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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating Activities:        
Net income $ 2,161 $ 2,744 $ 13,350 $ 13,029
Adjustments to net income:        
Provision for credit losses     1,202 2,080
Deferred taxes     (3,073) 2,306
Stock-based compensation 1,864 1,700 5,284 4,179
Depreciation 622 525 1,890 1,641
Loss on extinguishment of debt 0 0 125 0
Amortization of acquisition-related intangibles 4,486 3,674 12,917 10,114
Amortization of software development costs 1,024 262 2,283 527
Amortization of deferred finance costs     242 220
Gain on contingent consideration 589 0 (992) 0
Loss on disposal of PP&E     0 313
Changes in operating assets and liabilities:        
Accounts receivable     (6,877) 1,304
Financing receivables     4,598 5,962
Inventories     (899) (67)
Prepaid expenses and other     (1,982) (2,892)
Accounts payable     (988) (2,723)
Deferred revenue     726 1,414
Other liabilities     (1,239) (666)
Prepaid income taxes     3,644 (2,267)
Net cash provided by operating activities     30,211 34,474
Investing Activities:        
Purchase of business, net of cash acquired     (43,696) (59,634)
Investment in software development     (14,594) (6,447)
Purchase of property and equipment     (134) (915)
Net cash used in investing activities     (58,424) (66,996)
Financing Activities:        
Proceeds from long-term debt     575 0
Payments of long-term debt principal     (2,687) (2,813)
Proceeds from revolving line of credit     48,000 61,000
Payments of revolving line of credit     (5,300) (20,000)
Treasury stock purchases     (8,248) (1,222)
Net cash provided by financing activities     32,340 36,965
Increase in cash and cash equivalents     4,127 4,443
Cash and cash equivalents at beginning of period     11,431 12,671
Cash and cash equivalents at end of period $ 15,558 $ 17,114 15,558 17,114
Supplemental disclosure of cash flow information:        
Cash paid for interest     3,677 1,979
Cash paid for income taxes, net of refund     $ 2,656 $ 3,116