Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 43,044 $ 47,483
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 3,975 3,164
Provision for bad debt expense 33 15
Stock-based compensation 6,173 4,933
Deferred taxes, net 1,541 (894)
Net realized (gains) losses on marketable securities, available-for-sale (2) 119
Tax benefit from stock-based award activity 0 157
Excess tax benefit from stock-based award activity 0 (157)
Other non-cash items (46) 359
Changes in operating assets and liabilities:    
Commissions receivable 594 (1,159)
Prepaid expenses 2,266 555
Prepaid rent (1,831) (3,553)
Asset held in rabbi trust (700) (1,263)
Other assets, net (12,780) 1,544
Accounts payable and accrued expenses (1,359) 309
Income tax receivable/payable 2,477 8,230
Accrued bonuses and other employee related expenses (1,763) (10,495)
Deferred compensation and commissions (16,760) (8,245)
Deferred rent obligation and other liabilities 476 416
Net cash provided by operating activities 25,338 41,518
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (37,561) (97,311)
Proceeds from sales and maturities of marketable securities, available-for-sale 14,950 90,476
Issuances of employee notes receivable (432) (381)
Payments received on employee notes receivable 9 3
Proceeds from sale of property and equipment 10 25
Purchase of property and equipment (4,987) (7,049)
Net cash used in investing activities (28,011) (14,237)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,442) (1,134)
Proceeds from issuance of shares pursuant to employee stock purchase plan 392 402
Principal payments on notes payable to former stockholders (986) (938)
Excess tax benefit from stock-based award activity 0 157
Net cash used in financing activities (2,036) (1,513)
Net (decrease) increase in cash and cash equivalents (4,709) 25,768
Cash and cash equivalents at beginning of period 187,371 96,185
Cash and cash equivalents at end of period 182,662 121,953
Supplemental disclosures of cash flow information    
Interest paid during the period 1,896 613
Income taxes paid, net 23,546 24,032
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 243 199
Change in property and equipment included in accounts payable and accrued expenses $ (203) $ 421