Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.5.0.2
Condensed Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
OPERATING ACTIVITIES:    
Net income (loss) $ (22,993) $ 8,349
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 49,872 17,215
Deferred rent and lease incentive (324) 628
Provision for doubtful accounts 369 31
Deferred income taxes (10,273) (264)
Stock-based compensation expense 25,872 10,157
Excess tax benefits from stock-based compensation expense (1,470) (18,010)
Non-cash interest expense 6,955 7,081
Accretion on contingent consideration 143 794
Fair market value adjustment on contingent consideration 838 (3,791)
Loss allocation from equity method investment 1,130  
Loss on disposal of fixed assets 220  
Changes in operating assets and liabilities, net of acquisitions:    
Fees and other receivables 4,077 (4,817)
Prepaid expenses and other current assets (4,960) 4,534
Other non-current assets (4,271) (1,024)
Accrued expenses and other liabilities 275 (2,068)
Accounts payable 124 113
Deferred revenue 1,959 7,331
Other non-current liabilities 4,337 (428)
Net cash provided by operating activities 51,880 25,831
INVESTING ACTIVITIES:    
Purchase of property and equipment (10,839) (6,852)
Capitalization of internally developed software (6,217) (3,782)
Investment in private company (738) (1,500)
Purchase of ERS units (1,500) (100)
Acquisition of businesses, net of cash acquired (18,394) (27,332)
Net cash used in investing activities (37,688) (39,566)
FINANCING ACTIVITIES:    
Proceeds from borrowings on revolving credit facility 25,000  
Payment on revolving credit facility (25,000)  
Payments of contingent consideration (2,924) (7,219)
Payment of term notes (6,000)  
Issuance of redeemable units in ERS   900
Proceeds from exercise of stock options 3,166 7,448
Excess tax benefits from stock-based compensation expense 1,470 18,010
Purchase of treasury stock for stock-based minimum tax withholdings (9,517) (6,812)
Common stock acquired under the share repurchase program (1,448)  
Issuance of restricted stock units 5 2
Net cash provided by (used in) financing activities (15,248) 12,329
DECREASE IN CASH AND CASH EQUIVALENTS (1,056) (1,406)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 51,718 209,754
CASH AND CASH EQUIVALENTS, END OF PERIOD 50,662 208,348
Supplemental disclosure of cash flow information - net cash paid (refunded) during the period for income taxes (175) 937
Supplemental disclosure of cash flow information- cash paid during the period for interest 5,390 2,454
Supplemental disclosure of non-cash operating, investing and financing activities:    
Contingent consideration issued in a business acquisition 1,929 $ 2,363
Stock and stock options issued in acquisition of business   8,930
Purchase liabilities included in accrued expenses   $ 3,520
Leasehold improvements funded by lease incentive $ 1,522 330
Purchase of fixed assets included in accounts payable   $ 209