Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
OPERATING ACTIVITIES:      
Net income $ 3,660 $ 465 $ 7,605
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 15,329 12,400 6,376
Amortization of customer inducements     4,568
Deferred rent and lease incentive (483) 1,389 332
Provision for doubtful accounts 203    
Impairments to long-lived assets 330    
Deferred income taxes (2,546) 83 2,162
Stock-based compensation 8,738 4,342 3,062
Excess tax benefits from stock-based compensation (3,579) (1,549)  
Imputed interest expense 787 3 786
Fair market value adjustment on contingent consideration 501    
Loss on investments     4
Impairment of customer inducement asset     174
Contract settlement charges     1,183
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable (9,566) 1,017 1,940
Prepaid expenses and other current assets (1,075) 4,645 (1,988)
Other non-current assets (1,444) (181) (978)
Customer inducements, net     (1,000)
Accrued expenses 12,389 3,100 802
Accounts payable 2,914 640 267
Deferred revenue 1,625 1,028 (507)
Other non-current liabilities 1,074 1,166 (39)
Net cash provided by operating activities 28,857 28,548 24,749
INVESTING ACTIVITIES:      
Purchase of property and equipment (6,125) (4,838) (4,798)
Capitalization of internally developed software (3,143) (2,350) (1,482)
Repayment of notes payable assumed in acquisition   (174) (162)
Acquisition of businesses, net of cash acquired (8,992) (62,352) (23,719)
Net cash used in investing activities (18,260) (69,714) (30,161)
FINANCING ACTIVITIES:      
Proceeds from exercise of warrants 4    
Proceeds from exercise of stock options 6,400 2,069 2,747
Issuance of restricted stock 1 2,759  
Excess tax benefits from stock-based compensation expense 3,579 1,549  
Purchase of treasury stock (622) (137) (94)
Net cash provided by financing activities 9,362 6,240 2,653
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 19,959 (34,926) (2,759)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 29,983 64,909 67,668
CASH AND CASH EQUIVALENTS, END OF PERIOD 49,942 29,983 64,909
Supplemental disclosure of cash flow information -      
cash paid during the period for income taxes, net of refunds 4,708 796 813
Supplemental disclosure of non-cash investing and financing activities:      
Leasehold improvements funded by lease incentive 1,693 1,054 491
Non-cash consideration issued in a business acquisition     4,897
Contingent consideration issued in a business acquisition $ 16,017