Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
OPERATING ACTIVITIES:    
Net income $ 6,518 $ 1,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 9,037 6,199
Deferred rent and lease incentive 1,123 (48)
Provision for doubtful accounts   60
Deferred income taxes   (1,094)
Stock-based compensation 5,767 4,266
Excess tax benefits from stock-based compensation (3,203) (1,047)
Imputed interest expense 824  
Fair market value adjustment on contingent consideration (460)  
Changes in operating assets and liabilities:    
Fees and other receivables, net (5,009) (3,672)
Prepaid expenses and other current assets 2,455 (672)
Other non-current assets (1,136) (568)
Accrued expenses (1,559) 3,490
Accounts payable 1,200 1,489
Deferred revenue 2,190 80
Other non-current liabilities 144 25
Net cash provided by operating activities 17,891 10,167
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,841) (1,638)
Capitalization of internally developed software (1,651) (1,503)
Net cash used in investing activities (6,492) (3,141)
FINANCING ACTIVITIES:    
Proceeds from exercise of warrants   4
Proceeds from exercise of stock options 1,615 2,204
Issuance of restricted stock   1
Purchase of treasury stock for stock-based minimum tax withholdings (1,695) (586)
Excess tax benefits from stock-based compensation expense 3,203 1,047
Net cash provided by financing activities 3,123 2,670
INCREASE IN CASH AND CASH EQUIVALENTS 14,522 9,696
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 49,942 29,983
CASH AND CASH EQUIVALENTS, END OF PERIOD 64,464 39,679
Supplemental disclosure of cash flow information- cash paid during the period for income taxes, net of refunds 18 2,955
Supplemental disclosure of non-cash operating, investing and financing activities:    
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest $ 158