| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
70,714 | 61,570 | 50,377 | 40,065 | 34,107 | 29,759 | 85,863 | 31,146 | 28,007 | 24,514 | 31,396 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Loss from discontinued operations, net of tax | ||||||||||
- | - | - | - | -896 | -655 | 60,484 | 7,353 | 8,868 | -3,640 | -656 |
Gain on sale of operations, net of tax | ||||||||||
417 | 1,025 | 45 | 855 | 84 | 1,303 | 79 | 2,766 | 2,920 | 466 | 989 |
Loss on early extinguishment of convertible debt | ||||||||||
- | - | - | - | -833 | -1,529 | - | - | - | - | - |
Loss on redemption of convertible bonds | ||||||||||
- | - | - | - | - | - | - | - | - | -1,996 | - |
Asset impairments | ||||||||||
- | - | - | - | - | - | - | - | - | 263 | - |
Depreciation and amortization expense | ||||||||||
22,345 | 23,675 | 23,061 | 22,098 | 20,389 | 19,831 | 18,291 | 16,147 | 15,326 | 20,332 | 20,496 |
Amortization of discount on notes and deferred financing costs | ||||||||||
- | - | - | - | 2,271 | 4,169 | 4,568 | 4,227 | 4,820 | 5,462 | 4,843 |
Amortization of discount on contingent earnout liabilities | ||||||||||
- | - | - | - | 144 | 128 | - | 181 | 186 | 177 | - |
Bad debt expense, net of recoveries | ||||||||||
2,415 | 3,665 | 5,137 | 4,090 | 5,658 | 5,484 | 4,387 | - | 6,572 | 4,453 | - |
Provision for credit losses and bad debt, net of recoveries | ||||||||||
- | - | - | - | - | - | - | 4,866 | - | - | -7,765 |
Adjustment to contingent earnout liability | ||||||||||
1,599 | 2,617 | -1,494 | -994 | -2,853 | -6,079 | 1,208 | -1,135 | -3,479 | -1,516 | - |
Stock-based compensation expense | ||||||||||
- | - | - | - | - | - | - | - | 5,954 | 5,306 | 4,754 |
Deferred income taxes | ||||||||||
9,695 | 5,775 | 3,674 | 4,829 | 1,734 | 2,043 | -416 | -1,376 | -2,225 | -2,079 | 245 |
Employee stock awards | ||||||||||
7,254 | 6,866 | 5,705 | 5,725 | 5,729 | 6,205 | 5,655 | 5,888 | - | - | - |
Excess tax benefits from share based payment arrangements | ||||||||||
4,773 | 3,260 | 3,837 | 1,108 | 948 | 503 | 53 | - | 171 | -196 | 478 |
Other, net | ||||||||||
1,077 | 400 | 1,178 | 1,065 | - | - | - | - | - | - | - |
Changes in assets and liabilities, net of acquisitions and divestitures: | ||||||||||
Restricted cash | ||||||||||
- | - | - | - | -3,433 | 6,182 | 2,507 | -518 | -333 | 416 | -524 |
Accounts receivable, net | ||||||||||
15,529 | 10,668 | 13,849 | 19,188 | 15,276 | 6,246 | 10,680 | 15,413 | 1,865 | 12,763 | 10,464 |
Other assets | ||||||||||
-907 | 3,344 | -3,180 | 5,612 | 1,269 | 3,027 | 3,244 | 6,016 | -187 | -1,301 | -155 |
Accounts payable | ||||||||||
9,829 | 974 | 3,738 | 10,217 | -1,288 | -3,826 | 1,482 | 4,156 | 3,419 | 5,312 | -2,365 |
Income taxes payable | ||||||||||
-687 | 426 | -2,071 | 1,881 | -3,674 | -338 | -273 | 4,786 | -1,176 | -1,054 | -86 |
Accrued personnel costs | ||||||||||
-4,093 | 17,901 | -599 | 5,496 | -349 | 1,643 | 3,398 | 4,813 | -108 | -1,259 | -6,088 |
Other liabilities | ||||||||||
-1,813 | -140 | 3,508 | 5,965 | -3,057 | -825 | -5,109 | -3,271 | -1,223 | 2,819 | -1,602 |
Operating cash flows used in continuing operations | ||||||||||
98,523 | 105,432 | 77,663 | 73,674 | 46,396 | 43,117 | 42,007 | 39,398 | 42,769 | 55,826 | 48,762 |
Operating cash flows used in discontinued operations | ||||||||||
-338 | -184 | -627 | 387 | 990 | 801 | -43,525 | 14,650 | 15,405 | -2,641 | 1,004 |
Net cash used in operating activities | ||||||||||
98,185 | 105,248 | 77,036 | 74,061 | 47,386 | 43,918 | -1,518 | 54,048 | 58,174 | 53,185 | 49,766 |
Cash flows from investing activities: | ||||||||||
Business acquisitions and purchases of client lists, net of cash acquired | ||||||||||
11,744 | 29,080 | 28,093 | 5,653 | 14,636 | 45,972 | 9,747 | 87,869 | 27,443 | 49,402 | 20,185 |
Purchases of client fund investments | ||||||||||
27,216 | 18,426 | 15,546 | 11,355 | 15,429 | 14,089 | 5,650 | 5,742 | 19,643 | 15,840 | -9,500 |
