| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
13,601 | 24,062 | 20,361 | 13,024 | 6,317 | 4,066 | 33,932 | 36,826 | 22,068 | 10,984 | -5,789 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Depreciation and amortization of fixed and intangible assets | ||||||||||
18,643 | 18,891 | 16,959 | 16,327 | 16,474 | 16,332 | 14,845 | 13,487 | 13,546 | 11,123 | 10,804 |
Amortization of other long term assets | ||||||||||
4,207 | 4,884 | 5,221 | 5,203 | 5,275 | 5,811 | 4,598 | 2,925 | 1,983 | 3,258 | 2,683 |
Amortization of discounted liabilities | ||||||||||
72 | 359 | 110 | 16 | 140 | 324 | 174 | 818 | 1,371 | - | - |
Provision for bad debts | ||||||||||
1,035 | 1,216 | 5 | - | - | - | - | - | - | - | - |
Reassessment of deferred consideration | ||||||||||
4,120 | 6,050 | - | - | - | - | - | - | - | - | - |
Stock-based compensation | ||||||||||
7,160 | 5,805 | 4,714 | 3,167 | 3,881 | 4,153 | 3,819 | 2,950 | 1,994 | 1,122 | 1,223 |
Excess tax benefit from share based compensation | ||||||||||
- | - | - | 96 | 23 | 300 | 440 | 621 | - | - | - |
Decrease in deferred income taxes | ||||||||||
2,616 | -561 | 398 | -151 | 27 | 2,619 | 2,523 | -886 | 4,711 | 5,342 | -778 |
Loss from equity method investment | ||||||||||
-209 | -389 | -49 | -353 | -629 | -983 | -986 | - | - | - | - |
Loss from dilution of equity method investment | ||||||||||
- | - | - | - | -7 | 954 | - | - | - | - | - |
Changes in assets and liabilities associated with operations: | ||||||||||
Decrease (increase) in net receivables | ||||||||||
11,383 | 22,536 | -749 | 11,817 | -13,034 | 13,471 | -2,351 | 7,505 | 35,021 | -6,967 | -10,905 |
Increase in inventories | ||||||||||
-3,817 | 31,440 | -16,183 | -15,901 | -29,154 | 25,801 | 51,879 | 16,883 | -2,986 | 1,542 | -18,114 |
Increase in prepaid expenses and other assets | ||||||||||
876 | -186 | -647 | 3,872 | -2,082 | 4,743 | 19,733 | 23,725 | 1,823 | 2,235 | 2,898 |
Decrease (increase) in income tax receivable/payable, net | ||||||||||
-6,855 | 2,655 | -12,073 | 1,186 | 4,872 | 4,424 | -10,961 | 2,137 | 6,512 | -2,583 | -4,132 |
Increase in net operating lease liability | ||||||||||
149 | - | - | - | - | - | - | - | - | - | - |
(Decrease) increase in accounts payable | ||||||||||
-7,977 | 9,097 | 3,322 | 9,015 | -5,068 | -19,951 | 8,252 | 9,781 | 8,384 | 3,095 | -2,828 |
Decrease in deferred revenue | ||||||||||
-13,355 | 5,468 | 10,726 | -5,040 | 7,990 | -2,890 | -16,639 | 12,856 | 2,003 | 5,568 | - |
Increase in accrued program costs | ||||||||||
5,797 | -1,705 | -4,529 | -1,441 | -8,175 | - | - | - | - | - | - |
Decrease in other payables and accrued expenses | ||||||||||
-3,337 | 626 | -3,841 | 4,631 | 1,952 | -4,697 | 21,958 | 8,264 | 10,552 | -7,909 | 4,647 |
Net cash used in by operating activities | ||||||||||
9,403 | 11,346 | 59,001 | 46,406 | 78,568 | -34,095 | -6,214 | 40,424 | 39,266 | 33,190 | 31,951 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
12,985 | 8,050 | 6,666 | 10,630 | 6,899 | 7,180 | 15,260 | 17,628 | 6,261 | 8,004 | 4,322 |
Investments | ||||||||||
- | - | 950 | 3,283 | 125 | 500 | 3,687 | - | - | - | - |
Acquisitions of businesses, product lines and intangible assets | ||||||||||
