Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income from operations $ 36,368 $ 42,686
Adjustments to reconcile net income from operations to net cash provided by operating activities    
Depreciation and amortization 13,635 11,130
Change in fair value of earn-out liability 0 (294)
Share-based compensation expense 3,149 2,761
Provision for revenue adjustments 2,157 1,304
Deferred income tax expense 1,857 1,643
Other (300) 132
Changes in operating assets and liabilities, net of effects from the purchase of acquired businesses:    
Accounts receivable 16,669 (30,278)
Other receivables 0 3,609
Other current and noncurrent assets 11,422 13,818
Accounts payable and accrued expenses (18,964) 15,975
Net cash provided by operating activities 65,993 62,486
Investing activities:    
Proceeds from sale of property and equipment 1,815 511
Purchases of property and equipment (6,789) (9,908)
Purchases of a business, net of cash acquired (56,567) 0
Net cash used in investing activities (61,541) (9,397)
Financing activities:    
Repayments of finance lease obligations (2,118) (1,070)
Proceeds from credit facility 45,000 0
Payments on credit facility 0 (375)
Proceeds from issuance of common stock upon stock option exercises 0 206
Payments of dividends to shareholders (6,345) (6,502)
Repurchases and retirement of common stock (50,491) (17,780)
Payment of minimum tax withholdings on share-based awards (4,292) (3,254)
Net cash used in financing activities (18,246) (28,775)
Net increase (decrease) in cash and cash equivalents (13,794) 24,314
Cash and cash equivalents at beginning of period 45,822 37,316
Cash and cash equivalents at end of period $ 32,028 $ 61,630