XML 16 R5.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 131,761 $ 133,705
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 28,593 26,965
Gain on sale of operations, net (4,953) (176)
Bad debt expense, net of recoveries 2,099 1,011
Adjustment to contingent earnout liability 6,340 2,071
Stock-based compensation expense 7,431 9,721
Deferred income taxes 4,842 6,689
Other, net 434 (1,156)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (99,967) (121,249)
Other assets (7,202) (8,222)
Accounts payable 3,032 (1,057)
Income taxes payable 10,385 14,414
Accrued personnel costs (17,055) (12,593)
Other liabilities 2,428 7,131
Net cash provided by operating activities 68,168 57,254
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (22,930) (53,110)
Purchases of client fund investments (16,100) (2,472)
Proceeds from the sales and maturities of client fund investments 15,156 6,815
Proceeds from sales of divested operations 9,883 1,696
Change in funds held for clients 902 875
Additions to property and equipment (9,650) (19,035)
Other, net (2,172) (11,399)
Net cash used in investing activities (24,911) (76,630)
Cash flows from financing activities:    
Proceeds from bank debt 818,500 975,300
Payment of bank debt (793,600) (846,300)
Payment for acquisition of treasury stock 0 (57,736)
Indirect repurchase of shares for minimum tax withholding (11,444) (8,448)
Changes in client funds obligations (47,576) (49,557)
Proceeds from exercise of stock options 0 8,375
Payment of contingent consideration for acquisitions and client lists (50,861) (40,076)
Other, net (241) 0
Net cash used in financing activities (85,222) (18,442)
Net decrease in cash, cash equivalents and restricted cash (41,965) (37,818)
Cash, cash equivalents and restricted cash at beginning of year 157,148 160,145
Cash, cash equivalents and restricted cash at end of period 115,183 122,327
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 1,076 1,415
Restricted cash 43,104 38,229
Cash equivalents included in funds held for clients 71,003 82,683
Total cash, cash equivalents and restricted cash $ 115,183 $ 122,327