RALEIGH, NC / ACCESSWIRE / March 7, 2024 / Issuer Direct Corporation (NYSE American:ISDR) (the "Company"), an industry-leading communications company, today reported its operating results for the three months and full year ended December 31, 2023.
"During the fourth quarter we continued our trend of achieving increases in key financial metrics on a year-over-year basis. Specifically, revenues, gross margins and Adjusted EBITDA were all up over the same quarter of the prior year, momentum we believe will continue through this year and beyond. Additionally, I am encouraged by the progress and investments we made at the end of the year in product innovation, which allowed us to release our Media Suite solution on schedule. We believe Media Suite will be an enabling solution for us and allow our continued growth in the PR communications space," said Brian R. Balbirnie, Issuer Direct's Chief Executive Officer.
- Revenues increased 6% to $7.5M from $7.1M in Q4 2022.
- Adjusted EBITDA of $1.2M increased from $1M in Q4 2022.
- Subscriptions increased to 1,053 compared to 1,002 in Q4 2022.
Balbirnie continued, "Furthermore, our communications business grew to 73% of revenues in 2023, up 4% from the prior year, driven by our news distribution business. We expect this percentage of overall revenues to continue to grow as we look to further expand our market share, build pipeline and launch our new communications products."
Fourth Quarter 2023 Highlights:
- Revenue - Total revenue was $7,539,000, a 6% increase from $7,139,000 in Q4 2022 and flat compared to Q3 2023. Communications revenue increased 2% from Q4 2022 and decreased 7% from Q3 2023. The increase from Q4 2022 is primarily due to an additional month of revenue for Newswire, which was acquired on November 1, 2022. The decrease in Communications revenue from Q3 2023 is primarily drive by a decrease in revenue associated with Newswire, partially offset by an increase in revenue from ACCESSWIRE. Communications revenue was 75% of total revenue for Q4 2023, compared to 78% for Q4 2022 and 80% for Q3 2023. Revenue from our Compliance business increased 20% from Q4 2022 and 27% from Q3 2023. The increase in Compliance revenue is primarily related to an increase in revenue from our print and proxy fulfillment services due to larger projects during the quarter and an increase in revenue from our transfer agent business due to an increase in market activity and corporate actions and directives.
- Gross Margin - Gross margin for Q4 2023 was $5,572,000, or 74% of revenue, compared to $5,263,000, or 74% of revenue, during Q4 2022 and $5,772,000, or 76%, in Q3 2023. Communications gross margin was 74%, flat compared to Q4 2022 and down 1% with Q3 2023.
- Operating Loss -Operating loss was $105,000 for Q4 2023, as compared to operating income of $44,000 during Q4 2022. The decrease in operating income despite an increase in gross margin is primarily due to an increase in operating expenses. Operating expenses increased primarily due to an increase in bad debt expense and amortization expense attributed to intangible assets related to the Newswire acquisition.
- Net Loss -On a GAAP basis, net loss was $726,000, or $(0.19) per diluted share during Q4 2023, compared to net loss of $109,000, or $(0.03) per diluted share during Q4 2022.
- Operating Cash Flows - Cash flows from operations for Q4 2023 were $770,000 compared to $994,000 in Q4 2022.
- Non-GAAP Measures -Q4 2023 EBITDA was $234,000, or 3% of revenue, compared to $589,000, or 8% of revenue, during Q4 2022. Adjusted EBITDA was $1,065,000, or 14% of revenue, for Q4 2023 compared to $1,015,000, or 14% of revenue, for Q4 2022. Non-GAAP net income for Q4 2023 was $575,000, or $0.15 per diluted share, compared to $665,000, or $0.18 per diluted share, during Q4 2022. Adjusted free-cashflow was $687,000 for Q4 2023 compared to $1,999,000 for Q4 2022.
