v3.21.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income from continuing operations $ 16,714 $ 11,415
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations    
Depreciation and amortization 9,237 9,334
Change in fair value of earn-out liability (48) (594)
Share-based compensation expense 2,597 3,078
Provision for revenue adjustments 1,777 1,042
Deferred income tax expense (505) 1,225
Other 92 (265)
Changes in operating assets and liabilities, net of effects from the purchase of businesses:    
Accounts receivable (28,023) 3,040
Other receivables (13,339) 0
Other current and noncurrent assets 7,085 2,776
Accounts payable and accrued expenses 21,326 (223)
Net cash provided by operating activities of continuing operations 16,913 30,828
Investing activities:    
Proceeds from sale of property and equipment 665 720
Purchases of property and equipment (2,695) (2,651)
Purchase of a business, net of cash acquired (15,000) (55,931)
Net cash used in investing activities of continuing operations (17,030) (57,862)
Financing activities:    
Repayments of finance lease obligations (467) (336)
Proceeds from revolving credit facility 0 65,000
Proceeds from issuance of common stock upon stock option exercises 2,147 0
Payments of dividends to stockholders (5,797) (5,050)
Repurchases of common stock (9,998) (15,259)
Payment of minimum tax withholdings on share-based awards (2,744) (2,672)
Contributions from (distributions to) subsidiary held for sale 1,118  
Contributions from (distributions to) subsidiary held for sale   (2,153)
Net cash (used in) provided by financing activities from continuing operations (15,741) 39,530
Net (decrease) increase in cash and cash equivalents of continuing operations (15,858) 12,496
Cash from discontinued operation:    
Net cash used in operating activities of discontinued operation (6,902) (1,662)
Net cash provided by (used in) investing activities of discontinued operation 8,020 (491)
Net cash (used in) provided by financing activities of discontinued operation (1,118) 2,153
Net (decrease) increase in cash and cash equivalents (15,858) 12,496
Cash and cash equivalents at beginning of period of continuing operations 40,254 64,749
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 $ 24,396 $ 77,245

Source