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8-K - FORM 8-K - Guidance Software, Inc.d674629d8k.htm

Exhibit 99.1

 

INVESTOR CONTACT    MEDIA CONTACT
Rasmus van der Colff    Alex Andrianopoulos
Guidance Software, Inc.    Guidance Software, Inc.
626-768-4607    626-229-9191
investorrelations@guidancesoftware.com    newsroom@guidancesoftware.com

Guidance Software Reports 2013 Fourth Quarter and Full Year Financial Results

 

    Q4 2013: Revenue of $28.0 million and non-GAAP EPS of ($0.07) per share

 

    Full year 2013: Non-GAAP revenue of $110.8 million and non-GAAP EPS of ($0.47) per share

 

    84 new EnCase® Enterprise customers in Q4 and 278 for full year 2013

PASADENA, Calif. – February 11, 2014 – Guidance Software, Inc. (NASDAQ: GUID) today reported financial results for the fourth quarter and year ended December 31, 2013.

Fourth quarter 2013 financial highlights, calculated in accordance with generally accepted accounting principles (GAAP) include:

 

    Revenue of $28.0 million, compared to $36.2 million in the fourth quarter of 2012

 

    SaaS revenues of $2.1 million, compared to $2.5 million in the fourth quarter of 2012

 

    Product revenue of $9.3 million, compared to $16.2 million in the fourth quarter of 2012

 

    Services and maintenance revenue of $16.6 million, compared to $17.6 million in the fourth quarter of 2012

 

    Net loss of $3.4 million, or ($0.13) per share, compared to net income of $1.9 million, or $0.07 per share, in the fourth quarter of 2012

On a non-GAAP basis, which excludes share-based compensation, amortization of intangibles, a reduction in the fair value of contingent consideration payable and a reduction in certain state sales tax charges, the Company reported a pre-tax net loss of $1.9 million, or ($0.07) per share, in the fourth quarter of 2013, compared to a non-GAAP pre-tax net income of $4.5 million, or $0.16 per diluted share, in the fourth quarter of 2012.

Guidance Software President and Chief Executive Officer Victor Limongelli said, “With 2013 behind us, Guidance Software is looking forward to driving revenue growth and improving profitability in 2014. We have addressed the issues we faced in 2013, and in addition to recent adjustments to our cost structure, we expect our new pricing transparency, expanded international reach and the continued expansion of the capabilities of our existing products to result in a solid 2014.”

Fourth Quarter 2013 Highlights and Noteworthy Events

 

    In the fourth quarter, the Company added 84 new EnCase® Enterprise customers. The Company also added 38 new customers of EnCase® eDiscovery, EnCase® Cybersecurity or the recently released EnCase® Analytics, all of which are built on the EnCase Enterprise platform. For the full year 2013, the Company added 278 EnCase Enterprise customers.

 

    In November, the Company announced the first integration of EnCase eDiscovery with Box, an enterprise cloud management platform. The new integration will enable enterprise customers to securely search, collect, and preserve electronically stored information located on Box with EnCase® eDiscovery just as easily as with on-premise data.


    In December, the Company announced the opening of its fifth U.S. Guidance Software Training Center in Orlando, Florida. The center, which opened in January 2014, was designed to meet the increasing demand for the Company’s award-winning training programs. This newest training facility offers a complete complement of courses across all levels, from introductory to expert and a curriculum that focuses on the use of EnCase® security, e-discovery, and forensics products.

2014 Financial Outlook:

The Company’s guidance for the year ending December 31, 2014, is as follows:

 

    Revenue is expected to be in the range of $116 million to $119 million.

 

    Non-GAAP pre-tax earnings are expected to be approximately $0.00—$0.03 per share.

Conference Call Information:

The Company will host a conference call today at 2:00 p.m. Pacific time, 5:00 p.m. Eastern time to discuss its quarterly results. Participants should call (877) 303-9850 (North America) or (408) 427-3732 (International) and should dial in at least five minutes prior to the conference call.

A webcast and replay of the call may also be found online through Guidance Software’s Investor Relations website at http://investors.guidancesoftware.com/events.cfm. Registered users may access this content over the Internet, and there is no cost to register. If you have not already registered, please do so at least 15 minutes prior to the start of the conference call.

An audio-only replay of the call will be available by calling (855) 859-2056, passcode 36135732, available from 8:00 pm Eastern time, February 11, 2014, through midnight Eastern time, February 18, 2014.

