| 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 | ||||||||||
15,770 | 32,217 | 10,004 | 3,755 | 8,621 | 10,394 | 8,418 | 7,645 | 6,944 | 4,154 | 13,972 |
Income from discontinued operations | ||||||||||
1,574 | 18,966 | 1,166 | -1,036 | - | - | - | - | - | - | - |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
27,869 | 24,231 | 24,047 | 20,366 | 16,997 | 10,931 | 7,852 | 6,661 | 5,412 | 4,880 | 5,139 |
Stock based compensation | ||||||||||
4,244 | 1,777 | 1,736 | 1,895 | 3,280 | 1,625 | 1,458 | 1,136 | 788 | 664 | 661 |
Amortization of deferred commissions | ||||||||||
8,300 | 7,700 | - | - | - | - | - | - | - | - | - |
Excess tax benefits from equity awards | ||||||||||
- | - | - | 217 | 3,008 | 3,234 | 3,722 | 111 | 21 | - | - |
Provision for doubtful accounts | ||||||||||
211 | 1,033 | 1,568 | 590 | 284 | 237 | 115 | 120 | 50 | 65 | 150 |
Deferred income taxes | ||||||||||
2,167 | 3,017 | -2,144 | 1,447 | 392 | 1,324 | 2,506 | 5,601 | 4,027 | 2,674 | -9,092 |
(Gain) loss on equity method investments | ||||||||||
64 | 42 | -5 | 120 | -117 | -65 | -37 | -16 | - | - | - |
Change in fair value of non-marketable equity investments | ||||||||||
- | 1,300 | - | - | - | - | - | - | - | - | - |
Other | ||||||||||
72 | 9 | -409 | -1,026 | 1,401 | 1,394 | 1,660 | 722 | -83 | - | - |
Gain on sale of long-lived assets | ||||||||||
- | - | - | - | 72 | - | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||||
Accounts and unbilled receivables | ||||||||||
-11,605 | 4,050 | -1,125 | 7,964 | 736 | 6,690 | 10,056 | -1,227 | 4,997 | 1,232 | 1,393 |
Prepaid royalties | ||||||||||
-1,698 | -1,639 | -2,046 | 4,008 | 1,006 | 4,174 | 5,119 | 329 | 263 | 1,061 | 1,089 |
Other prepaid expenses and other current assets | ||||||||||
-4,862 | 3,938 | 25 | 1,176 | 1,372 | 2,022 | 1,207 | 537 | 283 | 570 | 196 |
Deferred commissions | ||||||||||
9,479 | 11,577 | - | - | - | - | - | - | - | - | - |
Other assets | ||||||||||
42 | 30 | 201 | -323 | -1,110 | 1,761 | -105 | 15 | -212 | -188 | -135 |
Accounts payable and accrued expenses | ||||||||||
1,098 | 2,008 | 5,784 | 1,674 | - | - | - | - | - | - | - |
Accounts payable | ||||||||||
- | - | - | - | -137 | 2,442 | 1,254 | -1,529 | 211 | 822 | 165 |
Accrued royalties | ||||||||||
979 | 2,907 | -32 | 3,675 | -202 | 820 | 3,399 | 1,579 | 1,450 | - | - |
Deferred revenue | ||||||||||
-1,920 | 5,103 | -552 | 1,586 | 6,173 | 17,471 | 14,761 | -198 | 6,018 | 4,507 | 2,032 |
Accrued liabilities, accrued compensation and related expenses, and other long-term liabilities | ||||||||||
- | - | - | - | 3,075 | 5,434 | 5,593 | 542 | 124 | 1,026 | 1,085 |
Net cash provided by continuing operating activities | ||||||||||
65,657 | 44,250 | 42,604 | 23,888 | 34,917 | 34,256 | 27,054 | 22,530 | - | - | - |
Net cash (used in) provided by discontinued operating activities | ||||||||||
- | -1,004 | 4,108 | 346 | - | - | - | - | - | - | - |
Net cash provided by operating activities | ||||||||||
65,657 | 43,246 | 46,712 | 24,234 | - | - | - | - | 19,755 | 16,117 | 11,569 |
INVESTING ACTIVITIES: | ||||||||||
Business combinations, net of cash acquired | ||||||||||
27,018 | - | - | 55,255 | 88,075 | 12,298 | 7,560 | 9,901 | - | - | - |
Proceeds from sale of discontinued operations, net of tax | ||||||||||
6,070 | 44,049 | - | - | - | - | - | - | - | - | - |
Proceeds from sales of marketable securities | ||||||||||
- | - | - | - | - | - | 5,062 | - | - | - | - |
Proceeds from maturities of marketable securities | ||||||||||
80,589 | 68,992 | 90,073 | 119,395 | 54,799 | 52,625 | 82,661 | 78,075 | 8,135 | - | - |
Purchases of marketable securities | ||||||||||
87,328 | 57,085 | 83,279 | 106,965 | 84,228 | 44,341 | 86,139 | 118,176 | 17,284 | 5,710 | - |
