Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
OPERATING ACTIVITIES:      
Net income (loss) $ (55,567) $ 4,436 $ 13,979
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 63,999 27,962 18,651
Deferred rent and lease incentive (438) 1,819 275
Provision for doubtful accounts 1,122 176 15
Deferred income taxes 5,584 (10,508) (4,640)
Stock-based compensation expense 33,276 15,161 11,423
Excess tax benefits from stock-based compensation expense (4,455) (17,607) (8,848)
Non-cash interest expense 8,244 10,271 626
Accretion on contingent consideration 150 888 1,472
Fair market value adjustment on contingent consideration 1,588 (4,153) (1,432)
Loss allocation from equity method investment 1,420    
Impairment of equity method investment 734    
Loss on disposal of fixed assets 398    
Changes in operating assets and liabilities, net of acquisitions:      
Fees and other receivables 1,646 (9,297) 1,788
Prepaid expenses and other current assets (3,290) 14,716 9,733
Other non-current assets (98) (6,025) (873)
Accrued expenses and other liabilities 17,174 (13,653) 9,784
Accounts payable (462) 3,128 (659)
Deferred revenue 2,014 10,906 4,677
Other non-current liabilities 3,776 (3,792) 26
Net cash provided by operating activities 76,815 24,428 55,997
INVESTING ACTIVITIES:      
Purchase of property and equipment (13,967) (9,184) (6,177)
Capitalization of internally developed software (8,609) (5,532) (3,382)
Investment in private companies (2,238) (1,500)  
Purchase of ERS units (1,500) (100)  
Acquisition of businesses, net of cash acquired (31,613) (328,305) (59,570)
Net cash used in investing activities (57,927) (344,621) (69,129)
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 (8,000) (10,000)  
Proceeds from borrowings on revolving credit facility 40,000 10,000 30,000
Payment on revolving credit facility (40,000) (10,000) (30,000)
Payments of contingent consideration (3,729) (7,219) (6,000)
Payments of purchase consideration liabilities (3,256)    
Payment of promissory note     (1,500)
Issuance of redeemable units in ERS   900 1,500
Proceeds from exercise of stock options 4,924 8,279 5,190
Excess tax benefits from stock-based compensation expense 4,455 17,607 8,848
Purchase of treasury stock for stock-based minimum tax withholdings (10,966) (7,412) (2,062)
Common stock acquired under the share repurchase program (1,448)    
Issuance of restricted stock units 6 2 1
Net cash provided by (used in) financing activities (18,014) 162,157 172,944
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 874 (158,036) 159,812
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 51,718 209,754 49,942
CASH AND CASH EQUIVALENTS, END OF PERIOD 52,592 51,718 209,754
Supplemental disclosure of cash flow information - net cash paid during the period for income taxes 1,114 1,700 2,131
Supplemental disclosure of cash flow information - cash paid during the period for interest 8,356 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 awards   4,318  
Purchase consideration liabilities included in accrued expenses and other liabilities and other non-current liabilities 996 13,676  
Contingent consideration issued in business acquisitions 4,868 1,500 2,800
Issuance of promissory note for acquisition     1,500
Leasehold improvements funded by lease incentive 1,522 $ 330 2,865
Purchase of fixed assets included in accrued expenses and other liabilities and accounts payable $ 1,136   $ 158