About Guidance Software:

Guidance Software is recognized worldwide as the industry leader in digital investigative solutions. Its EnCase® Enterprise platform, deployed on over 20 million endpoints, is used by numerous government agencies, more than 65 percent of the Fortune 100, and more than 40 percent of the Fortune 500, to conduct digital investigations of servers, laptops, desktops and mobile devices. Built on the EnCase Enterprise platform are market-leading electronic discovery and cyber security solutions, EnCase® eDiscovery, EnCase® Cybersecurity, and EnCase® Analytics. They empower organizations to respond to litigation discovery requests, perform sensitive data discovery for compliance purposes, conduct speedy and thorough security incident response, and reveal previously hidden advanced persistent threats or malicious insider activity. For more information about Guidance Software, visit www.encase.com.

EnCase®, EnScript®, FastBloc®, EnCE®, EnCEP®, Guidance Software™ and Tableau™ are registered trademarks or trademarks owned by Guidance Software in the United States and other jurisdictions and may not be used without prior written permission. All other trademarks and copyrights referenced in this press release are the property of their respective owners.


Notes to Unaudited Condensed Consolidated Statements of Operations:

Guidance Software reports its financial results in accordance with generally accepted accounting principles, or GAAP. To supplement this information, we present from time to time total non-GAAP revenue, gross profit, operating expenses, operating income (loss) and net income (loss), as well as non-GAAP net income (loss) per share. Total non-GAAP revenue consists of GAAP revenue as reported and adds back acquisition-related deferred revenue adjustments booked for GAAP purposes. Non-GAAP gross profit consists of GAAP gross profit as reported and adds back the acquisition-related deferred revenue adjustment and stock-based compensation expense booked for GAAP purposes. Non-GAAP operating income (loss) consists of GAAP operating income (loss) as reported and adds back the acquisition-related deferred revenue adjustments booked for GAAP purposes and excludes amortization of intangibles, share-based compensation expense, adjustments to fair value of contingent consideration payable and the reduction in certain state sales tax charges. Non-GAAP net income (loss) consists of GAAP operating income (loss) as reported and adds back the acquisition-related deferred revenue adjustment booked for GAAP purposes and excludes amortization of intangibles, share-based compensation expense, adjustments to fair value of contingent consideration payable and the reduction in certain state sales tax charges.

Non-GAAP net income (loss) also excludes the tax provision.

We use these non-GAAP financial measures for internal managerial purposes, when publicly providing our business outlook, and to facilitate period-to-period comparisons. We describe limitations specific to each non-GAAP financial measure below. Management generally compensates for limitations in the use of non-GAAP financial measures by relying on comparable GAAP financial measures and providing investors with a reconciliation of the non-GAAP financial measures only in addition to and in conjunction with results presented in accordance with GAAP. We believe that these non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results, provide a more complete understanding of factors and trends affecting our business. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, net income (loss) and net income (loss) per share calculated in accordance with GAAP.

Accordingly, management and the Board of Directors do not consider these excluded costs for purposes of evaluating the performance of the business, and they exclude such costs when evaluating the performance of the Company, its business units and its management teams and when making decisions to allocate resources among the Company’s business units.

Acquisition-related Deferred Revenue. Acquisition-related deferred revenue adjustment reflects the fair value adjustment to deferred revenues acquired in business combinations. The fair value of deferred revenue represents an amount equivalent to the estimated cost plus an appropriate profit margin, to perform services related to the acquiree’s software and product support, which assumes a legal obligation to do so, based on the deferred revenue balances as of the acquisition date. Guidance Software adds back this deferred revenue for its non-GAAP financial measures because it believes the inclusion of this amount directly correlates to the underlying performance of Guidance Software operations and facilitates comparisons of pre-merger results of legacy Guidance Software and CaseCentral to that of the Company’s post-merger results.

Acquisition-related Expenses. Acquisition-related expenses are fees and expenses, including legal, investment banking and accounting fees and other integration-related expenses, incurred in connection with announced transactions. Guidance Software excludes acquisition-related expenses from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses can vary significantly between periods.

Amortization of Intangibles. Amortization of intangibles is a non-cash expense arising from the acquisition of intangible assets in connection with acquisitions. Guidance Software excludes acquisition-related amortization expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributed to revenue in the periods presented and will contribute to future revenue generation and the related amortization expense will recur in future periods.


