| May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
31,470 | 18,826 | 18,651 | 30,443 | 27,508 | 19,886 | 20,504 | 41,142 | 24,855 | -11,749 | 17,764 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
8,478 | 6,389 | 3,452 | 3,557 | 4,307 | 5,316 | 6,274 | 9,095 | 12,253 | 12,040 | 10,281 |
Stock-based compensation expense | ||||||||||
6,570 | 6,033 | 6,068 | 6,280 | 5,989 | 6,519 | 7,188 | 7,742 | 9,778 | 15,493 | 17,790 |
Contingent consideration adjustment | ||||||||||
-590 | - | - | - | - | - | - | -33,440 | -25,852 | -1,492 | - |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | 86 | 35 | 18 | 238 | 491 | 657 | 524 |
Loss on disposal of assets | ||||||||||
-126 | -14 | -19 | - | -15 | -65 | -116 | -478 | -50 | -168 | -536 |
Bad debt expense | ||||||||||
1,540 | 826 | 458 | 1,118 | 212 | 300 | - | - | - | - | 1,824 |
Deferred income taxes | ||||||||||
6,452 | -5,035 | 4,530 | 1,058 | 692 | 1,828 | 982 | 13,191 | 10,663 | -1,263 | -858 |
Changes in operating assets and liabilities, net of effects of business combinations: | ||||||||||
Trade accounts receivable | ||||||||||
5,690 | 19,373 | 1,494 | 2,702 | 10,052 | 5,747 | -37 | -525 | 9,919 | 593 | -52,450 |
Prepaid expenses and other current assets | ||||||||||
-109 | 1,567 | -374 | 651 | -547 | 225 | -548 | 867 | 777 | 848 | -1,597 |
Income taxes | ||||||||||
4,324 | -4,733 | 6,232 | 949 | 2,187 | -845 | 600 | -1,844 | -465 | -4,879 | 9,291 |
Other assets | ||||||||||
1,147 | 166 | -253 | -15 | -254 | -110 | 64 | -173 | -436 | -59 | -92 |
Accounts payable and accrued expenses | ||||||||||
-1,469 | 3,332 | 681 | 176 | 304 | -1,496 | -973 | -2,140 | 1,726 | -772 | -3,660 |
Accrued salaries and related obligations | ||||||||||
547 | 4,173 | -434 | 1,574 | 4,090 | 6,097 | 429 | -1,566 | 1,832 | -11,400 | -13,814 |
Other liabilities | ||||||||||
1,549 | -2,815 | 1,939 | -1,657 | 158 | -1,445 | 536 | 431 | 1,045 | 843 | -7,875 |
Net cash provided by operating activities | ||||||||||
43,621 | 15,370 | 28,265 | 38,262 | 31,751 | 32,018 | 34,959 | 36,370 | 26,064 | 7,692 | 66,312 |
Cash flows from investing activities: | ||||||||||
Redemption of short-term investments | ||||||||||
- | - | 24,957 | 45,000 | 49,000 | 73,000 | 61,000 | 36,500 | 31,987 | 53,996 | 76,000 |
Purchase of short-term investments | ||||||||||
5,981 | - | - | 44,969 | 40,002 | 81,990 | 63,005 | 54,242 | 26,990 | 43,748 | 70,494 |
Proceeds from sale of assets | ||||||||||
- | 4 | 233 | - | - | - | - | - | - | - | - |
Acquisition of Expertence, net of cash acquired | ||||||||||
- | 3,410 | - | - | - | - | - | - | - | - | - |
Acquisition of Veracity, net of cash acquired of $2.1 million | ||||||||||
- | 20,047 | - | - | - | - | - | - | 269 | 28,262 | 5,292 |
Purchase of property and equipment | ||||||||||
6,896 | 2,213 | 4,781 | 2,381 | 2,364 | 3,725 | 3,147 | 2,786 | 3,852 | 3,380 | 5,898 |
Net cash used in investing activities | ||||||||||
-12,877 | -25,666 | 20,409 | -2,350 | 6,634 | -12,715 | -5,152 | -20,528 | 876 | -21,394 | -5,684 |
Cash flows from financing activities: | ||||||||||
Proceeds from exercise of stock options | ||||||||||
19,809 | 6,489 | 3,864 | 5,493 | 5,303 | 3,816 | 1,667 | 193 | 4,546 | 4,521 | 7,600 |
Proceeds from issuance of common stock under Employee Stock Purchase Plan | ||||||||||
4,499 | 3,949 | 4,493 | 4,462 | 3,772 | 3,451 | 3,912 | 4,151 | 4,152 | 5,280 | 8,028 |
Purchase of common stock | ||||||||||
29,891 | 5,116 | 118,886 | 28,128 | 26,277 | 29,587 | 34,192 | 45,385 | 24,397 | 9,042 | 12,341 |
Payment of contingent consideration | ||||||||||
1,860 | 2,579 | - | - | - | - | - | - | - | - | - |
Proceeds from Revolving Credit Facility | ||||||||||
- | 15,000 | 58,000 | - | - | - | - | - | - | - | - |
Repayment on Revolving Credit Facility | ||||||||||
20,000 | - | 10,000 | - | - | - | - | - | - | - | - |
Debt issuance costs | ||||||||||
- | - | 190 | - | - | - | - | - | - | - | - |
Cash dividends paid | ||||||||||
16,158 | 14,269 | 14,157 | 14,085 | 11,748 | 10,625 | 9,497 | 8,306 | 5,538 | - | - |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | 86 | 35 | 18 | 238 | 491 | 657 | 524 |
Net cash used in financing activities | ||||||||||
-43,601 | 3,474 | -76,876 | -32,258 | -28,864 | -32,910 | -38,092 | -49,109 | -20,746 | 1,416 | 3,811 |
Effect of exchange rate changes on cash | ||||||||||
-568 | 963 | -558 | 185 | -2,562 | -118 | -2,823 | -1,233 | 2,771 | -302 | -2,006 |
Net decrease in cash | ||||||||||
-13,425 | -5,859 | -28,760 | 3,839 | 6,959 | -13,725 | -11,108 | -34,500 | 8,965 | -12,588 | 62,433 |