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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 105,354 $ 70,887 $ 78,299
Adjustments to reconcile net income to net cash provided by operating activities:      
(Gain) loss on sale of operations, net of tax (413) (5,995) 509
Depreciation and amortization expense 32,895 27,078 23,139
Bad debt expense, net of recoveries 1,173 3,054 4,409
Adjustment to contingent earnout liability, net 2,435 2,367 (629)
Deferred income taxes 13,877 9,234 (770)
Stock-based compensation expense 14,689 11,407 8,869
Other, net (1,817) (126) 485
Changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable, net (61,106) (17,040) 6,714
Other assets (11,855) 3,474 1,472
Accounts payable 14,363 3,312 (8,800)
Income taxes payable (5,578) (4,108) (236)
Accrued personnel costs 24,009 24,525 19,788
Other liabilities (1,876) 3,109 13,667
Net cash provided by continuing operations 126,150 131,178 146,916
Operating cash flows used in discontinued operations (18) (24) (71)
Net cash provided by operating activities 126,132 131,154 146,845
Cash flows from investing activities:      
Business acquisitions and purchases of client lists, net of cash acquired (79,141) (66,734) (71,430)
Purchases of client fund investments (19,771) (26,980) (3,447)
Proceeds from the sales and maturities of client fund investments 12,400 14,877 37,487
Proceeds from sales of assets and divested operations 3,022 9,710 711
Additions to property and equipment (8,641) (8,984) (11,576)
Other, net (6,987) (3,899) 1,849
Net cash used in investing activities (99,118) (82,010) (46,406)
Cash flows from financing activities:      
Proceeds from bank debt 824,900 852,100 592,354
Payment of bank debt (714,500) (804,800) (589,854)
Payment for acquisition of treasury stock (122,538) (97,450) (56,496)
Indirect repurchase of shares for minimum tax withholding (7,289) (3,037) (2,040)
Changes in client funds obligations 15,352 (8,874) (13,747)
Payment of contingent consideration of acquisitions (21,231) (14,084) (12,859)
Proceeds from exercise of stock options 10,035 7,311 6,486
Other, net (2,072) (171) (453)
Net cash used in financing activities (17,343) (69,005) (76,609)
Net increase (decrease) in cash, cash equivalents and restricted cash 9,671 (19,861) 23,830
Cash, cash equivalents and restricted cash at beginning of year 150,474 170,335 146,505
Cash, cash equivalents and restricted cash at end of year 160,145 150,474 170,335
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets      
Cash and cash equivalents 4,697 1,997 4,652
Restricted cash 28,487 30,383 23,951
Cash equivalents included in funds held for clients 126,961 118,094 141,732
Cash, cash equivalents and restricted cash at end of year 160,145 150,474 170,335
Supplemental disclosures of cash flow information:      
Cash paid for interest 7,421 3,350 4,739
Cash paid for income taxes, net of income tax refunds $ 27,815 $ 16,998 $ 25,939