LOS ANGELES, Feb. 18, 2010 (GLOBE NEWSWIRE) -- j2 Global Communications, Inc. (Nasdaq:JCOM) today reported financial results for the fourth quarter and year ended December 31, 2009.
FOURTH QUARTER 2009 RESULTS
Subscriber revenues for Q4 2009 increased 1% to $60.2 million compared to $59.6 million in Q4 2008.
Total revenues for Q4 2009 increased 0.5% to $60.9 million compared to $60.6 million in Q4 2008.
Net earnings per diluted share on a Non-GAAP basis, which excludes share based compensation, impairment of auction rate and related securities, gain on sale of investments and disposal of long lived asset, was $0.45 for Q4 2009 compared to $0.49 for Q4 2008. GAAP net earning per diluted share for Q4 2009 was $0.39 compared to $0.45 for Q4 2008.
Share-based compensation impacted Q4 2009 and Q4 2008 net earnings per diluted share by approximately $0.07 and $0.04, respectively, net of tax. Share-based compensation in Q4 2009 was impacted by $0.02 for certain non-tax deductible share based compensation expense.
During Q4 2009, the Company increased its Non-GAAP gross and operating margins to 83.3% and 47.8%, respectively, from 81.9% and 46.5%, respectively, in Q4 2008.
The Company ended the year with approximately $244 million in cash and investments compared to $162 million as of December 31, 2008.
Key financial results for fourth quarter 2009 versus fourth quarter 2008 are as follows:
| Q4 2009 | Q4 2008 | |
| Subscriber Revenues | $60.2 million | $59.6 million |
| Total Revenues | $60.9 million | $60.6 million |
| Non-GAAP Net Earnings per Diluted Share (1) (2) | $0.45 | $0.49 |
| GAAP Net Earnings per Diluted Share (1) (2) | $0.39 | $0.45 |
| Free Cash Flow (3) | $22.2 million | $24.4 million |
(1) The Q4 2009 and Q4 2008 tax rate was approximately 31% and 25%, respectively. The Q4 2008 tax rate reflects recognition during the quarter of $1.8 million in federal and state research and development tax credits.
(2) Share-based compensation, impairment of auction rate and related securities, gain on sale of investments and disposal of long lived asset impacted Q4 2009 net earnings per diluted share by approximately $0.07, $0.00, ($0.04) and $0.03, in each case net of tax, respectively.
(3) Free cash flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus excess tax benefit from share based compensation.
ANNUAL RESULTS
Subscriber revenues for fiscal year 2009 increased 2% to $242 million compared to $237 million in fiscal year 2008.
Total revenues for fiscal year 2009 increased 2% to $246 million compared to $242 million in fiscal year 2008.
Net earnings per diluted share on a Non-GAAP basis, which excludes share based compensation, impairment of auction rate and related securities, gain on sale of investments and disposal of long lived asset increased 9% to $1.85 for 2009 compared to $1.70 for 2008. GAAP net earnings per diluted share were $1.48 for 2009 compared to $1.58 for 2008.
Share-based compensation impacted 2009 and 2008 net earnings per diluted share by approximately $0.19 and $0.12, respectively, net of tax.
During fiscal year 2009, the Company increased its Non-GAAP gross and operating margins to 82.3% and 48.0%, respectively, compared to 81.2% and 43.9%, respectively, in fiscal year 2008.
For fiscal year 2009 the Company achieved record free cash flow of $101.6 million versus $89.8 million for fiscal 2008, a 13% increase.
Key financial results for fiscal year 2009 versus fiscal year 2008 are as follows:
| 2009 | 2008 | |
| Subscriber Revenues | $242 million | $237 million |
| Total Revenues | $246 million | $242 million |
| Non-GAAP Net Earnings per Diluted Share (1) (2) | $1.85 | $1.70 |
| GAAP Net Earnings per Diluted Share (1) (2) | $1.48 | $1.58 |
| Free Cash Flow (3) | $101.6 million | $89.8 million |
(1) For fiscal 2009 and fiscal 2008 the tax rate was approximately 32% and 29%, respectively.
