Cbiz, inc. (CBZ)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

36,848

-1,153

17,806

16,592

37,469

-973

13,586

13,106

35,851

4,847

9,658

10,998

24,874

-686

10,854

8,129

21,768

-1,906

10,200

6,645

19,168

-1,325

7,688

6,107

17,289

-3,947

62,360

9,147

18,303

1,206

5,307

5,848

18,785

-1,166

4,717

6,551

17,905

Adjustments to reconcile net income to net cash used in operating activities:
Loss from discontinued operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-133

-258

-30

-1,132

611

-40

-335

53

368

-339

-737

56,352

1,351

1,599

1,182

-

-

-

-

9,490

-122

-261

-239

Loss (Gain) on disposal of discontinued operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22

-

-

-

-

Gain on disposal of discontinued operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

32

44

-4

-

-

-

40

Gain on sale of operations, net of tax

-

-

-

-

-

-

-

-

-

-

-

-

-

375

329

50

101

-22

5

45

56

1,210

17

68

8

7

6

48

18

106

21

50

2,589

88

87

2

2,743

Depreciation and amortization expense

5,704

5,735

5,634

5,317

5,659

6,147

5,852

5,901

5,775

5,894

5,888

5,638

5,641

5,739

5,677

5,437

5,245

5,221

5,117

5,064

4,987

5,271

5,042

4,818

4,700

4,147

4,770

4,749

4,625

3,674

4,212

3,033

5,228

224

5,107

4,965

5,030

Amortization of discount on notes and deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

131

131

131

131

501

779

860

857

948

1,196

1,168

1,169

1,141

1,142

1,116

1,116

1,056

1,675

380

1,015

991

2,366

448

Amortization of discount on contingent earnout liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

117

70

36

29

35

42

38

31

37

41

19

-

-

-

-

-

-

-

-

-

-

-

-

Bad debt expense, net of recoveries

2,289

441

468

452

1,054

-32

525

1,406

1,766

872

1,826

1,705

734

799

1,086

1,035

1,170

1,033

1,826

1,305

1,494

1,797

1,329

1,255

1,103

865

1,057

1,330

1,135

-

1,231

1,582

739

2,471

1,946

832

1,323

Amortization of discount on convertible notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

636

-

-

-

1,041

Adjustment to contingent earnout liability

-684

1,277

515

88

-281

-673

240

1,441

1,609

-1,273

535

-1,372

616

-58

-222

549

-1,263

222

-1,550

-25

-1,500

-2,487

-609

-2,024

-959

32

217

40

919

-876

-252

198

-205

-2,461

51

40

-1,109

Stock-based compensation expense

2,023

-

1,859

1,917

1,482

-

1,508

3,325

525

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,436

-

1,508

1,363

1,506

1,521

1,519

1,590

1,324

Deferred income taxes

-

-

-

-

-

-

-

-

-

-

-

-

-

2,999

936

460

434

2,878

-228

1,221

-2,137

422

2,120

1,820

-2,319

-542

3,842

-1,416

-2,300

-317

201

387

-1,647

2,238

-403

-5,160

1,100

Employee stock awards

-

-

-

-

-

-

-

-

-

-

-

-

-

1,393

1,490

1,433

1,409

1,410

1,408

1,289

1,622

1,393

1,825

1,597

1,390

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from share based payment arrangements

501

-

-

-

673

-

-

-

-

-

-

-

-

249

186

571

102

388

117

395

48

34

87

300

82

-

-

-

-

-

-

-

-

342

0

-57

-114

Other, net

190

-318

1,323

370

-298

2,389

851

-1,071

-1,769

4,451

-2,158

-1,310

195

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in assets and liabilities, net of acquisitions and divestitures:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,156

