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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income $ 15,443 $ 11,951
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 2,292 1,961
Amortization of intangible assets 1,580 2,001
Deferred tax benefit from stock issuances (1,248) (2,155)
Amortization of deferred financing costs 257 267
Stock-based compensation 5,432 5,075
Change in fair value of contingent consideration 1,420 113
Provisions (benefits) for accounts receivable 314 (152)
Deferred tax provision 1,426 2,873
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (6,763) 1,889
Prepaid expense and other assets 623 1,718
Accounts payable (6,853) 4,080
Contract liabilities 7 1,863
Accrued expenses and other liabilities (9,335) 7,980
Net cash provided by operating activities 4,595 39,464
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (2,614) (1,500)
Net cash used in investing activities (2,614) (1,500)
Cash flows from financing activities    
Principal payments on borrowings (3,225) (3,225)
Proceeds from issuance of employee stock purchase plan shares 695 449
Payments related to tax withholding for stock-based compensation (3,734) (6,738)
Payment of contingent consideration (1,000)  
Cash dividends paid to shareholders (5,448) (2,940)
Treasury shares repurchased (12,070) (13,358)
Net cash used in financing activities (24,782) (25,812)
Effect of exchange rate changes on cash (4,983) (1,383)
Net (decrease) increase in cash, cash equivalents, and restricted cash (27,784) 10,769
Cash, cash equivalents, and restricted cash, beginning of period 47,609 43,825
Cash, cash equivalents, and restricted cash, end of period 19,825 54,594
Supplemental disclosures of cash flow information:    
Cash paid for: Interest 1,543 1,496
Cash paid for: Taxes, net of refunds 10,761 2,622
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock awards $ 9,713 $ 10,612