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, 2012
Dec. 31, 2011
Dec. 31, 2010
OPERATING ACTIVITIES:      
Net income (loss) $ 465 $ 7,605 $ (626)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 12,400 6,376 5,703
Amortization of customer inducements   4,568 3,238
Deferred rent and lease incentive 1,389 332 58
Deferred income taxes 83 2,162 1,215
Stock-based compensation 4,342 3,062 1,731
Excess tax benefits from stock-based compensation (1,549)    
Non-cash interest expense 3 786 564
Loss (gain) on investments   4 (12)
Impairment of customer inducement asset   174  
Contract settlement charges   1,183  
Provision for doubtful accounts     2,668
Changes in operating assets and liabilities, net of acquisitions:      
Fees receivable 1,017 1,940 (3,718)
Prepaid expenses and other current assets 4,645 (1,988) (599)
Other non-current assets (188) (1,006) (52)
Customer inducements, net   (1,000) (11,300)
Accrued expenses 3,100 802 2,437
Accounts payable 640 267 (185)
Deferred revenue 1,028 (507) 208
Other non-current liabilities 1,166 (39) 137
Net cash provided by operating activities 28,541 24,721 1,467
INVESTING ACTIVITIES:      
Purchase of property and equipment (4,838) (4,798) (4,169)
Capitalization of internally developed software (2,350) (1,482) (1,340)
Repayment of notes payable assumed in acquisition (174) (162)  
Proceeds from repayment of notes receivable     985
Increase in notes receivable     (90)
Proceeds from investments 7 28 30
Acquisition of businesses, net of cash acquired (62,352) (23,719) (917)
Net cash used in investing activities (69,707) (30,133) (5,501)
FINANCING ACTIVITIES:      
Proceeds from exercise of stock options 2,069 2,747 1,925
Issuance of restricted stock 2,759    
Excess tax benefits from stock-based compensation expense 1,549    
Proceeds from exercise of warrants     1,525
Net proceeds from issuance of common stock     42,066
Purchase of treasury stock (137) (94) (3,993)
Preferred stock dividends     (1,346)
Net cash provided by financing activities 6,240 2,653 40,177
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (34,926) (2,759) 36,143
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 64,909 67,668 31,525
CASH AND CASH EQUIVALENTS, END OF PERIOD 29,983 64,909 67,668
Supplemental disclosure of cash flow information - cash paid during the period for income taxes, net of refunds 796 813 171
Supplemental disclosure of non-cash investing and financing activities:      
Leasehold improvements funded by lease incentive 1,054 491 119
Non-cash consideration issued in a business acquisition   4,897  
Issuance of warrant for customer inducement     2,946
Customer inducement payable     19,261
Note payable assumed in a business acquisition     300
Contingent consideration issued in a business acquisition     $ 150