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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows - operating activities    
Net income $ 13,306 $ 14,032
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 4,847 4,790
Deferred income taxes (1,883) (87)
Stock-based compensation expense 2,510 2,644
Accretion expense related to earnout payments 481 466
Gain on marketable securities (948) (539)
Loss on disposal of property and equipment 7 14
Changes in assets and liabilities:    
Accounts receivable (45,609) (41,125)
Accounts payable (2,510) (2,069)
Accrued expenses (199,320) (182,590)
Restructuring accrual (964) 0
Deferred revenue 4,347 1,951
Income taxes recoverable and payable, net 1,846 4,723
Retirement and pension plan assets and liabilities 6,732 5,453
Prepaid expenses (4,673) (7,991)
Other assets and liabilities, net (10,393) (3,096)
Net cash used in operating activities (232,224) (203,424)
Cash flows - investing activities    
Capital expenditures (2,734) (6,173)
Purchases of marketable securities and investments (118,719) (5,400)
Proceeds from sales of marketable securities and investments 48,325 66,285
Net cash provided by (used in) investing activities (73,128) 54,712
Cash flows - financing activities    
Debt issuance costs (360) 0
Cash dividends paid (3,196) (3,216)
Payment of employee tax withholdings on equity transactions (2,889) (2,862)
Net cash used in financing activities (6,445) (6,078)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 8,122 (4,997)
Net decrease in cash, cash equivalents and restricted cash (303,675) (159,787)
Cash, cash equivalents and restricted cash at beginning of period 515,813 412,618
Cash, cash equivalents and restricted cash at end of period $ 212,138 $ 252,831