7Baggers

Vertex Energy, Inc
(NASDAQ:VTNR) 

VTNR stock logo

Vertex Energy, Inc., an environmental services company, provides a range of services designed to aggregate, process, and recycle industrial and commercial waste systems in the Gulf Coast and Central Midwest regions of the United States. The company operates in three segments: Black Oil, Refining and...

Founded: 2001
Full Time Employees: 215
Sector: Energy
Industry: Oil & Gas Refining & Marketing
Energy
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 
                    
      ​
    		                
      revenues:
    		                
      software subscriptions
    		131,830,000 87,533,750 121,285,000 117,836,000 111,014,000 110,886,000 106,368,000 101,088,000 97,131,000 93,255,000 92,276,000 89,604,000 83,280,000 83,919,000 79,778,000 77,306,000 
      services
    		  15,816,000 15,363,000 14,344,000  19,870,000 18,188,000 17,853,000 18,401,000 18,442,000 15,334,000 14,956,000 15,625,000 14,827,000 13,965,000 
      total revenues
    		  145,027,000 139,695,000 132,751,000  126,238,000 119,276,000 114,984,000 111,656,000 110,718,000 104,938,000 98,236,000 99,544,000 94,605,000 91,271,000 
      yoy
    		  14.88% 17.12% 15.45%  14.02% 13.66% 17.05% 12.17% 17.03% 14.97%     
      qoq
    		  3.82% 5.23%   5.84% 3.73% 2.98% 0.85% 5.51% 6.82% -1.31% 5.22% 3.65%  
      cost of revenues:
    		                
      total cost of revenues
    		  56,871,000 53,879,000 51,747,000  50,658,000 48,129,000 44,866,000 43,642,000 43,938,000 37,379,000 36,933,000 36,212,000 47,968,000 41,745,000 
      gross profit
    		  88,156,000 85,816,000 81,004,000  75,580,000 71,147,000 70,118,000 68,014,000 66,780,000 67,559,000 61,303,000 63,332,000 46,637,000 49,526,000 
      yoy
    		  16.64% 20.62% 15.53%  13.18% 5.31% 14.38% 7.39% 43.19% 36.41%     
      qoq
    		  2.73% 5.94%   6.23% 1.47% 3.09% 1.85% -1.15% 10.21% -3.20% 35.80% -5.83%  
      gross margin %
    		NaN% NaN% 60.79% 61.43% 61.02% NaN% 59.87% 59.65% 60.98% 60.91% 60.32% 64.38% 62.40% 63.62% 49.30% 54.26% 
      operating expenses:
    		                
