  7 
Loss on sale of assets        
Asset impairment 4    1   
Stock based compensation 3  3  3  4 
Restructuring charges 1       
Corporate development     1   
Fair value adjustment to deferred revenue 1  2  3  3 
Fair value adjustment to deferred expense        
Non-GAAP operating margin 22% 26% 22% 25%
         
         
Diluted weighted average shares        
Dilutive shares:        
Basic weighted average common shares 49,160  49,716  49,262  50,243 
Dilutive stock options 1,035  1,886  1,265  1,757 
Dilutive restricted stock 333  469  352  426 
Dilutive performance shares 22  78  1  16 
Total dilutive weighted average common shares 50,550  52,149  50,880  52,442 
         
         
  Three months ended
December 31,
 Twelve months ended
December 31,
  2016 2015 2016 2015
Reconciliation of GAAP net income to adjusted EBITDA                
GAAP net income $1,914  $76,977  $3,990  $89,961 
Depreciation and amortization 18,697  14,906  78,048  56,345 
Loss on sale of assets 7    7   
Asset impairment 7,111    9,091   
Stock based compensation 5,506  4,813  20,714  20,064 
Restructuring charges 1,570  224  3,617  559 
Corporate development 706  2  4,631  599 
Fair value adjustment to deferred revenue 1,658  3,017  18,363  15,909 
Fair value adjustment to deferred expense 68  128  301  633 
Interest expense, net 7,932  4,616  30,462  20,013 
Income tax expense (benefit) 2,276  (62,697) 10,252  (48,260)
Adjusted EBITDA $47,445  $41,986  $179,476  $155,823 
         
Reconciliation of GAAP net income margin to adjusted EBITDA margin        
GAAP net income margin 1% 56% 1% 17%
Depreciation and amortization 10  11  11  10 
Loss on sale of assets        
Asset impairment 4    1   
Stock based compensation 3  3  3  4 
Restructuring charges 1       
Corporate development     1   
Fair value adjustment to deferred revenue 1  2  3  3 
Fair value adjustment to deferred expense        
Interest expense, net 4  3  4  4 
Income tax expense (benefit) 1  (45) 1  (10)
Adjusted EBITDA margin 25% 30% 25% 28%
         
Reconciliation of net cash provided by operating activities to free cash flow        
Net cash provided by operating activities $38,093  $40,161  $127,840  $152,731 
Capital expenditures (4,466) (3,590) (22,140) (14,747)
Free cash flow $33,627  $36,571  $105,700  $137,984 
         
Net cash used in investing activities $(4,470) $(3,590) $(326,953) $(16,077)
Net cash (used in) provided by financing activities $(34,967) $(36,259) $200,917  $(140,431)
         
Revenue        
Subscription $185,479  $136,540  $703,562  $535,706 
Professional services and other 1,724  1,780  6,943  7,755 
Total $187,203  $138,320  $710,505  $543,461 
         
         
         
         
  Three months ended
December 31,
 Twelve months ended
December 31,
  2016 2015 2016 2015
Stock based compensation        
Cost of revenue $64  $446  $1,097  $1,933 
Sales and marketing 1,497  1,023  5,266  4,632 
Technology and development 1,074  666  3,799  2,947 
General and administrative 2,871  2,678  10,552  10,552 
Total $5,506  $4,813  $20,714  $20,064 
         
Reconciliation of GAAP cost of revenue (excluding depreciation and amortization) to non-GAAP cost of revenue (excluding depreciation and amortization)        
Cost of revenue (excluding depreciation and amortization) 56,843  45,433  224,032  184,751 
Fair value adjustment to deferred expense (68) (128) (301) (633)
Stock based compensation (64) (446) (1,097) (1,933)
Non-GAAP cost of revenue (excluding depreciation and amortization) $56,711  $44,859  $222,634  $182,185 
         
         
  Three months
ended
December 31,
2016
 Three months
ended
December 31, 2015
 Three months
ended
September 30,
2016
  
Reconciliation of GAAP revenue to non-GAAP subscription revenue used in ARPU        
GAAP revenue $187,203  $138,320  $190,686   
Fair value adjustment to deferred revenue 1,658  3,017  2,108   
Non-GAAP revenue $188,861  $141,337  $192,794   
Professional services and other revenue (1,724) (1,780) (1,915)  
Non-GAAP subscription revenue used in ARPU $187,137  $139,557  $190,879   
Average subscribers (in thousands) 3,452  3,342  3,445   
ARPU (Non-GAAP subscription revenue per subscriber over 3 month period) $18.07  $13.92  $18.47   
           
         


Web.com Group, Inc.
Consolidated Statement of Cash Flows
(in thousands)
(unaudited) 
 
  Three months ended
December 31,
   Twelve months ended
December 31,
 
  2016 2015   2016 2015 
Cash flows from operating activities           
Net income $1,914  $76,977    $3,990  $89,961  
Adjustments to reconcile net income to net cash provided by operating activities:           
Depreciation and amortization 18,697  14,906    78,048  56,345  
Stock based compensation 5,506  4,813    20,714  20,064  
Deferred income taxes 1,506  (63,355)   7,714  (50,242) 
Amortization of debt issuance costs and other 3,700  2,900    14,015  11,392  
Asset impairment 7,112      9,091    
Changes in operating assets and liabilities:           
Accounts receivable, net (524) 239    (3,056) 4,000  
Prepaid expenses and other assets 3,027  3,660    (7,540) 2,235  
Deferred expenses 1,153  1,425    170  4,206  
Accounts payable (1,476) 2,378    (1,388) (489) 
Accrued expenses and other liabilities 632  (3,165)   (1,473) (792) 
Accrued compensation and benefits 1,900  663    (406) 8,065  
Deferred revenue (5,054) (1,280)   7,961  7,986  
Net cash provided by operating activities 38,093  40,161    127,840  152,731  
            
Cash flows from investing activities           
Business acquisitions, net of cash acquired       (303,262) (1,330) 
Capital expenditures (4,466) (3,590)   (22,140) (14,747) 
Other (4)     (1,551)   
Net cash used in investing activities (4,470) (3,590)   (326,953) (16,077) 
            
Cash flows from financing activities           
Stock issuance costs (5) (21)   (27) (104) 
Common stock repurchased (15) (111)   (4,261) (2,412) 
Payments of long-term debt and revolving credit facility (25,000) (27,750)   (80,500) (95,250) 
Proceeds from exercise of stock options 1,154  1,310    4,970  7,952  
Proceeds from long-term debt issued       200,000    
Proceeds from borrowings on revolving credit facility       115,000    
Debt issuance costs       (5,700)   
Common stock purchases under repurchase plan (11,101) (9,687)   (28,565) (50,617) 
Net cash used in financing activities (34,967) (36,259)   200,917  (140,431) 
            
Effect of exchange rate changes on cash (27) 1    (63) (2) 
Net increase (decrease) in cash and cash equivalents (1,371) 313    1,741  (3,779) 
Cash and cash equivalents, beginning of period 21,818  18,393    18,706  22,485  
Cash and cash equivalents, end of year $20,447  $18,706    $20,447  $18,706  
            
Supplemental cash flow information           
Interest paid $3,543  $1,112    $15,764  $8,761  
Income tax paid $803  $556    $3,590  $2,076  

 

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Investors:
Ira Berger
904-680-6909
Ira.Berger@web.com

Media:
Brian Wright
904-371-6856
Brian.Wright@web.com
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