DELTEK, INC

CIK:0001029299|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
REVENUES:
PRODUCT REVENUES	$ 28,440	$ 24,788	$ 53,495	$ 46,378
Maintenance and support services	41,533	39,387	82,760	77,560
Consulting services and other revenues	16,046	23,793	32,484	44,008
Total revenues	86,019	87,968	168,739	167,946
COST OF REVENUES:
COST OF PRODUCT REVENUES	6,673	7,002	13,496	12,677
Cost of maintenance and support services	6,073	6,274	12,300	13,254
Cost of consulting services and other revenues	14,964	21,722	31,655	39,444
Total cost of revenues	27,710	34,998	57,451	65,375
GROSS PROFIT	58,309	52,970	111,288	102,571
OPERATING EXPENSES:
Research and development	15,495	15,725	31,285	33,286
Sales and marketing	22,300	22,593	43,526	44,835
General and administrative	11,186	12,898	23,193	26,557
Restructuring charge	528	3,617	2,053	6,822
Total operating expenses	49,509	54,833	100,057	111,500
INCOME (LOSS) FROM OPERATIONS	8,800	(1,863)	11,231	(8,929)
Interest income	45	34	70	67
Interest expense	(2,595)	(2,894)	(5,249)	(5,879)
Other income (expense), net	254	4	289	(261)
LOSS BEFORE INCOME TAXES	6,504	(4,719)	6,341	(15,002)
Income tax expense (benefit)	2,264	(1,764)	2,392	(5,496)
Net loss	$ 4,240	$ (2,955)	$ 3,949	$ (9,506)
LOSS PER SHARE
Basic	$ 0.07	$ (0.05)	$ 0.06	$ (0.15)
Diluted	$ 0.06	$ (0.05)	$ 0.06	$ (0.15)
COMMON SHARES AND EQUIVALENTS OUTSTANDING
Basic weighted average shares	64,110	65,538	64,175	65,441
Diluted weighted average shares	66,575	65,538	66,576	65,441

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 3,949	$ (9,506)
Adjustments to reconcile net loss to net cash provided by operating activities:
Allowance for doubtful accounts	864	433
Depreciation and amortization	11,560	13,274
Amortization of debt issuance costs and original issue discount	544	508
Stock-based compensation expense	7,084	6,229
Employee stock purchase plan expense	181	115
Restructuring charge, net	486	3,340
(Gain) Loss on disposal of fixed assets	(4)	11
Other noncash activity	(226)	132
Deferred income taxes	(1,717)	(6,530)
Changes in assets and liabilities, net of effects from acquisitions:
Accounts receivable, net	(476)	5,922
Prepaid expenses and other assets	(1,382)	(1,678)
Accounts payable and accrued expenses	(3,748)	(1,811)
Income taxes receivable/payable	2,432	765
Excess tax benefit from stock awards	(549)	(246)
Other tax liabilities	238	363
Other long-term liabilities	(383)	2,256
Deferred revenues	15,489	15,817
Net Cash Provided by Operating Activities	34,342	29,394
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of WMG, Inc., net of cash acquired	(729)	(25,664)
Acquisition of Maconomy A/S		(168)
Acquisition of assets of S.I.R.A., Inc.	(1,304)	(1,039)
Purchase of property and equipment	(4,545)	(6,477)
Capitalized software development costs	(140)
Net Cash Used in Investing Activities	(6,718)	(33,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	1,870	337
Excess tax benefit from stock awards	549	246
Proceeds from issuance of stock under employee stock purchase plan	474	358
Shares withheld for minimum tax withholding on vested restricted stock awards	(1,604)	(1,182)
Purchase of treasury stock	(8,606)
Repayment of debt	(15,026)	(25,524)
Net Cash Used in Financing Activities	(22,343)	(25,765)
IMPACT OF FOREIGN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(434)	1,558
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	4,847	(28,161)
CASH AND CASH EQUIVALENTS--Beginning of period	35,243	76,619
CASH AND CASH EQUIVALENTS--End of period	40,090	48,458
Noncash activity during current period:
Accrued liability for purchases of property and equipment		206
Accrued liability for acquisition of businesses		791
Cash paid (received) during the period for:
Interest	4,724	5,345
Income taxes, net	$ 1,320	$ (274)

Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
CURRENT ASSETS:
Cash and cash equivalents	$ 40,090	$ 35,243
Accounts receivable, net of allowance of $1,644 and $1,714 at June 30, 2012 and December 31, 2011, respectively	58,280	58,899
Deferred income taxes	6,146	5,383
Prepaid expenses and other current assets	12,031	10,760
TOTAL CURRENT ASSETS	116,547	110,285
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $26,933 and $23,515 at June 30, 2012 and December 31, 2011, respectively	26,769	25,620
LONG-TERM DEFERRED INCOME TAXES	9,951	9,653
INTANGIBLE ASSETS, NET	46,556	54,994
GOODWILL	174,872	175,771
OTHER ASSETS	5,907	6,156
TOTAL ASSETS	380,602	382,479
CURRENT LIABILITIES:
Current portion of long-term debt	464	528
Accounts payable and accrued expenses	41,194	45,420
Deferred revenues	120,183	104,835
Income taxes payable	2,409	465
TOTAL CURRENT LIABILITIES	164,250	151,248
LONG-TERM DEBT	152,155	166,894
OTHER TAX LIABILITIES	3,453	3,214
OTHER LONG-TERM LIABILITIES	16,202	18,180
TOTAL LIABILITIES	336,060	339,536
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.001 par value-authorized, 5,000,000 shares; none issued or outstanding at June 30, 2012 or December 31, 2011
Common stock	71	70
Additional paid-in capital	281,538	273,496
Accumulated deficit	(212,872)	(216,821)
Accumulated other comprehensive income	401	2,188
Treasury Stock, at cost?2,964,498 and 2,126,618 shares at June 30, 2012 and December 31, 2011, respectively	(24,596)	(15,990)
TOTAL STOCKHOLDERS' EQUITY	44,542	42,943
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	380,602	382,479
Class A common stock
STOCKHOLDERS' EQUITY
Common stock