XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 7,174 $ 8,338
Adjustments to reconcile net income to cash provided by (used in) operating activities:    
Depreciation and amortization 3,251 2,984
Bad debt expense 50 150
Interest amortization of deferred financing costs 55 61
Stock-based compensation expense 2,054 2,071
Deferred income taxes, net 496 813
Revaluation of contingent consideration liability 0 (1,982)
Operating lease assets and liabilities, net (355) 199
Loss on disposition of fixed assets 0 5
Long-term accrued income taxes (20) 0
Working capital items:    
Accounts receivable and unbilled receivables (7,097) (13,391)
Prepaid and other current assets 57 (2,825)
Accounts payable 877 2,353
Accrued payroll and related costs 1,388 3,178
Other accrued liabilities (192) (13)
Deferred revenue 6 (32)
Net cash flows provided by (used in) operating activities 7,744 1,909
INVESTING ACTIVITIES:    
Recovery of (payment for) non-current deposits 24 (201)
Capital expenditures (819) (851)
Proceeds from the sale of fixed assets 0 10
Net cash flows provided by (used in) investing activities (795) (1,042)
FINANCING ACTIVITIES:    
(Repayments) on term loan facility (10,900) (3,300)
Proceeds from the issuance of common shares 189 181
Proceeds from the exercise of stock options 1,323 105
Net cash flows provided by (used in) financing activities (9,388) (3,014)
Effect of exchange rate changes on cash and cash equivalents (701) (83)
Net change in cash and cash equivalents (3,140) (2,230)
Cash and cash equivalents, beginning of period 6,622 7,677
Cash and cash equivalents, end of period $ 3,482 $ 5,447