Kenexa (Nasdaq: KNXA), a global provider of business solutions
for human resources, today announced operating results for the
fourth quarter and full year, ended December 31, 2010.
For the fourth quarter of 2010, Kenexa reported total GAAP
revenue of $61.0 million, with non-GAAP revenue of $64.1 million
after eliminating the $3.1 million GAAP adjustment to Salary.com’s
deferred revenue. Non-GAAP revenue increased 64% compared to $39.1
million for the fourth quarter of 2009. In 2009, all revenues are
reported using GAAP. Within total non-GAAP revenue, subscription
revenue was $48.6 million for the fourth quarter of 2010, an
increase of 46% compared with $33.3 million in the fourth quarter
of 2009. Professional services and other revenue was $15.5 million
for the fourth quarter of 2010, an increase of 170% compared to
$5.7 million for the fourth quarter of 2009.
“We are pleased with the Company’s performance in the fourth
quarter, which was highlighted by revenue and profitability that
were better than our expectations,” said Rudy Karsan, Chief
Executive Officer of Kenexa. “The fourth quarter represented a
strong close to a successful year for Kenexa. In the face of a
challenging economic environment, we returned the Company’s total
revenue to solid organic growth, expanded our market opportunity
and value proposition with the acquisition of Salary.com, and
increased investments in sales, marketing and R&D to position
Kenexa for continued market share gains as the economic environment
improves.“
Karsan added, “We are still early in the new year, but we are
more optimistic about the economic environment and jobs market for
2011 as compared to our view in recent quarters. We believe Kenexa
is well positioned to benefit from the increased level of
investment in our business, and our optimism is reflected by the
solid increase in our revenue growth outlook for 2011.”
Non-GAAP income from operations, which excludes share-based
compensation expense, amortization of acquired intangibles, fees
related to our acquisitions and the purchase accounting adjustment
to Salary.com’s deferred revenue, was $7.4 million for the three
months ended December 31, 2010. This was above the Company’s
guidance of $6.0 million to $6.9 million and represented an
increase of 123% compared to non-GAAP income from operations of
$3.3 million for the three months ended December 31, 2009.
Non-GAAP net income available to common shareholders, which
excludes the items listed above as well as the accretion of the
noncontrolling interest in our variable interest entity, was $5.4
million for the three months ended December 31, 2010, compared to
$2.9 million for the three months ended December 31, 2009. Non-GAAP
net income available to common shareholders was $0.23 per diluted
share for the quarter ended December 31, 2010, above the Company’s
guidance of $0.19 to $0.22 and up 77% compared to $0.13 per diluted
share in the fourth quarter of 2009.
Kenexa’s loss from operations for the three months ended
December 31, 2010, determined in accordance with GAAP, was $3.6
million, compared to income from operations of $0.8 million for the
same period of 2009. GAAP net loss available to common shareholders
was approximately $6.9 million, or loss of $0.30 per basic share
for the three months ended December 31, 2010, compared to net
income of $0.3 million, or $0.01 per diluted share, in the same
period of 2009.
A reconciliation of GAAP to non-GAAP results has been provided
in the financial statement tables included at the end of this press
release. An explanation of these measures is also included below
under the heading “Non-GAAP Financial Measures.”
Kenexa had cash and cash equivalents of $52.5 million at
December 31, 2010, a decrease from $90.4 million at the end of the
prior quarter due to payments associated with the Salary.com
acquisition. The Company generated cash from operations of $3.3
million during the fourth quarter of 2010 and $11.5 million
excluding non-recurring payments and fees associated with the
Salary.com acquisition. Deferred revenue was $76.1 million at
December 31, 2010, an increase of 52% from December 31, 2009.
Other Fourth Quarter and Recent Highlights
- More than 50 “preferred partner”
customers were added during the quarter (defined as customers that
spend more than $50,000 annually).
- The average annual revenue from the
Company’s top 80 customers was greater than $1.2 million, an
increase from the $1.0 million level in the fourth quarter of
2009.
- Kenexa joined with General Information
Services (GIS) and Sterling Infosystems, leading providers of
background screening services, to provide full-service background
screenings for Kenexa’s Integrated Talent Management solutions,
including Kenexa 2x BrassRing™ and Kenexa 2x Recruit™.
