Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2017 |
Mar. 31, 2016 |
| Operating activities |
|
|
| Net (loss) income |
$ (2,872,043)
|
$ 262,611
|
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: |
|
|
| Deferred income taxes |
1,048,580
|
(69,371)
|
| Noncash stock compensation expense |
2,655,329
|
5,316,837
|
| Noncash interest expense |
1,972,950
|
1,862,661
|
| Change in contingent consideration due to seller |
105,000
|
(152,382)
|
| Change in contingent consideration due from seller |
(13,528)
|
0
|
| Gain on disposal of assets |
(833)
|
0
|
| Depreciation and amortization |
8,038,259
|
7,529,333
|
| Change in assets, net of acquisitions: |
|
|
| Accounts receivable |
(1,244,483)
|
(12,570,057)
|
| Income taxes receivable |
(2,679,909)
|
(497,228)
|
| Prepaid expenses and other assets |
673,319
|
413,201
|
| Change in liabilities, net of acquisitions: |
|
|
| Accounts payable |
10,894,492
|
12,417,253
|
| Accrued expenses and other liabilities |
(4,466,975)
|
(162,880)
|
| Net cash provided by operating activities |
14,110,158
|
14,349,978
|
| Investing activities |
|
|
| Purchases of property and equipment |
(4,044,500)
|
(4,311,663)
|
| Net cash used in investing activities |
(4,044,500)
|
(4,311,663)
|
| Financing activities |
|
|
| Tax benefit of stock options exercised |
0
|
283,698
|
| Payments of contingent consideration due to seller |
(375,000)
|
(2,086,243)
|
| Proceeds from exercise of stock options |
11,790
|
34,188
|
| Employee tax withholdings related to net share settlements of equity-based awards |
(1,242,154)
|
(1,882,672)
|
| Purchases of treasury stock |
(851,084)
|
(19,390,803)
|
| Proceeds from borrowing on ABL facility |
7,000,000
|
6,000,000
|
| Repayments of amounts borrowed on ABL facility |
(7,000,000)
|
(6,000,000)
|
| Net cash used in financing activities |
(2,456,448)
|
(23,041,832)
|
| Increase (Decrease) in cash and cash equivalents |
7,609,210
|
(13,003,517)
|
| Cash and cash equivalents, beginning of period |
16,646,089
|
56,522,194
|
| Cash and cash equivalents, end of period |
24,255,299
|
43,518,677
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid during the period for interest |
215,844
|
0
|
| Cash paid during the period for income taxes |
101,916
|
436,900
|
| Noncash investing activity |
|
|
| Liability for purchases of property and equipment |
$ 781,914
|
$ 0
|