Guarantor Subsidiaries - Supplemental consolidating financial information | 12 Months Ended |
Dec. 31, 2013 |
Guarantor Subsidiaries - Supplemental consolidating financial information | ' |
23 | Guarantor Subsidiaries — Supplemental consolidating financial information | | | | | | | | | | | | | | | | | | | |
In connection with the iGATE Computer Acquisition, the Company issued the Senior Notes which are the senior unsecured obligations of the Company. The Senior Notes are guaranteed by the Company’s 100% owned domestic subsidiaries iTI, iGATE Inc., and iGATE Holding Corporation (collectively, the “Guarantors”). In accordance with the terms of the second supplemental indenture dated September 30, 2012, iAI was included as a guarantor to the Senior Notes with effect from September 1, 2012. Subsequently on December 31, 2012, as part of an integration process, iAI along with PTS, were merged into iTI. The Company has not included separate financial statements of the Guarantors because they are 100% owned by the Company, the guarantees issued are full and unconditional, and the guarantees are joint and several. There are customary exceptions in the Indenture under which a subsidiary’s guarantee would terminate namely: |
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| • | | a permitted sale or other disposition by a guarantor of all or substantially all of its assets. | | | | | | | | | | | | | | | | | |
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| • | | the designation or classification of a guarantor as an unrestricted subsidiary pursuant to the indenture governing the guarantees. | | | | | | | | | | | | | | | | | |
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| • | | defeasance or discharge of the Senior Notes. | | | | | | | | | | | | | | | | | |
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| • | | the release of a guarantor due to the operation of the definition of “Immaterial Subsidiary” in the documents governing the guarantees; or | | | | | | | | | | | | | | | | | |
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| • | | the Senior Notes’ achievement of investment grade status. | | | | | | | | | | | | | | | | | |
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Consolidating financial information for the Company and the Guarantors are as follows (in thousands): |
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CONSOLIDATED BALANCE SHEETS |
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AS OF DECEMBER 31, 2013 |
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| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0 | | | $ | 82,497 | | | $ | 122,339 | | | $ | 0 | | | $ | 204,836 | |
Restricted cash | | | 0 | | | | 360,000 | | | | 0 | | | | 0 | | | | 360,000 | |
Short-term investments | | | 0 | | | | 0 | | | | 181,401 | | | | 0 | | | | 181,401 | |
Accounts receivable, net | | | 0 | | | | 87,110 | | | | 70,795 | | | | 0 | | | | 157,905 | |
Unbilled revenues | | | 0 | | | | 29,309 | | | | 32,115 | | | | 0 | | | | 61,424 | |
Prepaid expenses and other current assets | | | 11,997 | | | | 3,693 | | | | 28,802 | | | | 0 | | | | 44,492 | |
Prepaid income taxes | | | 0 | | | | 797 | | | | 41 | | | | 0 | | | | 838 | |
Deferred tax assets | | | 0 | | | | 3,163 | | | | 7,072 | | | | 0 | | | | 10,235 | |
Foreign exchange derivative contracts | | | 0 | | | | 0 | | | | 836 | | | | 0 | | | | 836 | |
Intercorporate loan | | | 360,000 | | | | 0 | | | | 0 | | | | (360,000 | ) | | | 0 | |
Receivable from related parties | | | 0 | | | | 1,618 | | | | 2,428 | | | | 0 | | | | 4,046 | |
Receivable from group companies | | | 21,332 | | | | 0 | | | | 24,952 | | | | (46,284 | ) | | | 0 | |
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Total current assets | | | 393,329 | | | | 568,187 | | | | 470,781 | | | | (406,284 | ) | | | 1,026,013 | |
Investment in subsidiaries | | | 460,955 | | | | 545,412 | | | | 0 | | | | (1,006,367 | ) | | | 0 | |
Intercorporate loan | | | 410,000 | | | | 2,476 | | | | 0 | | | | (412,476 | ) | | | 0 | |
Deposits and other assets | | | 5,596 | | | | 1,084 | | | | 18,250 | | | | 0 | | | | 24,930 | |
Prepaid income taxes | | | 0 | | | | 0 | | | | 32,160 | | | | 0 | | | | 32,160 | |
Property and equipment, net | | | 0 | | | | 2,291 | | | | 163,290 | | | | 0 | | | | 165,581 | |
Leasehold land | | | 0 | | | | 0 | | | | 76,732 | | | | 0 | | | | 76,732 | |
Deferred tax assets | | | 0 | | | | 15,054 | | | | 99 | | | | 0 | | | | 15,153 | |
Goodwill | | | 0 | | | | 1,026 | | | | 437,865 | | | | 0 | | | | 438,891 | |
Intangible assets, net | | | 0 | | | | 130 | | | | 119,132 | | | | 0 | | | | 119,262 | |
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Total assets | | $ | 1,269,880 | | | $ | 1,135,660 | | | $ | 1,318,309 | | | $ | (1,825,127 | ) | | $ | 1,898,722 | |
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LIABILITIES, REDEEMABLE NON- CONTROLLING INTEREST, PREFERRED STOCK AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 0 | | | $ | 1,834 | | | $ | 7,434 | | | $ | 0 | | | $ | 9,268 | |
Line of credit | | | 0 | | | | 0 | | | | 52,000 | | | | 0 | | | | 52,000 | |
Senior Notes | | | 360,000 | | | | 0 | | | | 0 | | | | 0 | | | | 360,000 | |
Term loans | | | 0 | | | | 0 | | | | 90,000 | | | | 0 | | | | 90,000 | |
