XML 16 R5.htm IDEA: XBRL DOCUMENT v3.19.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 37,469 $ 35,851
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 5,659 5,775
Bad debt expense, net of recoveries 1,054 1,766
Adjustment to contingent earnout liability (281) 1,609
Stock-based compensation expense 809 525
Other (298) (1,769)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (57,886) (64,111)
Other assets 1,778 (2,571)
Accounts payable 2,860 5,501
Income taxes payable 14,195 15,413
Accrued personnel costs (29,978) (15,262)
Other liabilities (43) (3,366)
Operating cash flows used in continuing operations (24,662) (20,639)
Operating cash flows (used in) provided by discontinued operations (91) 139
Net cash used in operating activities (24,753) (20,500)
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (1,291) (15,568)
Purchases of client fund investments (9,470) (6,170)
Proceeds from the sales and maturities of client fund investments 6,865 3,345
(Decrease) increase in funds held for clients (395) 616
Additions to property and equipment (5,452) (2,641)
Other 7 662
Net cash used in investing activities (9,736) (19,756)
Cash flows from financing activities:    
Proceeds from bank debt 141,800 274,900
Payment of bank debt (95,300) (238,700)
Payment for acquisition of treasury stock (11,558) (558)
Decrease in client funds obligations (23,207) (54,928)
Proceeds from exercise of stock options 1,400 2,271
Payment of contingent consideration of acquisitions (2,999) (3,223)
Other (111) (58)
Net cash provided by (used in) financing activities 10,025 (20,296)
Net decrease in cash, cash equivalents and restricted cash (24,464) (60,552)
Cash, cash equivalents and restricted cash at beginning of year 130,554 182,262
Cash, cash equivalents and restricted cash at end of period 106,090 121,710
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:    
Cash and cash equivalents 2,143 295
Restricted cash 27,721 29,773
Cash equivalents included in funds held for clients 76,226 91,642
Cash, cash equivalents and restricted cash at end of period $ 106,090 $ 121,710