XML 15 R6.htm IDEA: XBRL DOCUMENT v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating Activities:    
Net income $ 3,084 $ 8,113
Adjustments to net income:    
Provision for credit losses (352) 734
Deferred taxes 572 692
Stock-based compensation 1,247 1,717
Depreciation 498 578
Amortization of acquisition-related intangibles 4,014 3,672
Amortization of software development costs 1,486 526
Amortization of deferred finance costs 90 73
Gain on contingent consideration 0 (1,250)
Changes in operating assets and liabilities:    
Accounts receivable (3,099) (2,020)
Financing receivables 619 1,810
Inventories (398) 288
Prepaid expenses and other (3,187) (2,316)
Accounts payable 5,605 (1,140)
Deferred revenue 47 2,602
Other liabilities (990) (2,951)
Prepaid income taxes 237 689
Net cash provided by operating activities 9,473 11,817
Investing Activities:    
Purchase of business, net of cash acquired 0 (43,362)
Investment in software development (6,233) (4,291)
Purchase of property and equipment (16) (27)
Net cash used in investing activities (6,249) (47,680)
Financing Activities:    
Payments of long-term debt principal (875) (937)
Proceeds from revolving line of credit 5,000 48,000
Payments of revolving line of credit (5,000) (5,000)
Treasury stock purchases (2,484) (1,650)
Net cash (used in) provided by financing activities (3,359) 40,413
(Decrease) increase in cash and cash equivalents (135) 4,550
Cash and cash equivalents at beginning of period 6,951 11,431
Cash and cash equivalents at end of period 6,816 15,981
Supplemental disclosure of cash flow information:    
Cash paid for interest 898 843
Cash paid for income taxes, net of refund $ 0 $ 48