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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 31, 2022
Jul. 31, 2021
Jul. 31, 2022
Jul. 31, 2021
OPERATING ACTIVITIES        
Net income $ 22,902 $ 23,176 $ 46,017 $ 41,597
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation 1,301 1,287 2,546 2,502
Amortization of intangible assets 16,086 14,911 31,134 28,746
Stock-based compensation expense (Note 17) 3,736 3,015 6,523 5,167
Other non-cash operating activities 68 281 51 557
Deferred tax (recovery) expense 1,324 (2,000) 3,838 629
Changes in operating assets and liabilities (Note 21) 982 5,704 722 8,082
Cash provided by operating activities 46,399 46,374 90,831 87,280
INVESTING ACTIVITIES        
Additions to property and equipment (1,786) (941) (3,422) (2,596)
Acquisition of subsidiaries, net of cash acquired (Note 3) (61,096) (54,418) (103,988) (90,278)
Cash used in investing activities (62,882) (55,359) (107,410) (92,874)
FINANCING ACTIVITIES        
Credit facility and other debt repayments 0 (1,068) 0 (1,068)
Payment of debt issuance costs 0 0 (66) (60)
Issuance of common shares for cash, net of issuance costs (Note 15) 111 850 499 1,497
Payment of contingent consideration (5,215) 0 (5,215) 0
Cash (used in) provided by financing activities (5,104) (218) (4,782) 369
Effect of foreign exchange rate changes on cash (1,162) (576) (3,046) (78)
Decrease in cash (22,749) (9,779) (24,407) (5,303)
Cash, beginning of period 211,779 138,137 213,437 133,661
Cash, end of period 189,030 128,358 189,030 128,358
Supplemental disclosure of cash flow information:        
Cash paid during the period for income taxes $ 3,709 $ 1,583 $ 7,803 $ 4,761