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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 96,677 $ 100,023
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 19,008 17,831
Gain on sale of operations, net 0 (99)
Bad debt expense, net of recoveries 1,244 805
Adjustment to contingent earnout liability 638 1,445
Stock-based compensation expense 5,016 6,619
Deferred income taxes 3,128 4,571
Other, net 273 100
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (95,997) (111,792)
Other assets (1,663) (11,594)
Accounts payable 25,058 45,350
Income taxes payable 5,443 11,913
Accrued personnel costs (38,502) (40,893)
Other liabilities 4,116 5,450
Net cash provided by operating activities 24,439 29,729
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (22,493) (48,630)
Purchases of client fund investments (12,100) 0
Proceeds from the sales and maturities of client fund investments 12,421 3,190
Proceeds from sales of divested operations 0 245
Change in funds held for clients (301) 305
Additions to property and equipment (6,973) (11,726)
Other, net (3,801) (9,001)
Net cash used in investing activities (33,247) (65,617)
Cash flows from financing activities:    
Proceeds from bank debt 619,800 661,800
Payment of bank debt (551,200) (516,900)
Payment for acquisition of treasury stock 0 (48,764)
Indirect repurchase of shares for minimum tax withholding (11,229) (8,224)
Changes in client funds obligations (28,270) (40,398)
Proceeds from exercise of stock options 0 4,252
Payment of contingent consideration for acquisitions and client lists (41,021) (29,973)
Net cash (used in) provided by financing activities (11,920) 21,793
Net decrease in cash, cash equivalents and restricted cash (20,728) (14,095)
Cash, cash equivalents and restricted cash at beginning of year 157,148 160,145
Cash, cash equivalents and restricted cash at end of period 136,420 146,050
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 1,128 3,692
Restricted cash 44,947 52,314
Cash equivalents included in funds held for clients 90,345 90,044
Total cash, cash equivalents and restricted cash $ 136,420 $ 146,050