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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 4,930 $ 3,424
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 761 646
Amortization of intangible assets 528 714
Deferred tax benefit from stock issuances (129) (526)
Amortization of deferred financing costs 86 90
Stock-based compensation 1,503 2,148
Change in fair value of contingent consideration 1,428 32
Provisions (benefits) for accounts receivable 300 (62)
Deferred tax provision 256 578
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (2,996) 1,555
Prepaid expense and other assets 1,499 1,382
Accounts payable (3,390) 6,484
Contract liabilities 457 822
Accrued expenses (1,122) (5,234)
Net cash provided by operating activities 4,111 12,053
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (1,046) (441)
Net cash used in investing activities (1,046) (441)
Cash flows from financing activities    
Principal payments on borrowings (1,075) (1,075)
Proceeds from issuance of employee stock purchase plan shares 186 129
Payments related to tax withholding for stock-based compensation (333) (1,939)
Cash dividends paid to shareholders (10)  
Treasury shares repurchased (5,156) (2,950)
Net cash used in financing activities (6,388) (5,835)
Effect of exchange rate changes on cash (536) (938)
Net (decrease) increase in cash, cash equivalents, and restricted cash (3,859) 4,839
Cash, cash equivalents, and restricted cash, beginning of period 47,609 43,825
Cash, cash equivalents, and restricted cash, end of period 43,750 $ 48,664
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock awards $ 840