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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 3,491 $ 4,930
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 803 761
Amortization of intangible assets 794 528
Deferred tax expense (benefit) from stock issuances 35 (129)
Write-off of deferred financing costs 379  
Amortization of deferred financing costs 71 86
Stock-based compensation 2,042 1,503
Change in fair value of contingent consideration 25 1,428
Provisions for credit losses 217 300
Deferred tax (benefit) provision (211) 256
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (6,776) (2,996)
Prepaid expenses and other assets (708) 1,499
Accounts payable (2,632) (3,390)
Contract liabilities (919) 457
Accrued expenses and other liabilities 15 (1,122)
Net cash (used in) provided by operating activities (3,374) 4,111
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (501) (1,046)
Net cash used in investing activities (501) (1,046)
Cash flows from financing activities    
Proceeds from revolving facility (Note 10) 79,175  
Repayments of outstanding debt (Note 10) (79,175)  
Principal payments on borrowings   (1,075)
Proceeds from issuance of employee stock purchase plan shares 208 186
Debt financing costs (827)  
Payments related to tax withholding for stock-based compensation (299) (333)
Cash dividends paid to shareholders (1,960) (10)
Treasury shares repurchased (298) (5,156)
Net cash used in financing activities (3,176) (6,388)
Effect of exchange rate changes on cash 187 (536)
Net decrease in cash, cash equivalents, and restricted cash (6,864) (3,859)
Cash, cash equivalents, and restricted cash, beginning of period 30,670 47,609
Cash, cash equivalents, and restricted cash, end of period 23,806 43,750
Supplemental disclosures of cash flow information:    
Interest 1,119 413
Taxes, net of refunds 1,750 1,088
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock units $ 1,009 $ 840