XML 42 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES    
Net income $ 3,045 $ 4,123
Adjustments to reconcile net income to net cash used in operations:    
Depreciation 912 683
Amortization 2,736 1,777
Deferred income taxes 1,097 582
Non-cash stock compensation and retirement savings plan contributions 3,053 2,608
Tax benefit from stock option exercises and restricted stock vesting (492) (227)
Adjustment to fair value of contingent consideration for purchase of business 214 0
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable (3,439) (1,742)
Other assets 391 (1,862)
Accounts payable (992) (1,429)
Other liabilities (9,712) (5,031)
Net cash used in operating activities (3,187) (518)
INVESTING ACTIVITIES    
Purchase of property and equipment (697) (2,263)
Capitalization of software developed for internal use (1,244) (221)
Purchase of business, net of cash acquired (26,516) (477)
Net cash used in investing activities (28,457) (2,961)
FINANCING ACTIVITIES    
Proceeds from line of credit 70,000 21,850
Payments on line of credit (39,000) (18,650)
Tax benefit on stock option exercises and restricted stock vesting 492 227
Proceeds from the exercise of stock options and sales of stock through the Employee Stock Purchase Plan 223 43
Purchase of treasury stock (610) (1,354)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (1,719) (320)
Net cash provided by financing activities 29,386 1,796
Effect of exchange rate on cash and cash equivalents (29) 18
Change in cash and cash equivalents (2,287) (1,665)
Cash and cash equivalents at beginning of period 7,018 5,813
Cash and cash equivalents at end of period 4,731 4,148
Supplemental disclosures:    
Cash paid for income taxes 458 574
Cash paid for interest 124 3
Non-cash activity:    
Stock issued for purchase of businesses 13,225 0
Estimated fair value of contingent consideration for purchase of business $ 127 $ 0