XML 48 R6.htm IDEA: XBRL DOCUMENT 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 $ 43,840 $ 20,945 $ 5,663
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 13,632 9,421 7,162
(Gain)/loss on disposition of property and equipment (64) 15  
Amortization of debt discount and debt issuance costs 124 157 133
Write off of debt discount, net     4,051
Stock-based compensation expense 22,471 3,219 712
Net change in derivative liability     (1,107)
Deferred income taxes, net (1,848) (1,021) 2,259
Changes in operating assets and liabilities:      
Accounts receivable 1,015 440 (1,089)
Prepaid expenses (944) (1,579) (465)
Inventory 418 (224) 267
Deposits and other assets 71 (810) (232)
Accounts payable (1,571) (431) (2,386)
Income taxes, net 6,051 (5,808) (122)
Accrued commissions and bonuses (684) 3,607 1,482
Accrued payroll and vacation 1,871 1,316 (1,505)
Deferred revenue 10,675 9,699 6,765
Accrued expenses and other current liabilities 3,896 4,026 749
Net cash provided by operating activities 98,953 42,972 22,337
Cash flows from investing activities:      
Increase in funds held for clients (161,541) (36,146) (204,778)
Decrease (increase) in restricted cash   371 (2)
Purchases of property and equipment (43,805) (16,549) (14,270)
Proceeds from sale of property and equipment 295    
Net cash used in investing activities (205,051) (52,324) (219,050)
Cash flows from financing activities:      
Proceeds from issuance of long-term debt 5,000   6,538
Repurchases of common stock (35,561)    
Withholding taxes paid related to net share settlements (14,396)    
Principal payments on long-term debt (964) (1,118) (65,650)
Increase in client funds obligation 161,541 36,146 204,778
Proceeds from initial public offering, net of offering costs     62,840
Payment of debt issuance costs (78) (106) (11)
Net cash provided by financing activities 115,542 34,922 208,495
Net increase in cash and cash equivalents 9,444 25,570 11,782
Cash and cash equivalents      
Beginning of year 50,714 25,144 13,362
End of year 60,158 50,714 25,144
Supplemental disclosures of cash flow information:      
Cash paid for interest, net of amounts capitalized 938 1,271 3,482
Cash paid for income taxes 9,323 19,205 2,013
Noncash investing and financing activities:      
Purchases of property and equipment, accrued but not paid 4,651 1,613 408
Stock-based compensation for capitalized software $ 1,784 $ 220 $ 4