| Dec'19 | Dec'18 | Dec'17 | Dec'17 | Dec'16 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||||
Net income | ||||||||||||
23,277 | 23,909 | - | 27,354 | - | 21,541 | - | - | - | - | - | - | - |
Less gain (loss) from discontinued operations | ||||||||||||
-6 | -3,450 | - | 1,798 | - | 866 | - | - | - | - | - | - | - |
Net income from continuing operations | ||||||||||||
23,283 | 27,359 | - | 25,556 | - | 20,675 | - | - | - | - | - | - | - |
Net income | ||||||||||||
- | - | 27,354 | - | 21,541 | - | 13,809 | 9,711 | 8,729 | 16,697 | 21,769 | 14,227 | -6,812 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Depreciation expense | ||||||||||||
3,206 | 2,465 | 2,442 | 2,442 | 2,485 | 2,485 | 2,582 | 2,357 | 1,883 | 2,080 | 2,014 | 1,837 | 1,862 |
Amortization expense | ||||||||||||
1,036 | 2,369 | 2,090 | 2,090 | 1,100 | 1,100 | 2,207 | 2,212 | 602 | 547 | 811 | 1,960 | 1,058 |
Impairment of assets | ||||||||||||
1,180 | 6,269 | - | - | - | - | - | - | - | - | - | - | - |
Amortization of debt issuance costs | ||||||||||||
91 | 91 | 90 | 90 | 106 | 106 | 98 | 95 | 96 | 82 | - | - | - |
Restructuring costs | ||||||||||||
- | - | - | - | - | - | - | 3,604 | - | -211 | - | - | - |
Non-cash acquisition earn-out shares re-measurement gain | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 1,727 | - |
Non-cash stock compensation expense | ||||||||||||
7,716 | 9,310 | 10,316 | 10,316 | 8,765 | 8,765 | 10,361 | 6,370 | 6,119 | 5,522 | 4,605 | 4,301 | 3,004 |
Provision for doubtful accounts | ||||||||||||
1,111 | 668 | 117 | 117 | 38 | 38 | 89 | 785 | 742 | 657 | -619 | 157 | 93 |
Gain on foreign currency translation | ||||||||||||
90 | 592 | -695 | -695 | 594 | 594 | -170 | -8 | 4 | -187 | -323 | -382 | -610 |
Acquisition consideration reflected as compensation expense | ||||||||||||
- | - | - | - | - | - | 3,440 | - | - | - | - | - | - |
Bargain purchase gain from acquisition | ||||||||||||
- | - | - | - | - | - | - | 3,015 | - | - | - | - | - |
Loss on sale of property and equipment | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | -46 |
Loss on marketable investments | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | -35 |
Deferred income tax expense (benefit) | ||||||||||||
- | - | -1,781 | - | 2,339 | - | 4,978 | 1,949 | 5,705 | -1,191 | -5,257 | - | - |
Deferred income tax expense (benefit) | ||||||||||||
999 | 223 | - | -1,781 | - | 2,339 | - | - | - | - | - | - | - |
Changes in assets and liabilities: | ||||||||||||
Increase in accounts receivable and unbilled revenue | ||||||||||||
-4,262 | 2,556 | 5,278 | 3,060 | 4,709 | 5,431 | 4,761 | - | - | - | - | - | - |
Increase in accounts receivable and unbilled revenue | ||||||||||||
- | - | - | - | - | - | - | 2,848 | -1,841 | 2,317 | 3,010 | - | - |
(Increase) decrease in prepaid expenses and other assets | ||||||||||||
-1,450 | 1,870 | 887 | 887 | -135 | -135 | -312 | - | - | - | - | - | - |
Decrease (increase) in accounts receivable and unbilled revenue | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 3,667 | -4,745 |
Increase in prepaid expenses and other assets | ||||||||||||
- | - | - | - | - | - | - | -42 | -514 | -95 | -301 | -241 | -702 |
Decrease in accounts payable | ||||||||||||
1,065 | -1,005 | -1,064 | -1,064 | 790 | 790 | 390 | -171 | 369 | 278 | 1,843 | 1,915 | -2,061 |
Decrease in accrued expenses and other liabilities | ||||||||||||
-2,944 | -11,699 | -7,585 | -7,859 | 893 | 1,168 | 9,382 | -2,340 | -1,164 | -2,074 | -2,465 | -90 | -11,920 |
Net cash provided by operating activities of continuing operations | ||||||||||||
42,365 | 31,032 | 26,509 | 26,655 | 32,889 | 31,576 | 36,177 | 18,759 | 25,432 | - | - | - | - |
Net cash provided by (used in) operating activities of discontinued operations | ||||||||||||
-4 | 1,379 | - | -146 | - | 1,313 | - | - | - | - | - | - | - |
