Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 40,178 $ 27,569
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,878 2,600
(Recovery) provision for bad debt expense (29) (54)
Stock-based compensation 5,772 3,981
Deferred taxes, net 1,489 1,139
Net realized (gains) losses on marketable securities, available-for-sale (12) (1)
Other non-cash items 151 37
Changes in operating assets and liabilities:    
Commissions receivable 2,861 (44)
Prepaid expenses 2,006 1,144
Prepaid rent 482 (1,803)
Asset held in rabbi trust 0 (700)
Other assets (3,588) (10,625)
Accounts payable and other liabilities (1,525) (989)
Income tax receivable (payable) 1,525 4,096
Accrued bonuses and other employee related expenses (6,751) (7,418)
Deferred compensation and commissions (23,066) (19,036)
Deferred rent obligation and other liabilities 675 566
Net cash provided by operating activities 23,046 462
Cash flows from investing activities    
Acquisition, net of cash received (6,216) 0
Purchases of marketable securities, available-for-sale (57,411) (25,510)
Proceeds from sales and maturities of marketable securities, available-for-sale 64,969 7,215
Issuances of employee notes receivable (125) (344)
Payments received on employee notes receivable 6 6
Proceeds from sale of property and equipment 0 10
Purchase of property and equipment (2,643) (3,384)
Net cash used in investing activities (1,420) (22,007)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,714) (1,402)
Proceeds from issuance of shares pursuant to employee stock purchase plan 356 392
Principal payments on notes payable to former stockholders (1,035) (986)
Net cash used in financing activities (2,393) (1,996)
Net increase (decrease) in cash and cash equivalents 19,233 (23,541)
Cash and cash equivalents at beginning of period 220,786 187,371
Cash and cash equivalents at end of period 240,019 163,830
Supplemental disclosures of cash flow information    
Interest paid during the period 2,005 1,881
Income taxes paid, net 11,443 12,318
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 192 243
Change in property and equipment included in accounts payable and other liabilities $ 179 $ (46)