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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 11,863 $ 11,502
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation & amortization 3,482 2,421
Stock-based compensation expense 1,319 2,272
Deferred income taxes 603 1,076
Provision (recoveries) for losses on accounts receivable 347 (186)
Changes in operating assets and liabilities:    
Trade accounts receivable, net (16,306) (32,464)
Prepaid expenses & other current assets (5,431) (1,205)
Other assets 697 1,069
Accounts payable 24,371 20,008
Accrued expenses (4,822) (3,183)
Other current liabilities 1,416 422
Other long-term liabilities (675) (664)
Net cash provided by operating activities 16,864 1,068
Cash flows from investing activities:    
Purchases of property and equipment (1,060) (1,484)
Asset acquisition 0 (1,743)
Capitalized software development costs (2,192) (2,417)
Net cash used in investing activities (3,252) (5,644)
Cash flows from financing activities:    
Cash dividends on common stock (6,105) (5,402)
Proceeds from employee common stock purchases 1,509 1,443
Shares surrendered upon vesting of restricted stock to satisfy tax withholdings (1,865) (2,609)
Repurchase of shares (3,944) 0
Net cash used in financing activities (10,405) (6,568)
Net increase (decrease) in cash 3,207 (11,144)
Cash, beginning of period 214,380 191,700
Cash, end of period 217,587 180,556
Cash payments:    
Income taxes paid, net $ 4,391 $ 3,637