Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.3.0.814
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES:    
Net income $ 8,349 $ 10,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 17,215 13,290
Deferred rent and lease incentive 628 173
Provision for doubtful accounts 31  
Deferred income taxes (264)  
Stock-based compensation expense 10,157 8,443
Excess tax benefits from stock-based compensation (18,010) (5,086)
Interest expense 7,081  
Accretion on contingent consideration 794 1,108
Fair market value adjustment on contingent consideration (3,791) (342)
Changes in operating assets and liabilities, net of acquisitions:    
Fees and other receivables (4,817) (4,613)
Prepaid expenses and other current assets 4,534 3,966
Other non-current assets (1,024) (736)
Accrued expenses (2,068) 3,212
Accounts payable 113 2,009
Deferred revenue 7,331 2,835
Other non-current liabilities (428) 278
Net cash provided by operating activities 25,831 34,823
INVESTING ACTIVITIES:    
Purchase of property and equipment (6,852) (5,249)
Capitalization of internally developed software (3,782) (2,562)
Investment in private company (1,500)  
Purchase of ERS, LLC units (100)  
Acquisition of businesses, net of cash acquired (27,332) (1,288)
Net cash used in investing activities (39,566) (9,099)
FINANCING ACTIVITIES:    
Proceeds from bank indebtedness   30,000
Payments of contingent consideration (7,219) (6,000)
Payment of promissory note   (1,500)
Issuance of redeemable units in ERS, LLC 900 1,500
Proceeds from exercise of stock options 7,448 3,146
Excess tax benefits from stock-based compensation expense 18,010 5,086
Purchase of treasury stock for stock-based minimum tax withholdings (6,812) (1,999)
Issuance of restricted stock units 2  
Net cash provided by financing activities 12,329 30,233
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,406) 55,957
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 209,754 49,942
CASH AND CASH EQUIVALENTS, END OF PERIOD 208,348 105,899
Supplemental disclosure of cash flow information- cash paid during the period for income taxes, net of refunds 937 154
Supplemental disclosure of cash flow information- cash paid during the period for interest 2,454  
Supplemental disclosure of non-cash operating, investing and financing activities:    
Non-cash consideration issued in a business acquisition 8,930  
Purchase liabilities included in accrued expenses 3,520  
Contingent consideration issued in a business acquisition 2,363 3,285
Leasehold improvements funded by lease incentive 330 2,865
Purchase of fixed assets included in accounts payable $ 209  
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest   $ 158