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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 5,824 $ 9,887
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 1,583 1,532
Amortization of intangible assets 1,583 1,055
Deferred tax expense (benefit) from stock issuances 41 (464)
Write-off of deferred financing costs 379  
Amortization of deferred financing costs 127 172
Stock-based compensation 4,654 3,445
Change in fair value of contingent consideration 51 1,420
Provisions for credit losses 464 363
Deferred tax provision 67 540
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (7,411) (3,773)
Prepaid expenses and other assets (991) 2,626
Accounts payable (7,119) (4,484)
Contract liabilities (157) 352
Accrued expenses and other liabilities 352 (7,735)
Net cash (used in) provided by operating activities (553) 4,936
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (969) (2,104)
Net cash used in investing activities (969) (2,104)
Cash flows from financing activities    
Proceeds from revolving facility (Note 10) 79,175  
Repayment of outstanding debt (Note 10) (79,175)  
Principal payments on borrowings   (2,150)
Proceeds from issuance of employee stock purchase plan shares 480 448
Debt financing costs (827)  
Payments related to tax withholding for stock-based compensation (1,537) (1,362)
Payment of contingent consideration (1,460)  
Cash dividends paid to shareholders (4,186) (3,399)
Treasury shares repurchased (1,994) (9,596)
Net cash used in financing activities (9,524) (16,059)
Effect of exchange rate changes on cash 114 (2,828)
Net decrease in cash, cash equivalents, and restricted cash (10,932) (16,055)
Cash, cash equivalents, and restricted cash, beginning of period 30,670 47,609
Cash, cash equivalents, and restricted cash, end of period 19,738 31,554
Supplemental disclosures of cash flow information:    
Interest 2,405 869
Taxes, net of refunds 4,659 8,288
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock units $ 5,188 $ 4,323