v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net income from continuing operations $ 42,686 $ 16,714
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations    
Depreciation and amortization 11,130 9,237
Change in fair value of earn-out liability (294) (48)
Share-based compensation expense 2,761 2,597
Provision for revenue adjustments 1,304 1,777
Deferred income tax expense (benefit) 1,643 (505)
Other 132 92
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:    
Accounts receivable (30,278) (28,023)
Other receivables 3,609 (13,339)
Other current and noncurrent assets 13,818 7,085
Accounts payable and accrued expenses 15,975 21,326
Net cash provided by operating activities of continuing operations 62,486 16,913
Investing activities:    
Proceeds from sale of property and equipment 511 665
Purchases of property and equipment (9,908) (2,695)
Purchases of a business, net of cash acquired 0 (15,000)
Net cash used in investing activities of continuing operations (9,397) (17,030)
Financing activities:    
Repayments of finance lease obligations (1,070) (467)
Payments on credit facility (375) 0
Proceeds from issuance of common stock upon stock option exercises 206 2,147
Payments of dividends to shareholders (6,502) (5,797)
Repurchases and retirement of common stock (17,780) (9,998)
Payment of minimum tax withholdings on share-based awards (3,254) (2,744)
Contributions from subsidiary held for sale 0 1,118
Net cash used in financing activities from continuing operations (28,775) (15,741)
Net increase (decrease) in cash and cash equivalents of continuing operations 24,314 (15,858)
Cash from discontinued operation:    
Net cash used in operating activities of discontinued operation 0 (6,902)
Net cash provided by investing activities of discontinued operation 0 8,020
Net cash used in financing activities of discontinued operation 0 (1,118)
Net increase (decrease) in cash and cash equivalents 24,314 (15,858)
Cash and cash equivalents at beginning of period of continuing operations 37,316 40,254
Cash at beginning of period of discontinued operation 0 0
Less: cash at end of period of discontinued operation 0 0
Cash and cash equivalents at end of period of continuing operations $ 61,630 $ 24,396

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