DELTEK, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) Twelve Months Ended December 31, --------------------- 2007 2006 ---------- ---------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 22,519 $ 15,298 Adjustments to reconcile net income to net cash provided by operating activities: Provision for doubtful accounts 2,419 2,052 Depreciation and amortization 9,241 8,097 Amortization of debt issuance costs 1,096 3,048 Stock-based compensation expense 6,134 1,686 Employee stock purchase plan expense 35 - Stock issued in lieu of director's fees - 20 Loss on disposal of fixed assets 214 28 Deferred income taxes (2,464) 1,874 Change in assets and liabilities: Accounts receivable, net (17,586) (17,708) Prepaid expenses and other assets (1,794) 2,980 Accounts payable and accrued expenses 3,343 8,662 Interest payable on shareholder notes - (5,467) Income taxes payable 2,544 294 Excess tax benefit from stock option exercises (1,759) - Other tax liabilities 21 - Other long-term liabilities (120) 661 Deferred revenues (4,748) (3,083) ---------- ---------- Net Cash Provided by Operating Activities 19,095 18,442 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisitions, net of cash acquired (6,101) (32,769) Purchase of property and equipment (9,055) (4,671) Capitalized software development costs (412) (856) ---------- ---------- Net Cash Used in Investing Activities (15,568) (38,296) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 87 1,051 Sale of common stock in initial public offering, net of offering costs 42,991 - Proceeds from exercise of stock options 3,950 12 Excess tax benefit from stock option exercises 1,759 7 Redemption of stock and shareholder payments in recapitalization (4,780) (7,038) Proceeds from the issuance of debt 22,500 125,000 Debt issuance costs - (1,312) Repayment of debt (59,712) (108,900) ---------- ---------- Net Cash Provided by Financing Activities 6,795 8,820 ---------- ---------- IMPACT OF FOREIGN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS 102 22 ---------- ---------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 10,424 (11,012) CASH AND CASH EQUIVALENTS--Beginning of year 6,667 17,679 ---------- ---------- CASH AND CASH EQUIVALENTS--End of year $ 17,091 $ 6,667 ========== ==========
Deltek Reports Q4 License Revenue of $27 Million and Total Revenue of $77 Million
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