Accrued payroll and related costs | | | 0 | | | | 19,086 | | | | 38,007 | | | | 0 | | | | 57,093 | |
Other accrued liabilities | | | 11,550 | | | | 24,012 | | | | 44,223 | | | | 0 | | | | 79,785 | |
Accrued income taxes | | | 0 | | | | 0 | | | | 5,802 | | | | 0 | | | | 5,802 | |
Foreign exchange derivative contracts | | | 0 | | | | 0 | | | | 909 | | | | 0 | | | | 909 | |
Deferred revenue | | | 0 | | | | 8,917 | | | | 8,859 | | | | 0 | | | | 17,776 | |
Intercorporate loan | | | 0 | | | | 360,000 | | | | 0 | | | | (360,000 | ) | | | 0 | |
Payable to group companies | | | 0 | | | | 26,446 | | | | 19,838 | | | | (46,284 | ) | | | 0 | |
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Total current liabilities | | | 371,550 | | | | 440,295 | | | | 267,072 | | | | (406,284 | ) | | | 672,633 | |
Other long-term liabilities | | | 0 | | | | 165 | | | | 3,367 | | | | 0 | | | | 3,532 | |
Senior Notes | | | 410,000 | | | | 0 | | | | 0 | | | | 0 | | | | 410,000 | |
Term loans | | | 0 | | | | 0 | | | | 270,000 | | | | 0 | | | | 270,000 | |
Accrued income taxes | | | 0 | | | | 650 | | | | 13,286 | | | | 0 | | | | 13,936 | |
Intercorporate loan | | | 0 | | | | 410,000 | | | | 2,476 | | | | (412,476 | ) | | | 0 | |
Deferred tax liabilities | | | 0 | | | | 0 | | | | 41,717 | | | | 0 | | | | 41,717 | |
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Total liabilities | | | 781,550 | | | | 851,110 | | | | 597,918 | | | | (818,760 | ) | | | 1,411,818 | |
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Redeemable non controlling interest | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Series B Preferred stock | | | 410,371 | | | | 0 | | | | 0 | | | | 0 | | | | 410,371 | |
iGATE Corporation shareholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Common shares | | | 594 | | | | 330,000 | | | | 53,451 | | | | (383,451 | ) | | | 594 | |
Common shares held in treasury, at cost | | | (14,714 | ) | | | 0 | | | | 0 | | | | 0 | | | | (14,714 | ) |
Additional paid-in capital | | | 216,107 | | | | 6,209 | | | | 604,743 | | | | (622,916 | ) | | | 204,143 | |
Retained earnings | | | (124,028 | ) | | | (51,755 | ) | | | 444,533 | | | | 0 | | | | 268,750 | |
Accumulated other comprehensive loss | | | 0 | | | | 96 | | | | (387,211 | ) | | | 0 | | | | (387,115 | ) |
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Total iGATE Corporation shareholder’s equity | | | 77,959 | | | | 284,550 | | | | 715,516 | | | | (1,006,367 | ) | | | 71,658 | |
Non controlling interest | | | 0 | | | | 0 | | | | 4,875 | | | | 0 | | | | 4,875 | |
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Total equity | | | 77,959 | | | | 284,550 | | | | 720,391 | | | | (1,006,367 | ) | | | 76,533 | |
Total liabilities, redeemable non controlling interest, preferred stock and shareholders’ equity | | $ | 1,269,880 | | | $ | 1,135,660 | | | $ | 1,318,309 | | | $ | (1,825,127 | ) | | $ | 1,898,722 | |
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CONSOLIDATED BALANCE SHEETS |
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AS OF DECEMBER 31, 2012 |
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| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 0 | | | $ | 14,365 | | | $ | 80,790 | | | $ | 0 | | | $ | 95,155 | |
Restricted cash | | | 0 | | | | 0 | | | | 3,072 | | | | 0 | | | | 3,072 | |
Short-term investments | | | 0 | | | | 0 | | | | 510,816 | | | | 0 | | | | 510,816 | |
Accounts receivable, net | | | 0 | | | | 75,253 | | | | 95,936 | | | | (8,854 | ) | | | 162,335 | |
Unbilled revenues | | | 0 | | | | 32,221 | | | | 42,374 | | | | (1,694 | ) | | | 72,901 | |
Prepaid expenses and other current assets | | | 6,418 | | | | 3,958 | | | | 21,334 | | | | 0 | | | | 31,710 | |
Prepaid income taxes | | | 0 | | | | 7,228 | | | | 1,313 | | | | 0 | | | | 8,541 | |
Deferred tax assets | | | 0 | | | | 7,240 | | | | 7,415 | | | | 0 | | | | 14,655 | |
Foreign exchange derivative contracts | | | 0 | | | | 0 | | | | 782 | | | | 0 | | | | 782 | |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receivable from group companies | | | 26,802 | | | | 2,303 | | | | 0 | | | | (29,105 | ) | | | 0 | |
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Total current assets | | | 33,220 | | | | 142,568 | | | | 763,832 | | | | (39,653 | ) | | | 899,967 | |
Investment in subsidiaries | | | 438,669 | | | | 1,071,565 | | | | 0 | | | | (1,510,234 | ) | | | 0 | |
Intercorporate loan | | | 770,000 | | | | 0 | | | | 0 | | | | (770,000 | ) | | | 0 | |
Deposits and other assets | | | 17,594 | | | | 1,064 | | | | 6,714 | | | | 0 | | | | 25,372 | |
Prepaid income taxes | | | 0 | | | | 794 | | | | 27,557 | | | | 0 | | | | 28,351 | |
Property and equipment, net | | | 0 | | | | 1,945 | | | | 165,307 | | | | 0 | | | | 167,252 | |
Leasehold land | | | 0 | | | | 0 | | | | 86,933 | | | | 0 | | | | 86,933 | |
Deferred tax assets | | | 0 | | | | 14,175 | | | | 16,460 | | | | 0 | | | | 30,635 | |
Goodwill | | | 0 | | | | 1,026 | | | | 492,115 | | | | 0 | | | | 493,141 | |
Intangible assets, net | | | 0 | | | | 225 | | | | 144,203 | | | | 0 | | | | 144,428 | |
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Total assets | | $ | 1,259,483 | | | $ | 1,233,362 | | | $ | 1,703,121 | | | $ | (2,319,887 | ) | | $ | 1,876,079 | |
