XML 17 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities:    
Net income $ 62,543 $ 45,530
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 17,528 17,167
Bad debt expense, net of recoveries 3,697 4,265
Adjustment to contingent earnout liability 3,290 (221)
Stock-based compensation expense 5,358 4,247
Other noncash adjustments (1,989) (3,273)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (38,937) (38,095)
Other assets (3,474) 2,293
Accounts payable 108 (61)
Income taxes payable 9,458 12,509
Accrued personnel costs 8,986 (7,368)
Other liabilities (3,134) 1,606
Operating cash flows provided by continuing operations 63,434 38,599
Operating cash flows used in discontinued operations (162) (748)
Net cash provided by operating activities 63,272 37,851
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (24,612) (27,406)
Purchases of client fund investments (10,745) (14,046)
Proceeds from the sales and maturities of client fund investments 8,701 6,495
Proceeds from sales of divested operations 332 45
Increase in funds held for clients 78,307 87,224
Additions to property and equipment, net (9,800) (8,870)
Collection of notes receivable 18 21
Net cash provided by investing activities 42,201 43,463
Cash flows from financing activities:    
Proceeds from bank debt 563,800 425,400
Payment of bank debt (575,200) (410,800)
Payment for acquisition of treasury stock (8,121) (10,261)
Decrease in client funds obligations (76,285) (79,736)
Proceeds from exercise of stock options 6,076 6,227
Payment of contingent consideration for acquisitions (11,677) (9,827)
Other, net (1,431) (309)
Net cash used in financing activities (102,838) (79,306)
Net increase in cash, cash equivalents and restricted cash 2,635 2,008
Cash, cash equivalents and restricted cash at beginning of year 33,409 31,374
Cash, cash equivalents and restricted cash at end of period $ 36,044 $ 33,382