Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
OPERATING ACTIVITIES:    
Net income $ 72 $ 3,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,623 3,126
Amortization of customer inducements    2,413
Deferred rent and lease incentive 1,362 (110)
Gain on investments   (4)
Deferred income taxes (432) 2,117
Stock-based compensation 1,930 1,645
Interest expense 3 415
Changes in operating assets and liabilities:    
Fees receivable 1,574 442
Prepaid expenses and other current assets (1,016) (422)
Customer inducements   (1,000)
Other non-current assets 67  
Accrued expenses (616) 119
Accounts payable 709 51
Deferred revenue 474 (130)
Other non-current liabilities 116 132
Net cash provided by operating activities 9,866 12,645
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,999) (2,917)
Capitalization of internally developed software (988) (817)
Repayment of notes payable (174) (162)
Proceeds from investments 3 17
Goodwill adjustment 889  
Acquisition of businesses, net (62,352)  
Net cash used in investing activities (65,621) (3,879)
FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 1,565 2,260
Issuance of restricted stock 2,759  
Purchase of treasury stock (78) (94)
Net cash provided by financing activities 4,246 2,166
DECREASE IN CASH AND CASH EQUIVALENTS (51,509) 10,932
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 64,909 67,668
CASH AND CASH EQUIVALENTS, END OF PERIOD 13,400 78,600
Supplemental disclosure of cash flow information - cash paid during the period for:    
Income taxes $ 325 $ 391