XML 16 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income $ 29,897 $ 25,813
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss from discontinued operations, net of tax 288 375
Gain on sale of operations, net (151) (101)
Loss on early extinguishment of convertible debt   833
Depreciation and amortization expense 10,682 10,051
Amortization of discount on notes and deferred financing costs 262 1,639
Amortization of discount on contingent earnout liability 106 80
Bad debt expense, net of recoveries 2,205 2,799
Adjustment to contingent earnout liability (714) (1,525)
Deferred income taxes 894 (916)
Employee stock awards 2,842 2,911
Excess tax benefits from share based payment arrangements (673) (443)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Restricted cash (6,998) (6,450)
Accounts receivable, net (36,439) (37,287)
Other assets (2,950) (12)
Accounts payable 19,268 11,791
Income taxes payable 7,766 5,531
Accrued personnel costs (6,616) (9,745)
Other liabilities 2,163 (824)
Operating cash flows provided by continuing operations 21,832 4,520
Operating cash flows provided by (used in) discontinued operations 428 (240)
Net cash provided by operating activities 22,260 4,280
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (34,004) (7,184)
Purchases of client fund investments (4,963) (6,661)
Proceeds from the sales and maturities of client fund investments 4,747 5,950
Proceeds from sales of divested operations 93 101
Increase in funds held for clients 3,649 70,664
Additions to property and equipment, net (1,837) (5,300)
Collection of notes receivable 119 104
Investing cash flows (used in) provided by continuing operations (32,196) 57,674
Investing cash flows provided by discontinued operations   21
Net cash (used in) provided by investing activities (32,196) 57,695
Cash flows from financing activities:    
Proceeds from bank debt 278,000 188,900
Payment of bank debt (248,300) (143,300)
Payment on early extinguishment of convertible debt (760) (17,173)
Payment for acquisition of treasury stock (7,828) (18,498)
Decrease in client funds obligations (3,504) (70,929)
Proceeds from exercise of stock options 3,529 4,669
Payment of contingent consideration of acquisitions (4,110) (4,816)
Excess tax benefit from exercise of stock awards 673 443
Payment of notes payable (116)  
Deferred financing costs (6)  
Net cash provided by (used in) financing activities 17,578 (60,704)
Net increase in cash and cash equivalents 7,642 1,271
Cash and cash equivalents at beginning of year 850 979
Cash and cash equivalents at end of period $ 8,492 $ 2,250