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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 208,162 $ 194,861
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sale of operations, net of tax 0 (1,124)
Depreciation and amortization expense 70,411 74,313
Bad debt expense, net of recoveries 5,072 3,216
Adjustment to contingent purchase price liabilities (2,638) 1,984
Stock-based compensation expense 22,158 19,572
Deferred income taxes 22,939 8,815
Other, net 5,477 5,256
Changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable, net (231,285) (186,884)
Other assets (8,771) (31,071)
Accounts payable (8,835) 9,162
Income taxes payable 41,289 46,364
Accrued personnel costs (14,389) (33,962)
Other liabilities 37,465 (61,656)
Net cash provided by operating activities 147,055 48,846
Cash flows from investing activities:    
Business acquisitions and purchases of client lists, net of cash acquired (13,927) 0
Purchases of client fund investments (6,250) (35,600)
Proceeds from the sales and maturities of client fund investments 7,465 31,645
Proceeds from sales of divested operations 327 1,413
Change in funds held for clients 257 12
Additions to property and equipment (21,820) (15,035)
Other, net 4,645 652
Net cash used in investing activities (29,303) (16,913)
Cash flows from financing activities:    
Proceeds from bank debt 739,300 1,193,400
Payment of bank debt (757,700) (1,027,500)
Payment for acquisition of treasury stock (74,943) (127,754)
Indirect repurchase of shares for minimum tax withholding (3,031) (7,797)
Changes in client funds obligations (71,433) (48,338)
Payment of contingent consideration for acquisitions and client lists (18,545) (55,825)
Other, net 437 (1,419)
Net cash used in financing activities (185,915) (75,233)
Net decrease in cash, cash equivalents and restricted cash (68,163) (43,300)
Cash, cash equivalents and restricted cash at beginning of year 218,090 187,170
Cash, cash equivalents and restricted cash at end of period 149,927 143,870
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 17,551 16,969
Restricted cash 40,853 44,455
Cash equivalents included in funds held for clients 91,523 82,446
Total cash, cash equivalents and restricted cash $ 149,927 $ 143,870