| 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 | ||||||||||
37,125 | 24,559 | 18,581 | 20,459 | 23,007 | 23,163 | 21,432 | 16,107 | 10,747 | 6,480 | 1,463 |
Adjustments to reconcile net income to net cash used in operations: | ||||||||||
Depreciation | ||||||||||
4,447 | 4,072 | 4,722 | 4,867 | 4,496 | 3,734 | 3,262 | 2,251 | 1,754 | 830 | 1,483 |
Amortization | ||||||||||
16,200 | 16,400 | 15,000 | 13,400 | 13,819 | 14,453 | 7,974 | 7,827 | 6,341 | 3,954 | 4,267 |
Deferred income taxes | ||||||||||
2,041 | 1,378 | -4,140 | 4,390 | 1,497 | 662 | 1,604 | -613 | 531 | 205 | -18 |
Non-cash stock compensation and retirement savings plan contributions | ||||||||||
17,425 | 15,731 | 14,096 | 13,974 | 13,110 | 12,719 | 11,034 | 9,590 | 9,178 | 10,831 | 9,836 |
Amortization of debt discount and issuance costs | ||||||||||
4,667 | 1,435 | 140 | 218 | - | - | - | - | - | - | - |
Tax benefit from stock option exercises and restricted stock vesting | ||||||||||
- | - | - | - | 1,432 | 2,607 | 2,618 | 1,061 | 1,838 | 1,531 | 583 |
Adjustment to fair value of contingent consideration for purchase of business | ||||||||||
301 | 1,816 | 3,235 | -1,679 | 445 | -1,463 | 287 | 517 | 1,586 | 4 | 0 |
Write off of Deferred Debt Issuance Cost | ||||||||||
0 | 0 | 246 | 0 | 0 | - | - | - | - | - | - |
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||
Accounts receivable | ||||||||||
3,402 | 245 | 3,003 | -16,905 | -3,512 | 27,050 | -1,462 | 818 | 7,587 | 5,491 | -9,427 |
Other assets | ||||||||||
7,677 | 2,402 | 1,915 | 685 | 448 | -5,220 | 126 | -1,074 | 320 | -1,626 | 342 |
Accounts payable | ||||||||||
-1,356 | 1,241 | 4,780 | -377 | -3,242 | 14,344 | -361 | 2,190 | -1,522 | 642 | -884 |
Other liabilities | ||||||||||
8,243 | 4,639 | 3,454 | -8,142 | -10,043 | -9,142 | 2,901 | 2,147 | -4,550 | 1,189 | -2,086 |
Net cash used in operating activities | ||||||||||
77,965 | 68,580 | 55,221 | 63,301 | 44,721 | 34,033 | 46,851 | 39,211 | 14,320 | 18,731 | 22,563 |
Investing Activities | ||||||||||
Proceeds from maturity of investments | ||||||||||
- | - | - | - | - | - | - | - | 13,555 | - | 0 |
Purchase of investments | ||||||||||
- | - | - | - | - | - | - | - | - | 4,252 | 9,984 |
Purchase of property and equipment | ||||||||||
8,082 | 4,084 | 3,361 | 4,087 | 3,356 | 3,674 | 4,649 | 1,923 | 2,776 | 1,161 | 415 |
Capitalization of internally developed software costs | ||||||||||
1,174 | 564 | 961 | 1,964 | 1,035 | 3,474 | 3,329 | 187 | 179 | 160 | 311 |
Purchase of short-term investments | ||||||||||
- | - | - | 869 | 0 | 0 | - | - | - | - | - |
Proceeds from sale of short-term investments | ||||||||||
- | - | - | 853 | 0 | 0 | - | - | - | - | - |
Proceeds from settlement of company-owned life insurance | ||||||||||
- | - | - | 2,792 | 0 | 0 | - | - | - | - | - |
Payments to fund company-owned life insurance | ||||||||||
- | - | - | 2,792 | 0 | 0 | - | - | - | - | - |
Purchase of businesses | ||||||||||
11,143 | 26,640 | 37,886 | 7,464 | 37,848 | 46,447 | 38,434 | 36,560 | 19,385 | 4,941 | 0 |
Net cash used in investing activities | ||||||||||
-20,399 | -31,288 | -42,208 | -13,531 | -42,239 | -53,595 | -46,412 | -38,670 | -8,785 | -10,514 | -10,710 |
Financing Activities | ||||||||||
Proceeds from issuance of convertible notes | ||||||||||