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LIABILITIES, REDEEMABLE NON CONTROLLING INTEREST, PREFERRED STOCK AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 0 | | | $ | 24,404 | | | $ | 2,552 | | | $ | (19,157 | ) | | $ | 7,799 | |
Line of credit | | | 0 | | | | 25,000 | | | | 52,000 | | | | 0 | | | | 77,000 | |
Senior Notes | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Term loans | | | 0 | | | | 35,000 | | | | 0 | | | | 0 | | | | 35,000 | |
Accrued payroll and related costs | | | 0 | | | | 16,937 | | | | 37,865 | | | | 0 | | | | 54,802 | |
Other accrued liabilities | | | 11,550 | | | | 25,239 | | | | 42,219 | | | | 0 | | | | 79,008 | |
Accrued income taxes | | | 0 | | | | 5,509 | | | | 3,625 | | | | 0 | | | | 9,134 | |
Foreign exchange derivative contracts | | | 0 | | | | 0 | | | | 7,516 | | | | 0 | | | | 7,516 | |
Deferred revenue | | | 0 | | | | 5,809 | | | | 12,081 | | | | 0 | | | | 17,890 | |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payable to group companies | | | 0 | | | | 18,193 | | | | 0 | | | | (18,193 | ) | | | 0 | |
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Total current liabilities | | | 11,550 | | | | 156,091 | | | | 157,858 | | | | (37,350 | ) | | | 288,149 | |
Other long-term liabilities | | | 0 | | | | 0 | | | | 5,568 | | | | (2,303 | ) | | | 3,265 | |
Senior Notes | | | 770,000 | | | | 0 | | | | 0 | | | | 0 | | | | 770,000 | |
Term loans | | | 0 | | | | 35,000 | | | | 228,500 | | | | 0 | | | | 263,500 | |
Accrued income taxes | | | 0 | | | | 650 | | | | 16,622 | | | | 0 | | | | 17,272 | |
Intercorporate loan | | | 0 | | | | 770,000 | | | | 0 | | | | (770,000 | ) | | | 0 | |
Deferred tax liabilities | | | 0 | | | | 0 | | | | 55,494 | | | | 0 | | | | 55,494 | |
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Total liabilities | | | 781,550 | | | | 961,741 | | | | 464,042 | | | | (809,653 | ) | | | 1,397,680 | |
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Redeemable non controlling interest | | | 0 | | | | 0 | | | | 32,422 | | | | 0 | | | | 32,422 | |
Series B Preferred stock | | | 378,474 | | | | 0 | | | | 0 | | | | 0 | | | | 378,474 | |
iGATE Corporation shareholders’ equity: | | | | | | | | | | | | | | | | | | | | |
Common shares | | | 585 | | | | 330,000 | | | | 52,989 | | | | (382,989 | ) | | | 585 | |
Common shares held in treasury, at cost | | | (14,714 | ) | | | 0 | | | | 0 | | | | 0 | | | | (14,714 | ) |
Additional paid-in capital | | | 199,302 | | | | 794 | | | | 1,112,489 | | | | (1,127,245 | ) | | | 185,340 | |
Retained earnings | | | (85,714 | ) | | | (59,270 | ) | | | 315,859 | | | | 0 | | | | 170,875 | |
Accumulated other comprehensive loss | | | 0 | | | | 97 | | | | (274,680 | ) | | | 0 | | | | (274,583 | ) |
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Total iGATE Corporation shareholder’s equity | | | 99,459 | | | | 271,621 | | | | 1,206,657 | | | | (1,510,234 | ) | | | 67,503 | |
Non controlling interest | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
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Total equity | | | 99,459 | | | | 271,621 | | | | 1,206,657 | | | | (1,510,234 | ) | | | 67,503 | |
Total liabilities, redeemable non controlling interest, preferred stock and shareholders’ equity | | $ | 1,259,483 | | | $ | 1,233,362 | | | $ | 1,703,121 | | | $ | (2,319,887 | ) | | $ | 1,876,079 | |
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CONSOLIDATED STATEMENT OF INCOME |
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FOR THE YEAR ENDED DECEMBER 31, 2013 |
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| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues | | $ | 0 | | | $ | 679,812 | | | $ | 727,648 | | | $ | (256,535 | ) | | $ | 1,150,925 | |
Cost of revenues (exclusive of depreciation and amortization) | | | 0 | | | | 494,856 | | | | 459,911 | | | | (256,535 | ) | | | 698,232 | |
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Gross margin | | | 0 | | | | 184,956 | | | | 267,737 | | | | 0 | | | | 452,693 | |
Selling, general and administrative expense | | | 0 | | | | 70,195 | | | | 120,066 | | | | 0 | | | | 190,261 | |
Depreciation and amortization | | | 0 | | | | 1,236 | | | | 33,953 | | | | 0 | | | | 35,189 | |
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Income from operations | | | 0 | | | | 113,525 | | | | 113,718 | | | | 0 | | | | 227,243 | |
Interest expense | | | (75,717 | ) | | | (3,121 | ) | | | (8,741 | ) | | | 0 | | | | (87,579 | ) |
Foreign exchange gain (loss), net | | | 0 | | | | (372 | ) | | | (3,727 | ) | | | 0 | | | | (4,099 | ) |
Other income (expense), net | | | 69,300 | | | | (65,796 | ) | | | 41,141 | | | | 0 | | | | 44,645 | |
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Income before income taxes | | | (6,417 | ) | | | 44,236 | | | | 142,391 | | | | 0 | | | | 180,210 | |
Income tax expense (benefit) | | | 0 | | | | 14,697 | | | | 35,532 | | | | 0 | | | | 50,229 | |
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Net income (loss) | | | (6,417 | ) | | | 29,539 | | | | 106,859 | | | | 0 | | | | 129,981 | |
Non-controlling interest | | | 0 | | | | 0 | | | | 209 | | | | 0 | | | | 209 | |
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Net income (loss) attributable to iGATE Corporation | | | (6,417 | ) | | | 29,539 | | | | 106,650 | | | | 0 | | | | 129,772 | |
