|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash flows from operating activities |
|
|
|
| Net income |
$ 14,128 |
$ 36,870 |
$ 31,893 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
14,620 |
10,250 |
7,021 |
| Amortization of deferred finance costs |
452 |
213 |
76 |
| Stock-based customer acquisition expense |
0 |
0 |
10,493 |
| Stock-based compensation |
4,144 |
4,093 |
3,868 |
| Deferred income taxes |
(6,587) |
1,856 |
(1,678) |
| Income tax benefit related to exercise of stock options |
(1,514) |
(4,655) |
(8,793) |
| Non-cash fair value adjustment of contingent consideration |
(5,750) |
(7,250) |
0 |
| Other income |
(309) |
(313) |
0 |
| Gain on litigation settlement |
0 |
0 |
(1,500) |
| Loss on disposal of fixed assets |
28 |
44 |
428 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(3,117) |
1,220 |
(1,050) |
| Income receivable |
786 |
(1,505) |
(2,242) |
| Deferred costs |
(1,392) |
(903) |
(992) |
| Prepaid expenses and other current assets |
6,770 |
13,262 |
2,329 |
| Other assets |
(355) |
(267) |
109 |
| Accounts payable |
31 |
757 |
55 |
| Accrued expenses |
19,384 |
(3,256) |
2,612 |
| Deferred revenue |
6,190 |
3,181 |
1,838 |
| Net cash provided by operating activities |
47,509 |
53,597 |
44,467 |
| Cash flows from investing activities |
|
|
|
| Purchases of available for sale investment securities |
0 |
(11,230) |
(14,101) |
| Proceeds from sales of available for sale investment securities |
0 |
14,634 |
13,055 |
| Proceeds from maturities of available for sale investment securities |
0 |
12,094 |
0 |
| Purchases of fixed assets, net of changes in construction payables of $0, $347 and $11,584, respectively |
(6,761) |
(23,495) |
(40,328) |
| Cash Paid for Acquired Businesses |
(47,250) |
(37,280) |
0 |
| Additions to internal use software |
(2,725) |
(2,854) |
(1,379) |
| Deposits to restricted cash, net |
(1,250) |
(2,250) |
0 |
| Proceeds from development related subsidies |
0 |
330 |
7,125 |
| Loan made related to New Markets Tax Credit financing (Note 11) |
0 |
0 |
(7,633) |
| Payment to escrow agent |
0 |
0 |
(1,250) |
| Proceeds from escrow agent |
2,000 |
0 |
1,500 |
| Payments to Acquire Equity Method Investments |
(3,856) |
0 |
0 |
| Net cash used in investing activities |
(59,842) |
(50,051) |
(43,011) |
| Cash flows from financing activities |
|
|
|
| Tax benefit related to stock options |
1,514 |
4,655 |
8,793 |
| Proceeds from exercise of stock options |
1,303 |
3,077 |
1,214 |
| Repurchase of common stock |
(5,996) |
(115,695) |
(16,208) |
| Proceeds Related to New Markets Tax Credit financing (Note 11) |
0 |
0 |
7,633 |
| Deferred Contribution Related To New Markets Tax Credit financing (Note 11) |
0 |
0 |
2,168 |
| Repayments of line of credit |
(43,000) |
0 |
0 |
| Proceeds from line of credit |
52,000 |
80,000 |
0 |
| Payment of deferred financing costs |
(251) |
(1,637) |
(455) |
| Net cash provided by (used in) financing activities |
5,570 |
(29,600) |
3,145 |
| Net change in cash and cash equivalents |
(6,763) |
(26,054) |
4,601 |
| Cash and cash equivalents at beginning of period |
13,031 |
39,085 |
34,484 |
| Cash and cash equivalents at end of period |
6,268 |
13,031 |
39,085 |
| Supplemental information: |
|
|
|
| Income tax paid |
11,977 |
4,483 |
14,279 |
| Cash paid for interest |
$ 2,791 |
$ 426 |
$ 190 |