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
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES:    
Net income $ 10,286 $ 2,965
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,290 10,666
Deferred rent and lease incentive 173 (784)
Provision for doubtful accounts   153
Deferred income taxes   (1,375)
Stock-based compensation expense 8,443 6,281
Excess tax benefits from stock-based compensation expense (5,086) (2,704)
Imputed interest expense 1,108 392
Fair market value adjustment on contingent consideration (342)  
Changes in operating assets and liabilities:    
Fees and other receivables, net (4,613) (8,302)
Prepaid expenses and other current assets 3,966 (2,993)
Other non-current assets (736) (1,265)
Accrued expenses 3,212 7,946
Accounts payable 2,009 1,891
Deferred revenue 2,835 754
Other non-current liabilities 278 960
Net cash provided by operating activities 34,823 14,585
INVESTING ACTIVITIES:    
Purchase of property and equipment (5,249) (4,301)
Capitalization of internally developed software (2,562) (2,293)
Acquisition of businesses, net of cash acquired (1,288) (8,992)
Net cash used in investing activities (9,099) (15,586)
FINANCING ACTIVITIES:    
Proceeds from bank indebtedness 30,000  
Payment of contingent consideration (6,000)  
Proceeds from exercise of warrants   4
Proceeds from exercise of stock options 3,146 5,578
Issuance of ERS, LLC redeemable units 1,500  
Payment of promissory note (1,500)  
Issuance of restricted stock   1
Purchase of treasury stock for stock-based minimum tax withholdings (1,999) (586)
Excess tax benefits from stock-based compensation expense 5,086 2,704
Net cash provided by financing activities 30,233 7,701
INCREASE IN CASH AND CASH EQUIVALENTS 55,957 6,700
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 49,942 29,983
CASH AND CASH EQUIVALENTS, END OF PERIOD 105,899 36,683
Supplemental disclosure of cash flow information- cash paid during the period for income taxes, net of refunds 154 4,389
Supplemental disclosure of non-cash operating, investing and financing activities:    
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest 158  
Contingent consideration liability issued in acquisition of business 3,285 15,738
Leasehold improvements funded by lease incentive $ 2,865