|
Consolidated Statements of Cash Flows (USD $)
|
6 Months Ended |
|
Jun. 30, 2014
|
Jun. 30, 2013
|
| Operating activities |
|
|
| Net income |
$ 6,674,176 |
$ 7,099,249 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
90,248 |
446,947 |
| Noncash stock compensation expense |
2,413,348 |
1,866,590 |
| Increase in contingent consideration due to seller |
1,305,185 |
413,943 |
| Depreciation and amortization |
6,366,350 |
5,207,779 |
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(35,434,753) |
(13,630,758) |
| Taxes receivable (payable) |
2,853,605 |
(912,242) |
| Prepaid expenses and other assets |
(358,473) |
1,013,639 |
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
28,212,430 |
10,033,126 |
| Accrued expenses and other |
6,251,608 |
(609,406) |
| Net cash provided by operating activities |
18,373,724 |
10,928,867 |
| Investing activities |
|
|
| Purchases of property and equipment |
(8,392,641) |
(4,275,673) |
| Payments for acquisitions, net of cash acquired |
(33,048,075) |
(1,958,236) |
| Net cash used in investing activities |
(41,440,716) |
(6,233,909) |
| Financing activities |
|
|
| Principal payments on capital lease obligations |
0 |
(15,790) |
| Tax benefit of stock options exercised |
136,939 |
417,721 |
| Payment of contingent consideration |
(1,524,670) |
(280,000) |
| Issuance of shares, net of issuance costs |
167,360 |
1,029,889 |
| Employee tax withholdings related to net share settlements of equity-based awards |
(853,923) |
(734,535) |
| Proceeds from Lines of Credit |
5,000,000 |
0 |
| Repayments of Lines of Credit |
(5,000,000) |
0 |
| Net cash (used in) provided by financing activities |
(2,074,294) |
417,285 |
| (Decrease) increase in cash and cash equivalents |
(25,141,286) |
5,112,243 |
| Cash and cash equivalents, beginning of period |
52,506,560 |
41,780,984 |
| Cash and cash equivalents, end of period |
27,365,274 |
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
26,729 |
1,172 |
| Cash paid during the period for income taxes |
1,037,884 |
4,348,944 |
| Contingent Earnout Payments Increase Due to New Acquisitions |
880,000 |
0 |
| Notes Payable, Current |
$ 17,507,500 |
$ 0 |