      research and development
    		  16,772,000 12,680,000 15,862,000  10,351,000 10,310,000 9,633,000 10,754,000 9,879,000 11,926,000 11,459,000 11,143,000 16,501,000 13,617,000 
      selling and marketing
    		  33,919,000 33,541,000 35,736,000  30,252,000 31,979,000 27,452,000 28,332,000 25,658,000 24,865,000 20,150,000 21,118,000 29,423,000 24,544,000 
      general and administrative
    		  35,385,000 39,376,000 34,310,000  31,679,000 30,084,000 28,757,000 26,055,000 31,237,000 24,865,000 24,852,000 25,620,000 48,043,000 37,758,000 
      depreciation and amortization
    		  3,782,000 3,878,000 3,741,000  2,936,000 3,224,000 2,960,000 2,891,000 3,082,000 2,878,000 2,827,000 2,909,000 2,735,000 2,505,000 
      other operating income
    		   413,000    -154,000 848,000 1,223,000 538,000  -129,000 49,000 -60,000  
      total operating expenses
    		  90,174,000 89,888,000 89,933,000  76,451,000 75,443,000 69,650,000 68,028,000 70,394,000 69,017,000 59,159,000 60,839,000 96,642,000 78,527,000 
      income from operations
    		  -2,018,000 -4,072,000 -8,929,000  -871,000 -4,296,000 468,000 -14,000 -3,614,000 -1,458,000 2,144,000 2,493,000 -50,005,000 -29,001,000 
      yoy
    		  131.69% -5.21% -2007.91%  -75.90% 194.65% -78.17% -100.56% -92.77% -94.97%     
      qoq
    		  -50.44% -54.40%   -79.73% -1017.95% -3442.86% -99.61% 147.87% -168.00% -14.00% -104.99% 72.43%  
      operating margin %
    		NaN% NaN% -1.39% -2.91% -6.73% NaN% -0.69% -3.60% 0.41% -0.01% -3.26% -1.39% 2.18% 2.50% -52.86% -31.77% 
      interest income
    		   -105,000    724,000 -6,000   -385,000  -133,750 -79,000 -101,000 
      income before income taxes
    		  -2,615,000 -3,967,000 -8,579,000  -1,232,000 -5,020,000 474,000 -327,000 -4,135,000 -1,073,000 1,609,000 2,806,000 -51,801,000 -30,060,000 
      income tax (benefit) expense
    		            -679,000 2,576,000 -30,773,000 -985,000 
      net income
    		  -3,399,000 -6,896,000 -18,132,000  -1,141,000 -5,520,000 -334,000 -627,000 -3,948,000 808,000 2,288,000 230,000 -21,028,000 -29,075,000 
      yoy
    		  197.90% 24.93% 5328.74%  -71.10% -783.17% -114.60% -372.61% -81.23% -102.78%     
      qoq
    		  -50.71% -61.97%   -79.33% 1552.69% -46.73% -84.12% -588.61% -64.69% 894.78% -101.09% -27.68%  
      net income margin %
    		NaN% NaN% -2.34% -4.94% -13.66% NaN% -0.90% -4.63% -0.29% -0.56% -3.57% 0.77% 2.33% 0.23% -22.23% -31.86% 
      other comprehensive (income) loss:
    		                
      foreign currency translation adjustments, net of tax
    		                
      unrealized (gain) loss on investments, net of tax
    		                
      total other comprehensive (income) loss, net of tax
    		                
      total comprehensive loss
    		-1,344,000 -7,496,750 -8,700,000 -6,290,000 -14,997,000 8,958,000 -11,839,000 -17,295,000  -2,723,000 -9,652,000 -2,551,000     
      net income attributable to class a stockholders, basic
    		1,071,000 -2,490,000 -1,228,000 -2,447,000 -6,072,000 -1,679,000 -369,000 -1,598,000 -95,000     -4,233,000 -2,751,000  
      net income per class a share, basic
    		20 -47.5 -20 -50 -120 -30 -10 -40   -30 10 20 -200 -150  
      weighted-average class a common stock, basic
    		61,560,000  54,931,000 53,762,000 50,456,000 45,864,000 48,488,000 43,286,000 42,349,000 35,647,000 40,141,000 34,726,000 26,458,000 11,096,000 18,124,000  
      net income attributable to class a stockholders, diluted
    		1,135,000 -2,490,000 -1,228,000 -2,447,000 -6,072,000 -1,679,000 -369,000 -1,598,000 -95,000 -162,000 -1,070,000 229,000 550,000 -4,233,000 -2,751,000  
      net income per class a share, diluted
    		20 -47.5 -20 -50 -120 -30 -10 -40   -30 10 10 -200 -150  
      weighted-average class a common stock, diluted
    		67,921,000  54,931,000 53,762,000 50,456,000 45,864,000 48,488,000 43,286,000 42,349,000 35,647,000 40,141,000 44,711,000 38,003,000 11,096,000   
      net income attributable to class b stockholders, basic
    		1,613,000 -4,616,750 -2,171,000 -4,449,000 -12,060,000 -3,630,000 -772,000 -3,922,000 -239,000     4,463,000 -18,277,000  
      net income per class b share, basic
    		20 -47.5 -20 -50 -120 -30 -10 -40   -30 10 20 40 -150 -240 
      weighted-average class b common stock, basic
    		92,661,000  97,145,000 97,718,000 100,221,000 103,781,000 101,307,000 106,203,000 106,807,000 112,133,000 108,017,000 112,804,000 120,117,000 120,415,000   
      net income attributable to class b stockholders, diluted
    		1,549,000 -4,616,750 -2,171,000 -4,449,000 -12,060,000 -3,630,000 -772,000 -3,922,000 -239,000 -465,000 -2,878,000 579,000 1,738,000 4,463,000 -18,277,000  
      net income per class b share, diluted
    		20 -47.5 -20 -50 -120 -30 -10 -40   -30 10 10 40 -150 -240 
      weighted-average class b common stock, diluted
    		                
