Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - MICROSTRATEGY Inc | d477093d8k.htm |
Exhibit 99.1
Contact:
MicroStrategy Incorporated
Investor Relations
ir@microstrategy.com
(703) 848-8600
MicroStrategy Announces
Fourth Quarter 2012 Financial Results
Record $164.5 Million in Total Revenues
TYSONS CORNER, Va., January 28, 2013 – MicroStrategy® Incorporated (Nasdaq: MSTR), a leading worldwide provider of business intelligence (BI) and mobile software, today announced financial results for the three-month period ended December 31, 2012 (the fourth quarter of its 2012 fiscal year).
Fourth quarter 2012 revenues were $164.5 million versus $160.3 million for the fourth quarter of 2011, a 3% increase. Product licenses revenues for the fourth quarter of 2012 were $46.3 million versus $54.5 million for the fourth quarter of 2011, a 15% decrease. Product support and other services revenues for MicroStrategy’s core BI business for the fourth quarter of 2012 were $109.7 million versus $99.5 million for the fourth quarter of 2011, a 10% increase.
Operating expenses for the fourth quarter of 2012 were $111.3 million versus $113.7 million for the fourth quarter of 2011, a 2% decrease. The decrease in operating expenses was due primarily to a reduction in sales and marketing expense.
Net income for the fourth quarter of 2012 was $8.2 million, or $0.73 per share on a diluted basis, compared to $9.0 million, or $0.81 per share on a diluted basis, for the fourth quarter of 2011.
As of December 31, 2012, MicroStrategy had cash and cash equivalents of $224.4 million versus $199.6 million as of December 31, 2011, an increase of $24.8 million. As of December 31, 2012, MicroStrategy had 9,057,303 shares of class A common stock and 2,227,327 shares of class B common stock outstanding.
Fourth Quarter Highlights in Big Data, Mobile Applications, and Cloud-based BI
In the fourth quarter of 2012, MicroStrategy continued to bolster its position as a leading worldwide provider of business intelligence and mobile software. The company continued to offer visionary thought leadership, superior service to its customers, and disruptive new products.
MicroStrategy Announces the General Availability of Express, an Innovative New Software-as-a-Service (SaaS) Offering
In October 2012, MicroStrategy announced the general availability of Express, enabling any business person – regardless of technical skill – to access and analyze data on their own, and deploy powerful data-driven mobile apps to thousands of users within days. Express combines the simplicity and flexibility of a cloud-based solution with the analytical depth, performance and scalability of world-class business intelligence. Business people can access on-premises and cloud-based data rapidly and securely, and explore it using powerful and intuitive data visualizations. They can design and share mobile apps without
writing a line of code. They can build boardroom-quality dashboards using pixel-perfect editing capabilities, and automatically publish personalized documents to any number of recipients. To try the free service, visit http://www.microstrategy.com/cloud/express/.
MicroStrategy Rated #1 by Dresner Advisory Study for Second Year in a Row for Mobile Business Intelligence Offering
In November 2012, MicroStrategy announced that it has been rated the top Mobile Business Intelligence offering out of 25 product offerings in the widely followed 2012 Wisdom of Crowds® Mobile Business Intelligence Market Study® from Dresner Advisory Services. This is the second year in a row MicroStrategy Mobile received this number one ranking.
The MicroStrategy Mobile BI platform goes above and beyond standard business intelligence to become a full mobile app development platform. The MicroStrategy Mobile App Platform enables organizations to build a wide variety of essential mobile apps that deliver workflows, transactions, mobile operations systems access, multimedia, and business intelligence in compelling custom native apps. The Dresner study rated MicroStrategy the top Mobile BI offering, with the highest platform score and the highest customer user rating for Mobile BI among all 25 vendors rated.
MicroStrategy Enhances Innovative Big Data Capabilities with Certified Integration to Amazon Redshift Analytical Data Warehouse Service
In November 2012, MicroStrategy announced that it certified its integration with the Amazon Redshift data warehouse service. Launched by Amazon Web Services (AWS), Amazon Redshift is a cloud-based analytical data warehouse service designed to deliver high performance analytics for data warehouse and Big Data applications.
