Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
| Operating activities |
|
|
| Net income |
$ 4,555,430
|
$ 6,104,854
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
2,739,830
|
(1,714,478)
|
| Noncash stock compensation expense |
11,158,738
|
9,211,324
|
| Noncash interest expense |
5,669,403
|
3,031,114
|
| Change in contingent consideration due to seller |
(102,954)
|
145,938
|
| Change in contingent consideration due from seller |
31,025
|
0
|
| Depreciation and amortization |
23,670,711
|
16,572,233
|
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(49,504,213)
|
(17,535,896)
|
| Income taxes receivable |
(4,937,428)
|
1,037,805
|
| Prepaid expenses and other assets |
(415,260)
|
128,630
|
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
41,696,285
|
31,501,579
|
| Accrued expenses and other liabilities |
20,549,995
|
4,313,420
|
| Net cash provided by operating activities |
55,111,562
|
52,796,523
|
| Investing activities |
|
|
| Purchases of property and equipment |
(37,248,736)
|
(10,006,874)
|
| Payments for acquisitions, net of cash acquired |
0
|
(390,538,011)
|
| Net cash used in investing activities |
(37,248,736)
|
(400,544,885)
|
| Financing activities |
|
|
| Tax benefit of stock options exercised |
1,233,866
|
1,684,155
|
| Receipt of contingent consideration due from seller |
750,000
|
0
|
| Payments of contingent consideration due to seller |
(2,273,743)
|
(2,945,833)
|
| Proceeds from exercise of stock options |
754,739
|
1,017,207
|
| Employee tax withholdings related to net share settlements of equity-based awards |
(4,679,014)
|
(1,632,795)
|
| Purchases of treasury stock |
(35,960,073)
|
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 |
23,500,000
|
35,000,000
|
| Repayments of amounts borrowed on ABL facility |
(23,500,000)
|
(35,000,000)
|
| 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 |
(40,174,225)
|
357,993,883
|
| (Decrease) Increase in cash and cash equivalents |
(22,311,399)
|
10,245,521
|
| Cash and cash equivalents, beginning of period |
56,522,194
|
32,542,119
|
| Cash and cash equivalents, end of period |
34,210,795
|
42,787,640
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the year for interest |
3,793,821
|
2,439,991
|
| Cash paid for income taxes |
2,808,772
|
1,868,942
|
| 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 |
$ 510,999
|
$ 0
|