Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 18,011 $ 12,000
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 1,375 1,297
(Recovery) provision for bad debt expense (106) (44)
Stock-based compensation 2,613 1,866
Deferred taxes, net 1,750 1,179
Other non-cash items 55 (8)
Changes in operating assets and liabilities:    
Commissions receivable 6,735 1,500
Prepaid expenses 2,229 1,608
Prepaid rent 199 (1,315)
Other assets (2,109) (8,728)
Accounts payable and accrued expenses (2,682) (1,381)
Income tax receivable (payable) 4,439 (3,495)
Accrued bonuses and other employee related expenses (12,970) (14,113)
Deferred compensation and commissions (32,659) (28,106)
Deferred rent obligation and other liabilities 131 654
Net cash used in operating activities (12,989) (37,086)
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (35,360) (23,014)
Proceeds from sales and maturities of marketable securities, available-for-sale 30,067 4,741
Issuances of employee notes receivable (125) (265)
Payments received on employee notes receivable 3 3
Proceeds from sale of property and equipment 0 10
Purchase of property and equipment (1,362) (1,367)
Net cash used in investing activities (6,777) (19,892)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,650) (1,361)
Net cash used in financing activities (1,650) (1,361)
Net decrease in cash and cash equivalents (21,416) (58,339)
Cash and cash equivalents at beginning of period 220,786 187,371
Cash and cash equivalents at end of period 199,370 129,032
Supplemental disclosures of cash flow information    
Interest paid during the period 1,553 15
Income taxes paid, net 113 9,818
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 131 235
Change in property and equipment included in accounts payable and accrued expenses $ (38) $ (142)