      other operating expense
    		  316,000              
      interest expense
    		  597,000  -350,000  361,000   313,000 521,000  535,000 -848,000 1,875,000 1,160,000 
      income tax benefit
    		  784,000    -91,000 500,000 808,000 300,000 -187,000 -1,881,000     
      foreign currency translation adjustments and revaluations, net of tax
    		  5,311,000 -609,000 -3,122,000  10,670,000          
      income tax expense
    		   2,929,000 9,553,000            
      other operating expense
    		    284,000  1,233,000     4,483,000    103,000 
      unrealized gain on investments, net of tax
    		                
      other comprehensive loss:
    		                
      unrealized loss on investments, net of tax
    		                
      total other comprehensive loss, net of tax
    		                
      other comprehensive loss, net of tax
    		       11,775,000         
      other comprehensive income from foreign currency translation adjustments and revaluations, net of tax
    		        2,049,000 2,510,000 5,704,000 3,359,000 977,000 878,000 238,000 276,000 
      total comprehensive income
    		        -2,383,000    1,311,000 1,106,000 -21,266,000 -29,351,000 
      net income attributable to class a stockholders
    		         -48,750 -1,070,000 190,000 413,000   -35,000 
      net income attributable to class b stockholders
    		         -164,250 -2,878,000 618,000 1,875,000   -29,040,000 
      other income:
    		                
      total other income
    		             856,000 1,796,000 1,059,000 
      weighted-average common class a stock, diluted
    		              18,124,000  
      weighted-average common class b stock, basic
    		              120,417,000 120,402,000 
      weighted-average common class b stock, diluted
    		               120,402,000 
      pro forma benefit from income tax benefit
    		               -7,605,000 
      pro forma net income
    		             2,312,000 -38,695,000 -22,455,000 
      pro forma net income attributable to class a stockholders
    		             -2,776,000 -5,062,000 -28,000 
      weighted-average class a common stock, basic and diluted
    		               147,000 
      pro forma net income per class a share, basic and diluted
    		             40 -280 -190 
      pro forma net income attributable to class b stockholders
    		             5,088,000 -33,633,000 -22,427,000 
      weighted-average class b common stock, basic and diluted
    		               120,402,000 
      pro forma net income per class b share, basic and diluted
    		             40 -280 -190 
      net income per class a share, basic and diluted
    		               -240 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 
                      
        ​
      		                
        assets
      		                
        current assets:
      		                
        cash and cash equivalents
      		56,134,000 68,175,000 49,499,000 41,865,000 68,643,000 91,803,000 72,370,000 85,554,000 97,340,000 73,333,000 47,481,000 101,593,000 277,681,000 303,051,000 270,271,000 47,295,000 
        funds held for customers
      		36,546,000 20,976,000 31,623,000 30,156,000 25,972,000 14,945,000 23,840,000 19,935,000 25,899,000 24,873,000 27,860,000 31,060,000 8,745,000 9,222,000 8,745,000 9,988,000 
        accounts receivable
      		133,149,000 141,752,000 129,018,000 129,093,000 102,760,000 102,885,000 94,529,000 88,961,000 75,807,000 76,929,000 73,234,000 73,130,000 63,798,000 77,159,000 66,789,000 63,739,000 
        prepaid expenses and other current assets
      		31,906,000 26,173,000 19,637,000 22,026,000 22,536,000 20,383,000 22,494,000 22,956,000 21,513,000 20,536,000 18,167,000 17,593,000 26,696,000 13,259,000 16,001,000 13,119,000 
        investment securities available-for-sale, at fair value
      		                
