CBIZ, Inc. CBZ Cash Flow

Cbiz, inc. (CBZ)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net income
70,093	70,714	70,894	66,674	63,188	61,570	67,390	63,462	61,354	50,377	44,844	46,040	43,171	40,065	38,845	38,191	36,707	34,107	34,688	32,176	31,638	29,759	27,137	81,809	84,849	85,863	91,016	33,963	30,664	31,146	28,774	28,184	28,887	28,007	0	0	0
Adjustments to reconcile net income to net cash used in operating activities:
Loss from discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,553	-809	-591	-896	289	46	-253	-655	55,644	56,627	58,565	60,484	0	0	0	-	-	-	-	8,868	0	0	0
Loss (Gain) on disposal of discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Gain on disposal of discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	0
Gain on sale of operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	855	458	134	129	84	1,316	1,328	1,351	1,303	100	89	69	79	178	193	195	2,766	2,748	2,814	2,766	2,920	0	0	0
Depreciation and amortization expense
22,390	22,345	22,757	22,975	23,559	23,675	23,422	23,458	23,195	23,061	22,906	22,695	22,494	22,098	21,580	21,020	20,647	20,389	20,439	20,364	20,118	19,831	18,707	18,435	18,366	18,291	17,818	17,260	15,544	16,147	12,697	13,592	15,524	15,326	0	0	0
Amortization of discount on notes and deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	524	894	1,542	2,271	2,997	3,444	3,861	4,169	4,481	4,674	4,620	4,568	4,515	4,430	4,963	4,227	4,126	4,061	4,752	4,820	0	0	0
Amortization of discount on contingent earnout liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	252	170	142	144	146	148	147	128	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense, net of recoveries
3,650	2,415	1,942	1,999	2,953	3,665	4,569	5,870	6,169	5,137	5,064	4,324	3,654	4,090	4,324	5,064	5,334	5,658	6,422	5,925	5,875	5,484	4,552	4,280	4,355	4,387	0	0	0	-	6,023	6,738	5,988	6,572	0	0	0
Amortization of discount on convertible notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	0
Adjustment to contingent earnout liability
1,196	1,599	-351	-626	727	2,617	2,017	2,312	-501	-1,494	-279	-1,036	885	-994	-714	-2,042	-2,616	-2,853	-5,562	-4,621	-6,620	-6,079	-3,560	-2,734	-670	1,208	300	-169	-11	-1,135	-2,720	-2,417	-2,575	-3,479	0	0	0
Stock-based compensation expense
0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	5,898	5,909	6,136	5,954	0	0	0
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	4,829	4,708	3,544	4,305	1,734	-722	1,626	2,225	2,043	1,079	2,801	-435	-416	-191	-3,832	-2,029	-1,376	1,179	575	-4,972	-2,225	0	0	0
Employee stock awards
-	-	-	-	-	-	-	-	-	-	-	-	-	5,725	5,742	5,660	5,516	5,729	5,712	6,129	6,437	6,205	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefits from share based payment arrangements
0	-	-	-	0	-	-	-	-	-	-	-	-	1,108	1,247	1,178	1,002	948	594	564	469	503	0	0	0	-	-	-	-	-	-	-	-	171	0	0	0
Other, net
1,565	1,077	3,784	3,312	1,871	400	2,462	-547	-786	1,178	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Changes in assets and liabilities, net of acquisitions and divestitures:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	7,408	-2,885	487	-3,433	827	11,554	3,436	6,182	-182	-5,029	-1,067	2,507	4,331	6,470	5,239	-518	-158	1,553	-379	-333	0	0	0
Accounts receivable, net
209	15,529	25,756	31,578	4,443	10,668	14,691	17,626	31,883	13,849	18,617	23,746	20,780	19,188	16,243	14,428	12,522	15,276	8,650	9,036	13,726	6,246	17,684	15,984	11,010	10,680	10,403	14,155	11,459	15,413	14,742	12,565	12,321	1,865	0	0	0
Other assets
2,108	-907	-625	-1,973	-1,005	3,344	2,587	1,512	479	-3,180	-3,020	2,925	3,691	5,612	9,017	4,207	944	1,269	-502	1,883	3,061	3,027	5,041	3,016	8,191	3,244	7,470	7,935	1,965	6,016	1,884	648	-608	-187	0	0	0