Full Year 2010 Financial Results
For the full year 2010, Kenexa reported total GAAP revenue of
$196.3 million, with non-GAAP revenue of $199.4 million after
eliminating the $3.1 million GAAP adjustment to Salary.com’s
deferred revenue. Non-GAAP revenue increased 26% compared to $157.7
million for the full year 2009. Subscription revenue was $157.7
million and professional services revenue was $41.7 million for the
full year 2010, compared to $133.9 million and $23.8 million,
respectively, in the year ago period.
Non-GAAP income from operations, which excludes share-based
compensation expense, amortization of acquired intangibles,
expenses related to our acquisitions and the deferred revenue
write-down related to the Salary.com acquisition, was $17.7 million
for the year ended December 31, 2010, representing a 9% non-GAAP
operating margin and compared to $15.9 million in the year ended
December 31, 2009. Non-GAAP net income was $14.4 million, or $0.62
per diluted share, for the year ended December 31, 2010, compared
to $0.62 in the year ago period.
Kenexa’s loss from operations for the full year 2010, determined
in accordance with GAAP, was $0.3 million compared with a loss from
operations of $29.0 million for 2009. GAAP net loss was $5.8
million or loss of $0.25 per basic share for the full year 2010,
compared to a net loss of $31.1 million or a loss of $1.38 per
basic share for the full year 2009. GAAP loss from operations, net
loss and loss per share included the impact of a non-cash goodwill
impairment charge of $33.3 million for the full year 2009.
A reconciliation of GAAP to non-GAAP results has been provided
in the financial statement tables included at the end of this press
release. An explanation of these measures is also included below
under the heading “Non-GAAP Financial Measures.”
Business Outlook
Based on information as of today, February 8, 2011, the Company
is issuing financial guidance as follows:
First Quarter 2011*: The Company expects GAAP revenue to
be $57.0 million to $59.0 million. Excluding the GAAP adjustment to
Salary.com’s deferred revenue, the Company expects non-GAAP revenue
to be $60.0 million to $62.0 million, and non-GAAP operating income
to be $4.4 million to $4.8 million. Assuming an effective tax rate
for reporting purposes of approximately 20% and approximately 23.5
million shares outstanding, Kenexa expects its non-GAAP net income
per diluted share to be $0.13 to $0.14.
Full Year 2011*: The Company expects GAAP revenue to be
$240 million to $248 million. Excluding the GAAP adjustment to
Salary.com’s deferred revenue, the Company expects non-GAAP revenue
to be $248 million to $256 million, and non-GAAP operating income
to be $21.0 million to $27.0 million. Assuming an effective tax
rate for reporting purposes of approximately 20% and approximately
24 million shares outstanding, Kenexa expects its non-GAAP net
income per diluted share to be $0.62 to $0.82.
* Kenexa’s non-GAAP results will exclude stock based
compensation expense, amortization of intangibles associated with
acquisitions, fees related to closing the Salary.com acquisition
and the purchase accounting reduction to Salary.com’s revenue.
Conference Call Information
Kenexa will host a conference call today, February 8, 2011, at
5:00 p.m. (Eastern Time) to discuss the Company's financial
results. To access this call, dial 877-407-9039 (domestic) or
201-689-8470 (international). A replay of this conference call will
be available through February 15, 2011, at 877-870-5176 (domestic)
or 858-384-5517 (international). The replay passcode is 364665. A
live webcast of this conference call will be available on the
"Investor Relations" page of the Company's Web site,
(www.kenexa.com) and a replay will be archived on the Web site as
well.