Accretion to preferred stock | | | 494 | | | | 0 | | | | 0 | | | | 0 | | | | 494 | |
Preferred dividend | | | 31,403 | | | | 0 | | | | 0 | | | | 0 | | | | 31,403 | |
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Net income (loss) attributable to iGATE common shareholders | | $ | (38,314 | ) | | $ | 29,539 | | | $ | 106,650 | | | $ | 0 | | | $ | 97,875 | |
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CONSOLIDATED STATEMENT OF INCOME |
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FOR THE YEAR ENDED DECEMBER 31, 2012 |
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| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues | | $ | 0 | | | $ | 341,935 | | | $ | 887,415 | | | $ | (155,420 | ) | | $ | 1,073,930 | |
Cost of revenues (exclusive of depreciation and amortization) | | | 0 | | | | 247,318 | | | | 557,912 | | | | (155,420 | ) | | | 649,810 | |
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Gross margin | | | 0 | | | | 94,617 | | | | 329,503 | | | | 0 | | | | 424,120 | |
Selling, general and administrative expense | | | 0 | | | | 17,045 | | | | 154,426 | | | | 0 | | | | 171,471 | |
Depreciation and amortization | | | 0 | | | | 516 | | | | 45,866 | | | | 0 | | | | 46,382 | |
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Income from operations | | | 0 | | | | 77,056 | | | | 129,211 | | | | 0 | | | | 206,267 | |
Interest expense | | | (75,090 | ) | | | (1,070 | ) | | | (7,606 | ) | | | 0 | | | | (83,766 | ) |
Foreign exchange gain (loss), net | | | 0 | | | | (50 | ) | | | (20,034 | ) | | | 0 | | | | (20,084 | ) |
Other income (expense), net | | | 69,300 | | | | (68,725 | ) | | | 27,916 | | | | 0 | | | | 28,491 | |
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Income before income taxes | | | (5,790 | ) | | | 7,211 | | | | 129,487 | | | | 0 | | | | 130,908 | |
Income tax expense (benefit) | | | 0 | | | | 3,501 | | | | 27,098 | | | | 0 | | | | 30,599 | |
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Net income (loss) | | | (5,790 | ) | | | 3,710 | | | | 102,389 | | | | 0 | | | | 100,309 | |
Non controlling interest | | | 0 | | | | 0 | | | | 4,476 | | | | 0 | | | | 4,476 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to iGATE Corporation | | | (5,790 | ) | | | 3,710 | | | | 97,913 | | | | 0 | | | | 95,833 | |
Accretion to preferred stock | | | 404 | | | | 0 | | | | 0 | | | | 0 | | | | 404 | |
Preferred dividend | | | 29,047 | | | | 0 | | | | 0 | | | | 0 | | | | 29,047 | |
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Net income (loss) attributable to iGATE common shareholders | | $ | (35,241 | ) | | $ | 3,710 | | | $ | 97,913 | | | $ | 0 | | | $ | 66,382 | |
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CONSOLIDATED STATEMENTS OF INCOME |
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FOR THE YEAR ENDED DECEMBER 31, 2011 |
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| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Revenues | | $ | 0 | | | $ | 85,054 | | | $ | 740,706 | | | $ | (46,114 | ) | | $ | 779,646 | |
Cost of revenues (exclusive of depreciation and amortization) | | | 0 | | | | 59,031 | | | | 470,587 | | | | (46,114 | ) | | | 483,504 | |
| | | | | | | | | | | | | | | | | | | | |
Gross margin | | | 0 | | | | 26,023 | | | | 270,119 | | | | 0 | | | | 296,142 | |
Selling, general and administrative expense | | | 0 | | | | 12,361 | | | | 139,136 | | | | 0 | | | | 151,497 | |
Depreciation and amortization | | | 0 | | | | 153 | | | | 38,582 | | | | 0 | | | | 38,735 | |
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Income from operations | | | 0 | | | | 13,509 | | | | 92,401 | | | | 0 | | | | 105,910 | |
Interest expense | | | (50,240 | ) | | | (46,615 | ) | | | (338 | ) | | | 46,585 | | | | (50,608 | ) |
Foreign exchange gain (loss), net | | | 0 | | | | (7 | ) | | | 13,083 | | | | 0 | | | | 13,076 | |
Other income (expense), net | | | 46,585 | | | | 42 | | | | 15,852 | | | | (46,585 | ) | | | 15,894 | |
| | | | | | | | | | | | | | | | | | | | |
Income loss before income taxes | | | (3,655 | ) | | | (33,071 | ) | | | 120,998 | | | | 0 | | | | 84,272 | |
Income tax expense (benefit) | | | 0 | | | | 5,205 | | | | 19,013 | | | | 0 | | | | 24,218 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | | (3,655 | ) | | | (38,276 | ) | | | 101,985 | | | | 0 | | | | 60,054 | |
Non controlling interest | | | 0 | | | | 0 | | | | 8,586 | | | | 0 | | | | 8,586 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to iGATE Corporation | | | (3,655 | ) | | | (38,276 | ) | | | 93,399 | | | | 0 | | | | 51,468 | |
Accretion to preferred stock | | | 302 | | | | 0 | | | | 0 | | | | 0 | | | | 302 | |
Preferred dividend | | | 22,147 | | | | 0 | | | | 0 | | | | 0 | | | | 22,147 | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) attributable to iGATE common shareholders | | $ | (26,104 | ) | | $ | (38,276 | ) | | $ | 93,399 | | | $ | 0 | | | $ | 29,019 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
FOR THE YEAR ENDED DECEMBER 31, 2013 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net Income (loss) attributable to iGATE common shareholders | | $ | (38,314 | ) | | $ | 29,539 | | | $ | 106,650 | | | $ | 0 | | | $ | 97,875 | |