MicroStrategy Releases Survey Results on the Use of Tablet Computers to Support Sales Activities
In December 2012, MicroStrategy announced the results of a survey of over 500 U.S. organizations on the use of tablet computers to support sales activities across many industries. Results of the online survey revealed that:
| • | Nearly one in two salespeople cite limited mobile access to key sales systems – i.e. Customer Relationship Management (CRM), Content Management, Order Management – as a challenge. |
| • | C-level executives point to their respective salesforces’ lack of understanding of customer needs as a major barrier to selling (75%), along with failure to keep product knowledge current (50%). |
| • | The top five desired activities to perform on a mobile device include: create or update opportunities, view sales collateral, view CRM records, view sales analytics, and collaborate and share ideas with other sales team members. |
| • | Most sales organizations (72%) grade themselves at a B-level or below on sales meeting quality. To see additional survey result detail, visit http://www.microstrategy.com/download/files/mobile/MSESurveyResults.pdf. |
Examples of Customer Deals from Q4 2012
Kinross Gold Corporation
Kinross Gold Corporation (NYSE: KGC) is a Canadian-based gold mining company with mines and projects in Brazil, Canada, Chile, Ecuador, Ghana, Mauritania, Russia and the United States, employing approximately 8,000 people worldwide. Kinross is expanding its use of the MicroStrategy Business Intelligence, Mobile and Analytics platforms to support initiatives around continuous improvement, cost management and mining productivity. Kinross selected MicroStrategy for its integrated architecture platform, ease-of-use, and visualization and reporting capabilities.
Nielsen Holdings N.V.
Nielsen Holdings N.V. (NYSE: NLSN) is a global information and measurement company with leading market positions in marketing and consumer information, television and other media measurement, online intelligence, mobile measurement, trade shows and related properties. Nielsen selected MicroStrategy as its enterprise BI and Mobile software solution to provide its manufacturing, retailer and media clients with the ability to report and analyze market information for their respective products and services.
About MicroStrategy Incorporated
Founded in 1989, MicroStrategy (Nasdaq: MSTR) is a leading worldwide provider of enterprise software, including the MicroStrategy Business Intelligence (BI) Platform™, the MicroStrategy Mobile Platform™, and MicroStrategy Applications™. The Company offers its technologies for deployment in customer data centers and as proprietary cloud services. The MicroStrategy BI Platform enables leading organizations to analyze vast amounts of data and distribute business insight throughout the enterprise. The MicroStrategy Mobile Platform lets organizations rapidly build enterprise-caliber mobile applications needed to mobilize business processes and information. MicroStrategy Applications are a set of application services designed to help enterprises deploy mobile commerce and loyalty services, build mobile identity and cyber security services, as well as generate real-time insights into consumer preferences. MicroStrategy Cloud™ allows enterprises to deploy MicroStrategy BI apps and mobile apps more quickly and with lower financial risk than with traditional on-premises solutions. To learn more about MicroStrategy, visit www.microstrategy.com and follow us on Facebook (http://www.facebook.com/microstrategy) and Twitter (http://www.twitter.com/microstrategy).
