| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES: | |||||||||
Net Income | |||||||||
32,149 | 30,125 | 24,580 | 22,148 | 21,799 | 20,066 | 18,231 | 12,937 | 14,095 | 10,329 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization | |||||||||
400 | 314 | 355 | 420 | 432 | 412 | 431 | 433 | 479 | 466 |
Provision for credit losses | |||||||||
-78 | 38 | 9 | 18 | -149 | 62 | -44 | -47 | -43 | 189 |
Compensation expense related to stock options | |||||||||
1,666 | 1,976 | 1,956 | 1,776 | 1,694 | 1,417 | 1,153 | 930 | 755 | 725 |
Deferred income taxes | |||||||||
-1,815 | 827 | -1,370 | -305 | -2,142 | -111 | 499 | -324 | -3,331 | -1,216 |
Gain on sale of marketable securities | |||||||||
- | - | 1 | -12 | -22 | 8 | 25 | 21 | 58 | -50 |
Loss from disposal of property and equipment | |||||||||
-1 | - | - | - | -0 | 2 | - | 0 | - | - |
Loss from equity investments | |||||||||
- | - | - | - | - | - | - | 2,492 | -515 | -259 |
Impairment of investment in notes | |||||||||
- | - | - | - | - | - | - | 1,324 | 883 | - |
Deferred initial direct costs | |||||||||
92 | 1,367 | 416 | 535 | 416 | 850 | 444 | -728 | -337 | -407 |
Amortization of deferred initial direct costs | |||||||||
550 | 1,048 | 447 | 471 | 587 | 754 | 539 | 574 | 539 | 723 |
Operating lease right of use asset amortization | |||||||||
345 | - | - | - | - | - | - | - | - | - |
Tax benefits on exercised stock options | |||||||||
1,218 | 403 | 882 | 599 | 26 | 91 | 413 | 884 | 249 | 17 |
Change in operating assets and liabilities: | |||||||||
Receivables | |||||||||
116 | -242 | 316 | 62 | 88 | 122 | -31 | -79 | -317 | 80 |
Principal collections on lease receivables | |||||||||
19,421 | 24,252 | 25,343 | 23,006 | 26,603 | 20,724 | 17,755 | 16,886 | 20,090 | 20,015 |
Restricted cash | |||||||||
- | - | - | - | 25 | - | - | - | - | - |
Income tax receivable/payable | |||||||||
-1,151 | 1,192 | -1,371 | 1,597 | 870 | -3,886 | 1,647 | -386 | 416 | -454 |
Inventories | |||||||||
-21 | 10 | 9 | 42 | -48 | -3 | 25 | 2 | -17 | -25 |
Prepaid expenses | |||||||||
66 | - | -242 | 367 | 210 | 119 | -142 | 83 | -20 | -16 |
Other assets | |||||||||
9 | 132 | 15 | -25 | -70 | - | - | - | 32 | -11 |
Accounts payable | |||||||||
-336 | -721 | 381 | 48 | -312 | -485 | 237 | 743 | 186 | -141 |
Accrued and other liabilities | |||||||||
-661 | 1,490 | -174 | -253 | -147 | 423 | -158 | -194 | -456 | 99 |
Rents received in advance and security deposits | |||||||||
-197 | -358 | 126 | 759 | 370 | -55 | 342 | -142 | 40 | 521 |
Deferred revenue | |||||||||
-601 | -132 | -98 | -36 | -105 | 109 | 785 | 538 | 247 | -89 |
Net cash provided by operating activities | |||||||||
50,647 | 34,937 | 25,207 | 26,276 | 22,325 | 17,983 | 21,648 | 18,172 | 20,587 | 12,400 |
INVESTING ACTIVITIES: | |||||||||
Purchase of long-term equity investments | |||||||||
- | - | - | - | - | - | - | - | 1,000 | - |
Proceeds from sale of marketable securities | |||||||||
- | - | 217 | 52 | 299 | 862 | 774 | 1,527 | 1,165 | 1,612 |
Purchase of marketable securities | |||||||||
- | - | - | - | 75 | 637 | 1,399 | 583 | 1,962 | 565 |
Purchase of property and equipment | |||||||||
169 | 693 | 72 | 68 | 133 | 452 | 396 | 188 | 168 | 408 |
Purchase of equipment for lease contracts | |||||||||
9,009 | 23,104 | 25,403 | 26,211 | 22,192 | 27,547 | 20,727 | 23,792 | 20,378 | 15,294 |
Net cash provided by (used for) investing activities | |||||||||
-9,178 | 453 | 85 | -3,220 | 4,499 | -7,050 | -3,993 | -6,149 | -2,252 | 5,359 |
FINANCING ACTIVITIES: | |||||||||
Proceeds from borrowings on line of credit | |||||||||
18,800 | 7,300 | 51,900 | 18,800 | 62,300 | 33,900 | 2,000 | 25,100 | 3,000 | 19,300 |
Payments on line of credit | |||||||||
18,800 | 42,700 | 39,900 | 37,800 | 38,400 | 15,400 | 12,800 | 14,300 | 11,800 | 19,782 |
Proceeds from borrowings on notes payable | |||||||||
- | - | 12,500 | - | 25,000 | - | - | - | - | - |
Payments on notes payable | |||||||||
3,250 | 3,250 | 2,312 | 2,000 | 1,000 | - | - | - | - | - |
Proceeds from issuance of subordinated notes | |||||||||
- | - | - | - | - | - | - | - | - | 146 |
Payments on subordinated notes | |||||||||
- | - | - | - | - | - | - | - | - | 21,372 |
Repurchases of common stock | |||||||||
24,028 | 1,846 | 49,902 | 1,573 | 74,853 | 11,564 | 1,854 | 7,220 | 3,527 | 3,997 |
Proceeds from exercises of stock options | |||||||||
10,918 | 2,819 | 2,309 | 1,305 | 273 | 418 | 3,237 | 1,430 | 1,053 | 920 |
Dividends paid | |||||||||
3,449 | 2,169 | 1,765 | 1,526 | 1,228 | 26,930 | 964 | 26,122 | 547 | 301 |
Proceeds from discounted lease rentals | |||||||||
944 | 5,868 | 1,747 | - | - | - | 721 | 1,418 | - | 74 |
Tax benefits on exercised stock options | |||||||||
- | - | - | - | - | 91 | 413 | 884 | 249 | 17 |
Net cash used for financing activities | |||||||||
-18,864 | -33,978 | -25,422 | -22,794 | -27,908 | -19,485 | -9,246 | -18,809 | -11,572 | -24,993 |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||
22,604 | 1,412 | -129 | 261 | -1,083 | -8,552 | 8,409 | -6,786 | 6,763 | -7,233 |
SUPPLEMENTAL DISCLOSURES: | |||||||||
Cash paid for interest | |||||||||
- | - | - | - | 1,492 | 421 | 217 | 341 | 162 | 2,258 |
Cash paid for income taxes | |||||||||
- | - | - | - | 14,647 | 16,229 | 10,135 | 10,291 | 5,203 | 6,585 |
Non-cash landlord leasehold improvements | |||||||||
- | - | - | - | - | - | 187 | - | - | - |