(2) Share-based compensation, impairment of auction rate and related securities, gain on sale of investments and disposal of long lived asset impacted 2009 net earnings per diluted share by approximately $0.19, $0.19, ($0.04) and $0.03, in each case net of tax, respectively.
(3) Free Cash Flow is defined as net cash provided by operating activities, less purchases of property, plant and equipment, plus excess tax benefit from share based compensation.
"We are pleased with the execution against our business plan for 2009," said Hemi Zucker, j2 Global's chief executive officer. "We enhanced our margins and free cash flow generation, positioning us well for making greater investments in the business in 2010. We have already announced three acquisitions and begun to enhance our marketing efforts through more direct marketing spend, building our free base of customers and beginning to invest in new markets."
BUSINESS OUTLOOK
For fiscal 2010, j2 Global targets revenue growth of 5% with a range of 3% to 7% compared to fiscal year 2009 revenues. Net earnings, excluding 123R non-cash compensation expense, are expected to approximate non-GAAP earnings in 2009 as the Company intends to reinvest its incremental operating income in initiatives designed to accelerate growth in 2011 and beyond.
The range of anticipated revenues takes into account both organic growth and acquisition related growth within the context of current economic conditions.
About j2 Global Communications
Founded in 1995, j2 Global Communications, Inc. provides outsourced, value-added messaging and communications services to individuals and businesses around the world. j2 Global's network spans more than 3,500 cities in 46 countries on six continents. The Company offers Internet fax, voice and email solutions. j2 Global markets its services principally under the brand names eFax®, eFax Corporate®, Onebox®, eVoice® and Electric Mail®.As of December 31, 2009, j2 Global had achieved 14 consecutive fiscal years of revenue growth and eight consecutive fiscal years of positive and growing operating earnings. For more information about j2 Global, please visit www.j2global.com.
The j2 Global Communications, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3907
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: Certain statements in this Press Release are "forward-looking statements" within the meaning of The Private Securities Litigation Act of 1995, particularly those contained in the "Business Outlook" portion regarding the Company's expected fiscal 2010 financial performance. These forward-looking statements are based on management's current expectations or beliefs and are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These factors and uncertainties include, among other items: Subscriber growth and retention; variability of revenue based on changing conditions in particular industries and the economy generally; protection of the Company's proprietary technology or infringement by the Company of intellectual property of others; the risk of adverse changes in the U.S. or international regulatory environments surrounding messaging and communications, including but not limited to the imposition or increase of taxes or regulatory-related fees; and the numerous other factors set forth in j2 Global's filings with the Securities and Exchange Commission ("SEC"). For a more detailed description of the risk factors and uncertainties affecting j2 Global, refer to the 2008 Annual Report on Form 10-K filed by j2 Global on February 25, 2009, and the other reports filed by j2 Global from time-to-time with the SEC, each of which is available at www.sec.gov. The forward-looking statements provided in this press release and particularly those contained in the "Business Outlook" portion regarding the Company's expected fiscal 2010 financial performance are based on limited information available to the Company at this time, which is subject to change. Although management's expectations may change after the date of this press release, the Company undertakes no obligation to revise or update these statements.
