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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 7,971 $ 3,462
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,509 6,628
Amortization of right-of-use assets 1,284 1,294
Stock-based compensation expense 6,035 5,290
Deferred tax expense 2,317 268
Loss on disposal of assets 108 0
Loss on foreign currency transactions 4 68
Provision for expected credit losses 989 909
Non-cash interest expense 452 94
Changes in derivatives 246 0
Changes in contingent consideration obligations 45 64
Changes in operating assets and liabilities:    
Accounts receivable (9,137) 2,414
Prepaid expenses, other current assets and other assets 47 (484)
Accounts payable and accrued liabilities 5,399 (6,021)
Deferred revenue (164) (19)
Net cash provided by operating activities 21,105 13,967
Cash flows from investing activities:    
Purchases of property and equipment (233) (688)
Acquisition of business, net of cash acquired 0 (11,808)
Net cash used in investing activities (233) (12,496)
Cash flows from financing activities:    
Proceeds from exercise of stock options 1,987 703
Repurchases of common stock (65) 0
Payments of finance leases (7) (78)
Proceeds from revolving loan 0 7,000
Payments for restricted stock awards withheld for taxes (636) (371)
Payments of term loan (1,750) (11,067)
Net cash used in financing activities (471) (3,813)
Change in cash and cash equivalents prior to effect of foreign currency exchange rate 20,401 (2,342)
Effect of foreign currency exchange rate 2 29
Net increase (decrease) in cash and cash equivalents 20,403 (2,313)
Cash and cash equivalents as of beginning of period 27,241 28,366
Cash and cash equivalents as of end of period 47,644 26,053
Supplemental disclosure of cash flow information:    
Cash paid for interest 245 630
Cash paid for income taxes $ 1,375 $ 1,320