| 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 | ||||||||||
68,938 | 61,400 | 62,876 | 46,584 | 39,369 | 40,030 | 39,330 | 38,075 | 34,865 | 27,171 | 22,356 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Bad debt expense | ||||||||||
624 | 2,480 | 1,480 | 1,089 | 268 | 272 | 112 | 336 | -64 | 543 | 241 |
Deferred income taxes | ||||||||||
123 | -5,100 | 7,390 | -6,535 | -2,106 | -4,071 | -2,434 | -13,621 | 4,623 | 5,224 | 2,203 |
(Gain) loss on disposal of fixed assets | ||||||||||
- | - | - | - | - | - | - | - | 13 | -110 | 14 |
Non-cash equity compensation | ||||||||||
15,818 | 11,506 | 10,291 | 9,082 | 10,850 | 11,008 | 8,891 | 8,770 | 6,658 | 7,533 | 7,192 |
Depreciation and amortization | ||||||||||
28,182 | 27,206 | 28,579 | 29,119 | 33,406 | 23,806 | 20,715 | 23,878 | 19,808 | 23,101 | 20,553 |
Deferred rent | ||||||||||
1,247 | -523 | 177 | 43 | -1,002 | -2,685 | -2,606 | -3,594 | -2,235 | -1,153 | -106 |
Proceeds from hedge sale | ||||||||||
- | - | - | 3,600 | - | 0 | - | - | - | - | - |
Facilities consolidation reserve | ||||||||||
-274 | -260 | 1,479 | - | - | - | - | - | - | - | - |
Remeasurement of contingent acquisition liability | ||||||||||
- | 505 | - | - | - | - | - | - | - | - | - |
Amortization of debt issuance costs | ||||||||||
500 | 500 | 700 | 532 | 532 | - | - | - | 499 | - | - |
Impairment of long-lived assets | ||||||||||
1,728 | - | - | - | - | - | - | - | - | - | - |
Other adjustments, net | ||||||||||
-181 | -449 | -275 | 1,169 | -1,254 | 3,015 | -1,972 | -793 | - | - | - |
Changes in operating assets and liabilities, net of the effects of acquisitions: | ||||||||||
Net contract assets and liabilities | ||||||||||
11,963 | 14,148 | -405 | 20,025 | - | - | - | - | - | - | - |
Contract receivables | ||||||||||
31,300 | 60,096 | -702 | 9,702 | 2,713 | 2,464 | -233 | -12,129 | 18,147 | 3,386 | -15,948 |
Prepaid expenses and other assets | ||||||||||
-1,997 | 6,650 | 1,844 | 2,792 | 170 | 1,743 | 3,633 | 533 | 1,043 | 778 | 3,962 |
Accounts payable | ||||||||||
31,949 | 28,309 | 3,631 | 8,941 | -2,374 | 9,424 | 390 | 3,164 | 7,996 | 2,396 | -3,763 |
Accrued salaries and benefits | ||||||||||
8,012 | -2,159 | 5,597 | 1,140 | -13,208 | 4,286 | 3,753 | -4,198 | 4,703 | 8,677 | -2,517 |
Accrued subcontractors and other direct costs | ||||||||||
-12,293 | 10,762 | 15,507 | 4,522 | - | - | - | - | - | - | - |
Accrued expenses | ||||||||||
- | - | - | - | - | 683 | -1,091 | 2,229 | 2,822 | 5,832 | -17,503 |
Accrued expenses and other current liabilities | ||||||||||
-4,951 | 11,120 | -2,250 | 5,730 | -4,522 | - | - | - | - | - | - |
Deferred revenue | ||||||||||
- | - | - | - | 2,367 | -2,099 | -2,407 | -2,638 | -692 | 664 | 4,341 |
Income tax receivable and payable | ||||||||||
-4,489 | -2,063 | -5,697 | -2,447 | 8,356 | -6,453 | 6,749 | -10,451 | 466 | -2,547 | - |
Income tax payable | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1,150 |
Restricted cash | ||||||||||
- | - | - | - | - | -387 | -150 | 807 | -1,971 | 1,056 | -2,135 |
Other liabilities | ||||||||||
144 | 176 | 3,054 | -639 | -320 | -1,718 | 609 | -201 | 2,080 | -1,105 | 88 |
Net Cash Used in Operating Activities | ||||||||||
91,440 | 74,670 | 117,191 | 80,057 | 76,203 | 79,160 | 80,813 | 87,761 | 59,521 | 68,178 | 48,554 |