Forward-Looking Statements
This press release includes certain “forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include, but are not
limited to, plans, objectives, expectations and intentions and
other statements contained in this press release that are not
historical facts and statements identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates" or words of similar meaning. These statements may
contain, among other things, guidance as to future revenue and
earnings, operations, expected benefits from acquisitions,
prospects of the business generally, intellectual property and the
development of products. These statements are based on our current
beliefs or expectations and are inherently subject to various risks
and uncertainties, including those set forth under the caption
"Risk Factors" in Kenexa’s most recent Annual Report on Form 10-K
as filed with the Securities and Exchange Commission and as revised
or supplemented by Kenexa’s quarterly reports on Form 10-Q. Actual
results may differ materially from these expectations due to
changes in global political, economic, business, competitive,
market and regulatory factors, Kenexa’s ability to implement
business and acquisition strategies or to complete or integrate
acquisitions. Kenexa does not undertake any obligation to update
any forward-looking statements contained in this document as a
result of new information, future events or otherwise.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures. Kenexa
believes that non-GAAP measures of financial results provide useful
information to management and investors regarding certain financial
and business trends relating to Kenexa’s financial condition and
results of operations. The Company’s management uses these non-GAAP
results to compare the Company’s performance to that of prior
periods for trend analyses, for purposes of determining executive
incentive compensation, and for budget and planning purposes. These
measures are used in monthly financial reports prepared for
management and in quarterly financial reports presented to the
Company’s Board of Directors. The Company believes that the use of
these non-GAAP financial measures provides an additional tool for
investors to use in evaluating ongoing operating results and trends
and in comparing its financial measures with other companies in the
Company’s industry, many of which present similar non-GAAP
financial measures to investors.
Management of the Company does not consider such non-GAAP
measures in isolation or as an alternative to such measures
determined in accordance with GAAP. The principal limitation of
such non-GAAP financial measures is that they exclude significant
expenses that are required by GAAP to be recorded. In addition,
they are subject to inherent limitations as they reflect the
exercise of judgment by management about which charges are excluded
from the non-GAAP financial measures.
In order to compensate for these limitations, management of the
Company presents its non-GAAP financial measures in connection with
its GAAP results. Kenexa urges investors and potential investors in
the Company’s securities to review the reconciliation of its
non-GAAP financial measures to the comparable GAAP financial
measures which it includes in press releases announcing earnings
information, including this press release, and not to rely on any
single financial measure to evaluate the Company’s business.
We have not provided a reconciliation of forward-looking
non-GAAP financial measures to the directly comparable GAAP
measures because, due primarily to variability and difficulty in
making accurate forecasts and projections, not all of the
information necessary for a quantitative reconciliation is
available to us without unreasonable efforts.
Kenexa presents the following non-GAAP financial measures in
this press release: non-GAAP revenue; non-GAAP cash from
operations; non-GAAP income from operations; non-GAAP net income
allocable to common shareholders’; non-GAAP gross profit; non-GAAP
operating margin, and non-GAAP net income per diluted share as
described below.
The Company’s non-GAAP financial measures exclude the
following:
Non-GAAP revenue. Non-GAAP revenue
consists of GAAP revenue and the effect of the write down of the
deferred revenue associated with purchase accounting for the
Salary.com acquisition. This effect during the three months ended
December 31, 2010 was $3.1 million and is added back since the
Company believes its inclusion provides a more accurate depiction
of total revenue arising from the Salary.com acquisition.
Non-GAAP cash from operations.
Non-GAAP cash from operations consists of GAAP cash from operations
adjusted for non-recurring payments of liabilities associated with
our acquisitions and payments of acquisition related fees of $8.2
million. These exclusions are made to GAAP cash from operations to
facilitate a consistent and more meaningful comparison to the prior
year since their effect was not included in our 2009 results.
Share-based compensation expense.
Share-based compensation expense consists of expenses for stock
options and stock awards that the Company began recording in
accordance with ASC 718 during the first quarter of 2006.
Share-based compensation was $1.0 million for the three months
ended December 31, 2010 and $1.3 million for the three months ended
December 31, 2009. Share-based compensation expenses are excluded
in the Company’s non-GAAP financial measures because share-based
compensation amounts are difficult to forecast. This is due in part
to the magnitude of the charges which depends upon the volume and
timing of stock option grants, which are unpredictable and can vary
dramatically from period to period, and external factors such as
interest rates and the trading price and volatility of the
Company’s common stock. The Company believes that this exclusion
provides meaningful supplemental information regarding the
Company’s operating results because these non-GAAP financial
measures facilitate the comparison of results for future periods
with results from past periods. The dilutive effect of all
outstanding options is included in the calculation of diluted
earnings per share on both a GAAP and a non-GAAP basis.
Amortization of acquired intangible
assets. In accordance with GAAP, operating expenses include
amortization of acquired intangible assets which are amortized over
the estimated useful lives of such assets. Amortization of acquired
intangible assets was $3.2 million for the three months ended
December 31, 2010, and $1.3 million for the three months ended
December 31, 2009. Amortization of acquired intangible assets is
excluded from the Company’s non-GAAP financial measures because the
Company believes that such exclusion facilitates comparisons to its
historical operating results and to the results of other companies
in the same industry, which have their own unique acquisition
histories.
