| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities: | ||||||||||
Net income | ||||||||||
20,468 | 17,632 | -17,416 | 3,933 | 18,343 | 32,920 | 32,743 | 29,973 | 25,833 | 18,737 | 15,183 |
Adjustments to net income: | ||||||||||
Provision for bad debt | ||||||||||
2,348 | 3,176 | 3,421 | 2,259 | 910 | 582 | 1,911 | 515 | 1,436 | 1,077 | 1,076 |
Deferred taxes | ||||||||||
1,011 | -364 | 1,421 | 3,672 | -2,698 | -1,552 | -67 | 654 | -452 | 572 | -166 |
Stock-based compensation | ||||||||||
9,822 | 9,715 | 7,166 | 5,366 | 5,380 | 4,172 | 1,699 | 1,264 | 928 | 855 | 919 |
Excess tax benefit from shared-based compensation | ||||||||||
- | - | - | 210 | -176 | 167 | 21 | -96 | 62 | - | 418 |
Income tax benefit from restricted stock dividends | ||||||||||
- | - | - | - | - | - | 74 | 98 | 42 | 13 | -30 |
Depreciation | ||||||||||
1,407 | 1,795 | 2,473 | 3,062 | 3,174 | 3,665 | 3,429 | 3,164 | 2,500 | 1,853 | 1,772 |
Amortization of acquisition-related intangibles | ||||||||||
11,006 | 10,487 | 10,406 | 10,182 | 0 | 0 | - | - | - | - | - |
Amortization of deferred finance costs | ||||||||||
345 | 345 | 645 | 673 | 0 | 0 | - | - | - | - | - |
Gain on contingent consideration | ||||||||||
5,000 | 0 | 0 | - | - | - | - | - | - | - | - |
Goodwill impairment | ||||||||||
0 | 0 | 28,000 | 0 | 0 | - | - | - | - | - | - |
Loss on extinguishment of debt | ||||||||||
0 | 0 | -1,340 | 0 | 0 | - | - | - | - | - | - |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
-641 | 3,898 | 7,847 | 3,927 | 166 | 3,956 | 974 | -1,516 | -3,014 | 6,843 | 4,948 |
Financing receivables | ||||||||||
-3,053 | 9,473 | 17,308 | -1,514 | -6,500 | -7,406 | 14,766 | 4,858 | 790 | 251 | 2,192 |
Inventories | ||||||||||
-72 | 81 | -280 | -14 | 102 | -158 | -93 | 255 | 445 | 508 | 1,475 |
Prepaid expenses and other | ||||||||||
1,475 | -549 | 30 | -1,787 | 419 | 35 | -180 | 583 | -64 | -143 | 204 |
Accounts payable | ||||||||||
2,542 | -1,952 | 779 | -5,588 | 600 | 777 | 233 | 511 | -148 | 405 | 382 |
Deferred revenue | ||||||||||
-2,003 | 264 | 2,867 | -13,662 | - | - | - | - | - | - | - |
Deferred revenue | ||||||||||
- | - | - | - | -2,070 | -3,691 | 2,128 | 1,862 | 1,120 | 886 | -145 |
Other liabilities | ||||||||||
-1,418 | -1,336 | 6,069 | -7,250 | 730 | 421 | 575 | -597 | 1,179 | 1,946 | -841 |
Prepaid income taxes/income taxes payable | ||||||||||
782 | -2,930 | 1,377 | 280 | 518 | -1,750 | 1,958 | -959 | -594 | 779 | -99 |
Net cash provided by operating activities | ||||||||||
43,601 | 23,929 | 23,643 | 2,105 | 30,876 | 38,950 | 29,047 | 32,206 | 33,540 | 19,641 | 8,812 |
Investing Activities: | ||||||||||
Purchase of property and equipment | ||||||||||
1,760 | 978 | 726 | 39 | 448 | 1,473 | 3,630 | 4,362 | 10,846 | 5,092 | 829 |
Purchase of business, net of cash received | ||||||||||
10,733 | 0 | 0 | 162,611 | 0 | 0 | - | - | - | - | - |
Purchases of investments | ||||||||||
