Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 23,578 $ 55,086 $ 47,241
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 536 394 263
Stock-based compensation 35 104 86
Cumulative translation adjustment realized in net income (258) 132 (82)
Deferred Income Tax Expense (Benefit) (1,644) 217 (15)
Changes in assets and liabilities:      
Inventories, net 2,843 (851) (6,762)
Other current assets (3,399) (1,681) (1,025)
Other assets (61) (90) (267)
Accounts payable (392) (714) 637
Income taxes payable 18,676 303 (115)
Accrued commissions (2,417) (6,031) 10,840
Other accrued expenses (6,033) 51 10,714
Deferred revenue (481) 947 1,331
Amounts held in eWallets (3,875) 2,752 14,350
Other current liabilities (179) 135 25
Long-term incentive (324) 2,420 4,105
Net cash provided by operating activities 26,605 53,174 81,326
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (278) (905) (710)
Increase in restricted cash 0 0 (3,028)
Net cash used in investing activities (278) (905) (3,738)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from exercise of warrants 0 0 309
Repurchase of common stock 0 (23,704) (16,071)
Dividends paid (17,218) (6,891) (1,709)
Net cash used in financing activities (17,218) (30,595) (17,471)
Effect of exchange rates on cash and cash equivalents 281 (667) (19)
Net increase in cash and cash equivalents 9,390 21,007 60,098
CASH AND CASH EQUIVALENTS, beginning of period 125,921 104,914 44,816
CASH AND CASH EQUIVALENTS, end of period 135,311 125,921 104,914
Income taxes, net of refunds 6,772 8,791 707
Stock Issued $ 1,393 $ 1,741 $ 666