Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
OPERATING ACTIVITIES:      
Net income $ 4,436 $ 13,979 $ 3,660
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 27,962 18,651 15,329
Deferred rent and lease incentive 1,819 275 (483)
Provision for doubtful accounts 176 15 203
Impairments to long-lived assets     330
Deferred income taxes (10,508) (4,640) (2,546)
Stock-based compensation expense 15,161 11,423 8,738
Excess tax benefits from stock-based compensation (17,607) (8,848) (3,579)
Interest expense 10,271 626  
Accretion on contingent consideration 888 1,472 787
Fair market value adjustment on contingent consideration (4,153) (1,432) 501
Changes in operating assets and liabilities, net of acquisitions:      
Fees and other receivables (9,297) 1,788 (9,566)
Prepaid expenses and other current assets 14,716 9,733 (1,075)
Other non-current assets (6,025) (873) (1,444)
Accrued expenses and other liabilities (13,653) 9,784 12,389
Accounts payable 3,128 (659) 2,914
Deferred revenue 10,906 4,677 1,625
Other non-current liabilities (3,792) 26 1,074
Net cash provided by operating activities 24,428 55,997 28,857
INVESTING ACTIVITIES:      
Purchase of property and equipment (9,184) (6,177) (6,125)
Capitalization of internally developed software (5,532) (3,382) (3,143)
Investment in private company (1,500)    
Purchase of ERS units (100)    
Acquisition of businesses, net of cash acquired (328,305) (59,570) (8,992)
Net cash used in investing activities (344,621) (69,129) (18,260)
FINANCING ACTIVITIES:      
Proceeds from issuance of convertible notes   172,500  
Convertible notes issuance costs   (5,533)  
Proceeds from issuance of term notes 160,000    
Payment of term notes (10,000)    
Proceeds from borrowings on revolving credit facility 10,000 30,000  
Payment on revolving credit facility (10,000) (30,000)  
Payments of contingent consideration (7,219) (6,000)  
Payment of promissory note   (1,500)  
Issuance of redeemable units in ERS 900 1,500  
Proceeds from exercise of stock options 8,279 5,190 6,400
Excess tax benefits from stock-based compensation expense 17,607 8,848 3,579
Purchase of treasury stock for stock-based minimum tax withholdings (7,412) (2,062) (622)
Issuance of restricted stock units 2 1 1
Proceeds from exercise of warrants     4
Net cash provided by financing activities 162,157 172,944 9,362
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (158,036) 159,812 19,959
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 209,754 49,942 29,983
CASH AND CASH EQUIVALENTS, END OF PERIOD 51,718 209,754 49,942
Supplemental disclosure of cash flow information- cash paid during the period for income taxes, net of refunds 1,700 2,131 4,708
Supplemental disclosure of cash flow information- cash paid during the period for interest 3,877 299  
Supplemental disclosure of non-cash operating, investing and financing activities:      
Common stock issued in business acquisitions 195,451    
Attribution of the fair market value of replacement award 4,318    
Purchase consideration liabilities included in accrued expenses and other liabilities 13,676    
Contingent consideration issued in a business acquisition 1,500 2,800 16,017
Issuance of promissory note for acquisition   1,500  
Leasehold improvements funded by lease incentive $ 330 2,865 $ 1,693
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest   $ 158