Full Year 2023 Highlights:
- Revenue - Total revenue was $33,378,000, a 42% increase from $23,514,000 in 2022. Communications revenue increased 50% compared to 2022, primarily related to the acquisition of Newswire, which is all included in Communications revenue. We also generated increased revenue from our ACCESSWIRE business, which increased 10% compared to 2022. Communications revenue was 73% of total revenue compared to 69% in 2022. Revenue from our Compliance business increased 24% in 2023 compared to 2022. The increase is primarily related to an increase in revenue from our print and proxy fulfillment services due to a few significant transactions which occurred during the year, as well as an increase in revenue from our transfer agent services due to an increase in market activity and corporate actions and directives.
- Gross Margin - Gross margin was $25,449,000, or 76% of revenue, compared to $17,830,000, also 76% of revenue in 2022. Communications gross margin was 76% down 1% from 2022. The decrease in gross margin is primarily related to an increase in distribution costs as we continue to expand our reach and global footprint.
- Operating Income -Operating income was $2,816,000 compared to $2,669,000 in 2022. The increase in operating income is due to an increase in revenue, partially offset by an increase in operating expenses. The increase in operating expenses is primarily due to additional costs incurred to operate Newswire, as well as an increase in bad debt expense and amortization expense attributed to intangible assets related to the Newswire acquisition.
- Net Income -On a GAAP basis, net income was $766,000, or $0.20 per diluted share compared to $1,934,000, or $0.52 per diluted share in 2022. Despite the increase in operating income, net income decreased because it was impacted by interest expense associated with our new credit agreement and the debt incurred to finance the Newswire acquisition, as well as a one-time cost to extinguish our debt associated with the Newswire transaction.
- Operating Cash Flows - Cash flows from operations for 2023 were $3,060,000 compared to $4,019,000 in 2022.
- Non-GAAP Measures - EBITDA for the full year 2023 was $5,381,000, or 16% of revenue, compared to $3,702,000, or 16% of revenue, in 2022. Adjusted EBITDA for the full year of 2023 was $7,728,000, or 23% of revenue, compared to $4,867,000 or 21% of revenue during 2022. Non-GAAP net income for 2023 was $4,889,000, or $1.28 per diluted share, compared to $3,548,000, or $0.95 per diluted share, in 2022. Adjusted free-cashflow was $3,325,000 for 2023 compared to $5,122,000 for 2022.
Key Performance Indicators:
- As of December 31, 2023, we had 11,924 customers who had an active contract during the past twelve months, compared to 8,218 as of December 31, 2022. Active customers included 4,261 and 1,196 Newswire customers during 2023 and 2022, respectively.
- During the quarter, the Company had 1,053 subscriptions, compared to 1,002 subscriptions during the same period last year. The Company defines a subscription as any customer who enters into a contract for a minimum of one year for one or more products.
Non-GAAP Information
Certain Non-GAAP financial measures are included in this press release. In the calculation of these measures, the Company excludes certain items, such as amortization of intangible assets, stock-based compensation, tax impact of adjustments, other unusual items and discrete items impacting income tax expense. The Company believes that excluding such items provides investors and management with a representation of the Company's core operating performance and with information useful in assessing its prospects for the future and underlying trends in the Company's operating expenditures and continuing operations. Management uses such Non-GAAP measures to evaluate financial results and manage operations. The release and the attachments to this release provide a reconciliation of each of the Non-GAAP measures referred to in this release to the most directly comparable GAAP measure. The Non-GAAP financial measures are not meant to be considered a substitute for the corresponding GAAP financial statements and investors should evaluate them carefully. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
($ in ‘000's, except per share amounts)
CALCULATION OF EBITDA & ADJUSTED EBITDA
| Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Amount | Amount | |||||||
Net loss: |
$ | (726 | ) | $ | (109 | ) | ||
Adjustments: |
||||||||
Depreciation and amortization |
739 | 545 | ||||||
Interest expense |
299 | 110 | ||||||
Income tax (benefit) expense |
(78 | ) | 43 | |||||
EBITDA: |
234 | 589 | ||||||
Acquisition and/or integration expenses (1)
|
116 | 173 | ||||||
Other non-recurring expenses (2)
|
400 | 49 | ||||||
Stock-based compensation expense(3)
|
315 | 204 | ||||||
Adjusted EBITDA: |
$ | 1,065 | $ | 1,015 | ||||
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Amount | Amount | |||||||
Net income: |
$ | 766 | $ | 1,934 | ||||
Adjustments: |
||||||||
Depreciation and amortization |
2,956 | 1,033 | ||||||
Interest expense |
1,116 | 11 | ||||||
Income tax expense |
543 | 724 | ||||||
EBITDA: |
5,381 | 3,702 | ||||||
Acquisition and/or integration expenses (1)
|
546 | 263 | ||||||
Other non-recurring expenses (2)
|
436 | 139 | ||||||
Stock-based compensation expense(3)
|
1,365 | 763 | ||||||
Adjusted EBITDA: |
$ | 7,728 | $ | 4,867 | ||||
(1) This adjustment gives effect to one-time corporate projects, including acquisition and integration expenses, incurred during the periods.