Add: Non controlling interest | | | 0 | | | | 0 | | | | 209 | | | | 0 | | | | 209 | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Change in fair value on marketable securities | | | 0 | | | | 0 | | | | (6,727 | ) | | | 0 | | | | (6,727 | ) |
Unrecognized actuarial gain (loss) on pension liability | | | 0 | | | | 0 | | | | 1,207 | | | | 0 | | | | 1,207 | |
Change in fair value of cash flow hedges | | | 0 | | | | 0 | | | | (493 | ) | | | 0 | | | | (493 | ) |
Gain (loss) on foreign currency translation | | | 0 | | | | 0 | | | | (108,413 | ) | | | 0 | | | | (108,413 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) | | | (38,314 | ) | | | 29,539 | | | | (7,567 | ) | | | 0 | | | | (16,342 | ) |
Less: Total comprehensive income (loss) attributable to non controlling interest | | | 0 | | | | 0 | | | | (1,685 | ) | | | 0 | | | | (1,685 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to iGATE common shareholders | | $ | (38,314 | ) | | $ | 29,539 | | | $ | (5,882 | ) | | $ | 0 | | | $ | (14,657 | ) |
| | | | | | | | | | | | | | | | | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
FOR THE YEAR ENDED DECEMBER 31, 2012 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net Income (loss) attributable to iGATE common shareholders | | $ | (35,241 | ) | | $ | 3,710 | | | $ | 97,913 | | | $ | 0 | | | $ | 66,382 | |
Add: Non controlling interest | | | 0 | | | | 0 | | | | 4,476 | | | | 0 | | | | 4,476 | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Change in fair value on marketable securities | | | 0 | | | | 0 | | | | 5,615 | | | | 0 | | | | 5,615 | |
Unrecognized actuarial gain (loss) on pension liability | | | 0 | | | | 0 | | | | (175 | ) | | | 0 | | | | (175 | ) |
Change in fair value of cash flow hedges | | | 0 | | | | 0 | | | | 22,586 | | | | 0 | | | | 22,586 | |
Gain (loss) on foreign currency translation | | | 0 | | | | 0 | | | | (44,689 | ) | | | 0 | | | | (44,689 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) | | | (35,241 | ) | | | 3,710 | | | | 85,726 | | | | 0 | | | | 54,195 | |
Less: Total comprehensive income (loss) attributable to non controlling interest | | | 0 | | | | 0 | | | | 4,476 | | | | 0 | | | | 4,476 | |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to iGATE common shareholders | | $ | (35,241 | ) | | $ | 3,710 | | | $ | 81,250 | | | $ | 0 | | | $ | 49,719 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
|
FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Net Income (loss) attributable to iGATE common shareholders | | $ | (26,104 | ) | | $ | (38,276 | ) | | $ | 93,399 | | | $ | 0 | | | $ | 29,019 | |
Add: Non controlling interest | | | 0 | | | | 0 | | | | 8,586 | | | | 0 | | | | 8,586 | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Unrealized gain on marketable securities | | | 0 | | | | 0 | | | | 1,987 | | | | 0 | | | | 1,987 | |
Unrecognized actuarial gain (loss) on pension liability | | | 0 | | | | 0 | | | | 198 | | | | 0 | | | | 198 | |
Change in fair value of cash flow hedges | | | 0 | | | | 0 | | | | (22,912 | ) | | | 0 | | | | (22,912 | ) |
Gain (loss) on foreign currency translation | | | 0 | | | | 576 | | | | (236,104 | ) | | | 0 | | | | (235,528 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) | | | (26,104 | ) | | | (37,700 | ) | | | (154,846 | ) | | | 0 | | | | (218,650 | ) |
Less: Total comprehensive income (loss) attributable to non controlling interest | | | 0 | | | | 0 | | | | (34,693 | ) | | | 0 | | | | (34,693 | ) |
| | | | | | | | | | | | | | | | | | | | |
Total comprehensive income (loss) attributable to iGATE common shareholders | | $ | (26,104 | ) | | $ | (37,700 | ) | | $ | (120,153 | ) | | $ | 0 | | | $ | (183,957 | ) |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
FOR THE YEAR ENDED DECEMBER 31, 2013 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | (6,417 | ) | | $ | 29,539 | | | $ | 106,859 | | | $ | 0 | | | $ | 129,981 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 0 | | | | 1,236 | | | | 33,953 | | | | 0 | | | | 35,189 | |
Stock-based compensation | | | 0 | | | | 1,723 | | | | 10,112 | | | | 0 | | | | 11,835 | |
Write off of software implementation costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision for rescission of land sale contract | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision for lease termination | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Realized gain on investments | | | 0 | | | | 0 | | | | (33,334 | ) | | | 0 | | | | (33,334 | ) |
Equity in income of affiliated companies | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision (recovery) of doubtful debts | | | 0 | | | | 472 | | | | 80 | | | | 0 | | | | 552 | |
Deferred gain (loss) on settled derivatives | | | 0 | | | | 0 | | | | (809 | ) | | | 0 | | | | (809 | ) |
Deferred income taxes | | | 0 | | | | 3,203 | | | | (2,438 | ) | | | 0 | | | | 765 | |
Loss (gain) on sale of property and equipment | | | 0 | | | | 0 | | | | (2,230 | ) | | | 0 | | | | (2,230 | ) |
Loss on investments in affiliate | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Deferred rent | | | 0 | | | | 118 | | | | 823 | | | | 0 | | | | 941 | |
Amortization of debt issuance costs | | | 6,417 | | | | 0 | | | | 4,883 | | | | 0 | | | | 11,300 | |
