| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | ||||||||||
Net income (loss) | ||||||||||
66,887 | 241 | 25,426 | 304 | 3,964 | -16,205 | 1,723 | 7,082 | 6,724 | 17,482 | 15,347 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
2,983 | 2,479 | 2,837 | 3,539 | 4,148 | 4,192 | 3,266 | 2,411 | 2,358 | 2,209 | 2,211 |
Amortization of internally developed software | ||||||||||
3,800 | 2,200 | 1,500 | 900 | 627 | 483 | 0 | - | - | - | - |
Amortization of book-of-business consideration | ||||||||||
- | - | - | - | - | 1,998 | 3,147 | 2,724 | 843 | 367 | - |
Amortization of intangible assets | ||||||||||
2,187 | 2,091 | 1,040 | 1,040 | 1,153 | 1,529 | 1,414 | 1,615 | 2,046 | 1,138 | - |
Amortization and accretion on marketable securities, net | ||||||||||
- | - | - | - | - | - | - | - | - | 50 | -749 |
Stock-based compensation expense | ||||||||||
22,570 | 12,540 | 9,694 | 7,266 | 7,002 | 5,877 | 7,802 | 5,622 | 7,096 | 6,395 | 4,835 |
Deferred income taxes | ||||||||||
16,197 | 2,812 | -30,341 | 4,652 | 8,651 | 9,163 | -1,368 | 1,071 | 914 | 1,421 | 9,352 |
Change in fair value of earnout liability | ||||||||||
24,079 | 12,300 | 0 | 0 | - | - | - | - | - | - | - |
Other non-cash items | ||||||||||
755 | -675 | 101 | 143 | -106 | -154 | - | - | - | - | - |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | - | - | - | - | - | - | 4,979 |
Deferred rent and other | ||||||||||
- | - | - | - | - | - | 927 | 176 | 35 | -11 | -45 |
Loss on disposal of fixed assets | ||||||||||
- | - | - | - | - | - | - | - | - | -9 | -16 |
Increase (Decrease) in Operating Capital [Abstract] | ||||||||||
Accounts receivable | ||||||||||
-1,270 | 2,127 | -473 | -1,563 | 1,050 | 3,614 | 118 | -3,587 | -3,383 | 8,146 | 290 |
Contract assets – commissions receivable | ||||||||||
-243,364 | -50,967 | -21,640 | -8,032 | -15,050 | - | - | - | - | - | - |
Prepaid expenses and other assets | ||||||||||
466 | -232 | 1,933 | 486 | -997 | 1,033 | 2,257 | 1,097 | -1,769 | 1,386 | -389 |
Other assets | ||||||||||
- | - | - | - | - | - | - | - | - | - | -358 |
Accounts payable | ||||||||||
19,694 | 1,414 | -1,866 | 2,227 | -2,949 | 1,581 | -1,742 | 3,732 | -1,948 | -459 | 1,060 |
Accrued compensation and benefits | ||||||||||
8,814 | 5,133 | 4,578 | -3,466 | 6,180 | -2,084 | 2,026 | 336 | 363 | 2,311 | 388 |
Accrued marketing expenses | ||||||||||
1,028 | 6,320 | -3,365 | -3,906 | 1,865 | 480 | 4,285 | -2,254 | 2,551 | -235 | 717 |
Deferred revenue | ||||||||||
1,694 | 491 | -466 | 587 | -770 | -1,143 | 885 | 979 | -2,471 | 2,356 | -26 |
Accrued restructuring charges | ||||||||||
0 | 0 | 0 | -433 | 433 | 0 | 0 | - | - | - | - |
Accrued expenses and other liabilities | ||||||||||
1,869 | 935 | -1,341 | -1,565 | -1,611 | 401 | 957 | -1,093 | -1,122 | -2,992 | 4 |
Net cash provided by operating activities | ||||||||||
-71,492 | -3,230 | -15,541 | 4,083 | 13,696 | 1,779 | 20,947 | 24,891 | 22,541 | 20,509 | 30,086 |
Investing activities: | ||||||||||
Capitalized internal-use software and website development costs | ||||||||||
10,231 | 6,294 | 3,210 | 1,837 | -1,117 | - | - | - | - | - | - |
Purchases of property and equipment and other assets | ||||||||||
6,641 | 4,534 | 1,868 | 1,889 | 1,879 | 3,604 | 7,326 | 3,853 | 2,407 | 2,948 | 1,433 |