- | - | - | - | 150 | 50 | 2,733 | 1,155 | 3,178 | 216 | 2,826 |
Sale of investments | ||||||||||
- | - | - | -10,861 | 0 | 0 | -2,678 | -7,000 | 0 | - | -1,500 |
Net cash used in investing activities | ||||||||||
-12,493 | -978 | -726 | -151,789 | -598 | -1,523 | -3,684 | 1,481 | -14,025 | -5,308 | -2,155 |
Financing Activities: | ||||||||||
Dividends paid | ||||||||||
5,729 | 5,620 | 11,636 | 25,092 | 28,943 | 25,531 | 22,642 | 31,441 | 15,894 | 15,793 | 15,767 |
Proceeds from long-term debt | ||||||||||
- | - | - | 121,397 | 0 | 0 | - | - | - | - | - |
Payments of long-term debt principal | ||||||||||
13,609 | 13,105 | 6,338 | 3,125 | 0 | 0 | - | - | - | - | - |
Proceeds from revolving line of credit | ||||||||||
11,000 | 7,300 | 777 | 35,000 | - | - | - | - | - | - | - |
Payments of revolving line of credit | ||||||||||
20,693 | 5,590 | 6,500 | 2,000 | - | - | - | - | - | - | - |
Payments on capital lease | ||||||||||
250 | 315 | 296 | 71 | 0 | - | - | - | - | - | - |
Payments of contingent consideration | ||||||||||
206 | 409 | 625 | 500 | 0 | 0 | - | - | - | - | - |
Proceeds from exercise of stock options | ||||||||||
3 | 0 | 1 | 1,134 | 0 | 0 | - | - | - | - | 1,303 |
Excess tax benefit from stock-based compensation | ||||||||||
- | - | - | 210 | -176 | 167 | 21 | -96 | 62 | 0 | - |
Income tax benefit from stock option exercises | ||||||||||
- | - | - | - | - | - | - | - | - | - | 418 |
Income tax benefit from restricted stock dividends | ||||||||||
- | - | - | - | - | - | -74 | 98 | 42 | 13 | 30 |
Net cash used in financing activities | ||||||||||
-29,484 | -17,739 | -24,617 | 126,953 | -29,119 | -25,364 | -22,545 | -31,440 | -15,790 | -15,779 | -14,014 |
Decrease in cash and cash equivalents | ||||||||||
1,624 | 5,212 | -1,700 | - | - | - | - | - | - | - | - |
Increase (decrease) in cash and cash equivalents | ||||||||||
- | - | - | -22,731 | 1,159 | 12,063 | 2,816 | 2,247 | 3,724 | -1,446 | -7,357 |
Supplemental disclosure of cash flow information: | ||||||||||
Cash paid for interest | ||||||||||
6,342 | 7,138 | 6,953 | 5,876 | - | - | - | - | - | - | - |
Cash paid for interest | ||||||||||
- | - | - | - | 0 | 0 | 0 | - | 0 | 0 | 0 |
Cash paid for income taxes, net of refund | ||||||||||
3,193 | 3,771 | 1,134 | 110 | 9,231 | 20,069 | 16,236 | 12,330 | 17,146 | 9,513 | 8,759 |
Supplemental disclosure of non-cash flow information: | ||||||||||
Fair value of common stock and options issued as consideration for acquisition of HHI | ||||||||||
- | - | - | 97,017 | 0 | 0 | - | - | - | - | - |
Reclassification of inventory to property and equipment | ||||||||||
- | - | - | - | 39 | 0 | 0 | 411 | 389 | 428 | 1,145 |
Write-off of fully depreciated assets | ||||||||||
0 | 8,244 | 6,049 | 2,769 | 0 | 1,974 | 2,360 | 8,687 | 0 | - | - |
Capital lease obligation | ||||||||||
- | - | - | 933 | 0 | 0 | - | - | - | - | - |