Excess tax benefits related to stock option exercises | | | 0 | | | | (589 | ) | | | 0 | | | | 0 | | | | (589 | ) |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenues | | | 0 | | | | 6,384 | | | | (3,641 | ) | | | 0 | | | | 2,743 | |
Intercorporate current account | | | (16,816 | ) | | | (29,131 | ) | | | 45,947 | | | | 0 | | | | 0 | |
Prepaid expenses and other current assets | | | 0 | | | | 245 | | | | (14,933 | ) | | | 0 | | | | (14,688 | ) |
Accounts payable | | | 0 | | | | (2,189 | ) | | | 3,567 | | | | 0 | | | | 1,378 | |
Accrued and other liabilities | | | 0 | | | | 2,682 | | | | 7,629 | | | | 0 | | | | 10,311 | |
Deferred revenue | | | 0 | | | | 3,109 | | | | (2,991 | ) | | | 0 | | | | 118 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows (used in) provided by operating activities | | | (16,816 | ) | | | 16,802 | | | | 153,477 | | | | 0 | | | | 153,463 | |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | 0 | | | | (1,487 | ) | | | (37,778 | ) | | | 0 | | | | (39,265 | ) |
Proceeds from sale of property and equipment | | | 0 | | | | 0 | | | | 2,528 | | | | 0 | | | | 2,528 | |
Purchase of available-for-sale investments | | | 0 | | | | 0 | | | | (1,310,639 | ) | | | 0 | | | | (1,310,639 | ) |
Proceeds from maturities and sale of available-for-sale investments | | | 0 | | | | 0 | | | | 1,622,117 | | | | 0 | | | | 1,622,117 | |
Restricted cash | | | 0 | | | | 0 | | | | 3,072 | | | | 0 | | | | 3,072 | |
Receipts from (payments of) lease deposits | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Investment in group companies, net | | | 0 | | | | 509,540 | | | | 0 | | | | (509,540 | ) | | | 0 | |
Payment for acquisition, net of cash acquired | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Purchase of non-controlling interests | | | 0 | | | | 0 | | | | (23,654 | ) | | | 0 | | | | (23,654 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) investing activities | | | 0 | | | | 508,053 | | | | 255,646 | | | | (509,540 | ) | | | 254,159 | |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Payments on capital lease obligations | | | 0 | | | | 0 | | | | (498 | ) | | | 0 | | | | (498 | ) |
Proceeds from line of credit and term loans | | | 0 | | | | 30,000 | | | | 371,000 | | | | 0 | | | | 401,000 | |
Payment of line of credit and term loans | | | 0 | | | | (125,000 | ) | | | (239,500 | ) | | | 0 | | | | (364,500 | ) |
Proceeds from sale of preferred stock, net of issuance costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payment of delisting related financing costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from Senior Notes | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payment of debt related costs | | | 0 | | | | 0 | | | | (11,286 | ) | | | 0 | | | | (11,286 | ) |
Proceeds from exercise of stock options | | | 16,227 | | | | (1,723 | ) | | | (9,942 | ) | | | 0 | | | | 4,562 | |
Proceeds from exercise of subsidiary’s stock options | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Excess tax benefits related to stock option exercises | | | 589 | | | | 0 | | | | 0 | | | | 0 | | | | 589 | |
Restricted cash towards debt retirement | | | 0 | | | | (360,000 | ) | | | 0 | | | | 0 | | | | (360,000 | ) |
Proceeds from issuance of equity stock | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Repayment of group company investment, net | | | 0 | | | | 0 | | | | (509,540 | ) | | | 509,540 | | | | 0 | |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) financing activities | | | 16,816 | | | | (456,723 | ) | | | (399,766 | ) | | | 509,540 | | | | (330,133 | ) |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes | | | 0 | | | | 0 | | | | 32,192 | | | | 0 | | | | 32,192 | |
| | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 0 | | | | 68,132 | | | | 41,549 | | | | 0 | | | | 109,681 | |
Cash and cash equivalents, beginning of year | | | 0 | | | | 14,365 | | | | 80,790 | | | | 0 | | | | 95,155 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of year | | $ | 0 | | | $ | 82,497 | | | $ | 122,339 | | | $ | 0 | | | $ | 204,836 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
FOR THE YEAR ENDED DECEMBER 31, 2012 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | (5,790 | ) | | $ | 3,710 | | | $ | 102,389 | | | $ | 0 | | | $ | 100,309 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 0 | | | | 516 | | | | 45,866 | | | | 0 | | | | 46,382 | |
Stock-based compensation | | | 0 | | | | 4,044 | | | | 8,230 | | | | 0 | | | | 12,274 | |
Write off of software implementation costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision for rescission of land sale contract | | | 0 | | | | 0 | | | | 909 | | | | 0 | | | | 909 | |
Provision for lease termination | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Realized gain on investments | | | 0 | | | | 0 | | | | (20,764 | ) | | | 0 | | | | (20,764 | ) |
Equity in income of affiliated companies | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision (recovery) of doubtful debts | | | 0 | | | | 110 | | | | 1,571 | | | | 0 | | | | 1,681 | |
Deferred gain (loss) on settled derivatives | | | 0 | | | | 0 | | | | 18,173 | | | | 0 | | | | 18,173 | |
Deferred income taxes | | | 0 | | | | (86 | ) | | | (10,115 | ) | | | 0 | | | | (10,201 | ) |
Loss (gain) on sale of property and equipment | | | 0 | | | | 0 | | | | (28 | ) | | | 0 | | | | (28 | ) |
