XML 23 R8.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 75,431 $ 75,177 $ 56,039
Adjustments to reconcile net income to cash provided by operating activities:      
Reserve related to note receivable 1,925 0 0
Impairment of equity method investment 13,684 0 0
Deferred income tax provision, net 3,081 2,425 (2,298)
Provision for credit losses (126) 11 2,130
Depreciation and amortization 4,427 4,500 5,255
Stock-based compensation expense 17,655 13,999 11,595
Loss (gain) on disposal or impairment of assets 191 (1,929) 1,822
Noncash lease expense 5,683 5,509 5,499
Loss on equity method investment 3,824 2,480 1,681
Defined benefit pension plans expense 0 2,157 842
Other (50) 1,036 1,056
(Increase) decrease in operating assets      
Trade receivables, net (4,049) (36,960) (12,863)
Increase (Decrease) in Other Operating Assets (9,199) (9,779) (4,485)
Increase (decrease) in operating liabilities      
Accrued payroll costs (22,003) 6,337 22,397
Payment of benefit under terminated pension plan (19,965) 0 0
Other liabilities 20,296 7,935 20,489
Cash provided by operating activities 90,805 72,898 109,159
Cash flows from investing activities:      
Capital expenditures (8,109) (6,441) (6,475)
Equity method investment (500) (9,000) (4,000)
Note receivable issued to our joint venture (6,750) 0 0
Cash proceeds received from Company-owned life insurance 1,077 0 0
Net proceeds from the sale of assets held for sale 0 23,742 3,548
Cash (used in) provided by investing activities (14,282) 8,301 (6,927)
Cash flows from financing activities:      
Proceeds from credit facility 38,200 0 35,000
Payments on credit facility (112,600) 0 0
Repurchases of common stock (74,913) (66,210) (35,613)
Cash dividends (24,027) (20,120) (16,787)
Payments on other financing arrangements (51) (1,366) (1,177)
Cash used in financing activities (173,391) (87,696) (18,577)
Change in cash and cash equivalents (96,868) (6,497) 83,655
Cash and cash equivalents at beginning of year 96,989 103,486 19,831
Cash and cash equivalents at end of year 121 96,989 103,486
Cash paid during the year for:      
Income taxes 16,579 24,277 21,737
Operating lease liabilities 6,992 7,468 7,330
Interest, net 885 2,453 2,574
Non-Cash Financing and Investing Transactions:      
ROU assets obtained from operating leases 9,997 5,098 5,695
Unsettled repurchases of common stock 974 181 0
Employee stock purchase plan $ 1,054 $ 762 $ 549