Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net income |
$ 55,086
|
$ 47,241
|
$ 20,370
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
394
|
263
|
105
|
| Stock-based compensation |
104
|
86
|
49
|
| Cumulative translation adjustment realized in net income |
132
|
(82)
|
0
|
| Deferred Income Tax Expense (Benefit) |
217
|
(15)
|
(43)
|
| Changes in assets and liabilities: |
|
|
|
| Inventories, net |
(851)
|
(6,762)
|
(2,029)
|
| Other current assets |
(1,681)
|
(1,025)
|
(501)
|
| Other assets |
(90)
|
(267)
|
(85)
|
| Accounts payable |
(714)
|
637
|
(822)
|
| Income taxes payable |
303
|
(115)
|
243
|
| Accrued commissions |
(6,031)
|
10,840
|
5,077
|
| Other accrued expenses |
51
|
10,714
|
3,706
|
| Deferred revenue |
947
|
1,331
|
147
|
| Amounts held in eWallets |
2,752
|
14,350
|
2,065
|
| Other current liabilities |
135
|
25
|
666
|
| Long-term incentive |
2,420
|
4,105
|
1,665
|
| Net cash provided by operating activities |
53,174
|
81,326
|
30,613
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Purchases of property and equipment |
(905)
|
(710)
|
(339)
|
| Increase in restricted cash |
0
|
(3,028)
|
0
|
| Net cash used in investing activities |
(905)
|
(3,738)
|
(339)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from exercise of warrants |
0
|
309
|
4,948
|
| Repurchase of common stock |
(23,704)
|
(16,071)
|
(4,661)
|
| Dividends paid |
(6,891)
|
(1,709)
|
(476)
|
| Net cash used in financing activities |
(30,595)
|
(17,471)
|
(189)
|
| Effect of exchange rates on cash and cash equivalents |
(667)
|
(19)
|
181
|
| Net increase in cash and cash equivalents |
21,007
|
60,098
|
30,266
|
| CASH AND CASH EQUIVALENTS, beginning of period |
104,914
|
44,816
|
14,550
|
| CASH AND CASH EQUIVALENTS, end of period |
$ 125,921
|
$ 104,914
|
$ 44,816
|