| 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 | ||||||||||
32,406 | 30,047 | 22,943 | 20,518 | 17,610 | 18,156 | 15,484 | 15,068 | 11,564 | 8,499 | 8,491 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
5,539 | 5,463 | 4,586 | 4,225 | 4,109 | 3,804 | 3,732 | 4,699 | 5,065 | 4,704 | 3,831 |
Deferred income taxes | ||||||||||
1,099 | 1,476 | -684 | 798 | -1,387 | 107 | 58 | -347 | 1,297 | 614 | 1,733 |
Reserve for uncertain tax positions | ||||||||||
39 | -288 | 181 | 73 | 119 | 182 | -42 | -74 | - | - | - |
Loss on disposal of property and equipment | ||||||||||
6 | -186 | -26 | -22 | 0 | -2 | -23 | -4 | 1 | -1 | - |
Gain on sale of operating segment | ||||||||||
- | - | - | 223 | 1,102 | 0 | 0 | - | - | - | - |
Write-off of purchase option | ||||||||||
- | - | - | - | 657 | 0 | 0 | - | - | - | - |
(Gain) Loss on sale of property and equipment | ||||||||||
- | - | - | - | - | - | - | - | - | - | 1 |
Tax benefit from exercise of stock options | ||||||||||
- | - | - | - | -25 | -93 | -84 | 601 | 66 | 33 | - |
Non-cash share-based compensation expense | ||||||||||
1,224 | 1,514 | 1,845 | 1,929 | 1,383 | 742 | 955 | 388 | 763 | 779 | 619 |
Net changes in assets and liabilities: | ||||||||||
Trade accounts receivable | ||||||||||
-311 | -2,767 | 2,340 | 1,137 | 1,777 | -2,914 | -970 | 879 | 2,064 | 2,489 | 1,396 |
Unbilled revenue | ||||||||||
- | - | - | - | 390 | -66 | 386 | 11 | -194 | -91 | -315 |
Prepaid expenses and other current assets | ||||||||||
529 | 833 | 565 | 535 | -207 | 2 | 166 | 357 | -253 | -1,425 | -516 |
Operating lease assets and liabilities, net | ||||||||||
8 | - | - | - | - | - | - | - | - | - | - |
Deferred contract costs, net | ||||||||||
719 | 113 | - | - | - | - | - | - | - | - | - |
Other current assets | ||||||||||
- | - | - | - | - | - | -76 | 106 | 121 | -429 | - |
Accounts payable | ||||||||||
647 | -39 | 12 | -15 | -224 | 163 | 331 | -516 | 52 | -1,391 | -278 |
Accrued expenses, wages, bonuses and profit sharing | ||||||||||
806 | -566 | 1,759 | 440 | 755 | -367 | 212 | 1,602 | 1,176 | 113 | -73 |
Income taxes receivable and payable | ||||||||||
11 | 686 | -1,023 | 105 | 1,504 | -715 | -100 | -303 | 1,420 | -442 | -326 |
Deferred revenue | ||||||||||
97 | -452 | 1,351 | 643 | 397 | 1,052 | -1,916 | -637 | -1,183 | 2,237 | -897 |
Net cash provided by operating activities | ||||||||||
40,917 | 39,848 | 28,091 | 26,843 | 21,886 | 26,197 | 19,315 | 19,132 | 18,481 | 14,603 | 13,666 |
Cash flows from investing activities: | ||||||||||
Purchases of property and equipment | ||||||||||
4,656 | 5,971 | 4,568 | 3,973 | 2,939 | 2,492 | 2,188 | 2,348 | 2,812 | 1,539 | 2,909 |
Purchase of equity investment | ||||||||||
- | - | 1,300 | - | 0 | - | - | - | - | - | - |
Purchase of intangible content license | ||||||||||
- | - | 250 | - | 0 | - | - | - | - | - | - |
Option purchase | ||||||||||
- | - | - | - | - | 657 | 0 | - | - | - | - |
Acquisition, net of cash acquired | ||||||||||
- | - | - | - | - | 2,574 | 0 | - | 4,115 | 15,441 | 93 |
Net proceeds from sale of operating segment | ||||||||||
