Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
OPERATING ACTIVITIES:      
Net income (loss) $ 7,605 $ (626) $ (872)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 6,376 5,703 4,499
Amortization of customer inducements 4,568 3,238 18
Amortization of deferred rent and lease incentive 332 58 544
Provision for doubtful accounts   2,668 385
Loss (gain) on investments 4 (12) (19)
Impairment of investments     3,608
Write-off of customer inducement asset 174    
Contract settlement charges 1,183    
Deferred income taxes 2,162 1,215 1,572
Stock-based compensation 3,062 1,731 780
Imputed interest expense 786 564  
Changes in operating assets and liabilities, net of effect of acquisitions:      
Fees receivable 1,940 (3,718) (1,338)
Prepaid expenses and other current assets (1,988) (599) (148)
Other non-current assets (1,006) (52) 42
Customer inducements, net (1,000) (11,300) (150)
Accrued expenses 802 2,437 38
Accounts payable 267 (185) (475)
Deferred revenue (507) 208 (187)
Other non-current liabilities (39) 137 68
Net cash provided by operating activities 24,721 1,467 8,365
INVESTING ACTIVITIES:      
Purchase of property and equipment (4,798) (4,169) (3,078)
Capitalization of internally developed software (1,482) (1,340) (1,306)
Repayment of notes payable (162)    
Proceeds from repayment of notes receivable   985  
Increase in notes receivable   (90) (54)
Investments in non-marketable securities     (812)
Proceeds from investments 28 30 210
Acquisition of businesses, net (23,719) (917)  
Net cash used in investing activities (30,133) (5,501) (5,040)
FINANCING ACTIVITIES:      
Proceeds from exercise of stock options 2,747 1,925 3
Proceeds from exercise of warrants   1,525  
Net proceeds from issuance of common stock   42,066  
Purchase of treasury stock (94) (3,993) (248)
Preferred stock dividends   (1,346)  
Net cash provided by (used in) financing activities 2,653 40,177 (245)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,759) 36,143 3,080
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 67,668 31,525 28,445
CASH AND CASH EQUIVALENTS, END OF PERIOD 64,909 67,668 31,525
Supplemental disclosure of cash flow information - cash paid during the period for:      
Income taxes 813 171 240
Supplemental disclosure of non-cash investing and financing activities:      
Leasehold improvements funded by lease incentive 491 119 3,156
Non-cash consideration issued in a business acquisition 4,966    
Purchase of non-marketable securities     275
Exercise of redemption rights into note receivable     2,450
Issuance of warrant for customer inducement   2,946  
Customer inducement payable   19,261 150
Note payable assumed in a business acquisition   300  
Contingent consideration issued in a business acquisition   $ 150