Net cash provided by operating activities | ||||||||||||
42,361 | 32,411 | - | 26,509 | - | 32,889 | - | - | - | 20,352 | 20,315 | 19,536 | -8,638 |
Cash flows from investing activities: | ||||||||||||
Purchases of property and equipment | ||||||||||||
4,568 | 9,637 | 6,517 | 6,517 | 3,179 | 3,179 | 3,002 | 3,097 | 2,068 | 3,252 | 4,939 | 3,481 | 2,989 |
Cash consideration paid for acquisitions | ||||||||||||
1,010 | - | 11,268 | 11,268 | - | - | - | 2,877 | - | - | - | - | - |
Proceeds from sales, calls and maturities of marketable investments | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 1,692 |
Cash acquired in acquisition | ||||||||||||
- | - | 261 | 261 | - | - | - | 522 | - | - | - | - | 3,000 |
Decrease in restricted cash | ||||||||||||
- | - | - | - | - | - | - | -354 | -329 | -202 | -724 | 135 | 875 |
Net cash used in investing activities | ||||||||||||
- | - | -17,524 | - | -3,179 | - | -3,002 | -5,098 | -1,739 | - | - | - | - |
Net cash used in investing activities | ||||||||||||
-5,578 | -9,637 | - | -17,524 | - | -3,179 | - | - | - | -3,050 | -4,215 | -3,616 | 828 |
Cash flows from financing activities: | ||||||||||||
Proceeds from borrowings | ||||||||||||
1,000 | 5,000 | 26,000 | 26,000 | 30,000 | 30,000 | 2,500 | 10,500 | 11,002 | 40,000 | - | - | - |
Payment of debt borrowings | ||||||||||||
7,500 | 17,500 | 14,000 | 14,000 | 23,000 | 23,000 | 20,763 | 11,487 | 16,974 | 15,000 | - | - | - |
Debt issuance costs | ||||||||||||
- | - | - | - | 237 | 237 | 14 | 22 | 129 | - | - | - | - |
Debt issuance costs | ||||||||||||
- | - | - | - | - | - | - | - | - | -482 | - | - | - |
Dividends paid | ||||||||||||
- | - | - | - | - | - | - | 3,508 | 3,096 | 3,081 | - | - | - |
Repayment of borrowings acquired in acquisition | ||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 3,459 |
Proceeds from issuance of common stock | ||||||||||||
- | - | - | - | - | - | - | 937 | 1,080 | 752 | 316 | 440 | 410 |
Dividends paid | ||||||||||||
11,196 | 10,048 | 8,670 | 8,670 | 7,163 | 7,163 | 3,067 | - | - | - | - | - | - |
Proceeds from issuance of common stock | ||||||||||||
806 | 778 | 1,208 | 1,208 | 984 | 984 | 945 | - | - | - | - | - | - |
Repurchase of common stock | ||||||||||||
7,807 | 4,786 | 15,716 | 15,716 | 34,083 | 34,083 | 3,838 | 13,702 | 14,305 | 55,587 | 8,955 | 6,066 | 6,382 |
Net cash used in financing activities | ||||||||||||
- | - | -11,178 | - | -33,499 | - | -24,237 | -17,282 | -22,422 | - | - | - | - |
Net cash used in financing activities | ||||||||||||
-24,697 | -26,556 | - | -11,178 | - | -33,499 | - | - | - | -33,398 | -8,639 | -5,626 | -9,431 |
Effect of exchange rate on cash | ||||||||||||
60 | 78 | - | -5 | - | - | - | - | - | - | - | - | - |
Net decrease in cash and cash equivalents | ||||||||||||
12,146 | -3,704 | - | -2,198 | - | - | - | - | - | - | - | - | - |
Effect of exchange rate on cash | ||||||||||||
- | - | - | - | - | -4 | - | 30 | 22 | 66 | 138 | 39 | 185 |
Effect of exchange rate on cash | ||||||||||||
- | - | -5 | - | -4 | - | -43 | - | - | - | - | - | - |
Net increase (decrease) in cash and cash equivalents | ||||||||||||
- | - | -2,198 | - | -3,793 | -3,793 | 8,895 | -3,591 | 1,293 | -16,030 | 7,599 | 10,333 | -17,056 |
Supplemental disclosure of cash flow information: | ||||||||||||
Cash paid for income taxes | ||||||||||||
5,805 | 7,962 | 3,698 | 3,698 | 8,757 | 8,757 | 268 | 893 | 684 | 230 | -318 | 255 | 364 |
Cash paid for interest | ||||||||||||
231 | 541 | - | 510 | - | 282 | - | - | - | - | - | - | - |
Cash paid for interest | ||||||||||||
- | - | 510 | - | 282 | - | 335 | 538 | 338 | 547 | - | - | - |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||
Shares issued to sellers and key personnel of Jibe Consulting and Aecus Limited | ||||||||||||
973 | - | 3,613 | 3,613 | - | - | - | - | - | - | - | - | - |