(2) For the three months ended December 31, 2023, this adjustment give effect for the loss on the change in fair value of our interest rate swap. For the year ended December 31, 2023, this adjustment gives effect to a $370,000 payment related to the early extinguishment of our Seller Note, one-time non-recurring expenses of $45,000 and a loss on the change in fair value of our interest rate swap of $21,000. For the three months ended December 31, 2022, this adjustment is for termination benefits paid during the period. For the year ended December 31, 2022, this adjustment gives effect to a one-time executive recruiting fee of $90,000 and termination benefits of $49,000.
(3) The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects
CALCULATION OF NON-GAAP NET INCOME
| Three Months Ended December 31, | ||||||||||||||||
| 2023 | 2022 | |||||||||||||||
| Amount | Per diluted share | Amount | Per diluted share |
|||||||||||||
Net income (loss): |
$ | (726 | ) | $ | (0.19 | ) | $ | (109 | ) | $ | (0.03 | ) | ||||
Adjustments: |
||||||||||||||||
Amortization of intangible assets (1)
|
685 | 0.18 | 492 | 0.13 | ||||||||||||
Stock-based compensation (2)
|
315 | 0.08 | 204 | 0.06 | ||||||||||||
Other unusual items (3)
|
516 | 0.13 | 222 | 0.06 | ||||||||||||
Tax impact of adjustments (4)
|
(318 | ) | (0.08 | ) | (193 | ) | (0.05 | ) | ||||||||
Impact of discrete items impacting income tax expense (5)
|
103 | 0.03 | 49 | 0.01 | ||||||||||||
Non-GAAP net income: |
$ | 575 | $ | 0.15 | $ | 665 | $ | 0.18 | ||||||||
| Year Ended December 31, | ||||||||||||||||
| 2023 | 2022 | |||||||||||||||
| Amount | Per diluted share | Amount | Per diluted share |
|||||||||||||
Net income: |
$ | 766 | $ | 0.20 | $ | 1,934 | $ | 0.52 | ||||||||
Adjustments: |
||||||||||||||||
Amortization of intangible assets (1)
|
2,741 | 0.72 | 816 | 0.22 | ||||||||||||
Stock-based compensation (2)
|
1,365 | 0.35 | 763 | 0.20 | ||||||||||||
Other unusual items (3)
|
982 | 0.26 | 402 | 0.11 | ||||||||||||
Tax impact of adjustments (4)
|
(1,068 | ) | (0.28 | ) | (416 | ) | (0.11 | ) | ||||||||
Impact of discrete items impacting income tax expense (5)
|
103 | 0.03 | 49 | 0.01 | ||||||||||||
Non-GAAP net income: |
$ | 4,889 | $ | 1.28 | $ | 3,548 | $ | 0.95 | ||||||||
(1) The adjustments represent the amortization of intangible assets related to acquired assets and companies.
(2) The adjustments represent stock-based compensation expense related to awards of stock options, restricted stock units or common stock in exchange for services. Although the Company expects to continue to award stock in exchange for services, the amount of stock-based compensation is excluded as it is subject to change as a result of one-time or non-recurring projects.
