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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 194,861 $ 131,761
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of operations, net of tax (1,124) (4,953)
Depreciation and amortization expense 74,313 28,593
Bad debt expense, net of recoveries 3,216 2,099
Adjustment to contingent purchase price liabilities 1,984 6,340
Stock-based compensation expense 19,572 7,431
Deferred income taxes 8,815 4,842
Other, net 5,256 434
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (186,884) (99,967)
Other assets (31,071) (7,202)
Accounts payable 9,162 3,032
Income taxes payable 46,364 10,385
Accrued personnel costs (33,962) (17,055)
Other liabilities (61,656) 2,428
Net cash provided by operating activities 48,846 68,168
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired 0 (22,930)
Purchases of client fund investments (35,600) (16,100)
Proceeds from the sales and maturities of client fund investments 31,645 15,156
Proceeds from sales of divested operations 1,413 9,883
Change in funds held for clients 12 902
Additions to property and equipment (15,035) (9,650)
Other, net 652 (2,172)
Net cash used in investing activities (16,913) (24,911)
Cash flows from financing activities:    
Proceeds from bank debt 1,193,400 818,500
Payment of bank debt (1,027,500) (793,600)
Deferred financing costs (983) (241)
Payment for acquisition of treasury stock (127,754) 0
Indirect repurchase of shares for minimum tax withholding (7,797) (11,444)
Changes in client funds obligations (48,338) (47,576)
Payment of contingent consideration for acquisitions and client lists (55,825) (50,861)
Other, net (436) 0
Net cash used in financing activities (75,233) (85,222)
Net decrease in cash, cash equivalents and restricted cash (43,300) (41,965)
Cash, cash equivalents and restricted cash at beginning of year 187,170 157,148
Cash, cash equivalents and restricted cash at end of period 143,870 115,183
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 16,969 1,076
Restricted cash 44,455 43,104
Cash equivalents included in funds held for clients 82,446 71,003
Total cash, cash equivalents and restricted cash $ 143,870 $ 115,183