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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 41,038 $ 120,968 $ 105,354
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sale of operations, net of tax (4,932) (176) (413)
Depreciation and amortization expense 48,060 36,269 32,895
Bad debt expense, net of recoveries 3,792 1,551 1,173
Adjustment to contingent earnout liability, net 6,993 2,743 2,435
Deferred income taxes (8,621) 11,273 13,877
Stock-based compensation expense 13,836 12,286 14,689
Other, net 130 (2,365) (1,835)
Changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable, net 48,218 (36,093) (61,106)
Other assets 2,809 (6,626) (11,855)
Accounts payable (18,846) 2,210 14,363
Income taxes payable (7,544) (5,918) (5,578)
Accrued personnel costs (5,830) 2,711 24,009
Other liabilities 4,589 14,674 (1,876)
Net cash provided by operating activities 123,692 153,507 126,132
Cash flows from investing activities:      
Business acquisitions and purchases of client lists, net of cash acquired (1,087,521) (53,110) (79,141)
Purchases of client fund investments (23,210) (14,122) (19,771)
Proceeds from the sales and maturities of client fund investments 21,923 18,465 12,400
Proceeds from sales of assets and divested operations 7,131 3,059 3,022
Additions to property and equipment (12,914) (23,052) (8,641)
Other, net (34,692) (10,633) (6,987)
Net cash used in investing activities (1,129,283) (79,393) (99,118)
Cash flows from financing activities:      
Proceeds from Term Loan 1,400,000 0 0
Proceeds from Revolver 1,087,900 1,224,000 824,900
Payments on Revolver (1,379,400) (1,177,300) (714,500)
Deferred financing costs (20,654) 0 (2,072)
Payment for acquisition of treasury stock 0 (65,378) (122,538)
Indirect repurchase of shares for minimum tax withholding (11,508) (8,448) (7,289)
Changes in client funds obligations 16,035 (13,574) 15,352
Payment of contingent consideration of acquisitions and client lists (56,760) (45,175) (21,231)
Proceeds from exercise of stock options 0 8,764 10,035
Net cash provided by (used in) financing activities 1,035,613 (77,111) (17,343)
Net increase (decrease) in cash, cash equivalents and restricted cash 30,022 (2,997) 9,671
Cash, cash equivalents and restricted cash at beginning of year 157,148 160,145 150,474
Cash, cash equivalents and restricted cash at end of year 187,170 157,148 160,145
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:      
Cash and cash equivalents 13,826 8,090 4,697
Restricted cash 38,661 30,362 28,487
Cash equivalents included in funds held for clients 134,683 118,696 126,961
Cash, cash equivalents and restricted cash at end of year 187,170 157,148 160,145
Supplemental disclosures of cash flow information:      
Cash paid for interest 25,686 19,127 7,421
Cash paid for income taxes, net of income tax refunds $ 37,537 $ 39,976 $ 27,815