(3) For the three months ended December 31, 2023, this adjustment gives effect for the loss on the change in fair value of our interest rate swap of $400,000 and one-time corporate projects, including acquisition and/or integration related expenses of $116,000 incurred during the period. For the year ended December 31, 2023, this adjustment gives effect to one-time corporate projects, including acquisition and/or integration related expenses incurred during the period of $546,000 and a $370,000 payment related to the early extinguishment of our Seller Note, $45,000 of one-time, non-recurring expenses as well as a loss on the change in fair value of our interest rate swap of $21,000. For the three months ended December 31, 2022, this adjustment gives effect to one-time corporate projects, including acquisition and integration expenses of $173,000 and termination benefits paid of $49,000. For the year ended December 31, 2022, this adjustment gives effect to a one-time executive recruiting fee of $90,000, acquisition and integration expenses of $263,000, and termination benefits paid of $49,000.
(4) This adjustment gives effect to the tax impact of all non-GAAP adjustments at the current Federal rate of 21%.
(5) This adjustment eliminates discrete items impacting income tax expense. In 2022, discrete items relate to a return to provision adjustment as well as additional tax expense resulting from stock-based compensation recorded in income tax for the period.
CALCULATION OF FREE CASH FLOW AND ADJUSTED FREE CASH FLOW
| Three Months Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Amount | Amount | |||||||
Net cash provided by operating activities |
$ | 770 | $ | 994 | ||||
Payments for purchase of fixed assets and capitalized software |
(158 | ) | (14 | ) | ||||
Free cash flow |
612 | 980 | ||||||
Cash paid for acquisition and/or integration items(1)
|
75 | 970 | ||||||
Cash paid for other unusual items(2)
|
- | 49 | ||||||
Adjusted free cash flow |
$ | 687 | $ | 1,999 | ||||
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Amount | Amount | |||||||
Net cash provided by operating activities |
$ | 3,060 | $ | 4,019 | ||||
Payments for purchase of fixed assets and capitalized software |
(503 | ) | (66 | ) | ||||
Free cash flow |
2,557 | 3,953 | ||||||
Cash paid for acquisition and/or integration items(1)
|
373 | 1,060 | ||||||
Cash paid for other unusual items(2)
|
395 | 109 | ||||||
Adjusted free cash flow |
$ | 3,325 | $ | 5,122 | ||||
(1) For the three months and full year ended December 31, 2023, this adjustment gives effect to one-time corporate projects, including acquisition and/or integration related expenses, paid during the periods. For the three months and full year ended December 31, 2022, this adjustment relates to payments for representation and warranty insurance of $500,000 and $325,000 related to Newswire opening balance sheet costs that were not recouped until Q1 2023. Additionally, these numbers include payments for one-time corporate projects, including acquisition and integration expenses of $145,000 and $235,000, during the three months and full year ended December 31, 2022, respectively.
(2) For the year ended December 31, 2023, this adjustment gives effect to a one-time payment of $370,000 related to the early payment of the Seller Note. For the three months and full year ended December 31, 2022, this adjustment relates to $49,000 of termination benefits paid during the period. Additionally, for the full year ended December 31, 2022, this adjustment includes $60,000 paid for executive recruiting expenses.
Conference Call Information
To participate in this event, dial approximately 5 to 10 minutes before the beginning of the call.
| Date: | March 7, 2024 | |
| Time: | 4:30 p.m. eastern time | |
| Toll & Toll Free: | 973-528-0011| 888-506-0062 | |
| Access Code: | 506923 | |
| Live Webcast: | https://www.webcaster4.com/Webcast/Page/1/49994 |
Conference Call Replay Information
The replay will be available beginning approximately 1 hour after the completion of the live event.
| Toll & Toll Free: | 919-882-2331| 877-481-4010 | |
| Passcode: | 49994 | |
| Webcast Replay & Transcript | http://www.issuerdirect.com/earnings-calls-and-scripts/ |
About Issuer Direct Corporation
Issuer Direct is a leading communications company, providing solutions for both Public Relations and Investor Relations Professionals for over 18 years. Our comprehensive solutions are used by thousands of customers from emerging startups to multi-billion-dollar global brands, ensuring their most important moments are reaching the right audiences, via our industry-leading newswire, IR website solutions, events technology, and compliance solutions. For more information, please visit www.issuerdirect.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs, such as "will," "should," "would," "may," and "could," are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance, or achievements to be materially different from any anticipated results, performance, or achievements for many reasons including the impact of the coronavirus pandemic. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company's forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2023, including but not limited to the discussion under "Risk Factors" therein, which the Company filed with the SEC and which may be viewed at http://www.sec.gov/.
