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Condensed Consolidated Statement of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 11,941 $ 467
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,420 3,401
Amortization of debt issuance costs 85  
Amortization of debt discount   74
Write off of debt issuance costs   4,051
Net loss on disposition of property and equipment 15  
Non-cash stock-based compensation 289 274
Net change of derivative liability   (1,107)
Deferred taxes, net (230) 388
Changes in operating assets and liabilities:    
Accounts receivable 242 799
Prepaid expenses (1,260) (132)
Inventory (131) 59
Deposits and other assets (373) (93)
Accounts payable (970) (2,400)
Income taxes, net 2,866 135
Accrued commissions and bonuses (2,541) (2,019)
Accrued payroll and vacation 3,382 405
Deferred revenue 3,698 2,719
Accrued expenses and other current liabilities 1,346 (1,128)
Net cash provided by operating activities 22,779 5,893
Cash flows from investing activities    
Decrease in funds held for clients 117,750 140,150
Decrease in restricted cash 371 1
Purchases of property and equipment (4,922) (9,278)
Net cash provided by investing activities 113,199 130,873
Cash flows from financing activities    
Proceeds from issuance of long-term debt   6,539
Principal payments on long-term debt (682) (65,207)
Decrease in client funds obligation (117,750) (140,150)
Proceeds from initial public offering, net of offering costs   62,196
Payments of deferred offering costs   645
Payment of debt issuance costs (23)  
Capital impact of reorganization   (183)
Net cash used in financing activities (118,455) (136,160)
Change in cash and cash equivalents 17,523 606
Cash and cash equivalents    
Beginning of period 25,144 13,362
End of period $ 42,667 $ 13,968