Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net income from continuing operations $ 193,191 $ 116,091 $ 52,767
Adjustments to reconcile net income of continuing operations to net cash provided by operating activities of continuing operations:      
Depreciation and amortization 47,386 39,552 37,125
Change in fair value of earn-out liability (294) (496) 379
Share-based compensation expense 11,376 10,913 11,033
Provision for revenue adjustments 11,347 7,943 4,751
Deferred income tax expense 7,686 1,421 772
Other (202) 1,076 587
Changes in operating assets and liabilities, net of effects from the purchase of acquired companies:      
Accounts receivable (19,128) (52,684) (25,739)
Other receivables 8,097 (8,097) 0
Other current and noncurrent assets (12,943) (8,002) (9,424)
Accounts payable, accrued expenses and other long-term liabilities 12,574 17,179 23,854
Net cash provided by operating activities of continuing operations 259,090 124,896 96,105
Investing activities:      
Proceeds from sale of property and equipment 2,372 2,643 2,413
Purchases of property and equipment (40,729) (39,109) (20,268)
Purchase of businesses, net of cash acquired (66,105) (59,866) (63,651)
Net cash used in investing activities of continuing operations (104,462) (96,332) (81,506)
Financing activities:      
Proceeds from credit facility 0 195,000 65,000
Payments on credit facility (49,000) (150,000) (20,000)
Repayments of finance lease obligations (6,054) (2,423) (1,446)
Payment of debt issuance costs 0 (482) 0
Proceeds from issuance of common stock upon stock option exercises 206 3,706 4,237
Payment of earn-out liability (91) (6,519) (5,284)
Payments of dividends to shareholders (25,865) (22,976) (20,869)
Repurchases and retirement of common stock (62,771) (48,989) (45,248)
Proceeds from common stock issued under employee stock purchase plan 783 911 664
Payment of minimum tax withholdings on share-based awards (3,330) (3,115) (3,508)
Contributions from subsidiary held for sale 0 3,385 (12,640)
Net cash used in financing activities of continuing operations (146,122) (31,502) (39,094)
Net increase (decrease) in cash and cash equivalents of continuing operations 8,506 (2,938) (24,495)
Cash from discontinued operation:      
Net cash used in operating activities of discontinued operation 0 (4,635) (11,439)
Net cash provided by (used in) investing activities of discontinued operation 0 8,020 (1,201)
Net cash (used in) provided by financing activities of discontinued operation 0 (3,385) 12,640
Net increase (decrease) in cash and cash equivalents 8,506 (2,938) (24,495)
Cash and cash equivalents at beginning of period of continuing operations 37,316 40,254 64,749
Cash at beginning of period of discontinued operation 0 0 0
Less: cash at end of period of discontinued operation   0 0
Cash and cash equivalents at end of period of continuing operations $ 45,822 $ 37,316 $ 40,254