Loss (gain) on investments in affiliate | | | 0 | | | | 0 | | | | 551 | | | | 0 | | | | 551 | |
Deferred rent | | | 0 | | | | 51 | | | | (212 | ) | | | 0 | | | | (161 | ) |
Amortization of debt issuance costs | | | 5,790 | | | | 208 | | | | 828 | | | | 0 | | | | 6,826 | |
Excess tax benefits related to stock option exercises | | | 0 | | | | (320 | ) | | | 0 | | | | 0 | | | | (320 | ) |
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenues | | | 0 | | | | (46,567 | ) | | | 30,746 | | | | 0 | | | | (15,821 | ) |
Intercorporate current account | | | (14,787 | ) | | | 19,933 | | | | (5,146 | ) | | | 0 | | | | 0 | |
Prepaid expenses and other current assets | | | 0 | | | | (1,214 | ) | | | (16,073 | ) | | | 0 | | | | (17,287 | ) |
Accounts payable | | | 0 | | | | 24,986 | | | | (27,403 | ) | | | 0 | | | | (2,417 | ) |
Accrued and other liabilities | | | 0 | | | | (3,014 | ) | | | (13,706 | ) | | | 0 | | | | (16,720 | ) |
Deferred revenue | | | 0 | | | | 2,865 | | | | (5,880 | ) | | | 0 | | | | (3,015 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows (used in) provided by operating activities | | | (14,787 | ) | | | 5,222 | | | | 109,936 | | | | 0 | | | | 100,371 | |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | 0 | | | | (615 | ) | | | (30,694 | ) | | | 0 | | | | (31,309 | ) |
Proceeds from sale of property and equipment | | | 0 | | | | 0 | | | | 82 | | | | 0 | | | | 82 | |
Purchase of available-for-sale investments | | | 0 | | | | 0 | | | | (1,766,988 | ) | | | 0 | | | | (1,766,988 | ) |
Proceeds from maturities and sale of available-for-sale investments | | | 0 | | | | 0 | | | | 1,623,627 | | | | 0 | | | | 1,623,627 | |
Restricted cash | | | 0 | | | | 0 | | | | (3,072 | ) | | | 0 | | | | (3,072 | ) |
Receipts (payments of) from lease deposits | | | 0 | | | | (551 | ) | | | 224 | | | | 0 | | | | (327 | ) |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Investment in group companies, net | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payment for acquisition, net of cash acquired | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Purchase of non-controlling interests | | | 0 | | | | (83,031 | ) | | | (145,344 | ) | | | 0 | | | | (228,375 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) investing activities | | | 0 | | | | (84,197 | ) | | | (322,165 | ) | | | 0 | | | | (406,362 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Payments on capital lease obligations | | | 0 | | | | 0 | | | | (114 | ) | | | 0 | | | | (114 | ) |
Proceeds from line of credit and term loans | | | 0 | | | | 90,000 | | | | 228,500 | | | | 0 | | | | 318,500 | |
Payment of line of credit and term loans | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from sale of preferred stock, net of issuance costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payment of delisting related financing costs | | | 0 | | | | 0 | | | | (3,263 | ) | | | 0 | | | | (3,263 | ) |
Proceeds from Senior Notes | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Payment of debt related costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from exercise of stock options | | | 14,467 | | | | (4,044 | ) | | | (8,217 | ) | | | 0 | | | | 2,206 | |
Proceeds from exercise of subsidiary’s stock options | | | 0 | | | | 0 | | | | 5,490 | | | | 0 | | | | 5,490 | |
Excess tax benefits related to stock option exercises | | | 320 | | | | 0 | | | | 0 | | | | 0 | | | | 320 | |
Restricted cash towards debt retirement | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from issuance of equity stock | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Repayment of group company investment, net | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Intercorporate loan | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) financing activities | | | 14,787 | | | | 85,956 | | | | 222,396 | | | | 0 | | | | 323,139 | |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes | | | 0 | | | | 0 | | | | 2,567 | | | | 0 | | | | 2,567 | |
| | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 0 | | | | 6,981 | | | | 12,734 | | | | 0 | | | | 19,715 | |
Cash and cash equivalents, beginning of year | | | 0 | | | | 7,384 | | | | 68,056 | | | | 0 | | | | 75,440 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of year | | $ | 0 | | | $ | 14,365 | | | $ | 80,790 | | | $ | 0 | | | $ | 95,155 | |
| | | | | | | | | | | | | | | | | | | | |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS |
|
FOR THE YEAR ENDED DECEMBER 31, 2011 |
|
|
|
| | | | | | | | | | | | | | | | | | | | |
| | Issuer | | | Guarantors | | | Non- | | | Eliminations | | | Consolidated | |
Guarantors |
Cash Flows From Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | (3,655 | ) | | $ | (38,276 | ) | | $ | 101,985 | | | $ | 0 | | | $ | 60,054 | |
Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization | | | 0 | | | | 153 | | | | 38,582 | | | | 0 | | | | 38,735 | |
Stock-based compensation | | | 0 | | | | 2,862 | | | | 7,880 | | | | 0 | | | | 10,742 | |
Write off of software implementation costs | | | 0 | | | | 0 | | | | 1,196 | | | | 0 | | | | 1,196 | |
Provision for rescission of land sale contract | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Provision for lease termination | | | 0 | | | | 0 | | | | 446 | | | | 0 | | | | 446 | |
