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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 25,614 $ 18,588
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,286 2,909
Amortization of debt issuance costs 23 32
Stock-based compensation expense 3,625 1,223
Deferred income taxes, net (4,480) (3,644)
Changes in operating assets and liabilities:    
Accounts receivable (508) (226)
Prepaid expenses (938) (1,262)
Inventory 176 423
Deposits and other assets (154) 420
Accounts payable (1,349) (1,170)
Income taxes, net 17,269 13,325
Accrued commissions and bonuses (5,277) (6,903)
Accrued payroll and vacation 2,919 2,339
Deferred revenue 2,455 1,783
Accrued expenses and other current liabilities (3,436) 2,111
Net cash provided by operating activities 40,225 29,948
Cash flows from investing activities    
Increase in funds held for clients (92,736) (428,916)
Purchases of property and equipment (9,136) (8,363)
Net cash used in investing activities (101,872) (437,279)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 2,093  
Principal payments on long-term debt (282) (224)
Increase in client funds obligation 92,736 428,916
Payment of debt issuance costs (143)  
Net cash provided by financing activities 94,404 428,692
Net increase in cash and cash equivalents 32,757 21,361
Cash and cash equivalents    
Beginning of period 60,158 50,714
End of period $ 92,915 $ 72,075