XML 20 R8.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 339,033 $ 249,184
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization 59,039 53,132
Depreciation 16,257 12,189
Non-cash stock-based compensation 32,723 30,087
Change in estimated acquisition earn-out payables (2,495) (10,322)
Deferred income taxes 21,933 (4,766)
Amortization of debt discount and disposal of deferred financing costs 144 1,066
Amortization (accretion) of discounts and premiums, investment 1,316 14
Net (gain)/loss on sales of investments, fixed assets and customer accounts (2,859) 86
Payments on acquisition earn-outs in excess of original estimated payables (5,747) (576)
Effect of changes in foreign exchange rate changes 577  
Changes in operating assets and liabilities, net of effect from acquisitions and divestitures:    
Premiums, commissions and fees receivable (increase) decrease (120,854) (130,110)
Reinsurance recoverables (increase) decrease 1,055 13,295
Prepaid reinsurance premiums (increase) decrease 8,904 9,201
Other assets (increase) decrease (35,578) (2,691)
Premiums payable to insurance companies increase (decrease) 141,074 177,685
Premium deposits and credits due customers increase (decrease) 5,265 (12,103)
Losses and loss adjustment reserve increase (decrease) (1,055) (13,295)
Unearned premiums increase (decrease) (8,904) (9,201)
Accounts payable increase (decrease) 65,212 101,124
Accrued expenses and other liabilities increase (decrease) (21,295) (47,742)
Other liabilities increase (decrease) (27,478) 442
Net cash provided by operating activities 466,267 416,699
Cash flows from investing activities:    
Additions to fixed assets (25,142) (35,938)
Payments for businesses acquired, net of cash acquired (116,618) (291,424)
Proceeds from sales of fixed assets and customer accounts 8,298 295
Purchases of investments (9,754) (3,031)
Proceeds from sales of investments 6,910 3,669
Net cash used in investing activities (136,306) (326,429)
Cash flows from financing activities:    
Payments on acquisition earn-outs (34,202) (6,902)
Payments on long-term debt (35,000) (27,500)
Borrowings on revolving credit facility   250,000
Payments on revolving credit facilities   (150,000)
Issuances of common stock for employee stock benefit plans 903 587
Repurchase shares to fund tax withholdings for non-cash stock-based compensation (48,256) (7,811)
Purchase of treasury stock (81,425) (1,429)
Cash dividends paid (52,155) (47,986)
Net cash (used in) provided by financing activities (250,135) 8,959
Effect of foreign exchange rate cash changes (721)  
Net increase in cash and cash equivalents inclusive of restricted cash 79,105 99,229
Cash and cash equivalents inclusive of restricted cash at beginning of period 1,271,915 962,975
Cash and cash equivalents inclusive of restricted cash at end of period $ 1,351,020 $ 1,062,204