Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 12,000 $ 14,815
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 1,297 1,006
(Recovery) provision for bad debt expense (44) 16
Stock-based compensation 1,866 1,325
Deferred taxes, net 1,179 1,393
Net realized losses on marketable securities, available-for-sale 0 155
Tax benefit from stock-based award activity 0 167
Excess tax benefit from stock-based award activity 0 (167)
Other non-cash items (8) 130
Changes in operating assets and liabilities:    
Commissions receivable 1,500 482
Prepaid expenses 1,608 2,094
Prepaid rent (1,315) (1,101)
Asset held in rabbi trust 0 (1,263)
Other assets (8,728) 349
Accounts payable and accrued expenses (1,381) (16)
Income tax (payable) receivable (3,495) 708
Accrued bonuses and other employee related expenses (14,113) (21,611)
Deferred compensation and commissions (28,106) (17,782)
Deferred rent obligation and other liabilities 654 277
Net cash used in operating activities (37,086) (19,023)
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (23,014) (14,024)
Proceeds from sales and maturities of marketable securities, available-for-sale 4,741 17,137
Issuances of employee notes receivable (265) (92)
Payments received on employee notes receivable 3 0
Proceeds from sale of property and equipment 10 0
Purchase of property and equipment (1,367) (2,332)
Net cash (used in) provided by investing activities (19,892) 689
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,361) (1,084)
Excess tax benefit from stock-based award activity 0 167
Net cash used in financing activities (1,361) (917)
Net decrease in cash and cash equivalents (58,339) (19,251)
Cash and cash equivalents at beginning of period 187,371 96,185
Cash and cash equivalents at end of period 129,032 76,934
Supplemental disclosures of cash flow information    
Interest paid during the period 15 15
Income taxes paid, net 9,818 7,614
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 235 199
Change in property and equipment included in accounts payable and accrued expenses $ (142) $ (299)