Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows
shares in Thousands, $ in Thousands
 6 Months Ended
Jun. 30, 2016
USD ($)
Jun. 30, 2015
USD ($)
shares
OPERATING ACTIVITIES:    
Net income (loss) $ (18,936) $ 5,047
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 33,180 11,058
Deferred rent and lease incentive (325) 219
Provision for doubtful accounts 106 37
Deferred income taxes 3,504 808
Stock-based compensation expense 18,318 6,749
Excess tax benefits from stock-based compensation expense (183) (15,495)
Non-cash interest expense 4,031 4,697
Accretion on contingent consideration 120 651
Fair market value adjustment on contingent consideration 489 (1,902)
Loss on disposal of fixed assets 220  
Changes in operating assets and liabilities, net of acquisitions:    
Fees and other receivables 4,242 (8,825)
Prepaid expenses and other current assets (17,116) 2,028
Other non-current assets (2,320) (1,743)
Accrued expenses and other liabilities (4,967) (5,762)
Accounts payable 2,597 1,439
Deferred revenue 1,447 5,978
Other non-current liabilities 1,535 (330)
Net cash provided by operating activities 25,942 4,654
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,632) (4,912)
Capitalization of internally developed software (3,245) (2,208)
Investment in private company   (1,500)
Purchase of ERS units (1,500)  
Acquisition of businesses, net of cash acquired (18,394) (21,712)
Net cash used in investing activities (27,771) (30,332)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 15,000  
Payment on revolving credit facility (15,000)  
Payment of term notes (4,000)  
Proceeds from exercise of stock options 2,279 5,909
Excess tax benefits from stock-based compensation expense 183 15,495
Purchase of treasury stock for stock-based minimum tax withholdings (9,834) (6,555)
Issuance of restricted stock units 5 2
Net cash provided by (used in) financing activities (11,367) 14,851
DECREASE IN CASH AND CASH EQUIVALENTS (13,196) (10,827)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 51,718 209,754
CASH AND CASH EQUIVALENTS, END OF PERIOD 38,522 198,927
Supplemental disclosure of cash flow information - net cash paid (refunded) during the period for income taxes (915) 791
Supplemental disclosure of cash flow information- cash paid during the period for interest 4,192 $ 1,634
Supplemental disclosure of non-cash operating, investing and financing activities:    
Contingent consideration from a business acquisition $ 1,929  
Stock and stock options issued in acquisition of business | shares   8,930
Purchase liabilities included in accrued expenses   $ 3,520