Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 64,657 $ 66,350 $ 49,531
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 4,387 3,305 3,206
Provision for bad debt expense 47 281 29
Stock-based compensation 7,035 7,114 5,034
Deferred taxes, net (483) 65 877
Net realized losses (gains) on marketable securities, available-for-sale 123 (132) 0
Tax benefit from stock-based award activity 2,711 10,483 0
Excess tax benefit from stock-based award activity (2,711) (10,483) 0
Other non-cash items 444 509 372
Changes in operating assets and liabilities:      
Commissions receivable (1,467) 70 (174)
Prepaid expenses (552) (6) (3,216)
Prepaid rent (4,210) (5,430) 1,354
Assets held in rabbi trust (1,263) (1,514) (48)
Other assets (803) (8,027) (1,243)
Accounts payable and accrued expenses 964 (912) 2,302
Income tax receivable (payable) 2,867 (6,649) (3,860)
Accrued bonuses and other employee related expenses (8,218) 3,261 10,846
Deferred compensation and commissions 10,988 12,360 8,382
Deferred rent obligation and other liabilities (30) 1,475 (1,955)
Net cash provided by operating activities 74,486 72,120 71,437
Cash flows from investing activities      
Purchases of marketable securities, available-for-sale (107,898) (146,050) (14,700)
Proceeds from sales and maturities of marketable securities, available-for-sale 137,593 26,142 0
Payments received on employee notes receivable 12 22 126
Issuances of employee notes receivable (455) (247) (86)
Purchase of property and equipment (9,473) (6,796) (2,566)
Proceeds from sale of property and equipment 40 0 1
Net cash provided by (used in) investing activities 19,819 (126,929) (17,225)
Cash flows from financing activities      
Proceeds from issuance of shares pursuant to employee stock purchase plan 673 976 410
Taxes paid related to net share settlement of stock-based awards (5,565) (8,730) (5,982)
Excess tax benefit from stock-based award activity 2,711 10,483 0
Realized tax benefit of deductible IPO transaction costs 0 0 840
Distribution related to stock appreciation rights liability 0 0 (412)
Payments on obligations under capital leases 0 0 (16)
Principal payments on notes payable to former stockholders (938) (894) (851)
Payments received on stock notes receivable from employees 0 0 6
Net cash (used in) provided by financing activities (3,119) 1,835 (6,005)
Net increase (decrease) in cash and cash equivalents 91,186 (52,974) 48,207
Cash and cash equivalents at beginning of year 96,185 149,159 100,952
Cash and cash equivalents at end of year 187,371 96,185 149,159
Supplemental disclosures of cash flow information      
Interest paid during the period 628 868 635
Income taxes paid, net 37,350 43,120 35,596
Supplemental disclosures of noncash investing and financing activities      
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 325 208 0
Property and equipment additions incurred but not yet paid included in accounts payable and accrued expenses 34 462 (134)
Settlements of deferred compensation obligation with trust assets 0 37 0
Tax benefit from share-based award activity included in income tax receivable $ 0 $ 0 $ 4,310