        total current assets
      		266,836,000 266,621,000 238,103,000 234,341,000 231,435,000 241,189,000 219,360,000 224,349,000 220,559,000 195,671,000 166,742,000 223,376,000 376,920,000 402,691,000 361,808,000 134,371,000 
        property and equipment
      		100,594,000 100,734,000 100,270,000 98,912,000 117,444,000 115,768,000 109,123,000 106,526,000 102,228,000 98,390,000 97,869,000 61,611,000 57,408,000 56,557,000 55,935,000 55,657,000 
        capitalized software, net of accumulated amortization
      		38,532,000 38,771,000 39,356,000 39,461,000 38,790,000 39,012,000 38,561,000 38,362,000 33,053,000 33,442,000 34,018,000 34,364,000 34,642,000 31,989,000 32,619,000 33,761,000 
        goodwill and other intangible assets
      		255,681,000 260,238,000 253,976,000 259,587,000 259,303,000 257,023,000 245,284,000 255,556,000 272,633,000 272,702,000 277,924,000 220,818,000 21,553,000 18,711,000   
        deferred commissions
      		21,301,000 21,237,000 17,094,000 16,726,000 15,921,000 15,463,000 13,757,000 12,168,000 11,679,000 12,555,000 12,583,000 11,545,000 11,693,000 11,743,000 10,372,000 10,390,000 
        deferred income tax asset
      		                
        operating lease right-of-use assets
      		                
        other assets
      		14,774,000 16,013,000 15,379,000 16,624,000 2,621,000 2,612,000 2,422,000 2,592,000 3,158,000 1,900,000 2,755,000 3,086,000 2,767,000 3,263,000   
        total assets
      		755,802,000 759,927,000 720,068,000 725,070,000 725,518,000 719,192,000 677,312,000 689,750,000 697,508,000 670,207,000 645,844,000 609,529,000 558,337,000 554,928,000 514,934,000 258,490,000 
        liabilities and stockholders' equity
      		                
        current liabilities:
      		                
        current portion of long-term debt
      		2,500,000 2,500,000 2,500,000 2,500,000 2,500,000 2,188,000 1,875,000 1,563,000 1,250,000     882,000 1,179,000 649,000 
        accounts payable
      		         13,000,000 10,701,000 11,694,000 11,115,000 8,876,000 11,828,000 13,769,000 
        accrued expenses
      		36,754,000 44,735,000 49,614,000 55,991,000 55,896,000 38,234,000 28,908,000 23,931,000 27,286,000 22,966,000 23,467,000 19,974,000 15,936,000 19,176,000 15,014,000 11,961,000 
        customer funds obligations
      		33,670,000 17,731,000 29,117,000 26,594,000 23,110,000 12,121,000 20,858,000 18,890,000 24,507,000 23,461,000 27,979,000 31,462,000 8,798,000 9,235,000 8,711,000 10,175,000 
        accrued salaries and benefits
      		18,659,000 12,277,000 17,355,000 12,332,000 15,142,000 10,790,000 14,937,000 16,223,000 13,992,000 16,671,000 26,472,000 22,994,000 18,065,000 17,326,000 20,276,000 19,825,000 
        accrued variable compensation
      		14,562,000 34,105,000 23,232,000 15,027,000 8,045,000 23,729,000 19,585,000 13,480,000 9,917,000 26,462,000   5,854,000 22,372,000 16,154,000 11,025,000 
        deferred revenue, current
      		296,845,000 290,143,000 264,785,000 274,094,000 276,004,000 268,847,000 242,637,000 243,815,000 235,236,000        
        current portion of operating lease liabilities
      		                