Proceeds from the sales and maturities of client fund investments | ||||||||||
23,958 | 12,238 | 8,785 | 9,778 | 10,664 | 6,671 | 4,896 | - | - | - | - |
Increase (decrease) in funds held for clients | ||||||||||
- | - | - | - | -15,921 | 11,223 | -9,438 | 6,256 | 16,734 | - | - |
Proceeds from sales of divested operations | ||||||||||
- | - | - | - | -2,938 | -4,537 | 200,934 | 1,540 | 1,036 | 8,060 | 895 |
Increase in funds held for clients | ||||||||||
- | - | - | - | - | - | - | 6,926 | -11,507 | -10,700 | - |
Net decrease in funds held for clients | ||||||||||
- | - | - | - | - | - | - | - | - | -19,052 | -24,698 |
Additions to property and equipment | ||||||||||
13,873 | 14,624 | 11,892 | 4,141 | 7,390 | 4,837 | 6,208 | 2,426 | 3,897 | 2,682 | 4,039 |
Collection of notes receivable | ||||||||||
- | - | - | - | -955 | -555 | -515 | - | - | - | - |
Payments on notes receivable | ||||||||||
- | - | - | - | - | - | - | 3,384 | -58 | -18 | - |
Other, net | ||||||||||
-1,190 | -2,316 | 1,935 | -1,524 | -20 | -24 | 10 | 22 | 22 | 19 | -402 |
Net cash used in continuing operations | ||||||||||
- | - | - | - | -6,957 | -64,334 | 175,292 | -97,233 | -55,138 | - | - |
Investing cash flows provided by discontinued operations | ||||||||||
- | - | - | - | 8 | 416 | -300 | -7,082 | -434 | - | -63 |
Net cash provided by (used in) investing activities | ||||||||||
-27,685 | -47,576 | -48,681 | -9,847 | -6,949 | -63,918 | 174,992 | -104,315 | -55,572 | -30,113 | -7,792 |
Cash flows from financing activities: | ||||||||||
Proceeds from bank debt | ||||||||||
648,648 | 690,173 | 533,900 | 416,800 | 408,800 | 404,500 | 312,400 | 549,450 | 484,150 | 554,955 | 429,345 |
Payment of bank debt | ||||||||||
678,648 | 733,173 | 546,800 | 431,200 | 310,400 | 345,600 | 472,800 | 485,550 | 458,050 | 546,055 | 444,345 |
Payment on extinguishment of convertible debt | ||||||||||
- | - | - | - | 88,964 | 30,621 | - | - | - | - | - |
Proceeds from issuance of convertible notes | ||||||||||
- | - | - | - | - | - | - | - | - | 130,000 | - |
Repurchase of convertible notes | ||||||||||
- | - | - | - | - | - | - | - | 39,250 | 60,000 | - |
Payment for acquisition of treasury stock | ||||||||||
27,163 | 17,484 | 19,735 | 9,144 | 36,482 | 28,137 | 26,468 | 5,716 | 9,513 | 86,209 | 13,347 |
Decrease in client funds obligations | ||||||||||
-10,069 | 41,509 | 10,273 | -5,257 | 12,617 | -19,624 | 10,192 | -5,126 | -22,438 | 13,912 | 15,359 |
Proceeds from exercise of stock options | ||||||||||
10,608 | 6,291 | 8,008 | 8,070 | 10,728 | 11,356 | 13,976 | - | 768 | 1,220 | 1,321 |
Payment of contingent consideration of acquisitions | ||||||||||
17,457 | 11,787 | 10,515 | 7,504 | 11,987 | 7,991 | 10,361 | 13,183 | 1,824 | 2,971 | - |
Payment of notes payable | ||||||||||
- | - | - | - | 574 | 1,690 | 594 | - | - | - | - |
Deferred financing costs | ||||||||||
- | - | - | - | 18 | 1,736 | - | 574 | 603 | 6,596 | 37 |
Payment of notes payable and capitalized leases, net | ||||||||||
- | - | - | - | - | - | - | - | - | 154 | 274 |
Excess tax benefit from exercise of stock awards | ||||||||||
- | - | - | - | 948 | 503 | 53 | - | 171 | 196 | 478 |
Other, net | ||||||||||
-606 | -1,891 | -178 | -663 | - | - | - | - | - | - | - |
Net cash provided by financing activities | ||||||||||
-54,549 | -109,380 | -45,593 | -18,384 | -40,566 | 20,208 | -173,602 | 49,553 | -1,713 | -29,526 | -42,218 |
Net Increase (decrease) in cash, cash equivalents and restricted cash | ||||||||||
15,951 | -51,708 | -17,238 | 45,830 | -129 | 208 | -128 | -714 | 889 | -6,454 | -244 |
Supplemental disclosures of cash flow information: | ||||||||||
Cash paid for interest | ||||||||||
5,556 | 6,340 | 6,117 | - | - | - | - | - | - | - | - |
Cash paid for income taxes, net of income tax refunds | ||||||||||
17,497 | 15,327 | 25,085 | - | - | - | - | - | - | - | - |