| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||||
Net income | |||||||||||
87,224 | 54,989 | 40,054 | 37,636 | 24,527 | 13,947 | 39,997 | 50,516 | 47,785 | 40,092 | 30,048 | 21,375 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization of property, equipment and software | |||||||||||
33,293 | 33,254 | 27,724 | 24,882 | 30,328 | 32,864 | 31,360 | 26,902 | 22,435 | 15,908 | 13,567 | 11,967 |
Amortization of intangible assets | |||||||||||
9,700 | 24,300 | 22,600 | 20,164 | 20,270 | 20,734 | 23,631 | 24,245 | - | - | - | - |
Amortization of deferred financing costs | |||||||||||
564 | 564 | 2,258 | 2,083 | 2,084 | 2,084 | 3,077 | 3,689 | - | - | - | - |
Gain on sale of cost basis investment | |||||||||||
7,697 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Stock-based compensation expense | |||||||||||
21,901 | 21,507 | 24,143 | 13,277 | 14,297 | 13,356 | 11,997 | 9,116 | 8,376 | 7,544 | 6,373 | 3,498 |
Deferred income taxes | |||||||||||
7,290 | -3,504 | -20,409 | -7,368 | -14,020 | -12,290 | -4,354 | -6,323 | 1,818 | 2,316 | 3,111 | 32 |
Excess tax benefit from exercised stock options | |||||||||||
- | - | - | - | - | - | 5,233 | 12,433 | 12,051 | 12,581 | 13,223 | - |
Noncash lease expense | |||||||||||
4,133 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Loss on disposal of assets | |||||||||||
- | - | - | 948 | -84 | -219 | - | - | - | - | - | - |
Change in fair value of contingent consideration | |||||||||||
0 | 35 | 2,865 | - | 0 | 517 | -35 | 2,300 | 273 | 273 | - | - |
Release of estimated liability for appeals, net | |||||||||||
10,478 | 8,436 | 0 | - | - | - | - | - | - | - | - | - |
Allowance for doubtful accounts and bad debt write-offs | |||||||||||
- | - | - | - | - | - | - | 3,751 | 359 | 197 | - | - |
Loss on disposal of fixed assets | |||||||||||
- | - | - | - | - | - | -431 | -290 | -267 | -23 | -70 | -90 |
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | |||||||||||
16,292 | 17,312 | 6,976 | 3,554 | 12,045 | -14,625 | 14,956 | 40,235 | 31,931 | 9,657 | 16,593 | 4,531 |
Prepaid expenses and other current assets | |||||||||||
10,487 | 2,785 | 1,298 | 2,399 | -549 | -1,132 | -1,341 | 7,670 | 1,081 | -664 | 1,947 | 504 |
Prepaid income taxes | |||||||||||
- | - | - | - | -6,711 | -3,445 | 1,559 | -14,326 | -14,288 | -13,282 | -9,118 | - |
Other current assets | |||||||||||
- | - | - | -2,066 | 412 | 2,150 | 172 | -667 | 538 | 304 | 49 | - |
Other assets | |||||||||||
2,173 | -245 | -124 | -234 | -10 | -121 | -28 | 127 | -113 | -90 | 218 | 21 |
Income taxes receivable | |||||||||||
15,607 | -16,925 | 1,462 | -7,227 | 3,873 | 0 | 0 | - | - | - | - | - |
Accounts payable, accrued expenses and other liabilities | |||||||||||
4,744 | 11,181 | -340 | 12,116 | -250 | 18,039 | 1,050 | -1,340 | -218 | 4,078 | 2,585 | -1,037 |
Operating lease liabilities | |||||||||||
-5,315 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Liability for appeals | |||||||||||
1,227 | -628 | 32 | -2,323 | -3,721 | -5,053 | 14,508 | 19,965 | 7,380 | - | - | - |
Purchase of building and land | |||||||||||
- | - | - | - | - | - | - | - | - | 9,886 | - | - |
Net cash provided by operating activities | |||||||||||
133,232 | 96,457 | 86,464 | 88,639 | 72,285 | 100,556 | 101,181 | 83,039 | 56,729 | 61,925 | 32,842 | 30,869 |
Acquisition of businesses, net of cash acquired | |||||||||||
185,790 | 0 | 171,321 | 20,678 | 0 | 0 | - | 12,393 | 350,578 | 26,149 | - | - |
Proceeds from sale of cost basis investment | |||||||||||
9,776 | 0 | 0 | 2,496 | 0 | 0 | - | - | - | - | - | - |
Investment in common stock | |||||||||||
7,421 | 0 | 0 | - | - | - | 500 | 3,024 | - | - | - | - |
Purchases of property and equipment | |||||||||||
8,276 | 11,264 | 17,318 | 13,703 | 8,620 | 22,687 | 22,127 | 25,222 | 18,477 | 15,603 | 8,979 | 5,988 |