For Further Information:
Issuer Direct Corporation
Brian R. Balbirnie
(919)-481-4000
brian.balbirnie@issuerdirect.com
Hayden IR
Brett Maas
(646)-536-7331
brett@haydenir.com
Hayden IR
James Carbonara
(646)-755-7412
james@haydenir.com
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| As of December 31, | ||||||||
| 2023 | 2022 | |||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 5,714 | $ | 4,832 | ||||
Accounts receivable (net of allowance for credit losses of $1,119 and $745, respectively) |
4,368 | 2,978 | ||||||
Income tax receivable |
232 | 51 | ||||||
Other current assets |
1,190 | 1,559 | ||||||
Total current assets |
11,504 | 9,420 | ||||||
Capitalized software (net of accumulated amortization of $3,424 and $3,364, respectively) |
556 | 138 | ||||||
Fixed assets (net of accumulated depreciation of $765 and $610, respectively) |
495 | 625 | ||||||
Right-of-use asset - leases (See Note 10) |
1,022 | 1,277 | ||||||
Other long-term assets |
158 | 136 | ||||||
Goodwill |
21,927 | 22,498 | ||||||
Intangible assets (net of accumulated amortization of $9,562 and $6,821, respectively) |
29,490 | 32,231 | ||||||
Total assets |
$ | 65,152 | $ | 66,325 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 1,308 | $ | 1,374 | ||||
Accrued expenses |
1,919 | 2,255 | ||||||
Income taxes payable |
11 | 157 | ||||||
Current portion of long-term debt |
4,000 | 22,000 | ||||||
Deferred revenue |
5,412 | 5,405 | ||||||
Total current liabilities |
12,650 | 31,191 | ||||||
Long-term debt (net of debt discount of $87 and $0, respectively) (see Note 6) |
15,913 | - | ||||||
Deferred income tax liability |
139 | 572 | ||||||
Lease liabilities - long-term (See Note 10) |
1,009 | 1,339 | ||||||
Other long-term liabilities |
21 | - | ||||||
Total liabilities |
29,732 | 33,102 | ||||||
Stockholders' equity: |
||||||||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and 2022, respectively. |
- | - | ||||||
Common stock $0.001 par value, 20,000,000 shares authorized, 3,815,212 and 3,791,020 shares issued and outstanding as of December 31, 2023 and 2022, respectively. |
4 | 4 | ||||||
Additional paid-in capital |
23,531 | 22,147 | ||||||
Other accumulated comprehensive loss |
(49 | ) | (96 | ) | ||||
Retained earnings |
11,934 | 11,168 | ||||||
Total stockholders' equity |
35,420 | 33,223 | ||||||
Total liabilities and stockholders' equity |
$ | 65,152 | $ | 66,325 | ||||
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
| For the Three Months Ended | For the Year Ended | |||||||||||||||
| December 31, | December 31, | December 31, | December 31, | |||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
Revenues |
$ | 7,539 | $ | 7,139 | $ | 33,378 | $ | 23,514 | ||||||||
Cost of revenues |
1,967 | 1,876 | 7,929 | 5,684 | ||||||||||||
Gross profit |
5,572 | 5,263 | 25,449 | 17,830 | ||||||||||||
Operating costs and expenses: |
||||||||||||||||
General and administrative |
2,296 | 2,060 | 8,935 | 6,963 | ||||||||||||
Sales and marketing expenses |
1,993 | 2,056 | 8,251 | 5,922 | ||||||||||||
Product development |
664 | 572 | 2,551 | 1,306 | ||||||||||||
Depreciation and amortization |
724 | 531 | 2,896 | 970 | ||||||||||||
Total operating costs and expenses |
5,677 | 5,219 | 22,633 | 15,161 | ||||||||||||
Operating (loss) income |
