Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities:    
Net income $ 64,178 $ 27,529
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 10,626 8,778
Stock-based compensation expense 22,335 15,933
Deferred income tax expense 5,838 16,055
Stock option windfall tax expense (benefit) 0 (307)
Accretion of debt issuance costs 186 186
Changes in operating assets and liabilities, net of assets and liabilities acquired:    
Accounts receivable (3,140) 8,971
Other current assets, net of excess tax benefit from stock-based award activity (10,107) (2,233)
Other assets (1,621) 741
Deferred revenue (7) 1,405
Accounts payable and accrued expenses (9,799) 4,784
Net cash provided by operating activities 78,489 81,842
Investing activities:    
Sale of short-term investments 1,502 3,632
Sale of long-term investments 10 66
Purchase of long-term investments (4) (15)
Acquisition of Endicia 0 (573)
Acquisition of property and equipment (4,360) (701)
Net cash (used in) provided by investing activities (2,852) 2,409
Financing activities:    
Proceeds from short term financing obligation, net of repayments (524) 510
Principal payments on term loan (3,094) (2,061)
Payment on revolving credit facility (10,000) (10,000)
Proceeds from exercise of stock options 28,641 7,042
Issuance of common stock under Employee Stock Purchase Plan 1,469 1,108
Repurchase of common stock (87,919) (30,010)
Shares withheld to satisfy statutory income tax withholding obligations (799) 0
Stock option windfall tax benefit 0 307
Net cash used in financing activities (72,226) (33,104)
Net increase in cash and cash equivalents 3,411 51,147
Cash and cash equivalents at beginning of period 106,932 65,126
Cash and cash equivalents at end of period 110,343 116,273
Supplemental information:    
Capital expenditures accrued but not paid at period end 376 867
Issuance of 2015 and 2014 earn-out shares 0 63,209
Noncash adjustment of purchase price for Endicia acquisition 0 372
Tenant improvement allowance $ 848 $ 676