        current portion of finance lease liabilities
      		                
        purchase commitment and contingent consideration liabilities, current
      		13,390,000 11,901,000 7,842,000 7,866,000 8,340,000 6,149,000 5,082,000 4,791,000 1,258,000 468,000 478,000 10,458,000 767,000    
        total current liabilities
      		442,504,000 440,779,000 433,106,000 430,900,000 421,949,000 403,209,000 373,970,000 368,876,000 356,562,000 369,132,000 345,695,000 326,729,000 275,195,000 291,968,000 263,515,000 278,519,000 
        deferred revenue, net of current portion
      		4,146,000 2,577,000 2,030,000 2,959,000 7,112,000 10,289,000 11,098,000 11,259,000 10,479,000 11,666,000 11,544,000 12,025,000 13,162,000 14,702,000 12,095,000 11,396,000 
        debt, net of current portion
      		                
        operating lease liabilities, net of current portion
      		                
        finance lease liabilities, net of current portion
      		                
        purchase commitment and contingent consideration liabilities, net of current portion
      		 2,600,000 2,200,000 1,500,000 6,813,000 8,412,000 8,009,000 7,488,000 12,152,000 10,829,000 11,049,000 11,610,000 10,287,000    
        deferred other liabilities
      		 313,000 187,000 188,000 19,000 417,000 1,416,000 1,428,000 1,927,000 2,726,000 4,199,000 17,000 64,000 8,632,000 8,793,000 8,865,000 
        total liabilities
      		505,672,000 506,946,000 499,896,000 499,355,000 502,043,000 489,467,000 463,272,000 469,115,000 464,677,000 440,123,000 421,633,000 381,685,000 331,761,000 329,442,000 296,373,000 559,477,000 
        commitments and contingencies
      		                
        stockholders' equity:
      		                
        preferred shares, 0.001 par value...
      		                
        class a voting common stock, 0.001 par value...
      		                
        class b voting common stock, 0.001 par value...
      		                
        additional paid in capital
      		                
        retained earnings
      		2,098,000     12,507,000 17,816,000 18,957,000 24,477,000 24,811,000 21,582,000 25,530,000 24,722,000 21,926,000 21,696,000  
        accumulated other comprehensive loss
      		-25,770,000 -21,742,000 -29,312,000 -24,011,000 -24,617,000 -27,752,000 -42,019,000 -31,321,000 -19,546,000 -17,497,000 -13,167,000 -7,463,000 -4,104,000 -3,127,000 -4,003,000 -3,765,000 
        total stockholders' equity
      		250,130,000 252,981,000 220,172,000 225,715,000 223,475,000 229,725,000 214,040,000 220,635,000 232,831,000 230,084,000 224,211,000 227,844,000 226,576,000 225,486,000 218,561,000  
        total liabilities and stockholders' equity
      		755,802,000 759,927,000 720,068,000 725,070,000 725,518,000 719,192,000 677,312,000 689,750,000 697,508,000 670,207,000 645,844,000 609,529,000     
        deferred compensation, current
      		    2,352,000 2,809,000 2,067,000 1,844,000 4,202,000 4,202,000   2,057,000 2,057,000 3,220,000 22,349,000 
        deferred purchase consideration, current
      		                
