XML 16 R5.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 40,065 $ 15,025
Reconciliation of net income to net cash provided by operating activities:    
Depreciation 7,367 7,380
Amortization of intangible assets 13,958 12,690
Gain on sale of property and equipment 0 (246)
Provision for credit losses 834 (361)
Payment of contingent consideration liability in excess of acquisition-date fair value (781) (145)
Fair value adjustment on contingent consideration 2,125 0
Amortization of debt issuance costs 1,357 1,256
Restricted stock compensation expense 1,368 1,354
Deferred income taxes (3,009) 6,711
Changes in Accounts receivables, net (59,563) (35,270)
Net change in all other operating assets and liabilities (1,465) 14,437
Net cash provided by operating activities 2,256 22,831
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (3,426) (2,984)
Proceeds from the sale of property and equipment 0 1,297
Acquisition of business, net of cash acquired (48,506) (64,610)
Net cash used in investing activities (51,932) (66,297)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from revolving credit facilities 605,257 0
Payments on revolving credit facilities (564,651) 0
Principal debt payments (2,475) (2,475)
Debt issuance costs (540) 0
Payment for contingent consideration liability up to acquisition-date fair value (469) (955)
Preferred Stock dividends paid (67) (68)
Purchase of treasury stock (18,470) (8,769)
Payment for employee taxes withheld from stock awards (292) (637)
Net cash provided by (used in) financing activities 18,293 (12,904)
Effect of foreign currency on cash (634) 85
Net change in cash and restricted cash (32,017) (56,285)
Cash and restricted cash at beginning of period 49,080 119,419
Cash and restricted cash at end of period 17,063 63,134
Supplemental schedule of non-cash investing and financing activities:    
Shares issued for acquisitions (Note 13) 5,757 11,140
Share repurchase agreement (Note 14) $ 0 $ 20,405