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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 171,391 $ 164,715
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization expense 47,134 49,858
Bad debt expense, net of recoveries 3,116 1,862
Adjustment to contingent purchase price liabilities (1,578) 1,487
Stock-based compensation expense 15,635 12,239
Deferred income taxes 19,746 17,148
Amortization of deferred financing fees 2,686 2,735
Other, net 1,013 (52)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (158,856) (143,107)
Other assets (8,331) (12,459)
Accounts payable 24,580 28,848
Income taxes payable 19,346 28,119
Accrued personnel costs (42,009) (75,561)
Other liabilities 28,354 (50,952)
Net cash provided by operating activities 122,227 24,880
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (13,989) 0
Purchases of client fund investments (6,250) (19,350)
Proceeds from the sales and maturities of client fund investments 5,965 21,645
Proceeds from sales of divested operations 332 289
Change in funds held for clients 252 (2,285)
Additions to property and equipment (11,739) (13,125)
Other, net 3,969 527
Net cash used in investing activities (21,460) (12,299)
Cash flows from financing activities:    
Proceeds from bank debt 451,400 849,600
Payment of bank debt (450,300) (696,800)
Deferred financing costs 0 (983)
Payment for acquisition of treasury stock (67,472) (71,321)
Indirect repurchase of shares for minimum tax withholding (2,639) (7,758)
Changes in client funds obligations (71,430) (57,223)
Payment of contingent consideration for acquisitions and client lists (18,211) (48,764)
Other, net 337 0
Net cash used in financing activities (158,315) (33,249)
Net decrease in cash, cash equivalents and restricted cash (57,548) (20,668)
Cash, cash equivalents and restricted cash at beginning of year 218,090 187,170
Cash, cash equivalents and restricted cash at end of period 160,542 166,502
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 20,901 39,817
Restricted cash 49,615 49,145
Cash equivalents included in funds held for clients 90,026 77,540
Total cash, cash equivalents and restricted cash $ 160,542 $ 166,502