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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 13,261 $ 9,106  
Adjustments to reconcile net income to cash provided by operating activities:      
Deferred income tax provision, net 931 (126)  
Provision for credit losses (852) 2,229  
Depreciation and amortization 1,202 1,393  
Stock-based compensation expense 3,403 2,896  
Defined benefit pension plan expense 252 211  
Noncash lease expense 1,114 1,521  
Loss on equity method investment 491 595  
Other 242 141  
Increase in operating assets      
Trade receivables, net (15,001) (20,176)  
Other assets (324) (452)  
Increase in operating liabilities      
Accrued payroll costs 12,203 2,129  
Other liabilities 5,504 3,538  
Cash provided by operating activities 22,426 3,005  
Cash flows from investing activities:      
Capital expenditures (1,350) (1,971)  
Equity method investment (2,000) 0  
Cash used in investing activities (3,350) (1,971)  
Cash flows from financing activities:      
Proceeds from credit facility 0 35,000  
Repurchases of common stock (16,313) (19,470)  
Cash dividends (4,786) (4,293)  
Payments on other financing arrangements (122) (328)  
Cash (used in) provided by financing activities (21,221) 10,909  
Change in cash and cash equivalents (2,145) 11,943  
Cash and cash equivalents, beginning of period 103,486 19,831 $ 19,831
Cash and cash equivalents, end of period 101,341 31,774 $ 103,486
Cash Paid During the Period For:      
Income taxes 332 399  
Operating lease liabilities 1,690 1,987  
Interest, net 634 541  
Non-Cash Investing and Financing Transactions:      
ROU assets obtained from operating leases 243 924  
Employee stock purchase plan 170 142  
Unsettled repurchases of common stock $ 0 $ 910