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 ($)
shares in Thousands, $ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
OPERATING ACTIVITIES:    
Net income $ 5,047 $ 6,518
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,058 9,037
Deferred rent and lease incentive 219 1,123
Provision for doubtful accounts 37  
Deferred income taxes 808  
Stock-based compensation 6,749 5,767
Excess tax benefits from stock-based compensation (15,495) (3,203)
Interest expense 4,697  
Accretion on contingent consideration 651 824
Fair market value adjustment on contingent consideration (1,902) (460)
Changes in operating assets and liabilities, net of acquisitions:    
Fees receivable (8,825) (5,009)
Prepaid expenses and other current assets 2,090 2,455
Other non-current assets (1,244) (1,136)
Accrued expenses (6,323) (1,559)
Accounts payable 1,439 1,200
Deferred revenue 5,978 2,190
Other non-current liabilities (330) 144
Net cash provided by operating activities 4,654 17,891
INVESTING ACTIVITIES:    
Purchase of property and equipment (4,912) (4,841)
Capitalization of internally developed software (2,208) (1,651)
Investment in private company (1,500)  
Acquisition of businesses, net of cash acquired (21,712)  
Net cash used in investing activities (30,332) (6,492)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 5,909 1,615
Purchase of treasury stock for stock-based minimum tax withholdings (6,555) (1,695)
Excess tax benefits from stock-based compensation expense 15,495 3,203
Issuance of restricted stock 2  
Net cash provided by financing activities 14,851 3,123
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (10,827) 14,522
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 209,754 49,942
CASH AND CASH EQUIVALENTS, END OF PERIOD 198,927 64,464
Supplemental disclosure of cash flow information- cash paid during the period for income taxes, net of refunds 791 18
Supplemental disclosure of cash flow information- cash paid during the period for interest 1,634  
Supplemental disclosure of non-cash operating, investing and financing activities:    
Leasehold improvements funded by lease incentive $ 36  
Settlement of contingent consideration liability upon issuance of ERS, LLC membership interest   $ 158
Stock and stock options issued in acquisition of business 8,930  
Purchase of fixed assets included in accounts payable $ 126  
Purchase liabilities included in accrued expenses $ 3,520