XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 27,184 $ 27,638
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,038 4,434
Share-based compensation 3,943 2,933
Provision for credit losses 1,940 1,498
Fair value of contingent consideration (121) 0
Debt origination costs amortization 528 507
Deferred income tax benefit, net (745) (330)
Non-cash lease expense 4,074 999
Loss on disposal of property and equipment 840 434
Total adjustments 16,497 10,475
Changes in operating assets and liabilities:    
Accounts receivable, net 5,314 (31,339)
Prepaid wires, net (22,227) 213
Prepaid expenses and other assets (773) 494
Wire transfers and money orders payable, net (14,965) 5,550
Lease liabilities (4,161) (1,037)
Accounts payable and accrued and other liabilities (6,861) (7,434)
Net cash provided by operating activities 8 4,560
Cash flows from investing activities:    
Purchases of property and equipment (4,551) (6,642)
Cash used in business acquisition, net of cash and cash equivalents acquired (5,477) 0
Acquisition of agent locations 0 (225)
Net cash used in investing activities (10,028) (6,867)
Cash flows from financing activities:    
Repayments of term loan facility (2,188) (2,188)
Borrowings under revolving credit facility, net 40,000 0
Debt origination costs (701) 0
Proceeds from exercise of stock options 822 487
Payments for stock awards (872) (283)
Repurchases of common stock (30,515) (13,628)
Net cash provided by (used in) financing activities 6,546 (15,612)
Effect of exchange rate changes on cash and cash equivalents 1,353 45
Net decrease in cash and cash equivalents (2,121) (17,874)
Cash and cash equivalents, beginning of period 149,493 132,474
Cash and cash equivalents, end of period 147,372 114,600
Supplemental disclosure of cash flow information:    
Cash paid for interest 4,285 1,468
Cash paid for income taxes 13,257 8,767
Supplemental disclosure of non-cash investing activities:    
Lease liabilities arising from obtaining right-of-use assets 4,843 253
Contingent consideration liability 600 0
Settlement of receivable balance from LAN Holdings 2,534 0
Supplemental disclosure of non-cash investing activities:    
Issuance of common stock for cashless exercise of options $ 0 $ 1,293