5,763

1,235

-746

-9,137

9,135

-2,685

3,514

1,590

1,017

61

-2,850

-3,257

4,979

3,635

-1,026

-1,118

3,748

-2,122

-666

593

1,816

-2,076

Accounts receivable, net

42,566

-38,496

-11,659

7,798

57,886

-28,269

-5,837

-19,337

64,111

-24,246

-2,902

-5,080

46,077

-19,478

2,227

-8,046

44,485

-22,423

412

-9,952

47,239

-29,049

798

-5,262

39,759

-17,611

-902

-10,236

39,429

-17,888

2,850

-12,932

43,383

-18,559

673

-13,176

32,927

Other assets

1,237

-412

-133

1,416

-1,778

-130

-1,481

2,384

2,571

-887

-2,556

1,351

-1,088

-727

3,389

2,117

833

2,678

-1,421

-1,146

1,158

907

964

32

1,124

2,921

-1,061

5,207

-3,823

7,147

-596

-763

228

3,015

-1,832

-2,019

649

Accounts payable

-6,336

4,784

-23,942

26,127

2,860

866

-18,688

13,295

5,501

3,799

-14,437

13,091

1,285

3,246

-12,297

18,273

995

428

-13,507

10,490

1,301

-4,224

-6,763

9,960

-2,799

4,188

-7,110

5,628

-1,224

-521

-6,370

10,504

543

4,320

1,139

1,279

-3,319

Income taxes payable

13,665

-9,604

399

-5,677

14,195

-9,032

-787

-5,168

15,413

-14,580

3,747

-9,075

17,837

-8,369

2,484

-5,750

13,516

-11,242

2,037

-6,371

11,902

-5,949

20

-7,184

12,775

11,488

-19,285

-4,672

12,196

-3,481

-1,525

-4,370

14,162

-8,639

-3,757

-466

11,686

Accrued personnel costs

-30,201

5,067

12,543

8,275

-29,978

8,915

12,288

11,960

-15,262

6,769

2,230

9,202

-18,800

5,671

6,441

8,894

-15,510

3,001

6,395

6,304

-16,049

932

8,679

7,787

-15,755

-

-

-

-

-

-

-

-

-

-

-

-

Other liabilities

2,175

-2,833

1,622

-559

-43

2,994

-517

749

-3,366

1,902

-383

3,756

-1,767

787

3,015

1,036

1,127

-2,259

26

-1,331

507

-1,130

744

-3,550

3,111

-

-

-

-

-

-

-

-

-

-

-

-

Accrued personnel costs and other liabilities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-1,133

10,448

-9,473

-

6,053

4,473

-7,334

-

2,731

2,406

-4,771

Operating cash flows used in continuing operations

-18,631

48,805

30,019

44,361

-24,662

41,998

22,176

61,897

-20,639

39,064

13,821

39,152

-14,374

39,284

12,558

39,500

-17,668

20,203

21,673

27,808

-23,288

18,919

18,765

26,007

-20,574

36,624

-5,243

24,334

-13,708

12,376

8,039

30,286

-11,303

4,644

14,642

26,983

-3,500

Operating cash flows used in discontinued operations

-16

-34

-185

-28

-91

-22

-10

-291

139

121

-208

-422

-118

-120

79

-78

506

1,407

-177

787

-1,027

2,179

-1,099

338

-617

-48,737

1,955

1,677

1,580

4,022

4,012

6,598

18

16,022

-18

-349

-250

Net cash used in operating activities

-18,647

48,771

29,834

44,333

-24,753

41,976

22,166

61,606

-20,500

39,185

13,613

38,730

-14,492

39,164

12,637

39,422

-17,162

21,610

21,496

28,595

-24,315

21,098

17,666

26,345

-21,191

-12,113

-3,288

26,011

-12,128

16,398

12,051

36,884

-11,285

20,666

14,624

26,634

-3,750

Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired

7,848

4

10,447

2

1,291

4,468

872

8,172

15,568

687

845

22,217

4,344

-32,585

4,234

31,961

2,043

5,076

2,376

1,210

5,974

13,002

8,249

9,562

15,159

-

-

-

-

61,200

5,550

2,094

19,025

1,716

14,861

6

10,860

Purchases of client fund investments

3,447

6,045

7,251

4,450

9,470

7,681

400

4,175

6,170

1,500

2,258

1,370

10,418

4,055

2,337

1,403

3,560

2,935

5,833

3,130

3,531

1,134

3,260

1,795

7,900

685

575

3,415

975

560

1,140

1,882

2,160

799

3,730

20,045

-4,931

Proceeds from the sales and maturities of client fund investments

17,118

6,200

7,202

3,691

6,865

3,537

1,428

3,928

3,345

2,290

2,120

950

3,425

2,646

2,385

1,170

3,577

1,799

2,915

2,246

3,704

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase (decrease) in funds held for clients

-822

-

-37

-764

395

-

4,034

-257

-616

-

-14,807

-10,495

-61,922

-

-71,983

17,097

-20,746

60,571

-5,828

-127,921

57,257

-

-

-

-41,309

41,967

-12,577

-30,676

-8,152

-

-

-

-

-

-

-

-

Proceeds from sales of divested operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-332

-51

-42

-2,832

-5

-157

56

-4,685

-200

814

-466

7

200,826

28

73

173

275

55

1,037

198

144

208

486

Increase in funds held for clients

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,807

63,088

4,150

-

-7,490

0

3,345

10,982

-755

-1,000

-2,301

-2,340

29

-4,129

-5,067

Net decrease in funds held for clients

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-23,036

-4,285

-

-29,716

-17,109

29,765

Additions to property and equipment

2,641

3,594

3,363

1,464

5,452

4,824

4,307

2,852

2,641

3,022

2,121

4,989

1,760

1,298

1,006

957

880

1,204

886

2,317

2,983

1,113

1,412

695

1,617

1,923

1,525

1,200

1,560

847

930

481

168

168

2,788

410

531

Collection of notes receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-237

