Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
Mar. 31, 2016 |
Mar. 31, 2015 |
| Operating activities |
|
|
| Net income |
$ 262,611
|
$ 3,327,777
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
(69,371)
|
1,992,197
|
| Noncash stock compensation expense |
5,316,837
|
1,891,067
|
| Noncash interest expense |
1,862,661
|
0
|
| Change in contingent consideration due to seller |
(152,382)
|
(95,934)
|
| Depreciation and amortization |
7,529,333
|
3,873,137
|
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(12,570,057)
|
(5,395,359)
|
| Taxes receivable |
(497,228)
|
(2,500,965)
|
| Prepaid expenses and other assets |
413,201
|
648,217
|
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
12,417,253
|
12,365,149
|
| Accrued expenses and other liabilities |
(162,880)
|
(6,676,417)
|
| Net cash provided by operating activities |
14,349,978
|
9,428,869
|
| Investing activities |
|
|
| Purchases of property and equipment |
(4,311,663)
|
(2,790,885)
|
| Payments for acquisitions, net of cash acquired |
0
|
(5,869,303)
|
| Net cash used in investing activities |
(4,311,663)
|
(8,660,188)
|
| Financing activities |
|
|
| Tax benefit of stock options exercised |
283,698
|
1,121,270
|
| Payment of contingent consideration |
(2,086,243)
|
(2,665,833)
|
| Proceeds from exercise of stock options |
34,188
|
773,168
|
| Employee tax withholdings related to net share settlements of equity-based awards |
(1,882,672)
|
(1,576,316)
|
| Purchases of treasury stock |
(19,390,803)
|
0
|
| Proceeds from borrowing on line of credit |
0
|
29,782,500
|
| Repayments of amounts borrowed on line of credit |
0
|
(29,782,500)
|
| Proceeds from borrowing on ABL facility |
6,000,000
|
0
|
| Repayments of amounts borrowed on ABL facility |
(6,000,000)
|
0
|
| Payment to former owners of One Stop Logistics |
0
|
(13,782,500)
|
| Net cash used in financing activities |
(23,041,832)
|
(16,130,211)
|
| Decrease in cash and cash equivalents |
(13,003,517)
|
(15,361,530)
|
| Cash and cash equivalents, beginning of period |
56,522,194
|
32,542,119
|
| Cash and cash equivalents, end of period |
43,518,677
|
17,180,589
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
0
|
37,968
|
| Cash paid during the period for income taxes |
436,900
|
1,324,828
|
| Noncash financing activity |
|
|
| Due to seller |
$ 0
|
$ 1,500,000
|