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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
OPERATING ACTIVITIES    
Net income $ 15,554 $ 10,778
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 2,086 2,062
Amortization 8,147 8,020
Deferred income taxes 2,073 774
Non-cash stock compensation and retirement savings plan contributions 8,356 7,615
Amortization of debt discount and issuance costs 2,307 35
Adjustment to fair value of contingent consideration for purchase of business (308) 1,091
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 2,947 11,596
Other assets (7,980) 1,387
Accounts payable (9,282) (8,701)
Other liabilities (88) (5,103)
Net cash provided by operating activities 23,812 29,554
INVESTING ACTIVITIES    
Purchase of property and equipment (3,440) (1,564)
Capitalization of internally developed software costs (523) (290)
Purchase of business (10,663) (11,278)
Net cash used in investing activities (14,626) (13,132)
FINANCING ACTIVITIES    
Proceeds from line of credit 0 117,500
Payments on line of credit 0 (116,500)
Proceeds from the sale of stock through the Employee Stock Purchase Plan 85 81
Purchases of treasury stock (16,260) (10,232)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (3,965) (2,895)
Net cash used in financing activities (20,140) (12,046)
Effect of exchange rate on cash and cash equivalents 252 (324)
Change in cash and cash equivalents (10,702) 4,052
Cash and cash equivalents at beginning of period 44,984 6,307
Cash and cash equivalents at end of period 34,282 10,359
Supplemental disclosures:    
Cash paid for income taxes 3,041 1,620
Cash paid for interest 1,844 806
Non-cash investing activity:    
Stock issued for purchase of business 1,294 2,666
Stock surrendered by sellers in conjunction with net working capital settlement 0 303
Capital Expenditures Incurred but Not yet Paid $ 2,278 $ 0