Acquisition-related fees. In
accordance with ASC 805, Business Combinations, acquisition-related
fees including advisory, legal, accounting and other professional
fees are reported as expense in the periods in which the costs are
incurred and the services are received. Acquisition-related fees of
$3.6 million, for the three months ended December 31, 2010 include
legal, travel, and other fees not expected to reoccur from the
acquisitions of Salary.com and CHPD. Acquisition-related fees are
excluded in the non-GAAP financial measures because the Company
believes that such exclusion facilitates comparisons to its
historical operating results and to the results of other companies
in the same industry, which have their own unique acquisition
histories.
Accretion of variable interest
entity. In accordance with ASC 810, Variable Interest
Entities, the Chinese joint venture is subject to periodic
adjustment in its value. The accretion of the variable interest
entity of $1.4 million for the three months ended December 31, 2010
is excluded in the non-GAAP financial measures because the Company
believes that such exclusion facilitates comparisons to its
historical operating results and to the results of other companies
in the same industry, which have their own unique acquisition
histories.
About Kenexa
Kenexa® provides business solutions for human resources. We help
global organizations multiply business success by identifying the
best individuals for every job and fostering optimal work
environments for every organization. For more than 20 years, Kenexa
has studied human behavior and team dynamics in the workplace, and
has developed the software solutions, business processes and expert
consulting that help organizations impact positive business
outcomes through HR. Kenexa is the only company that offers a
comprehensive suite of unified products and services that support
the entire employee lifecycle from pre-hire to exit. Additional
information about Kenexa and its global products and services can
be accessed at www.kenexa.com.
Note to editors: Kenexa is a registered trademark of Kenexa.
Other company names, product names and company logos mentioned
herein are the trademarks or registered trademarks of their
respective owners.
Kenexa Corporation and Subsidiaries Consolidated
Balance Sheets (In thousands, except share data)
December 31, December 31, 2010 2009
Assets (unaudited)
Current assets Cash and cash
equivalents $ 52,455 $ 29,221 Short-term investments - 29,570
Accounts receivable, net of allowance for doubtful accounts of
$2,545 and $2,090 45,708 26,782 Unbilled receivables 2,480 4,457
Income tax receivable 2,898 1,704 Deferred income taxes 6,787 8,685
Prepaid expenses and other current assets 8,775
8,428
Total current assets 119,103
108,847 Property and equipment, net
19,757 19,530 Software, net 21,459 17,337 Goodwill 33,129 3,204
Intangible assets, net 68,238 9,143 Deferred income taxes,
non-current 33,781 34,879 Deferred financing costs, net 566 - Other
long-term assets 10,926 9,403
Total
assets $ 306,959 $ 202,343
Liabilities
and Shareholders' Equity Current liabilities Accounts
payable $ 7,921 $ 5,727 Notes payable, current 92 16 Term loan,
current 5,000 - Commissions payable 3,169 671 Accrued compensation
and benefits 9,492 4,820 Other accrued liabilities 10,158 6,376
Deferred revenue 76,052 49,964 Capital lease obligations 271
211
Total current liabilities
112,155 67,785 Revolving credit line
and term loan 54,500 - Capital lease obligations, less current
portion 146 259 Notes payable, less current portion 10 - Deferred
income taxes 1,390 850 Other long-term liabilities 1,839
1,981
Total liabilities 170,040
70,875
Commitments and
contingencies Temporary equity Noncontrolling
interest 4,052 1,330
Shareholders' equity
Preferred stock, $0.01 par value;
authorized: 10,000,000 shares; issued or outstanding:none
- -
Common stock, $0.01 par value; authorized:
