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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 58,316 $ 54,061
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 11,491 10,976
Bad debt expense, net of recoveries 3,234 1,506
Adjustment to contingent earnout liability (155) (193)
Stock-based compensation expense 4,280 3,399
Excess tax benefits from share based payment arrangements (1,427) (1,475)
Deferred income taxes 1,129 1,797
Other, net (14) (250)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (47,545) (65,684)
Other assets 894 362
Accounts payable 17,810 28,987
Income taxes payable 19,365 8,518
Accrued personnel costs (19,824) (21,703)
Other liabilities 8,014 (602)
Operating cash flows provided by continuing operations 55,568 19,699
Operating cash flows used in discontinued operations (45) (119)
Net cash provided by operating activities 55,523 19,580
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (7,888) (1,293)
Purchases of client fund investments (3,447) (13,920)
Proceeds from the sales and maturities of client fund investments 25,316 10,556
Increase in funds held for clients 3,125 369
Additions to property and equipment, net (5,306) (6,916)
Other, net 1,007 325
Net cash provided by (used in) investing activities 12,807 (10,879)
Cash flows from financing activities:    
Proceeds from bank debt 440,254 265,796
Payment of bank debt (425,754) (242,296)
Payment for acquisition of treasury stock (31,069) (21,732)
Decrease in client funds obligations (50,793) (34,947)
Proceeds from exercise of stock options 3,227 3,043
Payment of contingent consideration for acquisitions (6,199) (11,718)
Other, net (226) (222)
Net cash used in financing activities (70,560) (42,076)
Net decrease in cash, cash equivalents and restricted cash (2,230) (33,375)
Cash, cash equivalents and restricted cash at beginning of year 146,505 130,554
Cash, cash equivalents and restricted cash at end of period 144,275 97,179
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:    
Cash and cash equivalents 9,620 2,628
Restricted cash 42,411 30,126
Cash equivalents included in funds held for clients 92,244 64,425
Cash, cash equivalents and restricted cash at end of period $ 144,275 $ 97,179