Accounts payable
633	9,829	5,911	11,165	-1,667	974	3,907	8,158	7,954	3,738	3,185	5,325	10,507	10,217	7,399	6,189	-1,594	-1,288	-5,940	804	274	-3,826	4,586	4,239	-93	1,482	-3,227	-2,487	2,389	4,156	8,997	16,506	7,281	3,419	0	0	0
Income taxes payable
-1,217	-687	-115	-1,301	-792	426	-5,122	-588	-4,495	-2,071	4,140	2,877	6,202	1,881	-992	-1,439	-2,060	-3,674	1,619	-398	-1,211	-338	17,099	-2,206	306	-273	-15,242	2,518	2,820	4,786	-372	-2,604	1,300	-1,176	0	0	0
Accrued personnel costs
-4,316	-4,093	-245	-500	3,185	17,901	15,755	5,697	2,939	-599	-1,697	2,514	2,206	5,496	2,826	2,780	190	-349	-2,418	-134	1,349	1,643	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other liabilities
405	-1,813	4,014	1,875	3,183	-140	-1,232	-1,098	1,909	3,508	2,393	5,791	3,071	5,965	2,919	-70	-2,437	-3,057	-1,928	-1,210	-3,429	-825	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Accrued personnel costs and other liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0
Operating cash flows used in continuing operations
104,554	98,523	91,716	83,873	101,409	105,432	102,498	94,143	71,398	77,663	77,883	76,620	76,968	73,674	54,593	63,708	52,016	46,396	45,112	42,204	40,403	43,117	60,822	36,814	35,141	42,007	17,759	31,041	36,993	39,398	31,666	38,269	34,966	42,769	0	0	0
Operating cash flows used in discontinued operations
-263	-338	-326	-151	-414	-184	-41	-239	-370	-627	-868	-581	-237	387	1,914	1,658	2,523	990	1,762	840	391	801	-50,115	-47,061	-45,722	-43,525	9,234	11,291	16,212	14,650	26,650	22,620	15,673	15,405	0	0	0
Net cash used in operating activities
104,291	98,185	91,390	83,722	100,995	105,248	102,457	93,904	71,028	77,036	77,015	76,039	76,731	74,061	56,507	65,366	54,539	47,386	46,874	43,044	40,794	43,918	10,707	-10,247	-10,581	-1,518	26,993	42,332	53,205	54,048	58,316	60,889	50,639	58,174	0	0	0
Cash flows from investing activities:
Business acquisitions and purchases of client lists, net of cash acquired
18,301	11,744	16,208	6,633	14,803	29,080	25,299	25,272	39,317	28,093	-5,179	-1,790	7,954	5,653	43,314	41,456	10,705	14,636	22,562	28,435	36,787	45,972	0	0	0	-	-	-	-	87,869	28,385	37,696	35,608	27,443	0	0	0
Purchases of client fund investments
21,193	27,216	28,852	22,001	21,726	18,426	12,245	14,103	11,298	15,546	18,101	18,180	18,213	11,355	10,235	13,731	15,458	15,429	13,628	11,055	9,720	14,089	13,640	10,955	12,575	5,650	5,525	6,090	4,557	5,742	5,981	8,571	26,734	19,643	0	0	0
Proceeds from the sales and maturities of client fund investments
34,211	23,958	21,295	15,521	15,758	12,238	10,991	11,683	8,705	8,785	9,141	9,406	9,626	9,778	8,931	9,461	10,537	10,664	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in funds held for clients
0	-	0	0	0	-	0	0	0	-	0	0	-37,983	-	-15,061	51,094	-93,924	-15,921	0	0	0	-	-	-	-42,595	-9,438	0	0	0	-	-	-	-	-	-	-	-
Proceeds from sales of divested operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,257	-2,930	-3,036	-2,938	-4,791	-4,986	-4,015	-4,537	155	201,181	200,395	200,934	201,100	549	576	1,540	1,565	1,434	1,587	1,036	0	0	0
Increase in funds held for clients
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	6,837	13,572	12,572	6,926	-6,396	-5,612	-8,741	-11,507	0	0	0
Net decrease in funds held for clients
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	0	0	0
Additions to property and equipment
11,062	13,873	15,103	16,047	17,435	14,624	12,822	10,636	12,773	11,892	10,168	9,053	5,021	4,141	4,047	3,927	5,287	7,390	7,299	7,825	6,203	4,837	5,647	5,760	6,265	6,208	5,132	4,537	3,818	2,426	1,747	3,605	3,534	3,897	0	0	0