-85

-34

-651

-200

-70

-34

1,064

-709

-1,324

414

-

-

-

-

-

-

-

-

-

-

-

-

Other, net

-351

-855

-10

-318

-7

-1,966

-2

314

-662

-

-

-

-22

-

-

-

-

-

-

-

-

-

-

-

-

96

-3

-39

-44

62

93

-123

-10

45

-9

-15

1

Net cash used in continuing operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-83,258

-17,319

15,512

20,731

-67,007

211,085

22,135

9,079

-

-

-

-

-

-

-

-

Investing cash flows provided by discontinued operations

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

12

-128

-184

-

-

-

-

-

-

-

-

Net cash provided by (used in) investing activities

4,355

-2,994

-13,812

-1,143

-9,736

-8,309

-8,183

-11,328

-19,756

-92,144

11,706

-17,090

48,847

-45,011

67,360

-50,112

17,916

-67,170

2,526

9,132

48,563

-82,842

-17,319

15,512

20,731

-67,007

211,097

22,007

8,895

-99,807

-9,126

18,338

-13,720

-34,360

8,461

10,862

-40,535

Cash flows from financing activities:
Proceeds from bank debt

379,754

151,950

230,902

123,996

141,800

126,373

124,800

164,100

274,900

108,500

117,400

168,300

139,700

61,600

77,200

132,800

145,200

136,500

83,400

90,400

98,500

96,600

109,100

69,200

129,600

31,400

48,200

100,400

132,400

165,100

90,700

133,050

160,600

89,200

117,200

162,650

115,100

Payment of bank debt

102,254

206,450

229,902

146,996

95,300

157,973

137,900

198,600

238,700

136,000

122,000

170,400

118,400

89,800

93,100

131,200

117,100

81,700

85,400

84,200

59,100

97,200

82,300

79,400

86,700

22,900

212,200

119,400

118,300

102,200

93,900

162,250

127,200

103,800

106,600

146,450

101,200

Payment of contingent and non-contingent consideration for acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,040

-

-

-

-

-

-

-

-

Payment for acquisition of treasury stock

29,487

4,337

1,094

10,174

11,558

9,363

3,712

3,851

558

9,474

4,586

3,404

2,271

1,187

129

1,691

6,137

0

17,984

13,491

5,007

7,658

8,656

7,948

3,875

-

-

-

-

0

1,262

3,853

601

-

-

-

-

Decrease in client funds obligations

38,517

-55,887

10,871

11,740

23,207

-34,776

4,992

16,365

54,928

-69,463

14,695

10,239

54,802

-80,797

72,036

-17,301

20,805

-61,783

3,471

12,576

58,353

-73,771

-8,568

25,155

37,560

-

-

27,259

10,522

-

-

22,151

4,375

-32,249

25,985

13,424

-29,598

Proceeds from exercise of stock options

1,013

5,753

1,812

1,643

1,400

215

1,651

2,154

2,271

1,781

578

3,196

2,453

2,812

1,729

2,733

796

4,164

1,895

2,539

2,130

3,508

804

1,077

5,967

-

-

-

-

-

-

-

-

0

0

140

628

Payment of contingent consideration of acquisitions

2,624

607

5,132

8,719

2,999

110

7,045

1,409

3,223

688

4,616

1,980

3,231

1,697

1,697

2,075

2,035

4,181

2,990

1,499

3,317

5,914

581

10

1,486

-

-

-

-

7,979

3,372

140

1,692

1,494

0

0

330

Payment of notes payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

128

58

58

-

-

-

-

248

299

380

763

-

-

-

-

-

-

-

-

-

-

-

-

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefit from exercise of stock awards

-

-

-

-

-

-

-

-

-

-

-

-

-

-

186

571

102

388

117

395

48

34

87

300

82

-

-

-

-

-

-

-

-

0

0

57

114

Other, net

-113

-272

-112

-111

-111

-460

-110

-1,263

-58

131

-103

-103

-103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-418

2

-151

-

0

-31

-118

Payment of acquired debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

2,338

-1,169

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

207,772

1,924

-14,397

-52,101

10,025

-6,542

-27,308

-55,234

-20,296

33,713

-28,022

-14,630

-36,654

52,013

-87,975

17,621

-43

44,570

-24,432

-35,605

-25,099

62,326

-3,898

-42,316

4,096

76,338

-205,443

-47,035

2,538

83,854

-5,540

-55,342

26,581

14,774

-22,763

-37,516

43,792

Net Increase (decrease) in cash, cash equivalents and restricted cash

193,480

47,701

1,625

-8,911

-24,464

27,125

-13,325

-4,956

-60,552

-19,246

-2,703

7,010

-2,299

46,166

-7,978

6,931

711

-990

-410

2,122

-851

582

-3,551

-459

3,636

-2,782

2,366

983

-695

445

-2,615

-120

1,576

1,080

322

-20

-493