- | - | - | 223 | 1,613 | 0 | - | - | - | - | - |
Net cash used in investing activities | ||||||||||
-4,656 | -5,971 | -6,118 | -3,750 | -1,326 | -5,723 | -2,188 | -2,348 | -6,927 | -16,980 | -3,002 |
Cash flows from financing activities: | ||||||||||
Payments related to Recapitalization | ||||||||||
- | 72,370 | - | - | - | - | - | - | - | - | - |
Proceeds from issuance of note payable | ||||||||||
- | 40,000 | - | - | - | - | - | - | - | - | - |
Borrowings on line of credit | ||||||||||
21,000 | 2,500 | - | - | - | - | - | - | - | - | - |
Payments on line of credit | ||||||||||
21,000 | 2,500 | - | - | - | - | - | - | - | - | - |
Proceeds from notes payable | ||||||||||
- | - | - | - | - | - | - | - | 4,545 | 11,300 | 4,916 |
Payments on notes payable | ||||||||||
3,715 | 3,071 | 2,473 | 2,199 | 2,328 | 2,256 | 2,112 | 2,050 | 6,218 | 2,799 | 10,108 |
Payment of debt issuance costs | ||||||||||
- | 187 | - | - | - | - | - | - | - | - | - |
Payments on finance lease obligations | ||||||||||
229 | 157 | 108 | 95 | 173 | 156 | 110 | 108 | 130 | 43 | 44 |
Cash paid for non-controlling interest | ||||||||||
- | - | - | 2,000 | 2,789 | 0 | - | - | - | - | - |
Proceeds from exercise of stock options | ||||||||||
- | - | - | 548 | 0 | 408 | 840 | 1,283 | 568 | 274 | 18 |
Excess tax benefit from share-based compensation | ||||||||||
- | - | - | - | 240 | 622 | 755 | 2,078 | 407 | 46 | 17 |
Payment of employee payroll tax withholdings on share-based awards exercised | ||||||||||
1,103 | 1,853 | 1,668 | 204 | 92 | 348 | 55 | 527 | 146 | 64 | - |
Purchase of Treasury Stock | ||||||||||
- | - | - | - | 1,673 | 0 | - | - | - | 399 | 84 |
Payment of dividends on common stock | ||||||||||
31,299 | 16,859 | 16,867 | 28,552 | 10,054 | 0 | 2,142 | 17,363 | 5,912 | 5,061 | 4,263 |
Net cash used in financing activities | ||||||||||
-36,346 | -54,497 | -21,116 | -32,502 | -16,869 | -1,730 | -2,824 | -16,687 | -6,886 | 3,254 | -9,548 |
Effect of exchange rate changes on cash | ||||||||||
611 | -1,122 | 855 | 285 | -1,588 | -794 | -497 | 107 | -105 | 130 | 287 |
Change in cash and cash equivalents | ||||||||||
526 | -21,742 | 1,712 | -9,124 | 2,103 | 17,950 | 13,806 | 204 | 4,563 | 1,007 | 1,403 |
Supplemental disclosure of cash paid for: | ||||||||||
Interest, net of capitalized amounts | ||||||||||
2,014 | 1,282 | 76 | 192 | 207 | 284 | 368 | 554 | 542 | 497 | 498 |
Income taxes | ||||||||||
6,946 | 2,635 | 12,827 | 9,963 | 9,377 | 9,874 | 8,181 | 5,108 | 3,383 | 4,549 | 2,999 |
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||
Common stock (formerly class A) issued in the Recapitalization in exchange for then-existing class B shares and options. | ||||||||||
- | 121,371 | - | - | - | - | - | - | - | - | - |
Finance lease obligations originated for property and equipment | ||||||||||
192 | 879 | 74 | 109 | 32 | - | - | - | - | - | - |
Stock tendered to the Company for cashless exercise of stock options in connection with equity incentive plans | ||||||||||
3,618 | 6,098 | 2,455 | 397 | 406 | - | - | - | - | - | - |