MicroStrategy, MicroStrategy Business Intelligence Platform, MicroStrategy Mobile Platform, MicroStrategy Applications, MicroStrategy Express, and MicroStrategy Cloud are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
This press release may include statements that may constitute “forward-looking statements,” including estimates of future business prospects or financial results and statements containing the words “believe,” “estimate,” “project,” “expect,” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results of MicroStrategy Incorporated and its subsidiaries (collectively, the “Company”) to differ materially from the forward-looking statements. Factors that could contribute to such differences include: the extent and timing of market acceptance of MicroStrategy’s new offerings, including MicroStrategy 9.3, MicroStrategy Express, MicroStrategy Wisdom, MicroStrategy Alert and MicroStrategy Usher; the Company’s ability to recognize revenue or deferred revenue through delivery of products or satisfactory performance of services; continued acceptance of the Company’s other products in the marketplace; the timing of significant orders; delays in the Company’s ability to develop or ship new products; competitive factors; general economic conditions, including significant downturns in industries, including the financial services and retail industries, in which we have a significant number of customers; currency fluctuations; and other risks detailed in the Company’s registration statements and periodic reports filed with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Three Months Ended December 31, |
Twelve Months Ended December 31, |
|||||||||||||||
| 2012 | 2011 | 2012 | 2011* | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
| Revenues |
||||||||||||||||
| Product licenses |
$ | 46,265 | $ | 54,502 | $ | 147,344 | $ | 154,574 | ||||||||
| Product support and other services |
118,188 | 105,764 | 447,262 | 407,576 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total revenues |
164,453 | 160,266 | 594,606 | 562,150 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cost of revenues |
||||||||||||||||
| Product licenses |
1,632 | 2,260 | 5,819 | 8,774 | ||||||||||||
| Product support and other services |
38,050 | 35,392 | 146,973 | 133,246 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total cost of revenues |
39,682 | 37,652 | 152,792 | 142,020 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
124,771 | 122,614 | 441,814 | 420,130 | ||||||||||||
|
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|
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|
|
|
|
|||||||||
| Operating expenses |
||||||||||||||||
| Sales and marketing |
59,230 | 69,125 | 219,845 | 243,029 | ||||||||||||
| Research and development |
26,708 | 22,312 | 94,565 | 72,618 | ||||||||||||
| General and administrative |
25,340 | 22,223 | 97,251 | 89,441 | ||||||||||||
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|
|
|||||||||
| Total operating expenses |
111,278 | 113,660 | 411,661 | 405,088 | ||||||||||||
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|
|
|
|
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|||||||||
| Income from operations before financing and other income and income taxes |
13,493 | 8,954 | 30,153 | 15,042 | ||||||||||||
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|
|
|
|
|||||||||
| Financing and other (expense) income |
||||||||||||||||
| Interest income, net |
50 | 60 | 141 | 199 | ||||||||||||
| Gain on sale of investment |
— | — | — | 3,371 | ||||||||||||
| Other (expense) income, net |
(1,801 | ) | 666 | (1,063 | ) | 688 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total financing and other (expense) income |
(1,751 | ) | 726 | (922 | ) | 4,258 | ||||||||||
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|
|
|
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|
|
|||||||||
| Income from operations before income taxes |
11,742 | 9,680 | 29,231 | 19,300 | ||||||||||||
| Provision for income taxes |
3,502 | 680 | 8,685 | 1,360 | ||||||||||||
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|
|
|
|
|||||||||
| Net income |
$ | 8,240 | $ | 9,000 | $ | 20,546 | $ | 17,940 | ||||||||
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| Basic earnings per share (1): |
$ | 0.73 | $ | 0.84 | $ | 1.87 | $ | 1.67 | ||||||||
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| Weighted average shares outstanding used in computing basic earnings per share |
11,245 | 10,767 | 10,995 | 10,719 | ||||||||||||
