Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net income (loss) $ (10,993) $ 2,511
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 16,080 5,333
Deferred rent and lease incentive (171) 168
Provision for doubtful accounts 23  
Deferred income taxes 3,599 1,888
Stock-based compensation expense 11,615 3,419
Tax shortfall (excess tax benefit) from stock-based compensation expense 275 (11,468)
Non-cash interest expense 2,013 2,356
Accretion on contingent consideration 62 342
Fair market value adjustment on contingent consideration 50 (1,446)
Changes in operating assets and liabilities, net of acquisitions:    
Fees and other receivables 11,278 (5,853)
Prepaid expenses and other current assets (9,780) (1,175)
Other non-current assets (1,556) (214)
Accrued expenses and other liabilities (11,335) (2,827)
Accounts payable 32 188
Deferred revenue 2,181 4,088
Other non-current liabilities 418 (58)
Net cash provided by (used in) operating activities 13,791 (2,748)
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,811) (2,058)
Capitalization of internally developed software (1,388) (1,132)
Purchase of ERS units (1,500)  
Acquisition of businesses, net of cash acquired (18,125) (2,641)
Net cash used in investing activities (22,824) (5,831)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 15,000  
Payment on revolving credit facility (13,000)  
Payment of term notes (2,000)  
Proceeds from exercise of stock options 1,207 3,710
Excess tax benefit (shortfall) from stock-based compensation expense (275) 11,468
Purchase of treasury stock for stock-based minimum tax withholdings (7,071) (6,441)
Issuance of restricted stock units 4 2
Net cash provided by (used in) financing activities (6,135) 8,739
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (15,168) 160
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 51,718 209,754
CASH AND CASH EQUIVALENTS, END OF PERIOD 36,550 209,914
Supplemental disclosure of cash flow information - net cash paid (refunded) during the period for income taxes (1,513) 475
Supplemental disclosure of cash flow information- cash paid during the period for interest 2,079 $ 65
Supplemental disclosure of non-cash operating, investing and financing activities:    
Purchase consideration liabilities included in accrued expenses and other liabilities 269  
Contingent consideration issued in a business acquisition $ 1,929