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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 $ 58,816 $ 58,316
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 12,876 11,491
Gain on sale of operations, net (6,385) (152)
Bad debt expense, net of recoveries 265 3,234
Adjustment to contingent earnout liability 753 (155)
Stock-based compensation expense 5,454 4,280
Excess tax benefits from share based payment arrangements (3,368) (1,427)
Deferred income taxes 5,360 1,129
Other, net (478) 138
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (69,363) (47,545)
Other assets (11,279) 894
Accounts payable 36,574 17,810
Income taxes payable 2,599 19,365
Accrued personnel costs (7,634) (19,824)
Other liabilities 42,117 8,014
Operating cash flows provided by continuing operations 66,307 55,568
Operating cash flows used in discontinued operations (13) (45)
Net cash provided by operating activities 66,294 55,523
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (43,172) (7,888)
Purchases of client fund investments (7,900) (3,447)
Proceeds from the sales and maturities of client fund investments 7,965 25,316
Proceeds from sales of divested operations 9,785 651
Change in funds held for clients (4,029) 3,125
Additions to property and equipment (3,258) (5,306)
Other 472 356
Net cash (used in) provided by investing activities (40,137) 12,807
Cash flows from financing activities:    
Proceeds from bank debt 431,700 440,254
Payment of bank debt (376,400) (425,754)
Payment for acquisition of treasury stock (64,506) (29,029)
Indirect repurchase of shares for minimum tax withholding (3,037) (2,040)
Decrease in client funds obligations (27,823) (50,793)
Proceeds from exercise of stock options 5,448 3,227
Payment of contingent consideration for acquisitions (7,850) (6,199)
Other, net (114) (226)
Net cash used in financing activities (42,582) (70,560)
Net decrease in cash, cash equivalents and restricted cash (16,425) (2,230)
Cash, cash equivalents and restricted cash at beginning of year 170,335 146,505
Cash, cash equivalents and restricted cash at end of period 153,910 144,275
Reconciliation of cash, cash equivalents and restricted cash to the    Consolidated Balance Sheets:    
Cash and cash equivalents 4,677 9,620
Restricted cash 39,268 42,411
Cash equivalents included in funds held for clients 109,965 92,244
Total cash, cash equivalents and restricted cash $ 153,910 $ 144,275