100,000,000 shares; issued andoutstanding: 22,900,253 and
22,561,883 shares, respectively
229 226 Additional paid-in capital 281,791 275,127 Accumulated
deficit (145,271 ) (141,712 ) Accumulated other comprehensive loss
(3,882 ) (3,503 )
Total shareholders' equity
132,867 130,138
Total
liabilities and shareholders' equity $ 306,959 $ 202,343
Kenexa Corporation and Subsidiaries Consolidated Statements
of Operations (In thousands, except share and per share data)
Three Months Ended December 31,
For Year Ended December 31, 2010 2009
2010 2009 (unaudited) (unaudited)
(unaudited)
Revenue: Subscription $ 45,553 $ 33,327 $
154,689 $ 133,854 Other 15,487 5,732
41,664 23,815 Total revenues 61,040
39,059 196,353 157,669 Cost of revenues 21,605
12,909 68,433 53,371
Gross
profit 39,435 26,150 127,920
104,298
Operating expenses:
Sales and marketing 15,637 9,153 48,177 35,182 General and
administrative 15,939 9,829 48,481 40,801 Research and development
4,208 2,200 11,901 9,757 Depreciation and amortization 7,204 4,180
19,661 14,264 Goodwill impairment charge - -
- 33,329 Total operating
expenses 42,988 25,362 128,220 133,333 (Loss) Income loss from
operations (3,553 ) 788 (300 )
(29,035 ) Interest (expense) income, net (341 ) 142 14 (44 )
Loss on change in fair market value
ofinvestments including ARS and put option, netand sale of
municipal bonds
- (66 ) (379 ) (12 ) (Loss)
income before income taxes (3,894 ) 864 (665 ) (29,091 ) Income tax
expense 1,438 509 2,344
1,927
Net (loss) income ($5,332 ) $ 355
($3,009 ) ($31,018 ) Income allocated to
noncontrolling interest (144 ) (61 ) (550 ) (61 ) Accretion
associated with variable interest entity (1,393 ) -
(2,202 ) -
Net (loss) income
allocated to common shareholders' ($6,869 ) $ 294
($5,761 ) ($31,079 )
Basic net (loss) income per share ($0.30 ) $
0.01 ($0.25 ) ($1.38 )
Weighted average shares used to compute
netincome (loss) per share - basic
22,769,802 22,555,201 22,645,286
22,532,719
Diluted net (loss) income per share ($0.30 ) $ 0.01
($0.25 ) ($1.38 )
Weighted average shares used to compute
net(loss) income per share - diluted
22,769,802 22,953,165 22,645,286 22,532,719
Non-GAAP
income from operations and non-GAAP net income reconciliation:
Three Months Ended Year Ended December
31, December 31, 2010 2009 2010
2009 (unaudited) (unaudited) (unaudited)
(unaudited)
Non-GAAP income from operations reconciliation:
(Loss) income from operations ($3,553 ) $ 788 ($300 ) ($29,035 )
Add back: Share-based compensation expense 964 1,285 4,542 5,364
Amortization of acquired intangibles 3,243 1,292 5,753 4,475
Acquisition-related fees 3,642 - 4,587 - Deferred revenue
associated with acquisition 3,065 - 3,065 - Noncontrolling
interests - (61 ) - (61 ) Severance expense - - - 1,156
Professional fees associated with variable interest entity - - -
687 Goodwill impairment charge - -
- 33,329 Non-GAAP income from
operations $ 7,361 $ 3,304 $ 17,647 $ 15,915
Weighted average shares used to
compute non-GAAP net income per share - basic 22,769,802
22,555,201 22,645,286
22,532,719 Dilutive effect of options and restricted stock
units 933,053 397,964 604,379
264,010 Weighted average shares used to
compute non-GAAP net income per share - diluted 23,702,855
22,953,165 23,249,665
22,796,729 Non-GAAP income from operations as
a percentage of total revenue 12 % 8 % 9 % 10 %
Non-GAAP income reconciliation: Net (loss) income allocable
to common shareholders' ($6,869 ) $ 294 ($5,761 ) ($31,079 ) Add
back: Share-based compensation expense 964 1,285 4,542 5,364
Amortization of acquired intangibles 3,243 1,292 5,753 4,475
Acquisition-related fees 3,642 - 4,587 - Deferred revenue
associated with acquisition 3,065 - 3,065 - Accretion associated
with variable interest entity 1,393 - 2,202 - Severance expense - -
- 1,156 Professional fees associated with variable interest entity
- - - 687 Write off of deferred financing fees - - - 289 Goodwill
impairment charge - - -
33,329 Non-GAAP net income allocable to common
