XML 21 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income $ 68,848 $ 56,471
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,355 12,494
Stock-based compensation 16,390 12,527
Deferred income taxes 5,820 7,205
Changes in operating assets and liabilities:    
Restricted cash 889 (4,361)
Accounts receivable (32,007) (40,744)
Prepaid insurance (3,937) (10,179)
Other current assets 266 (1,291)
Other assets (2,078) 118
Accounts payable (1,119) (1,347)
Payroll taxes and other payroll deductions payable (62,310) (43,317)
Accrued worksite employee payroll expense 41,488 40,585
Accrued health insurance costs 8,183 7,064
Accrued workers’ compensation costs 20,180 16,172
Accrued corporate payroll, commissions and other accrued liabilities (7,639) (9,543)
Income taxes payable/receivable 4,071 (7,055)
Total adjustments 1,552 (21,672)
Net cash provided by operating activities 70,400 34,799
Marketable securities:    
Purchases (1,337) (946)
Proceeds from dispositions 0 7,269
Proceeds from maturities 1,181 1,665
Property and equipment:    
Purchases (26,518) (21,302)
Net cash used in investing activities (26,674) (13,314)
Cash flows from financing activities:    
Purchase of treasury stock (27,172) (13,913)
Repurchase of common stock 0 (144,263)
Dividends paid (17,831) (15,324)
Proceeds from the exercise of stock options 0 598
Borrowings under long-term debt agreement 0 124,400
Principal repayments 0 (20,000)
Other 1,177 1,029
Net cash used in financing activities (43,826) (67,473)
Net decrease in cash and cash equivalents (100) (45,988)
Cash and cash equivalents at beginning of period 286,034 269,538
Cash and cash equivalents at end of period $ 285,934 $ 223,550