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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income (loss) $ 18,430 $ 14,246 $ 20,468
Adjustments to net income:      
Provision for bad debt 2,592 4,370 2,348
Deferred taxes 3,502 2,755 1,011
Stock based compensation 5,457 7,005 9,822
Depreciation 2,156 1,790 1,407
Amortization of acquisition-related intangibles 13,786 11,421 11,006
Amortization of software development costs 931 118 0
Amortization of deferred finance costs 293 317 345
Gain on contingent consideration 0 0 (5,000)
Loss on extinguishment of debt 0 202 0
Loss on disposal of property and equipment 313 0 0
Changes in operating assets and liabilities (net of acquired assets and liabilities):      
Accounts receivable (3,204) 3,667 641
Financing receivables 8,098 6,369 3,053
Inventories 229 342 72
Prepaid expenses and other (3,914) (3,519) (1,474)
Accounts payable (615) (1,088) 2,542
Deferred revenue 2,099 (498) (2,003)
Other liabilities 401 2,097 (1,418)
Prepaid income taxes/income taxes payable (2,810) (452) 782
Net cash provided by operating activities 47,744 49,142 43,602
Investing Activities      
Purchases of property and equipment (920) (3,336) (1,760)
Purchase of business, net of cash received (59,634) 0 (10,733)
Investment in software development (9,365) (3,328) 0
Net cash used in investing activities (69,919) (6,664) (12,493)
Financing Activities      
Dividends paid 0 (4,337) (5,729)
Proceeds from long-term debt 0 64 0
Payments of long-term debt principal (3,750) (4,069) (13,609)
Proceeds from revolving line of credit 61,000 0 11,000
Payments of revolving line of credit (35,000) (27,561) (20,693)
Payments on capital lease 0 0 (250)
Payments of contingent consideration 0 0 (206)
Proceeds from exercise of stock options 0 0 3
Treasury stock purchases (1,315) (1,261) 0
Net cash provided by (used in) financing activities 20,935 (37,164) (29,484)
Increase (decrease) in cash and cash equivalents (1,240) 5,314 1,625
Cash and cash equivalents at beginning of year 12,671 7,357 5,732
Cash and cash equivalents at end of year 11,431 12,671 7,357
Supplemental disclosure of cash flow information:      
Cash paid for interest 2,817 3,245 6,342
Cash paid for income taxes, net of refund 3,503 2,235 3,193
Supplemental disclosure of non-cash flow information:      
Write-off of fully depreciated assets $ 0 $ 1,618 $ 0