XML 21 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 50,377 $ 40,065 $ 34,107
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Loss from discontinued operations, net of tax 655 542 896
Gain on sale of operations, net of tax (45) (855) (84)
Loss on early extinguishment of convertible debt     833
Depreciation and amortization expense 23,061 22,098 20,389
Amortization of discount on notes and deferred financing costs 523 523 2,271
Amortization of discount on contingent earnout liabilities 634 348 144
Bad debt expense, net of recoveries 5,137 4,090 5,658
Adjustment to contingent earnout liability (2,128) (1,342) (2,853)
Deferred income taxes 3,674 4,829 1,734
Employee stock awards 5,705 5,725 5,729
Excess tax benefits from share based payment arrangements (3,837) (1,108) (948)
Changes in assets and liabilities, net of acquisitions and divestitures:      
Restricted cash (5,105) (3,019) 3,433
Accounts receivable, net (13,849) (19,188) (15,276)
Other assets 3,180 (5,612) (1,269)
Accounts payable 3,738 10,217 (1,288)
Income taxes payable (2,071) 1,881 (3,674)
Accrued personnel costs (599) 5,496 (349)
Other liabilities 3,508 5,965 (3,057)
Net cash provided by continuing operations 72,558 70,655 46,396
Operating cash flows (used in) provided by discontinued operations (627) 387 990
Net cash provided by operating activities 71,931 71,042 47,386
Cash flows from investing activities:      
Business acquisitions and purchases of client lists, net of cash acquired (28,093) (42,883) (14,636)
Purchases of client fund investments (15,546) (11,355) (15,429)
Proceeds from the sales and maturities of client fund investments 8,785 9,778 10,664
Proceeds on sales of divested and discontinued operations 46 802 2,938
Increase (decrease) in funds held for clients 17,034 (3,193) 15,921
Additions to property and equipment (11,892) (4,141) (7,390)
Collection of notes receivable 558 998 955
Other (300) (20) 20
Net cash used in continuing operations (29,408) (50,014) (6,957)
Investing cash flows provided by discontinued operations     8
Net cash used in investing activities (29,408) (50,014) (6,949)
Cash flows from financing activities:      
Proceeds from bank debt 533,900 416,800 408,800
Payment of bank debt (546,800) (431,200) (310,400)
Payment on extinguishment of convertible debt   (760) (88,964)
Payment for acquisition of treasury stock (19,735) (9,144) (36,482)
(Decrease) increase in client funds obligations (10,273) 5,257 (12,617)
Payment of contingent consideration of acquisitions (10,515) (7,504) (11,987)
Proceeds from exercise of stock options 8,008 8,070 10,728
Payment of notes payable (178) (347) (574)
Deferred financing costs   (6) (18)
Payment of acquired debt   (658)  
Excess tax benefit from exercise of stock awards   1,108 948
Net cash used in financing activities (45,593) (18,384) (40,566)
Net (decrease) increase in cash and cash equivalents (3,070) 2,644 (129)
Cash and cash equivalents at beginning of year 3,494 850 979
Cash and cash equivalents at end of year $ 424 $ 3,494 $ 850