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, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 36,038 $ 33,542
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 276 181
Stock-based compensation 94 56
Cumulative translation adjustment realized in net income 132 (82)
Changes in assets and liabilities:    
Accounts receivable (36) (217)
Inventories, net (4,382) (2,904)
Other current assets (1,208) (736)
Other assets (91) (264)
Accounts payable 252 2,140
Income taxes payable 278 190
Accrued commissions (1,045) 11,832
Other accrued expenses 3,459 8,397
Deferred revenue 222 1,844
Amounts held in eWallets 3,098 11,354
Other current liabilities 26 93
Long-term incentive (825) (229)
Net cash provided by operating activities 36,288 65,197
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment, net (679) (645)
Increase in restricted cash 0 (3,028)
Net cash used in investing activities (679) (3,673)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants 0 309
Repurchase of common stock (23,704) (11,079)
Dividends paid (2,049) (1,111)
Net cash used in financing activities (25,753) (11,881)
Effect of exchange rates on cash and cash equivalents (270) 106
Net increase in cash and cash equivalents 9,586 49,749
CASH AND CASH EQUIVALENTS, beginning of period 104,914 44,816
CASH AND CASH EQUIVALENTS, end of period 114,500 94,565
SUPPLEMENTAL DISCLOSURES OF OTHER CASH FLOW INFORMATION:    
Conversion of Stock, Amount Converted 7,994 152
Issuance of treasury stock $ 1,741 $ 666