| j2 GLOBAL COMMUNICATIONS, INC. | ||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (UNAUDITED, IN THOUSANDS) | ||
| DECEMBER 31, | DECEMBER 31, | |
| 2009 | 2008 | |
| ASSETS | ||
| Cash and cash equivalents | $ 197,411 | $ 150,780 |
| Short-term investments | 31,381 | 14 |
| Accounts receivable, | ||
| net of allowances of $3,077 and $2,896, respectively | 11,928 | 14,083 |
| Prepaid expenses and other current assets | 13,076 | 6,683 |
| Deferred income taxes | 2,657 | 2,958 |
| Total current assets | 256,453 | 174,518 |
| Long-term investments | 14,887 | 11,081 |
| Property and equipment, net | 13,366 | 18,938 |
| Goodwill | 81,258 | 72,783 |
| Other purchased intangibles, net | 39,091 | 36,791 |
| Deferred income taxes | 8,717 | 7,787 |
| Other assets | 229 | 142 |
| TOTAL ASSETS | $ 414,001 | $ 322,040 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Accounts payable and accrued expenses | $ 15,941 | $ 16,915 |
| Income taxes payable | 1,563 | 1,800 |
| Deferred revenue | 11,411 | 13,680 |
| Total current liabilities | 28,915 | 32,395 |
| Accrued income tax liability | 46,820 | 38,643 |
| Other long-term liabilities | 2,094 | 1,022 |
| Total liabilities | 77,829 | 72,060 |
| Commitments and contingencies | — | — |
| Total stockholders' equity | 336,172 | 249,980 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 414,001 | $ 322,040 |
| j2 GLOBAL COMMUNICATIONS, INC. | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) | ||||
| THREE MONTHS ENDED DECEMBER 31, | TWELVE MONTHS ENDED DECEMBER 31, | |||
| 2009 | 2008 | 2009 | 2008 | |
| Revenues | ||||
| Subscriber | $ 60,188 | $ 59,622 | $ 241,922 | $ 236,841 |
| Other | 727 | 1,014 | 3,649 | 4,672 |
| Total revenue | 60,915 | 60,636 | 245,571 | 241,513 |
| Cost of revenues (including share-based compensation of $328 and $1,263 for the three and twelve months of 2009, respectively, and $255 and $901 for the three and twelve months of 2008, respectively) | 10,480 | 11,224 | 44,730 | 46,250 |
| Gross profit | 50,435 | 49,412 | 200,841 | 195,263 |
| Operating expenses: | ||||
| Sales and marketing (including share-based compensation of $480 and $1,818 for the three and twelve months of 2009, respectively, and $313 and $1,268 for the three and twelve months of 2008, respectively) | 9,563 | 9,683 | 37,006 | 41,270 |
| Research, development and engineering (including share-based compensation of $219 and $853 for the three and twelve months of 2009, respectively, and $183 and $803 for the three and twelve months of 2008, respectively) | 2,972 | 2,851 | 11,657 | 12,031 |
| General and administrative (including share-based compensation of $1,896 and $7,084 for the three and twelve months of 2009, respectively, and $1,243 and $5,014 for the three and twelve months of 2008, respectively) | 11,693 | 10,668 | 45,275 | 44,028 |
| Loss on disposal of long-lived asset | 2,442 | -- | 2,442 | -- |
| Total operating expenses | 26,670 | 23,202 | 96,380 | 97,329 |
| Operating earnings | 23,765 | 26,210 | 104,461 | 97,934 |
| Other-than-temporary impairment losses | (150) | — | (9,343) | — |
| Interest and other income, net | 2,184 | 673 | 2,661 | 4,219 |
| Earnings before income taxes | 25,799 | 26,883 | 97,779 | 102,153 |
| Income tax expense | 8,095 | 6,607 | 30,952 | 29,591 |
| Net earnings | $ 17,704 | $ 20,276 | $ 66,827 | $ 72,562 |
| Basic net earnings per common share | $ 0.40 | $ 0.47 | $ 1.52 | $ 1.63 |
| Diluted net earnings per common share | $ 0.39 | $ 0.45 | $ 1.48 | $ 1.58 |
| Basic weighted average shares outstanding | 44,220,725 | 43,578,619 | 43,936,194 | 44,609,174 |
| Diluted weighted average shares outstanding | 45,244,333 | 44,717,716 | 45,138,001 | 45,937,506 |