0 | 143,750 | 0 | 0 | - | - | - | - | - | - | - |
Payment for convertible notes issuance costs | ||||||||||
0 | 4,832 | 0 | 0 | 193 | - | - | - | - | - | - |
Purchase of convertible notes hedges | ||||||||||
0 | 20,686 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from issuance of convertible notes warrants | ||||||||||
0 | 12,060 | 0 | 0 | - | - | - | - | - | - | - |
Proceeds from line of credit | ||||||||||
0 | 161,000 | 275,000 | 208,500 | 266,500 | 265,100 | 181,150 | 134,900 | 14,000 | - | - |
Payments on line of credit | ||||||||||
0 | 216,000 | 252,000 | 232,500 | 264,500 | 230,100 | 164,950 | 132,100 | 14,000 | - | - |
Proceeds on short-term borrowings | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Payments on short-term borrowings | ||||||||||
- | - | - | - | - | - | - | - | - | - | 0 |
Payments for credit facility financing fees | ||||||||||
0 | 0 | 355 | 194 | - | 0 | 399 | 0 | 306 | - | 0 |
Payment for Contingent Consideration Liability, Financing Activities | ||||||||||
4,281 | 4,038 | 3,258 | 2,144 | 0 | -1,196 | 0 | -556 | -1,244 | -1,875 | 0 |
Proceeds from the sale of stock through the Employee Stock Purchase Plan | ||||||||||
178 | 167 | 135 | 197 | 337 | 1,451 | 332 | 202 | 3,712 | 1,468 | 975 |
Tax benefit from stock option exercises and restricted stock vesting | ||||||||||
- | - | - | - | 1,432 | 2,607 | 2,618 | 1,061 | 1,838 | 1,531 | 583 |
Purchases of treasury stock | ||||||||||
20,612 | 64,441 | 32,601 | 18,023 | 2,840 | 7,702 | 13,794 | 6,118 | 11,791 | 14,676 | 18,350 |
Remittance of taxes withheld as part of a net share settlement of restricted stock vesting | ||||||||||
-7,336 | -5,061 | -4,196 | -3,723 | -5,004 | -6,600 | -4,287 | -1,857 | -747 | - | 0 |
Net cash used in financing activities | ||||||||||
-32,051 | 1,919 | -17,275 | -47,887 | -4,268 | 23,560 | 670 | -4,468 | -8,538 | -13,552 | -16,792 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | ||||||||||
229 | -534 | 456 | -581 | -338 | -81 | 96 | 8 | 28 | 67 | 5 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | ||||||||||
25,744 | 38,677 | -3,806 | 1,302 | -2,124 | 3,917 | 1,205 | -3,919 | -2,975 | -5,268 | -4,934 |
Supplemental Disclosures: | ||||||||||
Cash paid for income taxes | ||||||||||
7,405 | 5,127 | 9,074 | 5,038 | 9,944 | 10,552 | 7,862 | 9,687 | 7,810 | 4,265 | 1,831 |
Cash paid for interest | ||||||||||
3,674 | 1,399 | 1,551 | 1,487 | 2,005 | 1,279 | 273 | 168 | 5 | 22 | 50 |
Non-Cash Investing Activity: | ||||||||||
Stock issued for purchase of business | ||||||||||
1,294 | 5,134 | 9,429 | 96 | 15,361 | 19,903 | 7,854 | 14,411 | 6,616 | 2,859 | 0 |
Stock surrendered by sellers in conjunction with net working capital settlement | ||||||||||
0 | 303 | 572 | 1,499 | 0 | 0 | - | - | - | - | - |
Liability incurred for purchase of property, plant and equipment | ||||||||||
1,851 | 0 | 0 | 1,671 | 0 | 0 | - | - | - | - | - |
Stock issued for settlement of contingent consideration for purchase of business | ||||||||||
- | - | - | - | - | - | 0 | 2,199 | 2,915 | 768 | 0 |
Estimated fair value of contingent consideration for purchase of business | ||||||||||
- | - | - | - | - | - | 5,114 | 0 | 2,377 | 3,339 | 0 |
Accrued additions to property and equipment | ||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | - |