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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 11,555 $ 26,800
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 2,011 2,305
Amortization 4,886 5,817
Deferred income taxes (796) (1,885)
Non-cash stock compensation and retirement savings plan contributions 12,222 6,674
Amortization of debt issuance costs 631 608
Adjustment to fair value of contingent consideration for purchase of businesses 41 (2,026)
Changes in operating assets and liabilities, net of business acquisitions:    
Accounts receivable 10,928 18,784
Other assets (1,360) 5,705
Accounts payable (4,824) (9,909)
Other liabilities (3,323) (11,542)
Net cash provided by operating activities 31,971 41,331
Investing Activities    
Purchase of property and equipment (319) (1,015)
Capitalization of internally developed software costs (341) (328)
Purchase of businesses, net of cash acquired (33,157) 28
Net cash used in investing activities (33,817) (1,315)
Financing Activities    
Payment for credit facility financing fees 0 (683)
Payment of contingent consideration for purchase of business (4,516) (21,530)
Proceeds from the sale of stock through the Employee Stock Purchase Plan 197 240
Purchases of treasury stock 0 (2,395)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (4,269) (5,054)
Net cash used in financing activities (8,588) (29,422)
Effect of exchange rate on cash, cash equivalents and restricted cash (259) 271
Change in cash, cash equivalents and restricted cash (10,693) 10,865
Cash, cash equivalents and restricted cash at beginning of period 128,886 30,130
Cash, cash equivalents and restricted cash at end of period 118,193 40,995
Supplemental Disclosures:    
Cash paid for income taxes 2,770 1,553
Cash paid for interest 278 136
Stock issued for purchase of businesses (stock reacquired for escrow claim) $ 3,809 $ (164)