41,852 | 19,647 | 81,896 | 224 | 36,667 | - | - | - | - | - | - |
Acquisitions of intangible assets | ||||||||||
- | - | - | - | - | - | - | 3,473 | 316 | 32,677 | - |
Net cash used in investing activities | ||||||||||
-54,837 | -27,697 | -89,512 | -14,137 | -43,691 | -7,680 | -18,947 | -21,101 | -6,577 | -40,681 | -4,322 |
Cash flows from financing activities: | ||||||||||
Net borrowings under line of credit agreement | ||||||||||
51,900 | 18,975 | 37,025 | -107,600 | -121,400 | 44,600 | 51,550 | - | -7,300 | 4,700 | -21,900 |
Borrowings under line of credit agreement | ||||||||||
- | - | - | 80,000 | 90,880 | 92,450 | - | - | - | - | - |
Debt issuance cost | ||||||||||
- | - | 751 | - | - | - | - | - | - | - | - |
Cash paid to acquire non-controlling interest | ||||||||||
- | 73 | - | - | - | - | - | - | - | - | - |
Payment on deferred consideration | ||||||||||
850 | - | 26 | - | - | - | - | - | - | - | - |
Increase in other notes payable | ||||||||||
- | - | - | - | - | - | -6,154 | -51 | 20,063 | 11,586 | -2,438 |
Payments on long-term debt | ||||||||||
- | - | - | - | - | - | 46,000 | 8,443 | 8,429 | 8,107 | 4,106 |
Payment on other long-term liabilities | ||||||||||
- | - | - | 704 | 1,543 | 1,756 | 1,831 | 6,035 | 401 | - | - |
Excess tax benefit from share based compensation | ||||||||||
- | - | - | 96 | 23 | 300 | 440 | 621 | - | - | - |
Net payments from the issuance of common stock (sale of stock under ESPP, exercise of stock options, and shares purchased for tax withholdings) | ||||||||||
283 | 1,717 | -713 | 241 | 317 | 1,666 | 1,610 | 3,227 | 580 | 768 | 1,470 |
Repurchase of common stock | ||||||||||
2,604 | 7,287 | - | - | - | 1,531 | 1,934 | - | - | - | - |
Non-controlling interest contribution | ||||||||||
- | - | - | - | - | 299 | - | 400 | - | - | - |
Payment of cash dividends | ||||||||||
2,323 | 2,199 | 1,600 | 578 | 1,141 | 5,672 | 4,804 | 6,148 | 2,205 | 819 | 1,611 |
Net cash provided by financing activities | ||||||||||
46,406 | 11,133 | 33,935 | -28,545 | -32,864 | 41,156 | -7,123 | -16,429 | 2,308 | 8,128 | -28,585 |
Net (decrease) increase in cash and cash equivalents | ||||||||||
972 | -5,218 | 3,424 | 3,724 | 2,013 | -619 | -32,284 | 2,894 | 34,997 | 637 | -956 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-559 | 49 | 44 | -1,379 | -1,374 | -1,176 | 488 | 497 | -1,070 | 138 | 110 |
Cash paid during the year for: | ||||||||||
Interest | ||||||||||
7,121 | 3,319 | 1,500 | 1,748 | 2,750 | 2,298 | 1,777 | 1,891 | 2,055 | 3,661 | 3,279 |
Income taxes, net | ||||||||||
9,276 | 8,449 | 17,841 | 4,947 | -3,697 | -8,206 | 25,271 | 18,048 | 6,359 | 2,205 | 3,361 |
Non-cash investing activities: | ||||||||||
Consideration paid in January 2019 in connection with an asset acquisition completed in 2018 | ||||||||||
- | 3,530 | - | - | - | - | - | - | - | - | - |
Supplemental schedule of non-cash investing and financing activities: | ||||||||||
Product Line Acquisitions | ||||||||||
- | - | - | - | - | - | - | - | 316 | 32,677 | - |
Payments for product line acquisitions in current year | ||||||||||
- | - | - | - | - | - | - | - | - | 20,655 | - |
Additions to intangible assets and related liabilities | ||||||||||
- | - | - | - | - | - | - | - | 6,802 | - | - |