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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:      
Net income $ 399,711 $ 280,301 $ 254,223
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax benefit (957) 20,470 (3,446)
Provision for bad debts, net 9,260 7,264 6,429
Unrealized (gains)/losses on investment securities (1,449) (876) 3,680
Non-cash lease expense 37,303 32,908 26,609
Depreciation and amortization 41,270 28,536 58,221
Contingent consideration valuation (1,047) (10,373) 2,131
Compensation expense — equity and liability classified share awards (Note 14) 168,443 166,595 156,936
Changes in operating assets and liabilities:      
Accounts receivable (55,698) (23,828) (37,742)
Unbilled work in progress 33,770 (77,477) (11,596)
Other assets (33,194) (6,756) (25,958)
Accrued salaries and bonuses 210,254 (42,269) (189,534)
Accounts payable and accrued expenses and other (13,367) (23,192) (32,014)
Deferred income (15,076) 7,556 (11,943)
Income taxes payable 39,234 (15,289) (83,609)
Net cash provided by operating activities 848,609 328,458 136,273
Cash flows from investing activities:      
Purchases of investment securities (250,476) (11,278) (19,230)
Sales or maturities of investment securities 94,305 11,458 87,384
Acquisition of businesses, net of cash acquired (69,188) (3,856) (20,427)
Purchase of property and equipment, net (39,699) (66,730) (50,731)
Net cash used in investing activities (265,058) (70,406) (3,004)
Cash flows from financing activities:      
Dividends paid (165,217) (148,454) (140,384)
Share repurchases (52,514) (24,952) (48,659)
Payments to settle employee tax obligations on share-based awards (102,343) (70,713) (42,283)
Earnouts paid (9,706) (7,053) (6,679)
Loans payable to former shareholders redeemed 0 0 (539)
Repayments of loans to non-affiliates 0 0 (2,488)
Other financing activities 710 587 570
Net cash used in financing activities (329,070) (250,585) (240,462)
Effects of exchange rate changes on cash and cash equivalents (756) (425) (12,065)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 253,725 7,042 (119,258)
Cash, cash equivalents and restricted cash – beginning of period 721,854 714,812 834,070
Cash, cash equivalents and restricted cash – end of period 975,579 721,854 714,812
Supplemental disclosures of non-cash activities:      
Shares issued via vesting of liability classified awards 5,953 5,176 5,955
Promissory note issued as consideration for acquisition 351 14,500 0
Shares issued as consideration for acquisition 84,995 19,343 7,238
Cash acquired through acquisitions 3,836 224 11,933
Cash paid during the year:      
Interest 1,363 579 5,904
Taxes, net of refunds 93,312 105,056 156,786
Regulatory fines and penalties $ 0 $ 15,000 $ 0