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| Diluted earnings per share (1): |
$ | 0.73 | $ | 0.81 | $ | 1.84 | $ | 1.62 | ||||||||
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|
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| Weighted average shares outstanding used in computing diluted earnings per share |
11,281 | 11,078 | 11,174 | 11,066 | ||||||||||||
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| (1) | Basic and fully diluted earnings per share for class A and class B common stock are the same. |
| * | Derived from audited financial statements. |
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Core BI Business | Angel.com | Consolidated | ||||||||||||||||||||||
| Three Months Ended December 31, |
Three Months Ended December 31, |
Three Months Ended December 31, |
||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| Product licenses |
$ | 46,265 | $ | 54,502 | $ | — | $ | — | $ | 46,265 | $ | 54,502 | ||||||||||||
| Product support and other services |
109,721 | 99,467 | — | — | 109,721 | 99,467 | ||||||||||||||||||
| Angel.com services |
— | — | 8,467 | 6,297 | 8,467 | 6,297 | ||||||||||||||||||
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|||||||||||||
| Total revenues |
155,986 | 153,969 | 8,467 | 6,297 | 164,453 | 160,266 | ||||||||||||||||||
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|
|
|||||||||||||
| Cost of revenues |
||||||||||||||||||||||||
| Product licenses |
1,632 | 2,260 | — | — | 1,632 | 2,260 | ||||||||||||||||||
| Product support and other services |
34,807 | 32,539 | — | — | 34,807 | 32,539 | ||||||||||||||||||
| Angel.com services |
— | — | 3,243 | 2,853 | 3,243 | 2,853 | ||||||||||||||||||
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|
|||||||||||||
| Total cost of revenues |
36,439 | 34,799 | 3,243 | 2,853 | 39,682 | 37,652 | ||||||||||||||||||
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|
|||||||||||||
| Gross profit |
119,547 | 119,170 | 5,224 | 3,444 | 124,771 | 122,614 | ||||||||||||||||||
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|
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| Operating expenses |
||||||||||||||||||||||||
| Sales and marketing |
56,590 | 66,628 | 2,640 | 2,497 | 59,230 | 69,125 | ||||||||||||||||||
| Research and development |
25,079 | 20,946 | 1,629 | 1,366 | 26,708 | 22,312 | ||||||||||||||||||
| General and administrative |
24,192 | 21,288 | 1,148 | 935 | 25,340 | 22,223 | ||||||||||||||||||
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|||||||||||||
| Total operating expenses |
105,861 | 108,862 | 5,417 | 4,798 | 111,278 | 113,660 | ||||||||||||||||||
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| Income (loss) from operations before financing and other income and income taxes |
13,686 | 10,308 | (193 | ) | (1,354 | ) | 13,493 | 8,954 | ||||||||||||||||
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|
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| Financing and other (expense) income |
||||||||||||||||||||||||
| Interest income, net |
50 | 60 | — | — | 50 | 60 | ||||||||||||||||||
| Gain on sale of investment |
— | — | — | — | — | — | ||||||||||||||||||
| Other (expense) income, net |
(1,799 | ) | 709 | (2 | ) | (43 | ) | (1,801 | ) | 666 | ||||||||||||||
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|||||||||||||
| Total financing and other (expense) income |
(1,749 | ) | 769 | (2 | ) | (43 | ) | (1,751 | ) | 726 | ||||||||||||||
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|
|||||||||||||
| Income (loss) from operations before income taxes |
$ | 11,937 | $ | 11,077 | $ | (195 | ) | $ | (1,397 | ) | $ | 11,742 | $ | 9,680 | ||||||||||
| Provision for income taxes |
3,502 | 680 | ||||||||||||||||||||||
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|
|||||||||||||||||||||
| Net income |
$ | 8,240 | $ | 9,000 | ||||||||||||||||||||
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|
|||||||||||||||||||||
| Basic earnings per share |
$ | 0.73 | $ | 0.84 | ||||||||||||||||||||
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|
|||||||||||||||||||||
| Weighted average shares outstanding used in computing basic earnings per share |
|
11,245 | 10,767 | |||||||||||||||||||||
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|
|||||||||||||||||||||
| Diluted earnings per share |
$ | 0.73 | $ | 0.81 | ||||||||||||||||||||
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|
|||||||||||||||||||||
| Weighted average shares outstanding used in computing diluted earnings per share |
|
11,281 | 11,078 | |||||||||||||||||||||
