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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
OPERATING ACTIVITIES    
Net income $ 7,026 $ 4,928
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 1,016 1,034
Amortization 4,137 3,883
Deferred income taxes 1,994 950
Non-cash stock compensation and retirement savings plan contributions 4,248 3,763
Amortization of debt discount and issuance costs 1,147 17
Adjustment to fair value of contingent consideration for purchase of business (424) 969
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 7,293 6,691
Other assets (5,458) 1,309
Accounts payable (11,776) (12,050)
Other liabilities (9,548) (7,354)
Net cash (used in) provided by operating activities (345) 4,140
INVESTING ACTIVITIES    
Purchase of property and equipment (1,312) (873)
Capitalization of internally developed software costs (135) (86)
Purchase of business (352) 0
Net cash used in investing activities (1,799) (959)
FINANCING ACTIVITIES    
Proceeds from line of credit 0 57,500
Payments on line of credit 0 (56,500)
Proceeds from the sale of stock through the Employee Stock Purchase Plan 44 39
Purchases of treasury stock (11,435) (2,130)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (3,925) (2,861)
Net cash used in financing activities (15,316) (3,952)
Effect of exchange rate on cash and cash equivalents 210 (52)
Change in cash and cash equivalents (17,250) (823)
Cash and cash equivalents at beginning of period 44,984 6,307
Cash and cash equivalents at end of period 27,734 5,484
Supplemental disclosures:    
Cash paid for income taxes 436 678
Cash paid for interest 1,797 293
Non-cash investing activity:    
Stock surrendered by sellers in conjunction with net working capital settlement $ 0 $ 303