| Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | |
|---|---|---|---|---|---|---|
Cash flows from operating activities | ||||||
Net income | ||||||
78,113 | 89,778 | 81,343 | 62,443 | 44,746 | 29,509 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
36,657 | 26,889 | 18,359 | 9,957 | - | - | |
Depreciation and amortization | ||||||
- | - | - | - | 5,498 | 2,166 | |
Provision for doubtful accounts | ||||||
879 | 456 | 258 | 97 | 194 | 175 | |
Stock-based compensation expense | ||||||
38,980 | 22,649 | 15,264 | 10,690 | 10,880 | 7,891 | |
Accrued earnout gain | ||||||
0 | -125 | -570 | -664 | - | - | |
Deferred taxes | ||||||
-5,205 | -3,612 | -989 | 2,123 | - | - | |
Expenses paid by stockholder | ||||||
- | - | - | - | - | 2,100 | |
Deferred taxes | ||||||
- | - | - | - | -2,220 | -281 | |
Excess tax benefit from stock-based compensation | ||||||
7,801 | 9,057 | 10,486 | 6,359 | 26,748 | 8,734 | |
Premium on investments | ||||||
-551 | -596 | -1,605 | -888 | - | - | |
Other non-cash expenses | ||||||
-1,091 | -1,181 | -1,432 | -622 | -470 | -915 | |
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: | ||||||
Accounts receivable | ||||||
7,246 | 6,323 | 5,695 | 7,038 | 5,078 | 2,099 | |
Income taxes receivable | ||||||
-3,964 | 25 | 28 | 33 | -31 | -613 | |
Prepaid income taxes | ||||||
- | - | - | - | -4,675 | 4,675 | |
Prepaid and other assets | ||||||
2,122 | 87 | 1,220 | 189 | 1,199 | 673 | |
Accounts payable | ||||||
-536 | 1,475 | 1,807 | 56 | -1,127 | 1,791 | |
Accrued liabilities and other | ||||||
18,259 | -699 | 4,473 | 747 | 3,958 | 1,581 | |
Accrued interest payable | ||||||
- | - | - | - | -539 | -1,472 | |
Income taxes payable | ||||||
7,004 | 11,754 | 18,565 | 19,886 | 17,160 | 9,078 | |
Deferred revenue | ||||||
32,811 | 28,616 | 22,539 | 19,080 | 15,342 | 11,340 | |
Other long-term liabilities | ||||||
5,515 | 1,046 | 0 | - | - | - | |
Net cash provided by operating activities | ||||||
199,812 | 163,320 | 143,447 | 110,530 | - | - | |
Cash flows from investing activities | ||||||
Net cash provided by operating activities | ||||||
- | - | - | - | 66,043 | 49,225 | |
Purchases of investments | ||||||
18,479 | 17,288 | 65,929 | 33,241 | - | - | |
Maturities of investments | ||||||
18,988 | 48,163 | 33,930 | 4,000 | - | - | |
Purchases of property and equipment | ||||||
19,228 | 4,753 | 3,885 | 2,945 | 2,740 | 2,729 | |
Purchases of intangible assets | ||||||
229 | 8,361 | 1,203 | 745 | 795 | 401 | |
Acquisition of businesses, net of cash acquired | ||||||
63,700 | 223,464 | 66,031 | 109,483 | 28,039 | 46 | |
Other investing activities | ||||||
0 | -579 | 0 | 0 | - | - | |
Net cash used in investing activities | ||||||
-82,648 | -205,124 | -103,118 | -142,414 | - | - | |
Cash flows from financing activities | ||||||
Net cash used in investing activities | ||||||
- | - | - | - | -31,574 | -3,176 | |
Repurchase of common stock | ||||||
13,891 | 37,280 | 1,472 | 342 | 24,987 | - | |
Net cash proceeds from initial public offering | ||||||
- | - | - | - | - | 104,625 | |
Payments for offering costs | ||||||
- | - | - | - | - | 1,745 | |
Exercise of stock options | ||||||
10,703 | 13,110 | 10,622 | 11,919 | 21,032 | 8,518 | |
Excess tax benefit from stock-based compensation | ||||||
7,801 | 9,057 | 10,486 | 6,359 | 26,748 | 8,734 | |
Earnout payments for acquisitions | ||||||
0 | 0 | 4,154 | 3,743 | - | - | |
Proceeds from credit agreement | ||||||
0 | 40,000 | 0 | 0 | - | - | |
Repayments of borrowings from credit agreement | ||||||
40,000 | 0 | 0 | - | - | - | |
Payment of debt issuance costs | ||||||
0 | 642 | 0 | 0 | - | - | |
Net cash used in financing activities | ||||||
-35,387 | 24,245 | 15,482 | 14,193 | - | - | |
Repayment of long-term debt | ||||||
- | - | - | - | 44,097 | 56,986 | |
Repayment of capital lease obligations | ||||||
- | - | - | - | 9 | 26 | |
Earnout dividend paid | ||||||
- | - | - | - | - | -20,000 | |
Net cash provided by financing activities | ||||||
- | - | - | - | -21,313 | 43,120 | |
Effect of exchange rate changes on cash and cash equivalents | ||||||
-9,808 | 3,830 | 1,184 | -1,605 | -941 | 53 | |
Net increase (decrease) in cash and cash equivalents | ||||||
71,969 | -13,729 | 56,995 | -19,296 | 12,215 | 89,222 | |
Supplemental disclosure of cash flow information | ||||||
Cash paid for interest | ||||||
595 | 139 | 0 | 0 | 1,280 | 4,976 | |
Cash paid for income taxes | ||||||
18,346 | 23,262 | 15,285 | 1,013 | -3,282 | 5,665 | |
Non-cash investing transactions | ||||||
Leasehold improvement allowance received under operating lease | ||||||
- | - | - | 0 | - | - | |
Accrued earnout | ||||||
0 | 0 | 1,547 | 3,938 | - | - | |
Accrued earnout (Note 5) | ||||||
- | - | - | - | 3,743 | - | |
Stock issued for acquisition (Note 2) | ||||||
- | - | - | - | 9,221 | - | |
Conversion of preferred stock to common stock | ||||||
- | - | - | - | - | 27 | |