| Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
10,859 | 14,967 | 14,128 | 36,870 | 31,893 | 25,059 | 14,219 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
21,618 | 19,072 | 14,620 | 10,250 | 7,021 | 7,292 | 2,969 |
Amortization of deferred finance costs | ||||||
4,275 | 484 | 452 | 213 | 76 | 204 | 113 |
Gain on disposition of disbursements and data analytics businesses, net | ||||||
58,153 | 0 | 0 | - | - | - | - |
Non-cash interest expense | ||||||
- | - | - | - | - | 360 | 40 |
Stock-based customer acquisition expense | ||||||
- | - | - | - | 10,493 | 7,274 | 2,385 |
Stock-based compensation | ||||||
6,589 | 4,574 | 4,144 | 4,093 | 3,868 | 2,913 | 1,387 |
Deferred income taxes | ||||||
255 | 2,967 | -6,587 | 1,856 | -1,678 | -3,166 | -726 |
Income tax benefit related to exercise of stock options and tax payments related to the vesting of restricted stock units | ||||||
-14 | -49 | -1,514 | - | - | - | - |
Non-cash fair value adjustment of contingent consideration | ||||||
0 | 0 | 5,750 | 7,250 | 0 | 0 | - |
Income tax benefit related to exercise of stock options | ||||||
- | - | - | -4,655 | -8,793 | -2,811 | - |
Other non-cash income | ||||||
314 | 35 | 309 | 313 | 0 | 0 | - |
Gain on litigation settlement | ||||||
- | - | - | - | 1,500 | - | - |
Gain on litigation settlement | ||||||
- | - | - | - | - | 0 | - |
Gain on litigation settlement | ||||||
- | - | - | - | - | - | 0 |
Gain on litigation settlement | ||||||
- | - | - | - | - | - | 0 |
Loss on disposal of fixed assets | ||||||
-149 | -118 | -28 | -44 | -428 | -24 | 0 |
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-528 | 182 | 3,117 | -1,220 | 1,050 | 263 | 27 |
Income receivable | ||||||
174 | 2,373 | -786 | 1,505 | 2,242 | 382 | 219 |
Deferred costs | ||||||
498 | 2,250 | 1,392 | 903 | 992 | 988 | -1,917 |
Prepaid expenses and other current assets | ||||||
-943 | 3,548 | -6,770 | -13,262 | -2,329 | 1,669 | -811 |
Other assets | ||||||
386 | 1,612 | 355 | 267 | -109 | 125 | -330 |
Accounts payable | ||||||
-299 | -528 | 31 | 757 | 55 | 263 | 665 |
Accrued expenses | ||||||
-6,000 | -4,776 | 19,384 | -3,256 | 2,612 | 2,732 | 2,109 |
Deferred revenue | ||||||
2,008 | 3,381 | 6,190 | 3,181 | 1,838 | 3,339 | 307 |
Net cash provided by operating activities | ||||||
-18,614 | 30,210 | 47,509 | 53,597 | 44,467 | 40,056 | 20,656 |
Cash flows from investing activities | ||||||
Purchases of available for sale investment securities | ||||||
- | - | - | 11,230 | 14,101 | 20,777 | 0 |
Proceeds from sales of available for sale investment securities | ||||||
- | - | - | 14,634 | 13,055 | 6,080 | - |
Proceeds from maturities of available for sale investment securities | ||||||
- | - | - | 12,094 | 0 | 0 | 0 |
Purchases of fixed assets | ||||||
2,681 | 3,487 | 6,761 | 23,495 | 40,328 | 7,059 | 2,188 |
Loan made related to NMTC | ||||||
- | - | - | - | - | - | 0 |
Cash paid for acquired businesses | ||||||
0 | 0 | 47,250 | 37,280 | 0 | 0 | 16,543 |
Additions to internal use software | ||||||
4,478 | 5,295 | 2,725 | 2,854 | 1,379 | 0 | 0 |
Deposits to restricted cash | ||||||
