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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 133,705 $ 116,852
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 26,965 24,707
Gain on sale of operations, net (176) (311)
Bad debt expense, net of recoveries 1,011 1,295
Adjustment to contingent earnout liability 2,071 1,917
Stock-based compensation expense 9,721 11,987
Deferred income taxes 6,689 5,690
Other, net (1,156) (2,096)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (121,249) (125,700)
Other assets (8,222) (2,610)
Accounts payable (1,057) 6,203
Income taxes payable 14,414 12,709
Accrued personnel costs (12,593) 18,863
Other liabilities 7,131 (9,447)
Net cash provided by operating activities 57,254 60,059
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (53,110) (79,289)
Purchases of client fund investments (2,472) (19,771)
Proceeds from the sales and maturities of client fund investments 6,815 11,500
Proceeds from sales of divested operations 1,696 2,906
Change in funds held for clients 875 (171)
Additions to property and equipment (19,035) (6,030)
Other, net (11,399) (4,695)
Net cash used in investing activities (76,630) (95,550)
Cash flows from financing activities:    
Proceeds from bank debt 975,300 655,500
Payment of bank debt (846,300) (539,700)
Payment for acquisition of treasury stock (57,736) (65,976)
Indirect repurchase of shares for minimum tax withholding (8,448) (7,289)
Changes in client funds obligations (49,557) (30,024)
Proceeds from exercise of stock options 8,375 7,994
Payment of contingent consideration for acquisitions and client lists (40,076) (12,408)
Other, net 0 (2,072)
Net cash (used in) provided by financing activities (18,442) 6,025
Net decrease in cash, cash equivalents and restricted cash (37,818) (29,466)
Cash, cash equivalents and restricted cash at beginning of year 160,145 150,474
Cash, cash equivalents and restricted cash at end of period 122,327 121,008
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 1,415 2,040
Restricted cash 38,229 39,555
Cash equivalents included in funds held for clients 82,683 79,413
Total cash, cash equivalents and restricted cash $ 122,327 $ 121,008