XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 58,127 $ 50,209
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 8,173 6,252
Bad debt expense, net of recoveries 549 58
Adjustment to contingent earnout liability 642 660
Stock-based compensation expense 3,689 2,855
Deferred income taxes 2,944 3,348
Other, net 52 96
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (93,222) (54,651)
Other assets (2,441) (997)
Accounts payable 3,370 (4,873)
Income taxes payable 16,100 11,805
Accrued personnel costs (39,243) (29,755)
Other liabilities (9,626) 172
Operating cash flows used in continuing operations (50,886) (14,821)
Operating cash flows used in discontinued operations (4) (6)
Net cash used in operating activities (50,890) (14,827)
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (72,469) (2,012)
Purchases of client fund investments (8,450) 0
Proceeds from the sales and maturities of client fund investments 2,370 3,090
Proceeds from sales of divested operations 55 0
Change in funds held for clients 85 83
Additions to property and equipment (833) (1,146)
Other, net (2,289) 214
Net cash (used in) provided by investing activities (81,531) 229
Cash flows from financing activities:    
Proceeds from bank debt 268,000 235,700
Payment of bank debt (124,400) (181,700)
Payment for acquisition of treasury stock (5,199) (31,678)
Indirect repurchase of shares for minimum tax withholding (6,373) (1,464)
Changes in client funds obligations 42,499 (26,499)
Proceeds from exercise of stock options 3,224 4,408
Payment of contingent consideration for acquisitions (7,305) (1,670)
Other, net 0 (57)
Net cash provided by (used in) financing activities 170,446 (2,960)
Net increase (decrease) in cash, cash equivalents and restricted cash 38,025 (17,558)
Cash, cash equivalents and restricted cash at beginning of year 150,474 170,335
Cash, cash equivalents and restricted cash at end of period 188,499 152,777
Reconciliation of cash, cash equivalents and restricted cash to the   Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 558 6,778
Restricted cash 33,394 27,618
Cash equivalents included in funds held for clients 154,547 118,381
Total cash, cash equivalents and restricted cash $ 188,499 $ 152,777