        (accumulated deficit) retained earnings
      		 -586,000 -15,920,000 -12,521,000 -5,625,000            
        investment securities available-for-sale, current, at fair value
      		                
        tax sharing agreement distributions payable
      		         536,000       
        deferred compensation, net of current portion
      		       129,000 2,056,000 1,963,000 2,786,000 4,244,000 6,048,000 5,010,000 2,156,000 77,505,000 
        deferred purchase consideration, net of current portion
      		                
        investment securities available-for-sale, current
      		                
        investment securities available for sale, current
      		                
        deferred revenue
      		         237,344,000 211,036,000 210,587,000 204,971,000 207,560,000 185,445,000 187,041,000 
        current portion of capital lease obligations
      		                
        deferred rent and other
      		             939,000 908,000 917,000 
        capital lease obligations, net of current portion
      		                
        distributions payable
      		            2,700,000 2,700,000   
        accrued and deferred compensation, current
      		          23,101,000 15,648,000     
        class a common stock, 0.001 par value...
      		                
        class b common stock, 0.001 par value...
      		                
        liabilities and equity
      		                
        total liabilities and equity
      		            558,337,000 554,928,000 514,934,000 258,490,000 
        purchase commitment liability, current
      		             845,000   
        long-term debt
      		             225,000 329,000 173,361,000 
        purchase commitment liability, net of current portion
      		             8,905,000   
        options for redeemable shares
      		               47,223,000 
        stockholders' equity
      		                
        class b non-voting common stock, 0.001 par value...
      		               54,000 
        treasury stock
      		               -38,638,000 
        advances to stockholders
      		              2,000 230,000 
        goodwill
      		              18,667,000 19,355,000 
        deposits and other assets
      		              3,093,000 4,956,000 
        future acquisition commitment, current
      		              780,000 808,000 
        future acquisition commitment, net of current portion
      		              9,485,000 9,831,000 
        stockholders’ deficit
      		                
        accumulated deficit
      		               -305,861,000 
        total stockholders’ deficit
      		               -348,210,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 
                       
          ​
        		               
          cash flows from operating activities:
        		               
          net income
        		2,684,000 15,334,000 -3,399,000 -6,896,000 -18,132,000 -5,309,000 -1,141,000 -5,520,000 -334,000 -627,000 -3,948,000 808,000 2,288,000 230,000 -21,028,000 
          adjustments to reconcile net income to net cash from operating activities:
        		               
          depreciation and amortization
        		20,948,000 19,294,000 18,407,000 17,248,000 16,942,000 15,825,000 14,793,000 17,629,000 12,906,000 12,880,000 14,205,000 8,881,000 8,816,000 8,629,000 8,170,000 
          amortization of cloud computing implementation costs
        		               
          benefit from subscription cancellations and non-renewals
        		1,082,000 676,000 33,000            -102,000 
          amortization of deferred financing costs
        		146,000 77,000 63,000 63,000 63,000 64,000 63,000 65,000 53,000 52,000 53,000 53,000 53,000 17,000 -72,000 
          change in fair value of contingent consideration liabilities
        		               
          stock-based compensation expense
        		16,324,000 7,691,000 7,772,000 7,022,000 11,434,000 5,346,000 5,256,000 4,194,000 4,933,000 5,910,000 7,422,000 6,285,000 6,543,000 7,014,000 64,294,000 
          deferred income tax benefit
        		               
          non-cash operating lease costs
        		               
          other
        		-106,000 5,480,000 -78,000 -63,000 -4,000 3,343,000 157,000 140,000 412,000 230,000 214,000 80,000 -14,000 21,000 72,000 
          changes in operating assets and liabilities:
        		               