Collection of notes receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,007	-970	-955	-955	760	251	-1,003	-555	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other, net
-1,534	-1,190	-2,301	-2,293	-1,661	-2,316	0	0	0	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	10	-24	72	-12	22	5	-97	11	22	0	0	0
Net cash used in continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-64,334	-48,083	180,321	186,944	175,292	0	0	0	-	-	-	-	-	-	-	-
Investing cash flows provided by discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-116	-300	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
-13,594	-27,685	-33,000	-27,371	-37,556	-47,576	-131,411	-111,522	-117,284	-48,681	-1,548	54,106	21,084	-9,847	-32,006	-96,840	-37,596	-6,949	-22,621	-42,466	-36,086	-63,918	-48,083	180,333	186,828	174,992	142,192	-78,031	-81,700	-104,315	-38,868	-21,281	-28,757	-55,572	0	0	0
Cash flows from financing activities:
Proceeds from bank debt
886,602	648,648	623,071	516,969	557,073	690,173	672,300	664,900	669,100	533,900	487,000	446,800	411,300	416,800	491,700	497,900	455,500	408,800	368,900	394,600	373,400	404,500	339,300	278,400	309,600	312,400	446,100	488,600	521,250	549,450	473,550	500,050	529,650	484,150	0	0	0
Payment of bank debt
685,602	678,648	630,171	538,169	589,773	733,173	711,200	695,300	667,100	546,800	500,600	471,700	432,500	431,200	423,100	415,400	368,400	310,400	325,900	322,800	318,000	345,600	271,300	401,200	441,200	472,800	552,100	433,800	476,650	485,550	487,150	499,850	484,050	458,050	0	0	0
Payment of contingent and non-contingent consideration for acquisitions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Payment for acquisition of treasury stock
45,092	27,163	32,189	34,807	28,484	17,484	17,595	18,469	18,022	19,735	11,448	6,991	5,278	9,144	7,957	25,812	37,612	36,482	44,140	34,812	29,269	28,137	0	0	0	-	-	-	-	5,716	0	0	0	-	-	-	-
Decrease in client funds obligations
5,241	-10,069	11,042	5,163	9,788	41,509	6,822	16,525	10,399	10,273	-1,061	56,280	28,740	-5,257	13,757	-54,808	-24,931	12,617	629	-11,410	1,169	-19,624	0	0	0	-	-	0	0	-	-	20,262	11,535	-22,438	0	0	0
Proceeds from exercise of stock options
10,221	10,608	5,070	4,909	5,420	6,291	7,857	6,784	7,826	8,008	9,039	10,190	9,727	8,070	9,422	9,588	9,394	10,728	10,072	8,981	7,519	11,356	0	0	0	-	-	-	-	-	-	-	-	768	0	0	0
Payment of contingent consideration of acquisitions
17,082	17,457	16,960	18,873	11,563	11,787	12,365	9,936	10,507	10,515	11,524	8,605	8,700	7,504	9,988	11,281	10,705	11,987	13,720	11,311	9,822	7,991	0	0	0	-	-	-	-	13,183	6,698	3,326	3,186	1,824	0	0	0
Payment of notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	1,690	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax benefit from exercise of stock awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,247	1,178	1,002	948	594	564	469	503	0	0	0	-	-	-	-	-	-	-	-	171	0	0	0
Other, net
-608	-606	-794	-792	-1,944	-1,891	-1,300	-1,293	-133	-178	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0
Payment of acquired debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
143,198	-54,549	-63,015	-75,926	-79,059	-109,380	-69,125	-69,839	-29,235	-45,593	-27,293	-87,246	-54,995	-18,384	-25,827	37,716	-15,510	-40,566	-22,810	-2,276	-8,987	20,208	34,220	-167,325	-172,044	-173,602	-166,086	33,817	25,510	49,553	-19,527	-36,750	-18,924	-1,713	0	0	0
Net Increase (decrease) in cash, cash equivalents and restricted cash
233,895	15,951	-4,625	-19,575	-15,620	-51,708	-98,079	-87,457	-75,491	-17,238	48,174	42,899	42,820	45,830	-1,326	6,242	1,433	-129	1,443	-1,698	-4,279	208	-3,156	2,761	4,203	-128	3,099	-1,882	-2,985	-714	-79	2,858	2,958	889	0	0	0