v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net income $ 8,375 $ 18,407
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 10,629 10,827
Change in fair value of earn-out liability (594) 0
Share-based compensation 3,266 3,047
Gain on disposal of property and equipment, net (38) (61)
(Recovery of) provision for loss on receivables (180) 629
Provision for revenue adjustments 1,041 540
Deferred income tax expense 1,545 836
Changes in operating assets and liabilities    
Accounts receivable 6,102 4,567
Prepaid expenses and other current assets 907 2,699
Income taxes 1,519 4,631
Accounts payable and accrued expenses (3,406) (4,596)
Net cash provided by operating activities 29,166 41,526
Investing activities:    
Proceeds from disposal of property and equipment 750 407
Purchases of property and equipment (3,172) (4,090)
Acquisition of business, net of cash acquired (55,931) 0
Other 0 (6)
Net cash used in investing activities (58,353) (3,689)
Financing activities:    
Payments of finance lease obligations (336) (68)
Proceeds from senior credit facility 65,000 0
Proceeds from exercise of stock options 0 830
Payments of cash dividends (5,050) (5,189)
Repurchase of common stock (repurchase program) (15,259) (14,181)
Cash settlement of share-based awards for tax withholdings (2,672) (2,721)
Net cash provided by (used in) financing activities 41,683 (21,329)
Net increase in cash 12,496 16,508
Cash at beginning of period 64,749 25,657
Cash at end of period $ 77,245 $ 42,165

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