          accounts receivable
        		4,478,000 -14,462,000 -248,000 -29,717,000 -795,000 -8,087,000 -6,678,000 -13,588,000 2,688,000 -9,158,000 1,127,000 -2,817,000 13,810,000 -10,905,000 -2,950,000 
          prepaid expenses and other current assets
        		-7,335,000 -6,874,000 165,000 2,464,000 -2,109,000 2,251,000 659,000 -2,033,000 -1,091,000 -1,523,000 -273,000 10,041,000 -13,437,000 3,072,000 -2,896,000 
          deferred commissions
        		-64,000 -4,142,000 -369,000 -804,000 -459,000 -1,706,000 -1,589,000 -488,000 875,000 28,000 -1,038,000 148,000 50,000 -1,371,000 17,000 
          accounts payable
        		-1,153,000 -808,000 2,394,000 4,590,000 3,065,000 1,263,000 -4,626,000 3,177,000 1,555,000 2,318,000 -986,000 257,000 2,258,000 -3,035,000 -1,718,000 
          accrued expenses
        		-8,486,000 -4,028,000 -7,542,000 -171,000 17,578,000 8,951,000 5,428,000 -3,121,000 3,806,000 5,655,000 3,262,000 -2,659,000 -3,048,000 3,186,000 2,863,000 
          accrued and deferred compensation
        		-14,515,000 5,029,000 13,192,000 1,747,000 -12,452,000 440,000 5,105,000 1,704,000 -19,254,000 -3,056,000 7,622,000 6,665,000 -14,966,000 4,767,000 5,405,000 
          deferred revenue
        		11,177,000 27,149,000 -10,156,000 -3,173,000 4,352,000 25,518,000 -1,038,000 10,006,000 -3,718,000 26,662,000 -751,000 3,826,000 -5,046,000 25,808,000 -898,000 
          operating lease liabilities
        		               
          net cash from operating activities
        		24,566,000 47,636,000 27,594,000 -7,653,000 6,755,000 43,820,000 18,450,000 11,981,000 2,595,000 39,301,000 26,203,000 29,430,000 -2,965,000 39,499,000 -712,000 
          capital expenditures
        		-5,615,000 -4,889,000 -5,041,000 -5,035,000 -4,007,000 -4,600,000 -4,362,000 -3,014,000 -2,912,000 -3,758,000 -2,777,000 -2,904,000 -2,221,000 -2,604,000 -1,982,000 
          free cash flows
        		18,951,000 42,747,000 22,553,000 -12,688,000 2,748,000 39,220,000 14,088,000 8,967,000 -317,000 35,543,000 23,426,000 26,526,000 -5,186,000 36,895,000 -2,694,000 
          cash flows from investing activities:
        		               
          property and equipment additions
        		-14,449,000 -13,904,000 -13,498,000 -8,546,000 -13,313,000 -15,557,000 -15,146,000 -13,954,000 -13,873,000 -9,487,000 -8,011,000 -9,693,000 -6,195,000 -5,973,000 -4,417,000 
          capitalized software additions
        		-5,615,000 -4,889,000 -5,041,000 -5,035,000 -4,007,000 -4,600,000 -4,362,000 -3,014,000 -2,912,000 -3,758,000 -2,777,000 -2,904,000 -2,221,000 -2,604,000 -1,982,000 
          purchase of investment securities, available-for-sale
        		               
          proceeds from sales and maturities of investment securities, available-for-sale
        		               
          net cash from investing activities
        		-19,535,000 -19,907,000 -15,536,000 -13,167,000 -17,561,000 -25,184,000 -18,692,000 -23,911,000 -17,259,000 -13,245,000 -68,609,000 -200,088,000 -14,516,000 -7,829,000 -6,399,000 
          cash flows from financing activities:
        		               
          net increase in customer funds obligations
        		15,939,000 -11,386,000 2,523,000 3,484,000 10,989,000 -8,737,000 1,968,000 -5,617,000 1,046,000 -4,518,000 -3,483,000 22,665,000 -438,000 523,000 -1,464,000 
          principal payments on long-term debt
        		-625,000 -625,000 -625,000 -625,000 -313,000 -313,000 -312,000       -222,000 -175,020,000 
          payments for deferred financing costs
        		-89,000     0 0 10,000 -993,000     0 468,000 
          payments for taxes related to net share settlement of stock-based awards
        		               
          proceeds from exercise of stock options
        		1,510,000 1,742,000 854,000 753,000 1,490,000 533,000 570,000 118,000 600,000 647,000 821,000 244,000 147,000 2,785,000 5,971,000 
          payments of finance lease liabilities
        		               
