XML 59 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
 3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net income $ 19,168us-gaap_NetIncomeLoss $ 17,289us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash used in operating activities:    
Loss from discontinued operations, net of tax 335us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax 737us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Gain on sale of operations, net (56)us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal (8)us-gaap_DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
Depreciation and amortization expense 4,987us-gaap_DepreciationDepletionAndAmortization 4,700us-gaap_DepreciationDepletionAndAmortization
Amortization of discount on notes and deferred financing costs 860us-gaap_AmortizationOfFinancingCostsAndDiscounts 1,168us-gaap_AmortizationOfFinancingCostsAndDiscounts
Amortization of discount on contingent earnout liability 38cbz_AmortizationOfDiscountOnContingentEarnoutLiability 19cbz_AmortizationOfDiscountOnContingentEarnoutLiability
Bad debt expense, net of recoveries 1,494us-gaap_ProvisionForDoubtfulAccounts 1,103us-gaap_ProvisionForDoubtfulAccounts
Adjustment to contingent earnout liability (1,500)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 (959)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
Deferred income taxes (2,137)us-gaap_DeferredIncomeTaxesAndTaxCredits (2,319)us-gaap_DeferredIncomeTaxesAndTaxCredits
Employee stock awards 1,622us-gaap_AllocatedShareBasedCompensationExpense 1,390us-gaap_AllocatedShareBasedCompensationExpense
Excess tax benefits from share based payment arrangements (48)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities (82)us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
Changes in assets and liabilities, net of acquisitions and divestitures:    
Restricted cash 2,685us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities (61)us-gaap_IncreaseDecreaseInRestrictedCashForOperatingActivities
Accounts receivable, net (47,239)us-gaap_IncreaseDecreaseInAccountsReceivable (39,759)us-gaap_IncreaseDecreaseInAccountsReceivable
Other assets (1,158)us-gaap_IncreaseDecreaseInOtherOperatingAssets (1,124)us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable 1,301us-gaap_IncreaseDecreaseInAccountsPayable (2,799)us-gaap_IncreaseDecreaseInAccountsPayable
Income taxes payable 11,902us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable 12,775us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable
Accrued personnel costs (16,049)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities (15,755)us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilities
Other liabilities 507us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 3,111us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net cash used in continuing operations (23,288)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (20,574)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Operating cash flows used in discontinued operations (1,027)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations (617)us-gaap_CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
Net cash used in operating activities (24,315)us-gaap_NetCashProvidedByUsedInOperatingActivities (21,191)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (5,974)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (15,159)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Purchases of client fund investments (3,531)cbz_PurchasesOfClientFundInvestments (7,900)cbz_PurchasesOfClientFundInvestments
Proceeds from the sales and maturities of client fund investments 3,704cbz_ProceedsFromSalesAndMaturitiesOfClientFundInvestments 4,150cbz_ProceedsFromSalesAndMaturitiesOfClientFundInvestments
Proceeds (payments) from sales of divested and discontinued operations 56us-gaap_ProceedsFromDivestitureOfBusinessesNetOfCashDivested (466)us-gaap_ProceedsFromDivestitureOfBusinessesNetOfCashDivested
Increase in funds held for clients 57,257us-gaap_IncreaseDecreaseInClientFundsHeld 41,309us-gaap_IncreaseDecreaseInClientFundsHeld
Additions to property and equipment, net (2,983)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,617)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Collections of notes receivable 34us-gaap_ProceedsFromCollectionOfNotesReceivable 414us-gaap_ProceedsFromCollectionOfNotesReceivable
Net cash flows provided by continuing operations 48,563us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 20,731us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Investing cash flows used in discontinued operations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash provided by investing activities 48,563us-gaap_NetCashProvidedByUsedInInvestingActivities 20,731us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Proceeds from bank debt 98,500us-gaap_ProceedsFromLongTermLinesOfCredit 129,600us-gaap_ProceedsFromLongTermLinesOfCredit
Payment of bank debt (59,100)us-gaap_RepaymentsOfLongTermLinesOfCredit (86,700)us-gaap_RepaymentsOfLongTermLinesOfCredit
Payment for acquisition of treasury stock (5,007)us-gaap_PaymentsForRepurchaseOfCommonStock (3,875)us-gaap_PaymentsForRepurchaseOfCommonStock
Increase in client funds obligations (58,353)cbz_NetIncreaseDecreaseInClientFundsObligations (37,560)cbz_NetIncreaseDecreaseInClientFundsObligations
Proceeds from exercise of stock options 2,130us-gaap_ProceedsFromStockOptionsExercised 5,967us-gaap_ProceedsFromStockOptionsExercised
Payment of contingent consideration of acquisitions (3,317)cbz_PaymentOfContingentConsiderationOfAcquisitions (1,486)cbz_PaymentOfContingentConsiderationOfAcquisitions
Excess tax benefit from exercise of stock awards 48us-gaap_ProceedsAndExcessTaxBenefitFromSharebasedCompensation 82us-gaap_ProceedsAndExcessTaxBenefitFromSharebasedCompensation
Payment of notes payable   (763)us-gaap_RepaymentsOfNotesPayable
Payment of acquired debt   (1,169)cbz_PaymentOfAcquiredDebt
Net cash (used in) provided by financing activities (25,099)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 4,096us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net (decrease) increase in cash and cash equivalents (851)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 3,636us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of year 979us-gaap_CashAndCashEquivalentsAtCarryingValue 771us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period $ 128us-gaap_CashAndCashEquivalentsAtCarryingValue $ 4,407us-gaap_CashAndCashEquivalentsAtCarryingValue