| j2 GLOBAL COMMUNICATIONS, INC. | ||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (UNAUDITED, IN THOUSANDS) | ||
| TWELVE MONTHS ENDED DECEMBER 31, | ||
| 2009 | 2008 | |
| Cash flows from operating activities: | ||
| Net earnings | $ 66,827 | $ 72,562 |
| Adjustments to reconcile net earnings to net cash | ||
| provided by operating activities: | ||
| Depreciation and amortization | 14,707 | 13,177 |
| Share-based compensation | 11,018 | 7,986 |
| Excess tax benefits from share-based compensation | (3,063) | (1,565) |
| Provision for doubtful accounts | 2,378 | 2,815 |
| Deferred income taxes | (629) | (2,908) |
| Loss (Gain) on disposal of long-lived asset | 2,529 | (6) |
| Loss on trading securities | 4 | 418 |
| Gain on sale of available-for-sale investment | (1,812) | — |
| Other-than-temporary impairment losses | 9,343 | — |
| Decrease (increase) in: | ||
| Accounts receivable | (6) | (1,809) |
| Prepaid expenses and other current assets | (2,253) | 1,403 |
| Other assets | (35) | 46 |
| (Decrease) increase in: | ||
| Accounts payable and accrued expenses | (3,677) | (994) |
| Income taxes payable | (1,161) | (5,633) |
| Deferred revenue | (537) | (2,118) |
| Accrued income tax liability | 8,178 | 7,399 |
| Other | 22 | (57) |
| Net cash provided by operating activities | 101,833 | 90,716 |
| Cash flows from investing activities: | ||
| Sales of available-for-sale investments | 2,706 | 36,170 |
| Redemptions/Sales of held-to-maturity investments | — | 27,881 |
| Purchases of available-for-sale investments | (12,900) | — |
| Purchases of certificates of deposit | (31,372) | — |
| Purchases of property and equipment | (3,251) | (2,507) |
| Proceeds from sale of assets | 1,340 | 25 |
| Acquisition of businesses, net of cash received | (12,500) | (42,825) |
| Purchases of intangible assets | (5,472) | (3,818) |
| Net cash (used in) provided by investing activities | (61,449) | 14,926 |
| Cash flows from financing activities: | ||
| Repurchases of common stock and restricted stock | (470) | (108,492) |
| Issuance of common stock under employee stock purchase plan | 120 | 183 |
| Exercise of stock options | 2,708 | 1,829 |
| Excess tax benefits from share-based compensation | 3,063 | 1,565 |
| Net cash provided by (used in) financing activities | 5,421 | (104,915) |
| Effect of exchange rate changes on cash and cash equivalents | 826 | (4,167) |
| Net increase (decrease) in cash and cash equivalents | 46,631 | (3,440) |
| Cash and cash equivalents at beginning of period | 150,780 | 154,220 |
| Cash and cash equivalents at end of period | $ 197,411 | $ 150,780 |
| j2 GLOBAL COMMUNICATIONS, INC. | ||||||
| UNAUDITED RECONCILIATION OF MODIFIED NET EARNINGS | ||||||
| THREE MONTHS ENDED DECEMBER 31, 2009 AND 2008 | ||||||
| (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) | ||||||
| Modified net earnings are GAAP net earnings with the following modifications (1) elimination of share-based compensation expense for 2009 and 2008; (2) elimination of loss on disposal of long-lived asset, (3) elimination of other-than-temporary impairment losses, (4) elimination of gain on sale of investment and (5) elimination of income tax expense associated with share-based compensation, loss on disposal of a long-lived asset, other-than-temporary impairment losses and gain from sale of investment. Modified net earnings and modified net earnings per share are not meant as a substitute for measures determined under GAAP, but are solely for informational purposes. The following table illustrates and reconciles the GAAP net earnings with the aforementioned exclusions. The Company believes that this non-GAAP financial information are useful measures of operating performance because they exclude certain non-recurring transactions outside the ordinary course of the Company's business. | ||||||
