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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jul. 31, 2023
Jul. 31, 2022
Jul. 31, 2023
Jul. 31, 2022
OPERATING ACTIVITIES        
Net income $ 28,116 $ 22,902 $ 57,469 $ 46,017
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation 1,363 1,301 2,628 2,546
Amortization of intangible assets 15,484 16,086 30,158 31,134
Stock-based compensation expense 4,451 3,736 7,370 6,523
Other non-cash operating activities (148) 68 72 51
Deferred tax expense (recovery) (1,869) 1,324 (1,061) 3,838
Changes in operating assets and liabilities 4,614 982 4,230 722
Cash provided by operating activities 52,011 46,399 100,866 90,831
INVESTING ACTIVITIES        
Additions to property and equipment (2,180) (1,786) (3,383) (3,422)
Acquisition of subsidiaries, net of cash acquired   (61,096) (142,700) (103,988)
Cash used in investing activities (2,180) (62,882) (146,083) (107,410)
FINANCING ACTIVITIES        
Payment of debt issuance costs     (39) (66)
Issuance of common shares for cash, net of issuance costs 566 111 6,021 499
Payment of withholding taxes on net share settlements     (4,886)  
Payment of contingent consideration (6,320) (5,215) (6,320) (5,215)
Cash used in financing activities (5,754) (5,104) (5,224) (4,782)
Effect of foreign exchange rate changes on cash 1,145 (1,162) 1,465 (3,046)
Increase (decrease) in cash 45,222 (22,749) (48,976) (24,407)
Cash, beginning of period 182,187 211,779 276,385 213,437
Cash, end of period 227,409 189,030 227,409 189,030
Supplemental disclosure of cash flow information:        
Cash paid during the period for income taxes $ 14,352 $ 3,709 $ 22,570 $ 7,803