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MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Core BI Business | Angel.com | Consolidated | ||||||||||||||||||||||
| Twelve Months Ended December 31, |
Twelve Months Ended December 31, |
Twelve Months Ended December 31, |
||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||
| Revenues |
||||||||||||||||||||||||
| Product licenses |
$ | 147,344 | $ | 154,574 | $ | — | $ | — | $ | 147,344 | $ | 154,574 | ||||||||||||
| Product support and other services |
418,380 | 382,594 | — | — | 418,380 | 382,594 | ||||||||||||||||||
| Angel.com services |
— | — | 28,882 | 24,982 | 28,882 | 24,982 | ||||||||||||||||||
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|||||||||||||
| Total revenues |
565,724 | 537,168 | 28,882 | 24,982 | 594,606 | 562,150 | ||||||||||||||||||
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|||||||||||||
| Cost of revenues |
||||||||||||||||||||||||
| Product licenses |
5,819 | 8,774 | — | — | 5,819 | 8,774 | ||||||||||||||||||
| Product support and other services |
135,257 | 121,924 | — | — | 135,257 | 121,924 | ||||||||||||||||||
| Angel.com services |
— | — | 11,716 | 11,322 | 11,716 | 11,322 | ||||||||||||||||||
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|||||||||||||
| Total cost of revenues |
141,076 | 130,698 | 11,716 | 11,322 | 152,792 | 142,020 | ||||||||||||||||||
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|||||||||||||
| Gross profit |
424,648 | 406,470 | 17,166 | 13,660 | 441,814 | 420,130 | ||||||||||||||||||
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| Operating expenses |
||||||||||||||||||||||||
| Sales and marketing |
209,975 | 231,504 | 9,870 | 11,525 | 219,845 | 243,029 | ||||||||||||||||||
| Research and development |
88,190 | 67,863 | 6,375 | 4,755 | 94,565 | 72,618 | ||||||||||||||||||
| General and administrative |
93,384 | 86,237 | 3,867 | 3,204 | 97,251 | 89,441 | ||||||||||||||||||
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|||||||||||||
| Total operating expenses |
391,549 | 385,604 | 20,112 | 19,484 | 411,661 | 405,088 | ||||||||||||||||||
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| Income (loss) from operations before financing and other income and income taxes |
33,099 | 20,866 | (2,946 | ) | (5,824 | ) | 30,153 | 15,042 | ||||||||||||||||
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|
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| Financing and other (expense) income |
||||||||||||||||||||||||
| Interest income (expense), net |
143 | 199 | (2 | ) | — | 141 | 199 | |||||||||||||||||
| Gain on sale of investment |
— | 3,371 | — | — | — | 3,371 | ||||||||||||||||||
| Other (expense) income, net |
(1,035 | ) | 764 | (28 | ) | (76 | ) | (1,063 | ) | 688 | ||||||||||||||
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|||||||||||||
| Total financing and other (expense) income |
(892 | ) | 4,334 | (30 | ) | (76 | ) | (922 | ) | 4,258 | ||||||||||||||
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|||||||||||||
| Income (loss) from operations before income taxes |
$ | 32,207 | $ | 25,200 | $ | (2,976 | ) | $ | (5,900 | ) | $ | 29,231 | $ | 19,300 | ||||||||||
| Provision for income taxes |
8,685 | 1,360 | ||||||||||||||||||||||
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|
|||||||||||||||||||||
| Net income |
$ | 20,546 | $ | 17,940 | ||||||||||||||||||||
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| Basic earnings per share |
$ | 1.87 | $ | 1.67 | ||||||||||||||||||||
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| Weighted average shares outstanding used in computing basic earnings per share |
|
10,995 | 10,719 | |||||||||||||||||||||
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|
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| Diluted earnings per share |
$ | 1.84 | $ | 1.62 | ||||||||||||||||||||
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|
|||||||||||||||||||||
| Weighted average shares outstanding used in computing diluted earnings per share |
|
11,174 | 11,066 | |||||||||||||||||||||
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MICROSTRATEGY INCORPORATED
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
| December 31, 2012 |
December 31, 2011* |
|||||||
| (unaudited) | ||||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 224,393 | $ | 199,634 | ||||
| Restricted cash and short-term investments |
86 | 289 | ||||||
| Accounts receivable, net |
93,758 | 94,723 | ||||||
| Prepaid expenses and other current assets |