Acquisition of Verify Solutions | |||||||||||
- | - | - | - | - | - | - | - | - | - | 7,500 | - |
Acquisition of IntegriGuard, net of cash | |||||||||||
- | - | - | - | - | - | - | - | - | - | 5,024 | - |
Acquisition of Prudent Rx | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 4,496 |
Investment in capitalized software | |||||||||||
13,348 | 19,149 | 15,725 | 7,316 | 3,197 | 3,514 | 3,656 | 2,244 | 1,857 | 2,023 | 1,657 | 912 |
Investment in certificate of deposit | |||||||||||
- | - | - | - | - | - | - | - | 4,809 | - | - | - |
Proceeds from redemption of certificate of deposit | |||||||||||
- | - | - | - | - | - | - | 4,809 | - | - | - | - |
Repayment of revolving credit facility | |||||||||||
- | - | - | - | - | 35,000 | 95,000 | - | - | - | - | - |
Net cash used in investing activities | |||||||||||
-205,059 | -30,413 | -204,364 | -39,201 | -11,817 | -26,201 | -26,283 | -38,074 | -375,721 | -53,661 | -23,160 | -11,396 |
Financing activities: | |||||||||||
Proceeds from credit facility | |||||||||||
0 | 0 | 42,204 | - | 0 | - | - | - | - | - | - | - |
Payments for deferred financing costs | |||||||||||
0 | 0 | 2,269 | - | 0 | - | - | - | - | - | - | - |
Proceeds from exercise of stock options | |||||||||||
39,300 | 38,400 | 2,700 | 2,940 | 4,187 | 4,110 | 9,260 | 11,973 | 12,744 | 9,128 | 10,067 | 4,226 |
Excess tax benefit from exercised stock options | |||||||||||
- | - | - | - | - | - | 5,233 | 12,433 | 12,051 | 12,581 | 13,223 | 10,542 |
Payments of tax withholdings on behalf of employees for net-share settlements | |||||||||||
6,988 | 2,818 | 3,161 | 1,475 | 1,029 | 1,658 | 1,922 | 1,784 | 1,156 | - | - | - |
Payments on capital lease obligations | |||||||||||
195 | 0 | 143 | 44 | 1,132 | 1,629 | 1,711 | 996 | - | - | - | - |
Payments on contingent consideration | |||||||||||
- | - | - | - | - | 428 | 0 | 250 | - | - | - | - |
Purchases of treasury stock | |||||||||||
0 | 5,955 | 14,137 | 20,470 | 50,000 | 0 | 25,000 | 10,617 | - | - | - | - |
Repayment of term loan | |||||||||||
- | - | - | - | - | - | 8,750 | 17,500 | 39,480 | - | 17,325 | 6,300 |
Proceeds from revolving credit facility | |||||||||||
- | - | - | - | - | - | 4,046 | - | 337,292 | - | - | - |
Deferred financing costs | |||||||||||
- | - | - | - | - | - | - | - | 292 | - | - | - |
Payment of financing fees related to revolving credit facility | |||||||||||
- | - | - | - | - | - | 2,915 | - | - | - | - | - |
Net cash (used in)/provided by financing activities | |||||||||||
32,149 | 29,589 | 25,214 | -19,049 | -47,974 | -34,605 | -116,759 | -6,741 | 321,159 | 21,709 | 5,965 | 8,468 |
Net increase in cash and cash equivalents | |||||||||||
-39,678 | 95,633 | -92,686 | 30,389 | 12,494 | 39,750 | -41,861 | 38,224 | 2,167 | 29,973 | 15,647 | 27,941 |
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for income taxes/(refunds received), net of refunds | |||||||||||
-5,298 | 22,225 | 17,995 | 20,326 | 22,878 | 21,144 | 34,922 | 20,490 | 17,474 | 10,949 | 8,517 | 3,823 |
Cash paid for interest | |||||||||||
10,457 | 10,326 | 9,944 | 6,196 | 5,694 | 4,458 | 9,520 | 13,236 | 109 | 70 | 734 | 1,299 |
Supplemental disclosure of non-cash activities: | |||||||||||
Tenant improvement allowance | |||||||||||
- | - | - | - | - | - | - | - | - | 202 | 1,011 | 208 |
Change in balance of accrued property and equipment purchases | |||||||||||
-1,303 | 1,305 | 51 | 684 | 729 | 1,610 | 1,725 | 4,439 | 5,294 | 2,804 | 1,365 | 1,898 |
Accrued acquisition related contingent consideration | |||||||||||
- | - | - | - | - | - | - | - | - | 2,573 | - | - |
Issuance of replacement awards in connection with HDI acquisition | |||||||||||
- | - | - | - | - | - | - | - | 3,799 | - | - | - |
Equipment purchased through capital leases | |||||||||||
- | - | - | - | - | - | 2,401 | 2,127 | - | - | - | - |