Cash flows from operating activities:

Net income

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Preferred dividends

Depreciation and amortization

WorldCom reserve

Loan cost amortization

Minority interest

Deferred income tax provision

Loss on sale of property and equipment

Gain due to stock issuance of subsidiary

Equity in net loss of affiliates

Income tax benefit related to exercise of stock options

Changes in operating assets and liabilities, net of effects of acquisitions:

Accounts receivable, net

Inventory, prepaid expenses, and other current assets

Other assets

Accounts payable and accrued liabilities

Client payouts

Interest accrued on notes receivable

SLM Note Receivable

Deferred revenue

Net cash (used in) / provided by operating activities

Cash flows from investing activities:

Acquisitions, net of cash acquired

Advances to EPX prior to acquisition

Proceeds from sale of investments, net

(Advances to) repayments from affiliate, net

Purchases of property and equipment, net

Patent costs incurred

Increases in capitalized software

Net cash provided by (used in) investing activities

Cash flows from financing activities:

Proceeds from line of credit

Payments on notes payable and line of credit

Proceeds from issuance of common stock, net of related issuance costs

Proceeds from employee stock purchase plan

Preferred stock investment

Proceeds from exercise of stock options

Net cash (used in) provided by financing activities

Net (decrease) increase in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Cash and cash equivalents at end of the period

Supplemental disclosures of cash flow information:

Cash paid for interest

Cash paid for income taxes