(105 | ) | 44 | 2,816 | 2,669 | |||||||||||
Interest expense, net |
(299 | ) | (110 | ) | (1,116 | ) | (11 | ) | ||||||||
Other expense |
(400 | ) | - | (391 | ) | - | ||||||||||
Income (loss) before taxes |
(804 | ) | (66 | ) | 1,309 | 2,658 | ||||||||||
Income tax expense (benefit) |
(78 | ) | 43 | 543 | 724 | |||||||||||
Net income (loss) |
$ | (726 | ) | $ | (109 | ) | $ | 766 | $ | 1,934 | ||||||
Income per share - basic |
$ | (0.19 | ) | $ | (0.03 | ) | $ | 0.20 | $ | 0.52 | ||||||
Income per share - fully diluted |
$ | (0.19 | ) | $ | (0.03 | ) | $ | 0.20 | $ | 0.52 | ||||||
Weighted average number of common shares outstanding - basic |
3,813 | 3,730 | 3,802 | 3,720 | ||||||||||||
Weighted average number of common shares outstanding - fully diluted |
3,826 | 3,748 | 3,816 | 3,740 | ||||||||||||
ISSUER DIRECT CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except share and per share amounts)
| Years Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
Cash flows from operating activities |
||||||||
Net income |
$ | 766 | $ | 1,934 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Bad debt expense |
743 | 406 | ||||||
Depreciation and amortization |
2,956 | 1,033 | ||||||
Deferred income taxes |
(433 | ) | (278 | ) | ||||
Stock-based compensation expense |
1,365 | 763 | ||||||
Amortization of debt issuance costs |
13 | - | ||||||
Changes in operating assets and liabilities, net of effect of business acquisition: |
||||||||
Decrease (increase) in accounts receivable |
(1,870 | ) | (9 | ) | ||||
Decrease (increase) in other assets |
70 | (282 | ) | |||||
Increase (decrease) in accounts payable |
(67 | ) | 35 | |||||
Increase (decrease) in deferred revenue |
312 | 564 | ||||||
Increase (decrease) in accrued expenses and other liabilities |
(795 | ) | (147 | ) | ||||
Net cash provided by operating activities |
3,060 | 4,019 | ||||||
Cash flows from investing activities |
||||||||
Purchase of fixed assets |
(25 | ) | (66 | ) | ||||
Capitalized software |
(478 | ) | - | |||||
Purchase of acquired business, net of cash received (See note 4) |
350 | (17,963 | ) | |||||
Net cash used in investing activities |
(153 | ) | (18,029 | ) | ||||
Cash flows from financing activities |
||||||||
Payment for stock repurchase and retirement (see Note 8) |
- | (5,000 | ) | |||||
Payment of note payable (see Note 6) |
(22,000 | ) | - | |||||
Proceeds from issuance of term loan (see Note 6) |
19,988 | - | ||||||
Payment for capitalized debt issuance costs |
(88 | ) | - | |||||
Proceeds from exercise of stock options, net of income taxes |
19 | 91 | ||||||
Net cash used in financing activities |
(2,081 | ) | (4,909 | ) | ||||
Net change in cash |
826 | (18,919 | ) | |||||
Cash- beginning |
4,832 | 23,852 | ||||||
Currency translation adjustment |
56 | (101 | ) | |||||
Cash- ending |
$ | 5,714 | $ | 4,832 | ||||
Supplemental disclosures: |
||||||||
Cash paid for income taxes |
$ | 1,314 | $ | 954 | ||||
Cash paid for interest |
$ | 1,394 | $ | - | ||||
Non-cash activities: |
||||||||
Issuance of secured promissory note in acquisition of Newswire (see Note 4) |
$ | - | $ | 22,000 | ||||
Shares issued in acquisition of Newswire (see Note 4) |
$ | - | $ | 3,892 | ||||
SOURCE: Issuer Direct Corporation
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