Cash Flows from Investing Activities | ||||||||||
Capital expenditures for property and equipment and capitalized software | ||||||||||
26,901 | 21,812 | 14,513 | 13,791 | 12,682 | 10,635 | 11,859 | 13,561 | 10,234 | 7,283 | 8,068 |
Capitalized software development costs | ||||||||||
- | - | - | - | - | - | - | - | - | -394 | -437 |
Payments for business acquisitions, net of cash received | ||||||||||
3,569 | 34,575 | 91 | 100 | 1,818 | 347,871 | 4,763 | 9,974 | 108,009 | - | 188,672 |
Net Cash Used in Investing Activities | ||||||||||
-30,470 | -56,387 | -14,604 | -13,891 | -14,500 | -358,506 | -16,622 | -23,535 | -118,243 | -7,677 | -197,177 |
Cash Flows from Financing Activities | ||||||||||
Advances from working capital facilities | ||||||||||
686,830 | 573,991 | 590,225 | 478,584 | 381,745 | 733,032 | 139,215 | 172,270 | 213,138 | 43,317 | 315,784 |
Payments on working capital facilities | ||||||||||
721,809 | 579,817 | 643,363 | 530,728 | 420,265 | 422,980 | 204,215 | 212,270 | 153,138 | 103,317 | 250,784 |
Payments on capital expenditure obligations | ||||||||||
1,621 | 3,726 | 4,808 | 4,041 | 3,289 | 2,339 | 2,302 | - | - | - | - |
Debt issue costs | ||||||||||
- | 21 | 1,612 | - | 17 | 1,245 | 0 | 1,955 | 8 | 21 | 655 |
Proceeds from secondary offering, net | ||||||||||
- | - | - | - | - | - | - | - | - | - | 83,294 |
Proceeds from exercise of options | ||||||||||
2,914 | 5,842 | 4,722 | 3,034 | 932 | 1,831 | 3,103 | 78 | 478 | 966 | 2,832 |
Dividends paid | ||||||||||
10,540 | 7,915 | - | - | - | - | - | - | - | - | - |
Net payments for stock issuances and buybacks | ||||||||||
23,414 | 17,125 | 32,464 | -13,823 | -24,861 | -28,323 | -7,447 | -11,569 | -898 | -1,291 | -4,179 |
Tax benefits of stock option exercises and award vesting | ||||||||||
- | - | - | - | 1,307 | 3,543 | 1,213 | 804 | 227 | 914 | 3,113 |
Issuances of stock | ||||||||||
- | - | - | - | - | - | - | - | - | 66 | 88 |
Payments received on stockholder notes | ||||||||||
- | - | - | - | - | - | - | - | - | - | 12 |
Net Cash Provided by Financing Activities | ||||||||||
-67,640 | -28,771 | -87,300 | -66,974 | -64,448 | 283,519 | -70,433 | -52,642 | 59,799 | -59,366 | 149,505 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash | ||||||||||
166 | -792 | 1,094 | -416 | -1,746 | -1,004 | 470 | -956 | -281 | -187 | -65 |
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | ||||||||||
-6,504 | -11,280 | 16,381 | -1,224 | -4,491 | 3,169 | -5,772 | 10,628 | 796 | 948 | 817 |
Supplemental Disclosure of Cash Flow Information | ||||||||||
Interest | ||||||||||
10,424 | 9,893 | 7,922 | 8,937 | 9,845 | 2,728 | 2,459 | 3,243 | 2,334 | 3,873 | 4,664 |
Income taxes | ||||||||||
26,595 | 14,870 | 21,659 | 21,094 | 16,315 | 24,335 | 13,670 | 20,377 | 26,411 | 18,977 | 7,644 |
Non-cash investing and financing transactions: | ||||||||||
Deferred and contingent consideration arising from businesses acquired | ||||||||||
- | 8,391 | - | - | - | - | - | - | - | - | - |
Capital expenditure obligations | ||||||||||
- | 6,121 | - | - | 12,870 | 0 | 0 | - | - | - | - |
Fair value of contingent consideration payable in connection with acquisition | ||||||||||
- | - | - | - | - | - | 2,842 | - | - | - | - |