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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 9,025 $ 15,443
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 2,340 2,292
Amortization of intangible assets 2,352 1,580
Deferred tax benefit from stock issuances (230) (1,248)
Write-off of deferred financing costs 379  
Amortization of deferred financing costs 182 257
Stock-based compensation 6,752 5,432
Change in fair value of contingent consideration 77 1,420
Provisions for credit losses 432 314
Deferred tax provision 125 1,426
Changes in operating assets and liabilities:    
Accounts receivable and contract assets (12,380) (6,763)
Prepaid expenses and other assets (2,145) 623
Accounts payable (4,653) (6,853)
Contract liabilities (370) 7
Accrued expenses and other liabilities 720 (9,335)
Net cash provided by operating activities 2,606 4,595
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (1,640) (2,614)
Net cash used in investing activities (1,640) (2,614)
Cash flows from financing activities    
Proceeds from revolving facility (Note 10) 84,175  
Repayment of outstanding debt (Note 10) (84,175)  
Principal payments on borrowings   (3,225)
Proceeds from issuance of employee stock purchase plan shares 719 695
Debt financing costs (827)  
Payments related to tax withholding for stock-based compensation (2,461) (3,734)
Payment of contingent consideration (1,460) (1,000)
Cash dividends paid to shareholders (6,532) (5,448)
Treasury shares repurchased (1,994) (12,070)
Net cash used in financing activities (12,555) (24,782)
Effect of exchange rate changes on cash (265) (4,983)
Net decrease in cash, cash equivalents, and restricted cash (11,854) (27,784)
Cash, cash equivalents, and restricted cash, beginning of period 30,670 47,609
Cash, cash equivalents, and restricted cash, end of period 18,816 19,825
Supplemental disclosures of cash flow information:    
Interest 3,798 1,543
Taxes, net of refunds 6,848 10,761
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock units $ 7,554 $ 9,713