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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities    
Net income $ 26,800 $ 27,136
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 2,305 1,873
Amortization 5,817 5,979
Deferred income taxes (1,885) 4,087
Non-cash stock compensation and retirement savings plan contributions 6,674 5,706
Amortization of debt issuance costs 608 608
Adjustment to fair value of contingent consideration for purchase of businesses (2,026) (979)
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable 18,784 (8,433)
Other assets 5,705 (1,542)
Accounts payable (9,909) (4,295)
Other liabilities (11,542) (18,966)
Net cash provided by operating activities 41,331 11,174
Investing Activities    
Purchase of property and equipment (1,015) (2,472)
Capitalization of internally developed software costs (328) (175)
Purchase of businesses, net of cash acquired 28 (67)
Net cash used in investing activities (1,315) (2,714)
Financing Activities    
Payment for credit facility financing fees (683) 0
Payment of contingent consideration for purchase of business (21,530) 0
Proceeds from the sale of stock through the Employee Stock Purchase Plan 240 282
Purchases of treasury stock (2,395) 0
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (5,054) (8,988)
Net cash used in financing activities (29,422) (8,706)
Effect of exchange rate on cash and cash equivalents 271 11
Change in cash and cash equivalents 10,865 (235)
Cash and cash equivalents at beginning of period 30,130 24,410
Cash and cash equivalents at end of period 40,995 24,175
Supplemental Disclosures:    
Cash paid for income taxes 1,553 2,363
Cash paid for interest 136 226
Stock issued for purchase of businesses (stock reacquired for escrow claim) $ (164) $ 0