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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 27,569 $ 32,339
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,600 2,015
(Recovery) provision for bad debt expense (54) 3
Stock-based compensation 3,981 3,100
Deferred taxes, net 1,139 661
Net realized (gains) losses on marketable securities, available-for-sale (1) 135
Tax benefit from stock-based award activity 0 171
Excess tax benefit from stock-based award activity 0 (171)
Other non-cash items 37 243
Changes in operating assets and liabilities:    
Commissions receivable (44) (1,207)
Prepaid expenses 1,144 2,068
Prepaid rent (1,803) (2,408)
Asset held in rabbi trust (700) (1,263)
Other assets (10,625) (216)
Accounts payable and accrued expenses (989) (1,533)
Income tax receivable/payable 4,096 9,352
Accrued bonuses and other employee related expenses (7,418) (15,653)
Deferred compensation and commissions (19,036) (15,837)
Deferred rent obligation and other liabilities 566 461
Net cash provided by operating activities 462 12,260
Cash flows from investing activities    
Purchases of marketable securities, available-for-sale (25,510) (60,839)
Proceeds from sales and maturities of marketable securities, available-for-sale 7,215 50,847
Issuances of employee notes receivable (344) (307)
Payments received on employee notes receivable 6 2
Proceeds from sale of property and equipment 10 15
Purchase of property and equipment (3,384) (4,252)
Net cash used in investing activities (22,007) (14,534)
Cash flows from financing activities    
Taxes paid related to net share settlement of stock-based awards (1,402) (1,109)
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 0 171
Net cash used in financing activities (1,996) (1,474)
Net decrease in cash and cash equivalents (23,541) (3,748)
Cash and cash equivalents at beginning of period 187,371 96,185
Cash and cash equivalents at end of period 163,830 92,437
Supplemental disclosures of cash flow information    
Interest paid during the period 1,881 563
Income taxes paid, net 12,318 11,240
Supplemental disclosures of noncash investing and financing activities    
Reduction of accrued bonuses and other employee related expenses in settlement of employee notes receivable 243 198
Change in property and equipment included in accounts payable and accrued expenses $ (46) $ 741