XML 15 R5.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 100,023 $ 89,382
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 17,831 16,465
Gain on sale of operations, net (99) (135)
Bad debt expense, net of recoveries 805 1,263
Adjustment to contingent earnout liability 1,445 1,478
Stock-based compensation expense 6,619 6,428
Deferred income taxes 4,571 4,688
Other, net 100 202
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (111,792) (138,658)
Other assets (11,594) (1,696)
Accounts payable 45,350 57,837
Income taxes payable 11,913 11,252
Accrued personnel costs (40,893) (11,176)
Other liabilities 5,450 (8,822)
Net cash provided by operating activities 29,729 28,508
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (48,630) (72,469)
Purchases of client fund investments 0 (18,271)
Proceeds from the sales and maturities of client fund investments 3,190 8,505
Proceeds from sales of divested operations 245 190
Change in funds held for clients 305 (2,468)
Additions to property and equipment (11,726) (3,640)
Other, net (9,001) (1,603)
Net cash used in investing activities (65,617) (89,756)
Cash flows from financing activities:    
Proceeds from bank debt 661,800 447,300
Payment of bank debt (516,900) (336,600)
Payment for acquisition of treasury stock (48,764) (34,354)
Indirect repurchase of shares for minimum tax withholding (8,224) (7,289)
Changes in client funds obligations (40,398) 29,014
Proceeds from exercise of stock options 4,252 3,896
Payment of contingent consideration for acquisitions and client lists (29,973) (8,240)
Other, net 0 (2,072)
Net cash provided by financing activities 21,793 91,655
Net (decrease) increase in cash, cash equivalents and restricted cash (14,095) 30,407
Cash, cash equivalents and restricted cash at beginning of year 160,145 150,474
Cash, cash equivalents and restricted cash at end of period 146,050 180,881
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 3,692 3,881
Restricted cash 52,314 42,188
Cash equivalents included in funds held for clients 90,044 134,812
Total cash, cash equivalents and restricted cash $ 146,050 $ 180,881