Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 47,241 $ 20,370
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 263 105
Stock-based compensation 86 49
Cumulative translation adjustment realized in net income (82) 0
Deferred income taxes (15) (43)
Changes in assets and liabilities:    
Accounts receivable 41 0
Inventories, net (6,762) (2,029)
Other current assets (1,066) (501)
Other assets (267) (85)
Accounts payable 637 (822)
Income taxes payable (115) 243
Accrued commissions 10,840 5,077
Other accrued expenses 10,714 3,706
Deferred revenue 1,331 147
Amounts held in eWallets 14,350 2,065
Other current liabilities 25 666
Long-term incentive 4,105 1,665
Net cash provided by operating activities 81,326 30,613
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (710) (339)
Increase in restricted cash (3,028) 0
Net cash used in investing activities (3,738) (339)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 309 4,948
Repurchase of common stock (16,071) (4,661)
Dividends paid (1,709) (476)
Net cash used in financing activities (17,471) (189)
Effect of exchange rates on cash and cash equivalents (19) 181
Net increase in cash and cash equivalents 60,098 30,266
CASH AND CASH EQUIVALENTS, beginning of period 44,816 14,550
CASH AND CASH EQUIVALENTS, end of period $ 104,914 $ 44,816