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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 68,594 $ 50,430 $ 58,269
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation & amortization 14,245 12,610 9,117
Stock-based compensation expense 7,158 6,769 6,338
Deferred income taxes (1,483) 1,682 1,448
Provision for losses on accounts receivable 1,505 782 852
Loss on disposal of property and equipment 0 89 88
Changes in operating assets and liabilities:      
Trade accounts receivable, net (71,134) (4,826) 22,182
Prepaid expenses & other current assets (10,694) 789 (887)
Other assets 2,940 4,430 1,810
Accounts payable 18,679 3,593 (28,828)
Accrued expenses 35,124 1,788 (2,351)
Other current liabilities 2,084 1,132 1,262
Other long-term liabilities (4,181) (7,218) 536
Net cash provided by operating activities 62,837 72,050 69,836
Cash flows from investing activities:      
Purchases of property and equipment (3,354) (4,253) (5,410)
Capitalized software development costs (8,481) (8,671) (8,580)
Business combination 0 (10,000) 0
Asset acquisition 0 (3,486) (3,555)
Net cash used in investing activities (11,835) (26,410) (17,545)
Cash flows from financing activities:      
Cash dividends on common stock (24,398) (21,649) (21,521)
Proceeds from employee common stock purchases 1,509 1,443 1,382
Shares surrendered upon vesting of restricted stock to satisfy tax withholdings (2,036) (2,754) (1,229)
Repurchase of shares (3,944) 0 0
Net cash used in financing activities (28,869) (22,960) (21,368)
Net increase in cash 22,133 22,680 30,923
Cash, beginning of period 214,380 191,700 160,777
Cash, end of period 236,513 214,380 191,700
Non-cash activities:      
Contingent consideration - business combination 0 960 0
Cash payments:      
Income taxes paid, net of refunds $ 19,649 $ 16,035 $ 13,707