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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 116,852 $ 80,507
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 24,707 19,921
Gain on sale of operations, net (311) (6,385)
Bad debt expense, net of recoveries 1,295 562
Adjustment to contingent earnout liability 1,917 1,599
Stock-based compensation expense 11,987 8,359
Deferred income taxes 5,690 7,141
Other, net (2,083) (373)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (125,700) (66,017)
Other assets (2,610) 53
Accounts payable 6,203 12,126
Income taxes payable 12,709 5,245
Accrued personnel costs 18,863 15,329
Other liabilities (9,447) 2,897
Operating cash flows provided by continuing operations 60,072 80,964
Operating cash flows used in discontinued operations (13) (18)
Net cash provided by operating activities 60,059 80,946
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (79,289) (66,155)
Purchases of client fund investments (19,771) (13,050)
Proceeds from the sales and maturities of client fund investments 11,500 10,800
Proceeds from sales of divested operations 2,906 9,785
Change in funds held for clients (171) (5,708)
Additions to property and equipment (6,030) (6,451)
Other, net (4,695) 51
Net cash used in investing activities (95,550) (70,728)
Cash flows from financing activities:    
Proceeds from bank debt 655,500 680,400
Payment of bank debt (539,700) (598,200)
Payment for acquisition of treasury stock (65,976) (84,950)
Indirect repurchase of shares for minimum tax withholding (7,289) (3,037)
Changes in client funds obligations (30,024) 8,375
Proceeds from exercise of stock options 7,994 7,143
Payment of contingent consideration for acquisitions (12,408) (7,883)
Other, net (2,072) (170)
Net cash provided by financing activities 6,025 1,678
Net (decrease) increase in cash, cash equivalents and restricted cash (29,466) 11,896
Cash, cash equivalents and restricted cash at beginning of year 150,474 170,335
Cash, cash equivalents and restricted cash at end of period 121,008 182,231
Reconciliation of cash, cash equivalents and restricted cash to the   Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 2,040 2,749
Restricted cash 39,555 37,320
Cash equivalents included in funds held for clients 79,413 142,162
Total cash, cash equivalents and restricted cash $ 121,008 $ 182,231