|
THREE MONTHS ENDED DECEMBER 31, 2009 |
THREE MONTHS ENDED DECEMBER 31, 2008 |
|||||
| Reported | Non-GAAP Entries | Non-GAAP | Reported | Non-GAAP Entries | Non-GAAP | |
| Revenues | ||||||
| Subscriber | $ 60,188 | $ -- | $ 60,188 | $ 59,622 | $ -- | $ 59,622 |
| Other | 727 | -- | 727 | 1,014 | -- | 1,014 |
| Total revenue | 60,915 | -- | 60,915 | 60,636 | -- | 60,636 |
| Cost of revenues (1) | 10,480 | (328)(1) | 10,152 | 11,224 | (255)(1) | 10,969 |
| Gross profit | 50,435 | 328 | 50,763 | 49,412 | 255 | 49,667 |
| Operating expenses: | ||||||
| Sales and marketing (1) | 9,563 | (480)(1) | 9,083 | 9,683 | (313)(1) | 9,370 |
| Research, development and engineering (1) | 2,972 | (219)(1) | 2,753 | 2,851 | (183)(1) | 2,668 |
| General and administrative (1) | 11,693 | (1,896)(1) | 9,797 | 10,668 | (1,243)(1) | 9,425 |
| Loss on disposal of long-lived asset (2) | 2,442 | (2,442)(2) | -- | -- | -- | -- |
| Total operating expenses | 26,670 | (5,037) | 21,633 | 23,202 | (1,739) | 21,463 |
| Operating earnings | 23,765 | 5,365 | 29,130 | 26,210 | 1,994 | 28,204 |
| Other-than-temporary impairment losses (3) | (150) | 150(3) | -- | -- | -- | -- |
| Interest and other income, net (4) | 2,184 | (1,812)(4) | 372 | 673 | -- | 673 |
| Earnings before income taxes | 25,799 | 3,703 | 29,502 | 26,883 | 1,994 | 28,877 |
| Income tax expense (5) | 8,095 | 965(5) | 9,060 | 6,607 | 575 | 7,182 |
| Net earnings | $ 17,704 | $ 2,738 | $ 20,442 | $ 20,276 | $ 1,419 | $ 21,695 |
| Diluted net earnings per share | $ 0.39 | $ 0.45 | $ 0.45 | $ 0.49 | ||
| Diluted weighted average shares outstanding | 45,244,333 | 45,244,333 | 44,717,716 | 44,717,716 | ||
| (1) Share-based compensation expense: | ||||||
| Cost of revenues | $ (328) | $ (255) | ||||
| Sales and marketing | (480) | (313) | ||||
| Research, development and engineering | (219) | (183) | ||||
| General and administrative | (1,896) | (1,243) | ||||
| $ (2,923) | $ (1,994) | |||||
| (2) Loss on disposal of long-lived asset | $ (2,442) | |||||
| (3) Other-than-temporary impairment losses | $ 150 | |||||
| (4) Gain on sale of investment | $ (1,812) | |||||
| (5) Income tax adjustment, net impact of the items above | ||||||
| Share-based compensation expense | $ (38) | $ 575 | ||||
| Loss on disposal of long-lived asset | 974 | -- | ||||
| Other-than-temporary impairment losses | 29 | -- | ||||
| Gain from sale of investment | -- | -- | ||||
| $ 965 | $ 575 | |||||
| j2 GLOBAL COMMUNICATIONS, INC. | ||||||
| UNAUDITED RECONCILIATION OF MODIFIED NET EARNINGS | ||||||
| TWELVE MONTHS ENDED DECEMBER 31, 2009 AND 2008 | ||||||
| (UNAUDITED, IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) | ||||||
| Modified net earnings are GAAP net earnings with the following modifications (1) elimination of share-based compensation expense for 2009 and 2008; (2) elimination of loss on disposal of long-lived asset, (3) elimination of other-than-temporary impairment losses, (4) elimination of gain on sale of investment and (5) elimination of income tax expense associated with share-based compensation, loss on disposal of a long-lived asset, other-than-temporary impairment losses and gain from sale of investment. Modified net earnings and modified net earnings per share are not meant as a substitute for measures determined under GAAP, but are solely for informational purposes. The following table illustrates and reconciles the GAAP net earnings with the aforementioned exclusions. The Company believes that this non-GAAP financial information are useful measures of operating performance because they exclude certain non-recurring transactions outside the ordinary course of the Company's business. | ||||||
