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
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES:    
Net income $ 2,868 $ 541
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,422 3,118
Deferred rent and lease incentive (97) 20
Provision for doubtful accounts   60
Deferred income taxes   (570)
Stock-based compensation 2,568 2,306
Excess tax benefits from stock-based compensation   (160)
Imputed interest expense 412  
Changes in operating assets and liabilities:    
Fees receivable (2,128) (1,683)
Prepaid expenses and other current assets (123) (169)
Other non-current assets (284) (241)
Accrued expenses (3,700) 260
Accounts payable 1,269 (122)
Deferred revenue 1,091 461
Other non-current liabilities 21 (66)
Net cash provided by operating activities 6,319 3,755
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,002) (605)
Capitalization of internally developed software (860) (765)
Net cash used in investing activities (2,862) (1,370)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 839 56
Purchase of treasury stock for stock-based minimum tax withholdings (1,609) (366)
Excess tax benefits from stock-based compensation expense   160
Net cash used in financing activities (770) (150)
INCREASE IN CASH AND CASH EQUIVALENTS 2,687 2,235
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 49,942 29,983
CASH AND CASH EQUIVALENTS, END OF PERIOD 52,629 32,218
Supplemental disclosure of cash flow information- cash paid during the period for income taxes 114 416
Supplemental disclosure of non-cash operating, investing and financing activities:    
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest 284  
Acquired purchase option $ 400