Payments for security deposits | ||||||||||
72 | 0 | 0 | - | - | - | - | - | - | - | - |
Acquisition of business, net of cash acquired | ||||||||||
0 | 14,929 | 0 | 0 | - | - | - | - | - | 27,203 | - |
Consideration paid in connection with book-of-business transfers | ||||||||||
- | - | - | - | - | - | - | 6,243 | 4,190 | 2,550 | - |
Purchase of intangible asset | ||||||||||
- | - | - | - | - | 4,500 | 0 | 0 | - | - | - |
Purchases of marketable securities | ||||||||||
- | - | - | - | - | - | - | - | - | - | 40,550 |
Sales of marketable securities | ||||||||||
- | - | - | - | - | - | - | - | - | - | 5,006 |
Maturities of marketable securities | ||||||||||
- | - | - | - | - | - | - | - | - | 22,100 | 68,932 |
Books of business transfers | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1,280 |
Cash used in investing activities | ||||||||||
-16,944 | -25,757 | -5,078 | -3,726 | -2,996 | -8,104 | -7,326 | -10,096 | -6,597 | -10,601 | 30,675 |
Financing activities: | ||||||||||
Proceeds from issuance of common stock, net of issuance costs | ||||||||||
126,051 | 0 | 0 | - | - | - | - | - | - | - | - |
Net proceeds from exercise of common stock options | ||||||||||
5,535 | 2,688 | 1,037 | 62 | 1,572 | 4,112 | 9,217 | 8,445 | 899 | 814 | 1,031 |
Repurchase of shares to satisfy employee tax withholding obligations | ||||||||||
-14,281 | -4,504 | -1,802 | -1,248 | -922 | -3,516 | -943 | -994 | -552 | -586 | -171 |
Proceeds from line of credit | ||||||||||
0 | 5,000 | 0 | 0 | - | - | - | - | - | - | - |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | - | 147 | 3,383 | 4,466 | 4,690 | 12,853 | 4,979 |
Repurchase of common stock | ||||||||||
- | - | - | - | - | 50,000 | 59,007 | 9,434 | 25,355 | 26,203 | 29,360 |
Debt issuance costs | ||||||||||
517 | 1,221 | 0 | 0 | - | - | - | - | - | - | - |
Repayment of debt | ||||||||||
5,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Acquisition-related contingent payments | ||||||||||
9,542 | 0 | 0 | - | - | - | - | - | - | - | - |
Principal payments in connection with leases | ||||||||||
105 | 103 | 105 | 83 | 73 | 74 | 53 | 43 | 63 | 44 | 41 |
Net cash provided by financing activities | ||||||||||
102,141 | 1,860 | -870 | -1,269 | 577 | -49,331 | -47,403 | 2,440 | -20,381 | -13,166 | -23,562 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ||||||||||
26 | -77 | 1 | -17 | 18 | 16 | -12 | 7 | -30 | -7 | 4 |
Net increase in cash, cash equivalents and restricted cash | ||||||||||
13,731 | -27,204 | -21,488 | -929 | 11,295 | -55,640 | -33,794 | 17,242 | -4,467 | -3,265 | 37,203 |
Supplemental disclosure of cash flows | ||||||||||
Cash paid for interest | ||||||||||
42 | 44 | 20 | 14 | 34 | 26 | 21 | 23 | 16 | 15 | 20 |
Cash refunds from (paid for) income taxes, net | ||||||||||
741 | 139 | 219 | 628 | 6 | 5 | 53 | 1,879 | 1,718 | 2,577 | 2,999 |
Supplemental disclosure of non-cash investing and financing activities | ||||||||||
Non-cash consideration paid for book-of-business transfers | ||||||||||
- | - | - | - | - | - | - | - | 902 | - | - |
Capital lease obligations incurred | ||||||||||
- | - | - | 51 | 156 | 93 | 30 | 135 | 71 | - | - |
Settlement of receivables in connection with purchase of intangible asset | ||||||||||
- | - | - | - | - | 307 | 0 | 0 | - | - | - |