Adjustment to Fair Value of Contingent Consideration Payable. Adjustment to fair value of contingent consideration payable reflects any adjustment to the fair value of the contingent consideration from the final purchase price allocation established as of February 21, 2012, which was the date the Company acquired CaseCentral. Guidance Software excludes adjustments to the fair value of contingent consideration from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such adjustments in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such adjustments can vary significantly between periods as a result of an increase or decrease in the probability of the achievement of various earn-out scenarious used to determine the fair value of the contingent consideration.

Stock-based Compensation Expense. Stock-based compensation expense is a non-cash expense arising from the grant of stock awards to employees. Guidance Software excludes stock-based compensation expense from non-GAAP operating income and non-GAAP net income because it believes (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Guidance Software business operations and (ii) such expenses can vary significantly between periods as a result of the timing of grants of new stock-based awards, including grants in connection with acquisitions. Investors should note that stock-based compensation is a key incentive offered to employees whose efforts contributed to the operating results in the periods presented and are expected to contribute to operating results in future periods and such expense will recur in future periods.

State Sales Tax Charges. The reduction in certain state sales tax charges is a reduction of a previous one-time charge for expenses accrued for sales taxes that may be due to a taxing authority. Guidance Software excludes the sales tax charge and adjustments to it from non-GAAP operating income and non-GAAP net income because it believes the amount of the expense in the specific period it occurred is a one-time charge and does not directly correlate to the underlying performance of Guidance Software’s business operations.

Forward Looking Statements:

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements in this release involve risks and uncertainties that could cause actual results to differ materially from current expectations. There can be no assurance that demand for the Guidance Software’s products will continue at current or greater levels, or that the Company will continue to grow revenues, or be profitable. There are also risks that the Guidance Software’s pursuit of providing network security and eDiscovery technology might not be successful, or that if successful, it will not materially enhance the Guidance Software’s financial performance; that the Company could fail to retain key employees; that changes in customer requirements and other general economic and political uncertainties could impact the Guidance Software’s relationship with its customers; and that delays in product development, competitive pressures or technical difficulties could impact timely delivery of next-generation products; and other risks and uncertainties that are described from time to time in Guidance Software’s periodic reports and registration statements filed with the Securities and Exchange Commission. The Company specifically disclaims any responsibility for updating these forward-looking statements.


Guidance Software, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2013     2012     2013     2012  

Revenues:

        

Product revenue

   $ 9,250      $ 16,171      $ 34,203      $ 56,116   

Subscription revenue

     2,143        2,486        10,345        9,202   

Services and maintenance revenue

     16,567        17,585        65,976        64,152   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     27,960        36,242        110,524        129,470   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenues:

        

Cost of product revenue

     1,785        2,188        7,450        7,982   

Cost of subscription revenue

     1,025        872        4,314        3,722   

Cost of services and maintenance revenues

     5,795        6,646        25,756        24,733   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenues

     8,605        9,706        37,520        36,437   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     19,355        26,536        73,004        93,033   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Selling and marketing

     11,127        11,937        41,486        42,278   

Research and development

     6,306        6,652        27,744        24,459   

General and administrative

     3,248        4,560        17,403        21,224   

Depreciation and amortization

     2,005        1,524        7,678        6,859   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     22,686        24,673        94,311        94,820   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income

     (3,331     1,863        (21,307     (1,787

Interest income and other, net

     6        2        24        (8
  

 

 

   

 

 

   

 

 

   

 

 

 

(Loss) income before income taxes

     (3,325     1,865        (21,283     (1,795

Income tax provision

     34        (43     217        188   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income

   $ (3,359   $ 1,908      $ (21,500   $ (1,983
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income per share—basic

   $ (0.13   $ 0.07      $ (0.83   $ (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income per share—diluted

   $ (0.13   $ 0.07      $ (0.83   $ (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in per share calculation—basic

     26,017        25,168        25,757        24,577   
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in per share calculation—diluted

     26,017        25,842        25,757        24,577   
  

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Financial Data

        

Non-GAAP (loss) income before income taxes excluding acquisition-related deferred revenue adjustment, acquisition-related expense, share-based compensation and amortization of intangibles

   $ (1,925   $ 4,478      $ (12,077   $ 10,525   

Non-GAAP (loss) income per share before income taxes excluding acquisition-related deferred revenue adjustment, acquisition-related expense, share-based compensation and amortization of intangibles

        

Basic

   $ (0.07   $ 0.16      $ (0.47   $ 0.39   

Diluted

   $ (0.07   $ 0.16      $ (0.47   $ 0.38   


Guidance Software, Inc.