Proceeds from sale of property and equipment | ||||||||||
15 | - | - | - | - | - | - | - | - | - | - |
Payments to acquire non-marketable equity investments | ||||||||||
3,342 | 833 | 500 | - | - | - | - | - | - | - | - |
Proceeds from sales of investments in marketable securities | ||||||||||
- | - | - | - | - | - | - | - | 2,221 | - | - |
Payments to acquire equity method investments | ||||||||||
- | - | - | - | 1,000 | 325 | 300 | 250 | - | - | - |
Payments to acquire cost method investments | ||||||||||
- | - | - | - | 1,000 | 1,000 | - | - | - | - | - |
Proceeds for sale of long-lived assets | ||||||||||
- | - | - | 975 | - | - | - | - | - | - | - |
Payments associated with capitalized software development | ||||||||||
14,513 | 11,284 | 9,597 | 8,979 | 7,265 | 5,658 | 4,267 | 4,435 | 6,065 | 2,044 | 1,283 |
Purchases of property and equipment | ||||||||||
21,997 | 7,166 | 5,515 | 4,806 | 8,094 | 4,544 | 4,444 | 4,316 | 4,115 | 2,623 | 1,787 |
Net cash (used in) provided by continuing investing activities | ||||||||||
-67,524 | 36,673 | -8,818 | -55,635 | -134,863 | -15,541 | -14,987 | -59,003 | - | - | - |
Net cash used in discontinued investing activities | ||||||||||
- | -115 | -2,761 | -1,021 | - | - | - | - | - | - | - |
Net cash used in investing activities | ||||||||||
-67,524 | 36,558 | -11,579 | -56,656 | - | - | - | - | -17,108 | -10,377 | -3,070 |
FINANCING ACTIVITIES: | ||||||||||
Proceeds from issuance of common stock | ||||||||||
- | - | - | - | 98,014 | - | - | - | 55,131 | - | - |
Proceeds from exercise of stock options | ||||||||||
214 | 2,582 | 413 | 145 | 328 | 1,094 | 3,318 | 823 | 1,242 | 536 | 425 |
Proceeds from borrowings under revolving line of credit facility | ||||||||||
- | - | - | - | 28,000 | - | - | - | - | - | - |
Repayments under revolving line of credit facility | ||||||||||
- | - | - | - | 28,000 | - | - | - | - | - | - |
Taxes paid related to net settlement of equity awards | ||||||||||
1,034 | 338 | 412 | 316 | 756 | 161 | 164 | - | - | - | - |
Excess tax benefits from equity awards | ||||||||||
- | - | - | 217 | 3,008 | 3,234 | 3,722 | 111 | 21 | - | - |
Payments of earn-outs related to acquisitions | ||||||||||
38 | 38 | - | - | 633 | 424 | 771 | - | - | - | - |
Repurchase of common stock | ||||||||||
- | - | - | - | - | - | - | - | - | 379 | - |
Payment of debt issue costs | ||||||||||
- | 100 | - | - | - | - | - | - | - | - | - |
Payment of cash dividends | ||||||||||
58 | 32,357 | - | - | - | - | - | - | - | - | - |
Payments on capital lease obligations | ||||||||||
- | - | - | - | - | - | - | - | 5 | 316 | 744 |
Net cash used in continuing financing activities | ||||||||||
- | - | - | - | 99,961 | 3,743 | 6,105 | 934 | - | - | - |
Net cash used in financing activities | ||||||||||
-916 | -30,251 | 1 | 46 | - | - | - | - | 56,389 | -159 | -319 |
Net decrease in cash and cash equivalents | ||||||||||
-2,783 | 49,553 | 35,134 | -32,376 | 15 | 22,458 | 18,172 | -35,539 | 59,036 | 5,581 | 8,180 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||||
Interest paid | ||||||||||
101 | 117 | 101 | 76 | 190 | 56 | 51 | 61 | 35 | 41 | 44 |
Income taxes paid | ||||||||||
630 | 16,513 | 638 | 2,496 | 2,648 | 1,641 | 371 | 427 | 387 | 368 | 146 |
Non-cash additions to property and equipment | ||||||||||
31 | 1,013 | - | - | - | - | - | - | - | - | - |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||
Receivable from sale of long-lived assets | ||||||||||
- | - | - | - | 975 | 0 | - | - | - | - | - |
Issuance of common stock in connection with business combinations | ||||||||||
- | - | - | - | - | 2,246 | 534 | 1,541 | - | - | - |
Acquisition of content rights in exchange for future services | ||||||||||
- | - | - | - | - | - | - | 500 | - | - | 665 |