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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 50,430 $ 58,269 $ 51,614
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation & amortization 12,610 9,117 6,929
Stock-based compensation expense 6,769 6,338 5,464
Deferred income taxes 1,682 1,448 1,640
Provision for losses on accounts receivable 782 852 552
Loss on disposal of property and equipment 89 88 49
Changes in operating assets and liabilities:      
Trade accounts receivable, net (4,826) 22,182 (21,769)
Prepaid expenses & other current assets 789 (887) 2,191
Other assets 4,430 1,810 (1,509)
Accounts payable 3,593 (28,828) 15,669
Accrued expenses 1,788 (2,351) 2,251
Other current liabilities 1,132 1,262 522
Other long-term liabilities (7,218) 536 1,233
Net cash provided by operating activities 72,050 69,836 64,836
Cash flows from investing activities:      
Purchases of property and equipment (4,253) (5,410) (4,771)
Business combination (10,000) 0 0
Asset acquisition (3,486) (3,555) 0
Proceeds from sale of property and equipment 0 0 7
Capitalized software development costs (8,671) (8,580) (3,565)
Net cash used in investing activities (26,410) (17,545) (8,329)
Cash flows from financing activities:      
Cash dividends on common stock (21,649) (21,521) (21,393)
Proceeds from employee common stock purchases 1,443 1,382 1,330
Tax withholdings related to stock-based compensation awards (2,754) (1,229) (2,676)
Net cash used in financing activities (22,960) (21,368) (22,739)
Net increase in cash 22,680 30,923 33,768
Cash, beginning of period 191,700 160,777 127,009
Cash, end of period 214,380 191,700 160,777
Non-cash investing activities:      
Contingent consideration - business combination 960 0 0
Capital expenditures accrued but not yet paid 0 0 855
Cash payments:      
Income taxes paid, net of refunds $ 16,035 $ 13,707 $ 21,303