Realized gain on investments | | | 0 | | | | 0 | | | | (3,304 | ) | | | 0 | | | | (3,304 | ) |
Equity in income of affiliated companies | | | 0 | | | | 0 | | | | (149 | ) | | | 0 | | | | (149 | ) |
Provision (recovery) of doubtful debts | | | 0 | | | | 62 | | | | 993 | | | | 0 | | | | 1,055 | |
Deferred gain (loss) on settled derivatives | | | 0 | | | | 0 | | | | (20,207 | ) | | | 0 | | | | (20,207 | ) |
Deferred income taxes | | | 0 | | | | 0 | | | | (4,454 | ) | | | 0 | | | | (4,454 | ) |
Loss (gain) on sale of property and equipment | | | 0 | | | | 0 | | | | 51 | | | | 0 | | | | 51 | |
Loss (gain) on investments in affiliate | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Deferred rent | | | 0 | | | | 0 | | | | 24 | | | | 0 | | | | 24 | |
Amortization of debt issuance costs | | | 3,655 | | | | 0 | | | | 0 | | | | 0 | | | | 3,655 | |
Excess tax benefits related to stock option exercise | | | 630 | | | | 0 | | | | 0 | | | | 0 | | | | 630 | |
Changes in operating assets and liabilities: | | | 0 | | | | | | | | | | | | | | | | | |
Accounts receivable and unbilled revenues | | | 0 | | | | (7,820 | ) | | | (12,075 | ) | | | 0 | | | | (19,895 | ) |
Intercorporate current account | | | 16,495 | | | | (30,422 | ) | | | 13,927 | | | | 0 | | | | 0 | |
Prepaid expenses and other current assets | | | 0 | | | | (436 | ) | | | 906 | | | | 0 | | | | 470 | |
Accounts payable | | | 0 | | | | 82 | | | | 6,629 | | | | 0 | | | | 6,711 | |
Accrued and other liabilities | | | 10,927 | | | | 21,214 | | | | (26,947 | ) | | | 0 | | | | 5,194 | |
Deferred revenue | | | 0 | | | | 1,302 | | | | 232 | | | | 0 | | | | 1,534 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) operating activities | | | 28,052 | | | | (51,279 | ) | | | 105,715 | | | | 0 | | | | 82,488 | |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Purchase of property and equipment | | | 0 | | | | (387 | ) | | | (21,052 | ) | | | 0 | | | | (21,439 | ) |
Proceeds from sale of property and equipment | | | 0 | | | | 0 | | | | 305 | | | | 0 | | | | 305 | |
Purchase of available-for-sale investments | | | 0 | | | | 0 | | | | (565,807 | ) | | | 0 | | | | (565,807 | ) |
Proceeds from maturities and sale of available-for-sale investments | | | 0 | | | | 0 | | | | 555,726 | | | | 0 | | | | 555,726 | |
Restricted cash | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Receipts from (payments for) lease deposits | | | 0 | | | | (14 | ) | | | 2,225 | | | | 0 | | | | 2,211 | |
Investment in group companies, net | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Intercorporate loan | | | (770,000 | ) | | | 0 | | | | 0 | | | | 770,000 | | | | 0 | |
Payment for acquisition, net of cash acquired | | | (330,000 | ) | | | (1,052,660 | ) | | | (1,168,404 | ) | | | 1,382,660 | | | | (1,168,404 | ) |
Purchase of non-controlling interests | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) investing activities | | | (1,100,000 | ) | | | (1,053,061 | ) | | | (1,197,007 | ) | | | 2,152,660 | | | | (1,197,408 | ) |
| | | | | | | | | | | | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Payments on capital lease obligations | | | 0 | | | | 0 | | | | (355 | ) | | | 0 | | | | (355 | ) |
Proceeds from line of credit and term loans | | | 0 | | | | 5,000 | | | | 52,000 | | | | 0 | | | | 57,000 | |
Payment of line of credit and term loans | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from sale of preferred stock, net of issuance costs | | | 326,574 | | | | 0 | | | | 0 | | | | 0 | | | | 326,574 | |
Payment of delisting related financing costs | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from Senior Notes | | | 770,000 | | | | 0 | | | | 0 | | | | 0 | | | | 770,000 | |
Payment of debt related costs | | | (33,456 | ) | | | 0 | | | | 0 | | | | 0 | | | | (33,456 | ) |
Proceeds from exercise of stock options | | | 8,200 | | | | 0 | | | | (7,491 | ) | | | 0 | | | | 709 | |
Proceeds from exercise of subsidiary’s stock options | | | 0 | | | | 0 | | | | 813 | | | | 0 | | | | 813 | |
Excess tax benefits related to stock option exercises | | | 630 | | | | 0 | | | | 0 | | | | 0 | | | | 630 | |
Restricted cash towards debt retirement | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Proceeds from issuance of equity stock | | | 0 | | | | 330,000 | | | | 1,052,660 | | | | (1,382,660 | ) | | | 0 | |
Repayment of group company investment, net | | | 0 | | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Intercorporate loan | | | 0 | | | | 770,000 | | | | 0 | | | | (770,000 | ) | | | 0 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash flows provided by (used in) financing activities | | | 1,071,948 | | | | 1,105,000 | | | | 1,097,627 | | | | (2,152,660 | ) | | | 1,121,915 | |
| | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes | | | 0 | | | | 525 | | | | (4 | ) | | | 0 | | | | 521 | |
| | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | 0 | | | | 1,185 | | | | 6,331 | | | | 0 | | | | 7,516 | |
Cash and cash equivalents, beginning of year | | | 0 | | | | 6,199 | | | | 61,725 | | | | 0 | | | | 67,924 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of year | | $ | 0 | | | $ | 7,384 | | | $ | 68,056 | | | $ | 0 | | | $ | 75,440 | |
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