Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES:    
Net income $ 1,659 $ 72
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,199 5,623
Deferred rent and lease incentive (48) 1,362
Provision for doubtful accounts 60  
Deferred income taxes (1,094) (432)
Stock-based compensation 4,266 1,930
Excess tax benefits from stock-based compensation (1,047)  
Interest expense   3
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable (3,672) 1,574
Prepaid expenses and other current assets (672) (1,016)
Other non-current assets (568) 70
Accrued expenses 3,490 (616)
Accounts payable 1,489 709
Deferred revenue 80 474
Other non-current liabilities 25 116
Net cash provided by operating activities 10,167 9,869
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,638) (2,999)
Capitalization of internally developed software (1,503) (988)
Repayment of notes payable assumed in acquisition   (174)
Acquisition of businesses, net of cash acquired   (61,463)
Net cash used in investing activities (3,141) (65,624)
FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 4  
Proceeds from exercise of stock options 2,204 1,565
Issuance of restricted stock 1 2,759
Excess tax benefits from stock-based compensation 1,047  
Purchase of treasury stock (586) (78)
Net cash provided by financing activities 2,670 4,246
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 9,696 (51,509)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 29,983 64,909
CASH AND CASH EQUIVALENTS, END OF PERIOD 39,679 13,400
Supplemental disclosure of cash flow information:    
Cash paid during the period for income taxes, net of refunds $ 2,955 $ 325