XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ 19,726 $ 15,529
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation expense 3,045 2,688
Amortization of intangible assets 2,323 2,643
Deferred tax benefit from stock issuances (1,290) (2,389)
Amortization of deferred financing costs 340 354
Stock-based compensation 7,460 6,467
Change in fair value of contingent consideration 1,420 101
Provisions (benefits) for accounts receivable 320 (138)
Deferred tax provision 757 2,330
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (13,989) 2,648
Prepaid expense and other assets (948) (243)
Accounts payable (699) 4,503
Contract liabilities (76) 1,928
Accrued expenses and other liabilities (7,243) 5,521
Net cash provided by operating activities 11,146 41,942
Cash flows from investing activities    
Change 4 Growth acquisition (Note 4) (3,450)  
Purchase of furniture, fixtures and equipment (3,423) (2,320)
Net cash used in investing activities (6,873) (2,320)
Cash flows from financing activities    
Proceeds from revolving facility 9,000  
Principal payments on borrowings (4,300) (4,300)
Proceeds from issuance of employee stock purchase plan shares 944 610
Payments related to tax withholding for stock-based compensation (4,054) (7,109)
Payment of contingent consideration (1,000) (2,558)
Cash dividends paid to shareholders (7,461) (4,437)
Treasury shares repurchased (12,070) (16,331)
Net cash used in financing activities (18,941) (34,125)
Effect of exchange rate changes on cash (2,271) (1,713)
Net (decrease) increase in cash, cash equivalents, and restricted cash (16,939) 3,784
Cash, cash equivalents, and restricted cash, beginning of period 47,609 43,825
Cash, cash equivalents, and restricted cash, end of period 30,670 47,609
Supplemental disclosures of cash flow information:    
Cash paid for: Interest 2,397 1,875
Cash paid for: Taxes, net of refunds 12,516 3,582
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock awards $ 11,315 $ 12,167