XML 21 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 37,466,000 $ 37,260,000 $ 32,406,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, amortization and impairment 6,374,000 7,505,000 5,539,000
Deferred income taxes (277,000) (134,000) 1,099,000
Reserve for uncertain tax positions 310,000 185,000 39,000
Gain on insurance recoveries for damaged property   (260,000)  
Loss on disposal of property and equipment 7,000 12,000 (6,000)
Non-cash share-based compensation expense 623,000 680,000 1,224,000
Change in assets and liabilities:      
Trade accounts receivable 343,000 (2,271,000) 311,000
Prepaid expenses and other current and long-term assets (842,000) (827,000) (529,000)
Operating lease assets and liability, net (34,000) 16,000 (8,000)
Deferred contract costs, net 783,000 (351,000) (719,000)
Accounts payable 4,000 (247,000) 647,000
Accrued expenses, wages and bonuses (285,000) 1,370,000 806,000
Income taxes receivable and payable 484,000 (1,529,000) 11,000
Deferred revenue 1,388,000 (773,000) 97,000
Net cash provided by operating activities 46,344,000 40,636,000 40,917,000
Cash flows from investing activities:      
Purchases of property and equipment (5,514,000) (3,984,000) (4,656,000)
Acquisition consideration (3,000,000)    
Insurance proceeds for damaged property   260,000  
Net cash used in investing activities (8,514,000) (3,724,000) (4,656,000)
Cash flows from financing activities:      
Borrowings on line of credit     21,000,000
Payments on line of credit     (21,000,000)
Payments on notes payable (4,093,000) (3,568,000) (3,715,000)
Payment of debt issuance costs   (36,000)  
Payments on finance lease obligations (493,000) (332,000) (229,000)
Proceeds from the exercise of stock options 446,000 1,734,000 0
Payment of payroll tax withholdings on share-based awards exercised (721,000) (2,784,000) (1,103,000)
Repurchase of shares for treasury (4,142,000)    
Payment of dividends on common stock (9,159,000) (10,517,000) (31,299,000)
Net cash used in financing activities (18,162,000) (15,503,000) (36,346,000)
Effect of exchange rate changes on cash 3,000 (236,000) 611,000
Net increase (decrease) in cash and cash equivalents 19,671,000 21,173,000 526,000
Cash and cash equivalents at beginning of period 34,690,000 13,517,000 12,991,000
Cash and cash equivalents at end of period 54,361,000 34,690,000 13,517,000
Supplemental disclosure of cash paid for:      
Interest expense, net of capitalized amounts 1,554,000 1,735,000 2,014,000
Income taxes 10,644,000 5,217,000 6,946,000
Supplemental disclosure of non-cash investing and financing activities:      
Finance lease obligations originated for property and equipment 40,000 817,000 192,000
Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans 1,088,000 $ 7,217,000 $ 3,618,000
Deferred acquisition consideration $ 1,950,000