Delaware
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001-33601
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74-2785449
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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GLOBALSCAPE, INC.
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By:
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/s/ James W. Albrecht, Jr.
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James W. Albrecht, Jr., Chief Financial Officer
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Dated: April 28, 2016
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Exhibit Number
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Document Description
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99.1
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Press release dated April 28, 2016 announcing Globalscape’s 2016 first quarter financial results.
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·
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Financial Statements (PDF)
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GlobalSCAPE, Inc.
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||||||||
Condensed Consolidated Balance Sheets
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||||||||
(in thousands except share amounts)
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||||||||
Unaudited
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||||||||
March 31,
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December 31,
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|||||||
2016
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2015
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|||||||
Assets
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||||||||
Current assets:
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||||||||
Cash and cash equivalents
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$
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16,324
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$
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15,885
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||||
Short term investments
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3,270
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3,254
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||||||
Accounts receivable (net of allowance for doubtful accounts
of $356 and $325 in 2016 and 2015, respectively) |
5,340
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6,081
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||||||
Federal income tax receivable
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35
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290
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||||||
Prepaid expenses
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477
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511
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||||||
Total current assets
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25,446
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26,021
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||||||
Fixed assets, net
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517
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498
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||||||
Capitalized software development costs
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4,040
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3,982
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||||||
Goodwill
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12,712
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12,712
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||||||
Deferred tax asset
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959
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940
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||||||
Other assets
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38
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60
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||||||
Total assets
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$
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43,712
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$
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44,213
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||||
Liabilities and Stockholders’ Equity
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||||||||
Current liabilities:
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||||||||
Accounts payable
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$
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489
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$
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839
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||||
Accrued expenses
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1,621
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1,893
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||||||
Deferred revenue
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11,672
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12,000
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||||||
Income taxes payable
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34
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127
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||||||
Total current liabilities
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13,816
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14,859
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||||||
Deferred revenue, non-current portion
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3,718
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3,612
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||||||
Other long term liabilities
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41
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44
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Commitments and contingencies
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||||||||
Stockholders’ equity:
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||||||||
Preferred stock, par value $0.001 per share, 10,000,000
authorized, no shares issued or outstanding
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-
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-
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||||||
Common stock, par value $0.001 per share, 40,000,000
authorized, 21,435,277 and 21,383,467 shares issued
at March 31, 2016, and December 31, 2015, respectively
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21
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21
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||||||
Additional paid-in capital
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19,930
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19,583
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||||||
Treasury stock, 403,581 shares, at cost, at
March 31, 2016 and December 31, 2015
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(1,452
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)
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(1,452
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)
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Retained earnings
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7,638
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7,546
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||||||
Total stockholders’ equity
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26,137
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25,698
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||||||
Total liabilities and stockholders’ equity
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$
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43,712
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$
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44,213
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GlobalSCAPE, Inc.
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||||||||
Condensed Consolidated Statements of Operations and Comprehensive Income
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||||||||
(In thousands, except per share amounts)
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||||||||
(Unaudited)
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||||||||
Three months ended March 31,
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||||||||
2016
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2015
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|||||||
Operating Revenues:
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||||||||
Software licenses
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$
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2,299
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$
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2,458
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Maintenance and support
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4,497
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4,034
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||||||
Professional services
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614
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388
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||||||
Total Revenues
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7,410
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6,880
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||||||
Cost of revenues
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||||||||
Software licenses
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630
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438
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||||||
Maintenance and support
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394
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325
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||||||
Professional services
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569
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317
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||||||
Total cost of revenues
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1,593
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1,080
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||||||
Gross profit
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5,817
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5,800
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||||||
Operating expenses
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||||||||
Sales and marketing
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2,901
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2,295
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||||||
General and administrative
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1,733
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1,723
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||||||
Research and development
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627
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529
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||||||
Total operating expenses
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5,261
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4,547
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||||||
Income from operations
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556
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1,253
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||||||
Other income (expense), net
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33
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11
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||||||
Income before income taxes
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589
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1,264
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||||||
Income tax expense
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182
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449
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||||||
Net income
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$
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407
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$
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815
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Comprehensive income
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$
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407
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$
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815
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Net income per common share -
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||||||||
Basic
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$
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0.02
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$
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0.04
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Diluted
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$
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0.02
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$
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0.04
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Weighted average shares outstanding:
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||||||||
Basic
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21,032
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20,647
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||||||
Diluted
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21,650
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21,099
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Cash dividends declared per share
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$
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0.015
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$
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0.015
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GlobalSCAPE, Inc.
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||||||||
Condensed Consolidated Statements of Cash Flows
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||||||||
(in thousands)
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||||||||
(Unaudited)
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||||||||
For the Three Months Ended March 31,
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||||||||
2016
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2015
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|||||||
Operating Activities:
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||||||||
Net income
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$
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407
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$
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815
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||||
Items not involving cash at the time they are recorded in the statement of operations:
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||||||||
Bad debt expense
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43
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87
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||||||
Depreciation and amortization
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501
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288
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||||||
Share-based compensation
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222
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148
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||||||
Deferred taxes
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(19
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)
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78
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|||||
Excess tax benefit from share-based compensation
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(3
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)
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(9
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)
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Subtotal before changes in operating assets and liabilities
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1,151
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1,407
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||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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698
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1,136
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||||||
Prepaid expenses
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34
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110
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Deferred revenue
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(222
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)
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(532
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)
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Accounts payable
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(350
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)
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(556
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)
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Accrued expenses
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(272
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)
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(306
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)
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Other Assets
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22
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-
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||||||
Other long-term liabilities
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(3
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)
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(1
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)
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Income tax receivable and payable
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165
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189
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||||||
Net cash provided by operating activities
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1,223
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1,447
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||||||
Investing Activities:
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Software development costs capitalized
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(488
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)
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(691
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)
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Purchase of property and equipment
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(90
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)
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(52
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)
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Interest reinvested in long term investments
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(16
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)
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(16
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)
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Net cash (used in) investing activities
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(594
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)
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(759
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)
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Financing Activities:
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||||||||
Proceeds from exercise of stock options
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122
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290
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||||||
Excess tax benefit from share-based compensation
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3
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9
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||||||
Dividends paid
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(315
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)
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-
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|||||
Net cash (used in) financing activities
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(190
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)
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299
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|||||
Net increase in cash
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439
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987
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||||||
Cash at beginning of period
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15,885
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11,358
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||||||
Cash at end of period
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$
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16,324
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$
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12,345
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||||
Supplemental disclosure of cash flow information:
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||||||||
Cash paid during the period for:
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||||||||
Interest
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$
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-
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$
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-
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Income taxes
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$
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22
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$
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174
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GlobalSCAPE, Inc.
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||||||||
Adjusted EBITDA Excluding Infrequent Items
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||||||||
(in thousands)
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||||||||
(Unaudited)
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||||||||
Three Months Ended
|
||||||||
March 31,
|
||||||||
2016
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2015
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|||||||
Income from operations
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$
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556
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$
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1,253
|
||||
Add (subtract) items to determine adjusted EBITDA excluding infrequent items:
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||||||||
Depreciation and amortization:
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||||||||
Total depreciation and amortization
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501
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288
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||||||
Amortization of capitalized software development costs
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(430
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)
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(218
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)
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Stock-based compensation expense
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222
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148
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||||||
Adjusted EBITDA excluding infrequent items
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$
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849
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$
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1,471
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