0 | 0 | 1,250 | 2,250 | 0 | 0 | - |
Proceeds from sale of disbursements business | ||||||
52,063 | 0 | 0 | - | - | - | - |
Proceeds from sale of investments and amounts received from restricted cash | ||||||
249 | 25 | 2,000 | - | - | - | - |
Proceeds from disposition of equity method investment | ||||||
0 | 3,581 | -3,856 | - | - | - | - |
Proceeds from development related subsidies | ||||||
0 | 3,468 | 0 | - | - | - | - |
Loan made related to New Markets Tax Credit financing (Note 11) | ||||||
- | - | - | - | 7,633 | 0 | 0 |
Proceeds from development related subsidies | ||||||
- | - | - | - | - | - | 0 |
Payment to escrow agent | ||||||
- | - | - | - | 1,250 | 8,250 | 0 |
Proceeds from escrow agent | ||||||
- | - | - | 0 | 1,500 | 0 | 0 |
Proceeds from development related subsidies | ||||||
- | - | - | 330 | 7,125 | 0 | 0 |
Payments to Acquire Equity Method Investments | ||||||
- | - | - | 0 | 0 | - | - |
Proceeds from escrow agent | ||||||
- | - | - | - | - | - | 0 |
Payment of acquisition payable | ||||||
- | - | - | - | - | 1,750 | 0 |
Net cash provided by (used in) investing activities | ||||||
45,153 | -1,708 | -59,842 | -50,051 | -43,011 | -31,756 | -18,731 |
Cash flows from financing activities | ||||||
Proceeds from issuance of common stock, net of issuance costs | ||||||
- | - | - | - | - | 37,209 | 495 |
Proceeds from line of credit | ||||||
0 | 15,000 | 52,000 | 80,000 | 0 | 4,000 | 20,250 |
Proceeds from exercise of stock options | ||||||
- | - | - | 3,077 | 1,214 | 1,019 | - |
Proceeds Related to New Markets Tax Credit financing (Note 11) | ||||||
- | - | - | -1,637 | 7,633 | 0 | - |
Deferred Contribution Related To New Markets Tax Credit financing (Note 11) | ||||||
- | - | - | 0 | -2,168 | 0 | - |
Repayments of line of credit | ||||||
35,000 | 10,000 | 43,000 | 0 | 0 | 22,000 | 21,150 |
Payment of deferred financing costs | ||||||
4,990 | 0 | 251 | - | - | - | - |
Excess tax benefit related to stock options | ||||||
14 | 49 | 1,514 | 4,655 | 8,793 | 2,811 | 148 |
Proceeds from exercise of stock options | ||||||
356 | 203 | 1,303 | - | - | - | 210 |
Purchases of common stock | ||||||
0 | 0 | 5,996 | - | 16,208 | 0 | 0 |
ProceedsRelatedtoNMTC | ||||||
- | - | - | - | - | - | 0 |
Deferred contribution related to New Markets Tax Credit financing (Note 8) | ||||||
- | - | - | - | - | - | 0 |
Payment of deferred financing costs | ||||||
- | - | - | 115,695 | 455 | 187 | 0 |
Repayment of capital lease obligations | ||||||
- | - | - | - | - | 7 | 27 |
Net cash used in financing activities | ||||||
-39,620 | 5,252 | 5,570 | -29,600 | 3,145 | 22,845 | -74 |
Effect of exchange rate changes on cash | ||||||
-73 | 0 | 0 | - | - | - | - |
Net change in cash and cash equivalents | ||||||
-13,154 | 33,754 | -6,763 | -26,054 | 4,601 | 31,145 | 1,851 |
Amount directly paid to reduce line of credit in connection with disposition of data analytics business | ||||||
30,000 | 0 | 0 | - | - | - | - |
Income tax paid | ||||||
10,064 | 9,549 | 11,977 | 4,483 | 14,279 | 16,491 | - |
Cash paid for interest | ||||||
2,904 | 2,851 | 2,791 | 426 | 190 | 165 | - |