Calculation of Pre-Tax Non-GAAP Income

(unaudited)

(in thousands, except per share amounts)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2013     2012     2013     2012  

Calculation of pre-tax non-GAAP (loss) income:

        

GAAP net (loss) income

   $ (3,359   $ 1,908      $ (21,500   $ (1,983

Add:

        

Income tax provision

     34        (43     217        188   

Acquisition-related expense

     —          141        —          2,561   

Acquisition-related deferred revenue adjustment

     —          417        253        1,465   

Amortization of intangibles

     559        429        2,458        2,443   

Reduction of contingent consideration payable

     (600       (600  

Reduction of certain state sales tax charges

     (531       (531  

Share-based compensation expense (including related payroll taxes paid by the Company)

     1,972        1,626        7,626        5,851   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP (loss) income before income taxes excluding acquisition-related deferred revenue adjustment, acquisition-related expense, share-based compensation and amortization of intangibles

   $ (1,925   $ 4,478      $ (12,077   $ 10,525   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP (loss) income per share before income taxes excluding acquisition-related deferred revenue adjustment, acquisition-related expense, share-based compensation and amortization of intangibles

        

Basic

   $ (0.07   $ 0.16      $ (0.47   $ 0.39   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ (0.07   $ 0.16      $ (0.47   $ 0.38   
  

 

 

   

 

 

   

 

 

   

 

 

 

Shares used in per share calculations:

        

Basic

     26,017        25,168        25,757        24,577   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     26,017        25,842        25,757        25,237   
  

 

 

   

 

 

   

 

 

   

 

 

 

Detail of Share-based Compensation Expense:

        

Cost of product revenue

   $ 37      $ 29      $ 137      $ 101   

Cost of subscription revenue

     48        34        189        142   

Cost of service and maintenance revenue

     245        306        1,284        1,041   

Selling and marketing

     582        422        2,100        1,639   

Research and development

     565        438        2,044        1,428   

General and administrative

     495        397        1,872        1,500   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total share-based compensation expense

   $ 1,972      $ 1,626      $ 7,626      $ 5,851   
  

 

 

   

 

 

   

 

 

   

 

 

 

Detail of Acquisition-related Expense:

        

General and administrative

   $ —        $ 141      $ —        $ 2,561   
  

 

 

   

 

 

   

 

 

   

 

 

 

Detail of Acquisition-related Deferred Revenue Adjustment:

        

Subscription revenue

   $ —        $ 315      $ 193      $ 1,118   

Services and maintenance revenue

     —          102        60        347   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total acquisition-related deferred revenue adjustment

   $ —        $ 417      $ 253      $ 1,465   
  

 

 

   

 

 

   

 

 

   

 

 

 

Detail of Reduction of Contingent Consideration Payable

        

General and administrative

   $ (600   $ —        $ (600   $ —     
  

 

 

   

 

 

   

 

 

   

 

 

 


Guidance Software, Inc

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited and in thousands, except per share amounts)

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2013     2012     2013     2012  

Total revenues, as reported

   $ 27,960      $ 36,242      $ 110,524      $ 129,470   

Acquisition-related deferred revenue adjustment

     —          417        253        1,465   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-GAAP revenues

   $ 27,960      $ 36,659      $ 110,777      $ 130,935   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit, as reported

   $ 19,355      $ 26,536      $ 73,004      $ 93,033   

Acquisition-related deferred revenue adjustment

     —          417        253        1,465   

Share-based compensation

     330        369        1,610        1,284   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit adjustment

     330        786        1,863        2,749   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-GAAP gross profit

   $ 19,685      $ 27,322      $ 74,867      $ 95,782   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses, as reported

   $ 22,686      $ 24,673      $ 94,311      $ 94,820   

Amortization of intangibles

     (559     (429     (2,458     (2,443

Acquisition-related expenses

     —          (141     —          (2,561

Reduction of contingent consideration payable

     600        —          600        —     

Reduction of certain state sales tax charges

     531        —          531     

Share-based compensation

     (1,642     (1,257     (6,016     (4,567
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expense adjustment

     (1,070     (1,827     (7,343     (9,571
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-GAAP operating expenses

   $ 21,616      $ 22,846      $ 86,968      $ 85,249   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating (loss) income, as reported

   $ (3,331   $ 1,863      $ (21,307   $ (1,787

Gross profit adjustment

     330        786        1,863        2,749   

Operating expense adjustment

     1,070        1,827        7,343        9,571   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-GAAP operating (loss) income