          payments for deferred purchase commitments
        		               
          net cash from financing activities
        		-1,153,000 -20,479,000 -2,522,000 -1,950,000 -1,531,000 -8,883,000 -8,512,000 -5,291,000 39,780,000 -3,146,000 -14,693,000 16,880,000 -8,140,000 1,197,000 229,052,000 
          effect of exchange rate changes on cash, cash equivalents and restricted cash
        		-349,000 779,000 -435,000 176,000 204,000 785,000 -525,000 -529,000 -83,000 -45,000 -213,000 5,000 -226,000 390,000 -208,000 
          net increase in cash, cash equivalents and restricted cash
        		               
          cash, cash equivalents and restricted cash, beginning of period
        		89,151,000 0 0 0 106,748,000 0 0 0 98,206,000 0 0 0 312,273,000 0 0 
          cash, cash equivalents and restricted cash, end of period
        		92,680,000 8,029,000 9,101,000 -22,594,000 94,615,000 10,538,000 -9,279,000 -17,750,000 123,239,000 22,865,000 -57,312,000 -153,773,000 286,426,000 33,257,000 221,733,000 
          reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets, end of period:
        		               
          cash and cash equivalents
        		56,134,000 18,676,000 7,634,000 -26,778,000 68,643,000 19,433,000 -13,184,000 -11,786,000 97,340,000 25,852,000 -54,112,000 -176,088,000 277,681,000 32,780,000 222,976,000 
          restricted cash—funds held for customers
        		36,546,000 -10,647,000 1,467,000 4,184,000 25,972,000 -8,895,000 3,905,000 -5,964,000 25,899,000 -2,987,000 -3,200,000 22,315,000 8,745,000 477,000 -1,243,000 
          total cash, cash equivalents and restricted cash, end of period
        		92,680,000 8,029,000 9,101,000 -22,594,000 94,615,000 10,538,000 -9,279,000 -17,750,000 123,239,000 22,865,000 -57,312,000 -153,773,000 286,426,000 33,257,000 221,733,000 
          write-off of deferred financing costs
        		               
          acquisition of business, net of cash acquired
        		     0 0 0 -474,000   -187,491,000 -6,100,000 748,000 0 
          proceeds from term loan
        		     0 0 0 50,000,000       
          proceeds from purchases of stock under espp
        		               
          distributions under tax sharing agreement
        		               
          payments for purchase commitment and contingent consideration liabilities
        		               
          reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets, end of period:
        		               
          change in fair value of contingent consideration liability
        		               
          deferred income tax
        		               
          net decrease in cash, cash equivalents and restricted cash
        		               
          proceeds from maturities of investment securities, available-for-sale
        		               
          benefit from subscription cancellations and non-renewals, net of deferred allowance
        		    697,000 -225,000 640,000 -332,000 -279,000 43,000 -571,000 615,000 379,000   
          deferred income tax (benefit) expense
        		               
          redemption of converted sars
        		               
          proceeds from line of credit
        		             0 0 
          principal payments on line of credit
        		               
          proceeds from issuance of shares in connection with offering
        		               
          payments for offering costs
        		               
          payments for taxes on exercised stock options
        		               
          distributions to stockholders
        		             -32,000 -5,706,000 
          payments for purchase commitment liabilities
        		               
          purchase of investment securities, available for sale
        		               
          proceeds from long-term debt
        		             0 0 
          purchase of treasury stock
        		               
          acquisition of businesses, net of cash acquired
        		               
          payments for taxes on exercised options
        		               
          payments on finance lease liabilities
        		               
          advances to stockholders
        		              228,000 
          payments for purchase commitment liability
        		               
          payments on financing lease liabilities
        		               
          restricted cash—funds held for stockholder distributions
        		               
          impairment of asset
        		               
          deferred income taxes