XML 42 R5.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]      
Net income $ 91,000 $ 171,000 $ 179,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 44,000 43,000 41,000
Stock-based compensation 61,000 53,000 50,000
Deferred income taxes (14,000) (4,000) (11,000)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]      
Accounts receivable (135,000) (71,000) (110,000)
Prepaid insurance and related assets (18,000) 5,000 0
Other current assets (8,000) (15,000) (5,000)
Other assets and ROU assets 25,000 23,000 2,000
Accounts payable (1,000) 3,000 2,000
Payroll taxes and other payroll deductions payable 335,000 10,000 88,000
Accrued worksite employee payroll costs 171,000 46,000 104,000
Accrued health insurance costs (27,000) (7,000) 3,000
Accrued workers’ compensation costs (17,000) (10,000) (10,000)
Accrued corporate payroll, commissions and other accrued liabilities (2,000) (45,000) (5,000)
Income taxes payable/receivable 15,000 (4,000) 19,000
Total adjustments 429,000 27,000 168,000
Net cash provided by operating activities 520,000 198,000 347,000
Marketable securities:      
Purchases (23,000) (48,000) (47,000)
Proceeds from maturities 23,000 38,000 45,000
Proceeds from dispositions 0 28,000 0
Proceeds from Sale of Property, Plant, and Equipment [Abstract]      
Property and equipment purchases (38,000) (40,000) (30,000)
Net cash used in investing activities (38,000) (22,000) (32,000)
Cash flows from financing activities:      
Purchase of treasury stock (63,000) (131,000) (73,000)
Dividends paid (89,000) (84,000) (77,000)
Client funds liability and other (21,000) 60,000 9,000
Net cash used in financing activities (173,000) (155,000) (141,000)
Net increase in cash, cash equivalents, restricted cash, funds held for clients, and deposits – workers’ compensation 309,000 21,000 174,000
Cash, cash equivalents, restricted cash and funds held for clients beginning of period 1,035,000 1,014,000 840,000
Cash, cash equivalents, restricted cash and funds held for clients end of period 1,344,000 1,035,000 1,014,000
Supplemental cash flow information:      
ROU assets obtained in exchange for lease obligations 29,000 22,000 10,000
Excise tax liability accrued for common stock repurchases   1,000  
Interest Paid, Excluding Capitalized Interest, Operating Activities 32,000 22,000 13,000
Income Taxes Paid, Net $ 33,000 $ 63,000 $ 57,000