13,288 | 17,043 | ||||||
| Deferred tax assets, net |
26,616 | 31,516 | ||||||
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|
|
|
|||||
| Total current assets |
358,141 | 343,205 | ||||||
| Property and equipment, net |
100,514 | 95,311 | ||||||
| Capitalized software development costs, net |
10,360 | 7,031 | ||||||
| Deposits and other assets |
5,259 | 5,306 | ||||||
| Deferred tax assets, net |
3,664 | 2,998 | ||||||
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|
|
|
|||||
| Total Assets |
$ | 477,938 | $ | 453,851 | ||||
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|
|||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities |
||||||||
| Accounts payable and accrued expenses |
$ | 42,492 | $ | 46,401 | ||||
| Accrued compensation and employee benefits |
74,153 | 68,308 | ||||||
| Deferred revenue and advance payments |
101,888 | 103,199 | ||||||
| Deferred tax liabilities |
523 | 485 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
219,056 | 218,393 | ||||||
| Deferred revenue and advance payments |
8,823 | 10,841 | ||||||
| Other long-term liabilities |
43,517 | 45,141 | ||||||
| Deferred tax liabilities |
6,231 | 10,498 | ||||||
|
|
|
|
|
|||||
| Total Liabilities |
277,627 | 284,873 | ||||||
|
|
|
|
|
|||||
| Stockholders’ Equity |
||||||||
| Preferred stock undesignated, $0.001 par value; 5,000 shares authorized; no shares issued or outstanding |
— | — | ||||||
| Class A common stock, $0.001 par value; 330,000 shares authorized; 15,462 shares issued and 9,057 shares outstanding, and 14,810 shares issued and 8,405 shares outstanding, respectively |
15 | 15 | ||||||
| Class B common stock, $0.001 par value; 165,000 shares authorized; 2,227 and 2,378 shares issued and outstanding, respectively |
2 | 2 | ||||||
| Additional paid-in capital |
468,087 | 457,837 | ||||||
| Treasury stock, at cost; 6,405 shares |
(475,184 | ) | (475,184 | ) | ||||
| Accumulated other comprehensive loss |
(1,515 | ) | (2,052 | ) | ||||
| Retained earnings |
208,906 | 188,360 | ||||||
|
|
|
|
|
|||||
| Total Stockholders’ Equity |
200,311 | 168,978 | ||||||
|
|
|
|
|
|||||
| Total Liabilities and Stockholders’ Equity |
$ | 477,938 | $ | 453,851 | ||||
|
|
|
|
|
|||||
| * | Derived from audited financial statements. |
MICROSTRATEGY INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Twelve Months Ended December 31, |
||||||||
| 2012 | 2011* | |||||||
| (unaudited) | ||||||||
| Operating activities: |
||||||||
| Net income |
$ | 20,546 | $ | 17,940 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Depreciation and amortization |
24,519 | 18,526 | ||||||
| Bad debt expense |
4,977 | 1,485 | ||||||
| Deferred taxes |
(79 | ) | (5,403 | ) | ||||
| Gain on sale of investment |
— | (3,371 | ) | |||||
| Changes in operating assets and liabilities: |
||||||||
| Accounts receivable |
(3,438 | ) | (15,141 | ) | ||||
| Prepaid expenses and other current assets |
1,002 | 7,115 | ||||||
| Deposits and other assets |
94 | 85 | ||||||
| Accounts payable and accrued expenses |
3,154 | 4,775 | ||||||
| Accrued compensation and employee benefits |
5,431 | 9,061 | ||||||
| Deferred revenue and advance payments |
(3,861 | ) | 18,498 | |||||
| Other long-term liabilities |
(2,461 | ) | 7,244 | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities |
49,884 | 60,814 | ||||||
|
|
|
|
|
|||||
| Investing activities: |
||||||||
| Proceeds from sale of investment |
— | 3,371 | ||||||
| Purchases of property and equipment |
(31,116 | ) | (40,660 | ) | ||||
| Capitalized software development costs |
(8,148 | ) | (5,907 | ) | ||||
| Insurance proceeds |
3,206 | 7,065 | ||||||
| Decrease (increase) in restricted cash and investments |
225 | (51 | ) | |||||
|
|
|
|
|
|||||
| Net cash used in investing activities |
(35,833 | ) | (36,182 | ) | ||||
|
|
|
|
|
|||||
| Financing activities: |
||||||||
| Proceeds from sale of class A common stock under exercise of employee stock options |
10,250 | 2,463 | ||||||
| Payments on capital lease obligations |
(491 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash provided by financing activities |
9,759 | 2,463 | ||||||
|
|
|
|
|
|||||
| Effect of foreign exchange rate changes on cash and cash equivalents |
949 | (1,558 | ) | |||||
|
|
|
|
|
|||||
| Net increase in cash and cash equivalents |
24,759 | 25,537 | ||||||
| Cash and cash equivalents, beginning of period |
199,634 | 174,097 | ||||||
|
|
|
|
|
|||||
| Cash and cash equivalents, end of period |
$ | 224,393 | $ | 199,634 | ||||
|
|
|
|
|
|||||
| * | Derived from audited financial statements. |