   $ (1,931   $ 4,476      $ (12,101   $ 10,533   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income, as reported

   $ (3,359   $ 1,908      $ (21,500   $ (1,983

Gross profit adjustment

     330        786        1,863        2,749   

Operating expense adjustment

     1,070        1,827        7,343        9,571   

Income tax provision

     34        (43     217        188   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-GAAP net (loss) income

   $ (1,925   $ 4,478      $ (12,077   $ 10,525   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (loss) income per share-diluted, as reported

   $ (0.13   $ 0.07      $ (0.83   $ (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net (loss) income per share-diluted

   $ (0.07   $ 0.16      $ (0.47   $ 0.38   
  

 

 

   

 

 

   

 

 

   

 

 

 


Guidance Software, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

 

     December 31,     December 31,  
     2013     2012  

ASSETS

    

Current assets:

    

Cash and cash equivalents

   $ 19,919      $ 32,606   

Trade receivables, net

     19,027        23,558   

Inventory

     1,928        2,008   

Prepaid expenses and other current assets

     4,148        3,106   
  

 

 

   

 

 

 

Total current assets

     45,022        61,278   
  

 

 

   

 

 

 

Long-term assets:

    

Property and equipment, net

     18,464        10,227   

Intangible assets, net

     9,953        12,411   

Goodwill

     14,632        14,632   

Other assets

     1,160        2,026   
  

 

 

   

 

 

 

Total long-term assets

     44,209        39,296   
  

 

 

   

 

 

 

Total assets

   $ 89,231      $ 100,574   
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

Current liabilities:

    

Accounts payable

   $ 5,517      $ 3,058   

Accrued liabilities

     10,148        12,929   

Capital lease obligations

     182        393   

Deferred revenues

     37,316        37,337   
  

 

 

   

 

 

 

Total current liabilities

     53,163        53,717   
  

 

 

   

 

 

 

Long-term liabilities:

    

Rent incentives

     7,058        730   

Deferred revenues

     4,347        6,115   

Contingent earn-out

     —          569   

Deferred tax liabilities

     465        242   

Other long-term liabilities

     158        181   
  

 

 

   

 

 

 

Total long-term liabilities

     12,028        7,837   
  

 

 

   

 

 

 

Stockholders’ equity:

    

Common stock

     25        25   

Additional paid-in capital

     102,392        93,037   

Treasury stock

     (11,479     (8,644

Accumulated deficit

     (66,898     (45,398
  

 

 

   

 

 

 

Total stockholders’ equity

     24,040        39,020   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 89,231      $ 100,574   
  

 

 

   

 

 

 


Guidance Software, Inc

Unaudited Cash Flow Summary

(in thousands)

 

     Twelve Months Ended
December 31,
 
     2013     2012  

Operating Activities:

    

Net loss

   $ (21,500   $ (1,983

Adjustments to reconcile net loss to net cash provided by operating activities:

    

Depreciation & amortization

     7,678        6,859   

Provision (benefit) for doubtful accounts

     600        (47

Share-based compensation

     7,626        5,851   

Contingent consideration payable

     (600  

Deferred taxes

     78        86   

Loss on disposal of assets

     184        85   

Changes in operating assets and liabilities:

    

Trade receivables

     3,931        (933

Inventory

     80        (614

Prepaid expenses and other assets

     1,798        131   

Accounts payable

     2,104        (285

Accrued liabilities

     2,663        (326

Deferred revenues

     (1,789     570   
  

 

 

   

 

 

 

Net cash provided by operating activities

     2,853        9,394   
  

 

 

   

 

 

 

Investing Activities:

    

Purchase of property and equipment

     (13,231     (4,022

Acquisition, net of cash acquired

     —          (9,642
  

 

 

   

 

 

 

Net cash used in investing activities

     (13,231     (13,664
  

 

 

   

 

 

 

Financing Activities:

    

Proceeds from the exercise of stock options

     1,729        3,393   

Common stock repurchased or withheld

     (2,835     (2,050

Principal payments on capital leases and other obligations

     (1,203     (1,515
  

 

 

   

 

 

 

Net cash used in financing activities

     (2,309     (172
  

 

 

   

 

 

 

Net decrease in cash and cash equivalents

     (12,687     (4,442

Cash and cash equivalents, beginning of period

     32,606        37,048   
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 19,919      $ 32,606