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
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 23,481 $ 19,011
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 180 109
Stock-based compensation 84 35
Cumulative translation adjustment realized in net income 132 (82)
Changes in assets and liabilities:    
Accounts receivable (34) (186)
Inventories, net (1,865) (1,524)
Other current assets (578) (672)
Other assets 2 (232)
Accounts payable 665 849
Income taxes payable 487 56
Accrued commissions (989) 5,471
Other accrued expenses 2,597 4,674
Deferred revenue 4,816 5,459
Amounts held in eWallets 1,759 6,468
Other current liabilities 203 186
Long-term incentive (506) (141)
Net cash provided by operating activities 30,434 39,481
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment, net (524) (333)
Increase in restricted cash 0 (3,272)
Net cash used in investing activities (524) (3,605)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 0 309
Repurchase of common stock (23,704) (6,082)
Dividends paid (1,262) (621)
Net cash used in financing activities (24,966) (6,394)
Effect of exchange rates on cash and cash equivalents (209) 124
Net increase in cash and cash equivalents 4,735 29,606
CASH AND CASH EQUIVALENTS, beginning of period 104,914 44,816
CASH AND CASH EQUIVALENTS, end of period 109,649 74,422
NON-CASH FINANCING ACTIVITY:    
Issuance of treasury stock $ 1,741 $ 666