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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 120,968 $ 105,354 $ 70,887
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of operations, net of tax (176) (413) (5,995)
Depreciation and amortization expense 36,269 32,895 27,078
Bad debt expense, net of recoveries 1,551 1,173 3,054
Adjustment to contingent earnout liability, net 2,743 2,435 2,367
Deferred income taxes 11,273 13,877 9,234
Stock-based compensation expense 12,286 14,689 11,407
Other, net (2,365) (1,835) (150)
Changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable, net (36,093) (61,106) (17,040)
Other assets (6,626) (11,855) 3,474
Accounts payable 2,210 14,363 3,312
Income taxes payable (5,918) (5,578) (4,108)
Accrued personnel costs 2,711 24,009 24,525
Other liabilities 14,674 (1,876) 3,109
Net cash provided by operating activities 153,507 126,132 131,154
Cash flows from investing activities:      
Business acquisitions and purchases of client lists, net of cash acquired (53,110) (79,141) (66,734)
Purchases of client fund investments (14,122) (19,771) (26,980)
Proceeds from the sales and maturities of client fund investments 18,465 12,400 14,877
Proceeds from sales of assets and divested operations 3,059 3,022 9,710
Additions to property and equipment (23,052) (8,641) (8,984)
Other, net (10,633) (6,987) (3,899)
Net cash used in investing activities (79,393) (99,118) (82,010)
Cash flows from financing activities:      
Proceeds from bank debt 1,224,000 824,900 852,100
Payment of bank debt (1,177,300) (714,500) (804,800)
Payment for acquisition of treasury stock (65,378) (122,538) (97,450)
Indirect repurchase of shares for minimum tax withholding (8,448) (7,289) (3,037)
Changes in client funds obligations (13,574) 15,352 (8,874)
Payment of contingent consideration of acquisitions and client lists (45,175) (21,231) (14,084)
Proceeds from exercise of stock options 8,764 10,035 7,311
Other, net 0 (2,072) (171)
Net cash used in financing activities (77,111) (17,343) (69,005)
Net (decrease) increase in cash, cash equivalents and restricted cash (2,997) 9,671 (19,861)
Cash, cash equivalents and restricted cash at beginning of year 160,145 150,474 170,335
Cash, cash equivalents and restricted cash at end of year 157,148 160,145 150,474
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:      
Cash and cash equivalents 8,090 4,697 1,997
Restricted cash 30,362 28,487 30,383
Cash equivalents included in funds held for clients 118,696 126,961 118,094
Cash, cash equivalents and restricted cash at end of year 157,148 160,145 150,474
Supplemental disclosures of cash flow information:      
Cash paid for interest 19,127 7,421 3,350
Cash paid for income taxes, net of income tax refunds $ 39,976 $ 27,815 $ 16,998