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, 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