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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating Activities    
Net income $ 15,583 $ 15,554
Adjustments to reconcile net income to net cash provided by operations:    
Depreciation 2,605 2,086
Amortization 8,320 8,147
Deferred income taxes 252 2,073
Non-cash stock compensation and retirement savings plan contributions 9,472 8,356
Amortization of debt discount and issuance costs 2,416 2,307
Adjustment to fair value of contingent consideration for purchase of businesses 1,732 (308)
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 13,634 2,947
Other assets 2,166 (7,980)
Accounts payable (6,996) (9,282)
Other liabilities (11,684) (88)
Net cash provided by operating activities 37,500 23,812
Investing Activities    
Purchase of property and equipment (2,447) (3,440)
Capitalization of internally developed software costs (1,080) (523)
Purchase of businesses, net of cash acquired (91,201) (10,663)
Net cash used in investing activities (94,728) (14,626)
Financing Activities    
Proceeds from line of credit 20,000 0
Payments on line of credit (8,000) 0
Payment of contingent consideration for purchase of business (876) 0
Proceeds from the sale of stock through the Employee Stock Purchase Plan 116 85
Purchases of treasury stock 0 (16,260)
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting (4,861) (3,965)
Net cash provided by (used in) financing activities 6,379 (20,140)
Effect of exchange rate on cash and cash equivalents (335) 252
Change in cash and cash equivalents (51,184) (10,702)
Cash and cash equivalents at beginning of period 70,728 44,984
Cash and cash equivalents at end of period 19,544 34,282
Supplemental Disclosures:    
Cash paid for income taxes 1,588 3,041
Cash paid for interest 1,813 1,844
Non-Cash Investing Activity:    
Stock issued for purchase of business 8,729 1,294
Liability incurred for purchase of property and equipment $ 486 $ 2,278