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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income, as reported $ 15,867 $ 18,430 $ 14,246
Adjustments to net income:      
Provision for bad debt 992 2,592 4,370
Deferred taxes (6,688) 3,502 2,755
Stock based compensation 5,173 5,457 7,005
Depreciation 2,443 2,156 1,790
Amortization of acquisition-related intangibles 17,403 13,786 11,421
Amortization of software development costs 3,484 931 118
Amortization of deferred finance costs 332 293 317
Gain on contingent consideration (565) 0 0
Loss on extinguishment of debt 125 0 202
Loss on disposal of property and equipment 0 313 0
Changes in operating assets and liabilities (net of acquired assets and liabilities):      
Accounts receivable (12,428) (3,204) 3,667
Financing receivables 6,144 8,098 6,369
Inventories 71 229 342
Prepaid expenses and other (2,930) (3,914) (3,519)
Accounts payable (1,429) (615) (1,088)
Deferred revenue 61 2,099 (498)
Other liabilities 422 401 2,097
Prepaid income taxes/income taxes payable 3,898 (2,810) (452)
Net cash provided by operating activities 32,375 47,744 49,142
Investing Activities      
Purchases of property and equipment (270) (920) (3,336)
Purchase of business, net of cash received (43,364) (59,634) 0
Investment in software development (19,097) (9,365) (3,328)
Net cash used in investing activities (62,731) (69,919) (6,664)
Financing Activities      
Dividends paid 0 0 (4,337)
Proceeds from long-term debt 575 0 64
Payments of long-term debt principal (3,563) (3,750) (4,069)
Proceeds from revolving line of credit 48,000 61,000 0
Payments of revolving line of credit (5,300) (35,000) (27,561)
Payments of contingent consideration (1,935) 0 0
Proceeds from exercise of stock options 23 0 0
Treasury stock purchases (11,924) (1,315) (1,261)
Net cash provided by (used in) financing activities 25,876 20,935 (37,164)
Increase (decrease) in cash and cash equivalents (4,480) (1,240) 5,314
Cash and cash equivalents at beginning of year 11,431 12,671 7,357
Cash and cash equivalents at end of year 6,951 11,431 12,671
Supplemental disclosure of cash flow information:      
Cash paid for interest 5,863 2,817 3,245
Cash paid for income taxes, net of refund 4,765 3,503 2,235
Supplemental disclosure of non-cash flow information:      
Write-off of fully depreciated assets $ 0 $ 0 $ 1,618