Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| Operating activities |
|
|
| Net income |
$ 2,193,380
|
$ 2,646,149
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
2,150,016
|
(929,157)
|
| Noncash stock compensation expense |
9,109,921
|
4,504,835
|
| Noncash interest expense |
3,752,278
|
1,264,153
|
| Change in contingent consideration due to seller |
(152,954)
|
164,755
|
| Change in contingent consideration due from seller |
32,006
|
0
|
| Depreciation and amortization |
15,127,709
|
9,124,157
|
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(32,242,597)
|
(16,168,721)
|
| Income taxes receivable |
(2,366,337)
|
(170,379)
|
| Prepaid expenses and other assets |
710,372
|
(530,094)
|
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
29,156,839
|
35,763,013
|
| Accrued expenses and other liabilities |
5,934,492
|
(1,001,712)
|
| Net cash provided by operating activities |
33,405,125
|
34,666,999
|
| Investing activities |
|
|
| Purchases of property and equipment |
(12,827,953)
|
(6,578,938)
|
| Payments for acquisitions, net of cash acquired |
0
|
(390,538,011)
|
| Net cash used in investing activities |
(12,827,953)
|
(397,116,949)
|
| Financing activities |
|
|
| Tax benefit of stock options exercised |
295,985
|
1,387,591
|
| Receipt of contingent consideration due from seller |
750,000
|
0
|
| Payment of contingent consideration due to seller |
(2,086,243)
|
(2,945,833)
|
| Proceeds from exercise of stock options |
53,158
|
866,323
|
| Employee tax withholdings related to net share settlements of equity-based awards |
(4,627,486)
|
(1,624,229)
|
| Purchases of treasury stock |
(31,370,210)
|
0
|
| Proceeds from borrowing on line of credit |
0
|
34,782,500
|
| Repayments of amounts borrowed on line of credit |
0
|
(34,782,500)
|
| Proceeds from borrowing on ABL facility |
11,000,000
|
35,000,000
|
| Repayments of amounts borrowed on ABL facility |
(11,000,000)
|
(5,000,000)
|
| Proceeds from sale of common stock, net of underwriting discounts and commissions |
0
|
158,412,500
|
| Proceeds from issuance of convertible notes, net of underwriting discounts and commissions |
0
|
223,100,000
|
| Payment of common stock and debt issuance costs |
0
|
(4,133,851)
|
| Payment to former owners of One Stop Logistics |
0
|
(17,507,500)
|
| Net cash (used in) provided by financing activities |
(36,984,796)
|
387,555,001
|
| (Decrease) Increase in cash and cash equivalents |
(16,407,624)
|
25,105,051
|
| Cash and cash equivalents, beginning of period |
56,522,194
|
32,542,119
|
| Cash and cash equivalents, end of period |
40,114,570
|
57,647,170
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the year for interest |
3,586,933
|
2,165,738
|
| Cash paid for income taxes |
1,665,710
|
1,867,055
|
| Noncash investing activity |
|
|
| Issuance of common stock in connection with Command acquisition |
0
|
14,746,000
|
| Noncash financing activity |
|
|
| Fair value of due to seller obligation at acquisition date |
0
|
1,500,000
|
| Liability for purchases of treasury stock not yet settled |
$ 1,729,327
|
$ 0
|