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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net (loss) income $ (3,389) $ 3,491
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation expense 750 803
Amortization of intangible assets 755 794
Deferred tax (benefit) expense from stock issuances (30) 35
Write-off of deferred financing costs   379
Amortization of deferred financing costs 56 71
Stock-based compensation 2,249 2,042
Change in fair value of contingent consideration 26 25
Provisions for credit losses 179 217
Deferred tax (benefit) provision (1,464) (211)
Changes in operating assets and liabilities:    
Accounts receivable and contract assets 4,056 (6,776)
Prepaid expenses and other assets 1,393 (708)
Accounts payable (706) (2,632)
Contract liabilities (1,474) (919)
Accrued expenses and other liabilities (68) 15
Net cash provided by (used in) operating activities 2,333 (3,374)
Cash flows from investing activities    
Purchase of furniture, fixtures and equipment (1,022) (501)
Net cash used in investing activities (1,022) (501)
Cash flows from financing activities    
Proceeds from revolving facility (Note 10)   79,175
Repayment of outstanding debt (Note 10) (5,000) (79,175)
Proceeds from issuance of employee stock purchase plan shares 185 208
Debt financing costs   (827)
Payments related to tax withholding for stock-based compensation (379) (299)
Cash dividends paid to shareholders (2,397) (1,960)
Treasury shares repurchased (2,127) (298)
Net cash used in financing activities (9,718) (3,176)
Effect of exchange rate changes on cash (277) 187
Net decrease in cash, cash equivalents, and restricted cash (8,684) (6,864)
Cash, cash equivalents, and restricted cash, beginning of period 22,809 30,670
Cash, cash equivalents, and restricted cash, end of period 14,125 23,806
Supplemental disclosures of cash flow information:    
Interest 1,473 1,119
Taxes, net of refunds 1,030 1,750
Non-cash investing and financing activities:    
Issuance of treasury stock for vested restricted stock units $ 1,076 $ 1,009