Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 11,280 $ 6,738
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 89 41
Stock-based compensation 74 15
Changes in assets and liabilities:    
Accounts receivable (29) (69)
Inventories, net 189 (1,101)
Other current assets (16) (259)
Other assets 5 (221)
Accounts payable (840) 352
Income taxes payable 2,620 (59)
Accrued commissions (2,923) (1,419)
Other accrued expenses 925 1,808
Deferred revenue 2,445 7,683
Amounts held in eWallets 280 2,897
Other current liabilities (157) 212
Long-term incentive (120) (62)
Net cash provided by operating activities 13,822 16,556
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment, net (240) (266)
Net cash used in investing activities (240) (266)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repurchase of common stock (18,319) (1,082)
Dividends paid (576) (250)
Net cash used in financing activities (18,895) (1,332)
Effect of exchange rates on cash and cash equivalents 30 92
Net (decrease) increase in cash and cash equivalents (5,283) 15,050
CASH AND CASH EQUIVALENTS, beginning of period 104,914 44,816
CASH AND CASH EQUIVALENTS, end of period 99,631 59,866
NON-CASH FINANCING ACTIVITY:    
Issuance of treasury stock $ 0 $ 666