v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 50,750 $ 40,473
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation & amortization 10,483 9,075
Stock-based compensation expense 5,056 5,227
Deferred income taxes (285) 1,464
Provision for losses on accounts receivable 1,135 409
Changes in operating assets and liabilities:    
Trade accounts receivable, net (54,324) (25,135)
Prepaid expenses & other current assets (5,705) 761
Other assets 2,212 3,333
Accounts payable 16,013 24,700
Accrued expenses 27,585 1,554
Other current liabilities 3,977 2,052
Other long-term liabilities (3,671) (5,211)
Net cash provided by operating activities 53,226 58,702
Cash flows from investing activities:    
Capital expenditures (2,956) (3,483)
Capitalized software development costs (6,572) (6,679)
Business combination 0 (10,000)
Asset acquisition 0 (3,486)
Net cash used in investing activities (9,528) (23,648)
Cash flows from financing activities:    
Cash dividends on common stock (18,299) (16,234)
Proceeds from employee common stock purchases 1,509 1,443
Shares surrendered upon vesting of restricted stock to satisfy tax withholdings (1,996) (2,686)
Repurchase of shares (3,944) 0
Net cash used in financing activities (22,730) (17,477)
Net increase in cash 20,968 17,577
Cash, beginning of period 214,380 191,700
Cash, end of period 235,348 209,277
Non-cash activities:    
Contingent consideration - business combination 0 960
Cash payments:    
Income taxes paid, net $ 12,867 $ 12,283

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