|
TWELVE MONTHS ENDED DECEMBER 31, 2009 |
TWELVE MONTHS ENDED DECEMBER 31, 2008 |
|||||
| Reported | Non-GAAP Entries | Non-GAAP | Reported | Non-GAAP Entries | Non-GAAP | |
| Revenues | ||||||
| Subscriber | $ 241,922 | $ -- | $ 241,922 | $ 236,841 | $ -- | $ 236,841 |
| Other | 3,649 | -- | 3,649 | 4,672 | -- | 4,672 |
| Total revenue | 245,571 | -- | 245,571 | 241,513 | -- | 241,513 |
| Cost of revenues (1) | 44,730 | (1,263)(1) | 43,467 | 46,250 | (901)(1) | 45,349 |
| Gross profit | 200,841 | 1,263 | 202,104 | 195,263 | 901 | 196,164 |
| Operating expenses: | ||||||
| Sales and marketing (1) | 37,006 | (1,818)(1) | 35,188 | 41,270 | (1,268)(1) | 40,002 |
| Research, development and engineering (1) | 11,657 | (853)(1) | 10,804 | 12,031 | (803)(1) | 11,228 |
| General and administrative (1) | 45,275 | (7,084)(1) | 38,191 | 44,028 | (5,014)(1) | 39,014 |
| Loss on disposal of long-lived asset (2) | 2,442 | (2,442)(2) | -- | -- | -- | -- |
| Total operating expenses | 96,380 | (12,197) | 84,183 | 97,329 | (7,085) | 90,244 |
| Operating earnings | 104,461 | 13,460 | 117,921 | 97,934 | 7,986 | 105,920 |
| Other-than-temporary impairment losses (3) | (9,343) | 9,343(3) | -- | -- | -- | -- |
| Interest and other income, net (4) | 2,661 | (1,812)(4) | 849 | 4,219 | -- | 4,219 |
| Earnings before income taxes | 97,779 | 20,991 | 118,770 | 102,153 | 7,986 | 110,139 |
| Income tax expense (5) | 30,952 | 4,204(5) | 35,156 | 29,591 | 2,307 | 31,898 |
| Net earnings | $ 66,827 | $ 16,787 | $ 83,614 | $ 72,562 | $ 5,679 | $ 78,241 |
| Diluted net earnings per share | $ 1.48 | $ 1.85 | $ 1.58 | $ 1.70 | ||
| Diluted weighted average shares outstanding | 45,138,001 | 45,138,001 | 45,937,506 | 45,937,506 | ||
| (1) Share-based compensation expense: | ||||||
| Cost of revenues | $ (1,263) | $ (901) | ||||
| Sales and marketing | (1,818) | (1,268) | ||||
| Research, development and engineering | (853) | (803) | ||||
| General and administrative | (7,084) | (5,014) | ||||
| $ (11,018) | $ (7,986) | |||||
| (2) Loss on disposal of long-lived asset | $ (2,442) | |||||
| (3) Other-than-temporary impairment losses | $ 9,343 | |||||
| (4) Gain on sale of investment | $ (1,812) | |||||
| (5) Income tax adjustment, net impact of the items above | ||||||
| Share-based compensation expense | $ 2,425 | $ 2,307 | ||||
| Loss on disposal of long-lived asset | 974 | -- | ||||
| Other-than-temporary impairment losses | 805 | -- | ||||
| Gain from sale of investment | -- | -- | ||||
| $ 4,204 | $ 2,307 | |||||
| j2 Global Communications, Inc. | |||||
| Free Cash Flows | |||||
| Q1 | Q2 | Q3 | Q4 | YTD | |
| 2009 | |||||
| Net cash provided by operating activities | 31,152 | 20,362 | 26,469 | 23,850 | 101,833 |
| Less: Purchases of property and equipment | (721) | (217) | (767) | (1,546) | (3,251) |
| Add: Excess tax benefit from share-based compensation | 5 | 2,718 | 403 | (63) | 3,063 |
| 30,436 | 22,863 | 26,105 | 22,241 | 101,645 | |
| 2008 | |||||
| Net cash provided by operating activities | 27,411 | 23,840 | 15,676 | 23,789 | 90,716 |
| Less: Purchases of property and equipment | (469) | (796) | (937) | (305) | (2,507) |
| Add: Excess tax benefit from share-based compensation | 239 | 204 | 212 | 910 | 1,565 |
| 27,181 | 23,248 | 14,951 | 24,394 | 89,774 | |
| 2007 | |||||
| Net cash provided by operating activities | 26,659 | 23,113 | 18,656 | 25,779 | 94,207 |
| Less: Purchases of property and equipment | (529) | (2,506) | (2,940) | (4,340) | (10,315) |
| Add: Excess tax benefit from share-based compensation | 2,163 | 780 | 517 | 1,271 | 4,731 |
| 28,293 | 21,387 | 16,233 | 22,710 | 88,623 |