shareholders' $ 5,438 $ 2,871 $ 14,388 $
14,221 Non-GAAP diluted net
income per share allocable to common shareholders' $ 0.23 $
0.13 $ 0.62 $ 0.62 Three
Months Ended Year Ended December 31, December 31, 2010
2009 2010 2009
(unaudited) (unaudited) (unaudited) (unaudited)
Other non-GAAP
measures referenced on earnings call: Revenue GAAP Subscription
$ 45,553 $ 33,327 $ 154,689 $ 133,854 Deferred revenue associated
with acquisition 3,065 - 3,065
- Non-GAAP subscription revenue 48,618 33,327
157,754 133,854 GAAP Other 15,487 5,732
41,664 23,815 Non-GAAP revenue $ 64,105
$ 39,059 $ 199,418 $ 157,669
Non-GAAP operating expense reconciliation: Total
operating expenses $ 42,988 $ 25,362 $ 128,220 $ 133,333
Share-based compensation expense (921 ) (1,197 ) (4,304 ) (4,995 )
Amortization of acquired intangibles (3,243 ) (1,292 ) (5,753 )
(4,475 ) Acquisition-related fees (3,491 ) -
(4,587 ) -
Non-GAAP operating expenses
$ 35,333 $ 22,873 $ 113,576 $ 123,863
Cash from operations $ 3,294 $ 25,894 Non-recurring payments
associated with acquisition 4,534 4,534 Acquisition related fees
3,642 3,642 Non-GAAP cash from
operations $ 11,470 $ 34,070 Kenexa
Corporation and Subsidiaries Consolidated Statements of Cash Flows
(in thousands) For year ended December 31, 2010
2009 (unaudited)
Cash flows from operating
activities Net loss ($3,009 ) ($31,018 ) Adjustments to
reconcile net loss to net cash provided by operating activities
Depreciation and amortization 19,661 14,264 Loss on disposal of
property and equipment 153 - (Gain) loss on change in fair market
value of ARS and put option, net (3 ) 12 Realized loss on
available-for-sale securities 483 - Goodwill impairment charge -
33,329 Share-based compensation expense 4,542 5,364 Amortization of
deferred financing costs 45 364 Bad debt expense (recoveries) 890
(400 ) Deferred income tax (benefit) 2,874 (423 ) Changes in assets
and liabilities Accounts and unbilled receivables (9,349 ) 7,845
Prepaid expenses and other current assets 64 (3,454 ) Income taxes
receivable (1,199 ) (467 ) Other long-term assets (707 ) (1,536 )
Accounts payable (3,678 ) (815 ) Accrued compensation and other
accrued liabilities 998 480 Commissions payable 2,281 112 Deferred
revenue 12,097 11,215 Other liabilities (249 ) 648
Net
cash provided by operations 25,894 35,520
Cash flows from investing activities Capitalized software
and purchases of property and equipment (16,709 ) (15,349 )
Purchases of available-for-sale securities (7,653 ) (14,884 ) Sales
of available-for-sale securities 23,054 3,715 Sales of trading
securities 15,291 3,275 Acquisitions and variable interest entity,
net of cash acquired (77,371 ) (4,971 ) Cash released from escrow
for acquisitions 250
Net cash used in investing
activities (63,138 ) (28,214 )
Cash flows from
financing activities Borrowings under revolving credit line and
term loan 59,500 - Repayment under revolving credit line (2,525 ) -
Repayments of notes payable (77 ) (73 ) Repayments of capital lease
obligations (232 ) (290 ) Purchase of additional interest in
variable interest entity (31 ) (206 ) Deferred financing costs (611
) - Proceeds from common stock issued through Employee Stock
Purchase Plan 400 329 Net proceeds from option exercises 3,927
70
Net cash provided by (used in) financing
activities 60,351 (170 ) Effect of exchange rate
changes on cash and cash equivalents 127 343 Net increase in
cash and cash equivalents 23,234 7,479 Cash and cash equivalents at
beginning of year 29,221 21,742
Cash and cash
equivalents at end of year $52,455 $29,221
For year ended December 31, 2010 2009
Supplemental disclosures of cash flow information
(unaudited) Cash paid during the period for: Interest expense $337
$191 Income taxes paid $1,298 $5,395 Income taxes refunded ($1,803
) $0
Noncash investing and financing activities
Capital lease obligations incurred $154 $513
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