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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 33,542 $ 14,568
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 181 72
Stock-based compensation 56 42
Cumulative translation adjustment realized in net income (82) 0
Changes in assets and liabilities:    
Accounts receivable (217) 25
Inventories, net (2,904) (2,547)
Other current assets (736) (205)
Other assets (264) (16)
Accounts payable 2,140 1,359
Income taxes payable 190 140
Accrued commissions 11,832 3,218
Other accrued expenses 8,397 3,479
Deferred revenue 1,844 346
Amounts held in eWallets 11,354 0
Other current liabilities 93 442
Long-term incentive (229) 0
Net cash provided by operating activities 65,197 20,923
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment, net (645) (199)
Increase in restricted cash (3,028) 0
Net cash used in investing activities (3,673) (199)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 309 4,948
Repurchase of common stock (11,079) (97)
Dividends paid (1,111) (348)
Net cash (used in) provided by financing activities (11,881) 4,503
Effect of exchange rates on cash and cash equivalents 106 (29)
Net increase in cash and cash equivalents 49,749 25,198
CASH AND CASH EQUIVALENTS, beginning of period 44,816 14,550
CASH AND CASH EQUIVALENTS, end of period 94,565 39,748
NON-CASH FINANCING ACTIVITY:    
Conversion of preferred stock 0 56
Issuance of treasury stock $ 666 $ 0