Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
OPERATING ACTIVITIES :    
Net income $ 2,965 $ 623
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,666 9,016
Deferred rent and lease incentive (784) 1,366
Provision for doubtful accounts 153  
Deferred income taxes (1,375) (562)
Stock-based compensation 6,281 3,125
Excess tax benefits from stock-based compensation (2,704)  
Interest expense 392 3
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable (8,302) (487)
Prepaid expenses and other current assets (2,993) 3,084
Other non-current assets (1,265) (190)
Accrued expenses 7,946 1,791
Accounts payable 1,891 545
Deferred revenue 754 600
Other non-current liabilities 960 179
Net cash provided by operating activities 14,585 19,093
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,301) (4,098)
Capitalization of internally developed software (2,293) (1,698)
Repayment of notes payable assumed in acquisition   (174)
Acquisition of businesses, net of cash acquired (8,992) (61,463)
Net cash used in investing activities (15,586) (67,433)
FINANCING ACTIVITIES :    
Proceeds from exercise of warrants 4  
Proceeds from exercise of stock options 5,578 1,927
Issuance of restricted stock 1 2,759
Excess tax benefits from stock-based compensation 2,704  
Purchase of treasury stock (586) (122)
Net cash provided by financing activities 7,701 4,564
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,700 (43,776)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 29,983 64,909
CASH AND CASH EQUIVALENTS, END OF PERIOD 36,683 21,133
Supplemental disclosure of cash flow information:    
Cash paid during the period for income taxes, net of refunds 4,389 604
Supplemental disclosure of non-cash investing and financing activities:    
Leasehold improvements funded by lease incentive   1,054
Contingent consideration liability issued in acquisition of business $ 15,738