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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 122,773 $ 76,884
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 24,791 9,468
Bad debt expense, net of recoveries 417 550
Adjustment to contingent earnout liability 502 434
Stock-based compensation expense 5,639 2,638
Deferred income taxes 4,320 2,057
Other, net 1,009 150
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (201,258) (121,551)
Other assets (8,990) (2,592)
Accounts payable 11,985 5,743
Income taxes payable 45,626 24,827
Accrued personnel costs (84,642) (62,381)
Other liabilities (10,438) 53
Net cash used in operating activities (88,266) (63,720)
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired 0 (21,337)
Purchases of client fund investments (8,300) (4,440)
Proceeds from the sales and maturities of client fund investments 8,410 5,450
Proceeds from sales of divested operations 289 0
Change in funds held for clients (91) (1,015)
Additions to property and equipment (5,177) (5,121)
Other, net (92) (2,239)
Net cash used in investing activities (4,961) (28,702)
Cash flows from financing activities:    
Proceeds from bank debt 485,600 381,200
Payment of bank debt (358,100) (255,800)
Indirect repurchase of shares for minimum tax withholding (7,555) (11,229)
Changes in client funds obligations (35,062) (11,859)
Payment of contingent consideration for acquisitions and client lists (29,520) (31,124)
Net cash provided by financing activities 55,363 71,188
Net decrease in cash, cash equivalents and restricted cash (37,864) (21,234)
Cash, cash equivalents and restricted cash at beginning of year 187,170 157,148
Cash, cash equivalents and restricted cash at end of period 149,306 135,914
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 8,850 1,402
Restricted cash 40,777 27,740
Cash equivalents included in funds held for clients 99,679 106,772
Total cash, cash equivalents and restricted cash $ 149,306 $ 135,914