XML 30 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 36,848 $ 37,469
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 5,704 5,659
Bad debt expense, net of recoveries 2,289 1,054
Adjustment to contingent earnout liability (684) (281)
Stock-based compensation expense 2,023 1,482
Excess tax benefits from share based payment arrangements (501) (673)
Other, net 190 (298)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (42,566) (57,886)
Other assets (1,237) 1,778
Accounts payable (6,336) 2,860
Income taxes payable 13,665 14,195
Accrued personnel costs (30,201) (29,978)
Other liabilities 2,175 (43)
Operating cash flows used in continuing operations (18,631) (24,662)
Operating cash flows used in discontinued operations (16) (91)
Net cash used in operating activities (18,647) (24,753)
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (7,848) (1,291)
Purchases of client fund investments (3,447) (9,470)
Proceeds from the sales and maturities of client fund investments 17,118 6,865
Increase (decrease) in funds held for clients 822 (395)
Additions to property and equipment (2,641) (5,452)
Other, net 351 7
Net cash provided by (used in) investing activities 4,355 (9,736)
Cash flows from financing activities:    
Proceeds from bank debt 379,754 141,800
Payment of bank debt (102,254) (95,300)
Payment for acquisition of treasury stock (29,487) (11,558)
Decrease in client funds obligations (38,517) (23,207)
Proceeds from exercise of stock options 1,013 1,400
Payment of contingent consideration of acquisitions (2,624) (2,999)
Other, net (113) (111)
Net cash provided by financing activities 207,772 10,025
Net Increase (decrease) in cash, cash equivalents and restricted cash 193,480 (24,464)
Cash, cash equivalents and restricted cash at beginning of year 146,505 130,554
Cash, cash equivalents and restricted cash at end of period 339,985 106,090
Reconciliation of cash, cash equivalents and restricted cash to the Consolidated Balance Sheets:    
Cash and cash equivalents 216,942 2,143
Restricted cash 28,927 27,721
Cash equivalents included in funds held for clients 94,116 76,226
Cash, cash equivalents and restricted cash at end of period $ 339,985 $ 106,090