XML 17 R6.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 97,533 $ 88,940
Adjustments to reconcile net income to net cash used in operating activities:    
Deferred income taxes (1,281) 8,989
Provision for bad debts, net 2,027 2,436
Unrealized gains on investment securities (811) (152)
Non-cash lease expense 8,368 9,380
Depreciation and amortization 15,990 8,856
Revaluation of acquisition contingent consideration 17,895 804
Compensation expense – equity and liability classified share awards (Note 14) 42,220 33,071
Changes in operating assets and liabilities:    
Accounts receivable 39,615 15,552
Unbilled work in progress (25,224) 36,073
Other assets (3,846) (7,624)
Accrued salaries and bonuses (293,861) (234,141)
Accounts payable and accrued expenses and other (24,263) (14,902)
Deferred income 3,281 3,507
Income taxes receivable (9,273) (15,300)
Net cash used in operating activities (131,630) (64,511)
Cash flows from investing activities:    
Purchases of investment securities (153,089) (1,486)
Sales or maturities of investment securities 276,647 4,021
Acquisition of business, net of cash acquired (725) (32,095)
Purchase of property and equipment, net (13,185) (10,872)
Net cash provided by/(used in) investing activities 109,648 (40,432)
Cash flows from financing activities:    
Dividends paid (52,476) (51,270)
Share repurchases (7,811) (240)
Payments to settle employee tax obligations on share-based awards (137,051) (100,993)
Earnouts paid 0 (9,706)
Other financing activities 710 710
Net cash used in financing activities (196,628) (161,499)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash 41,427 (5,096)
Net decrease in cash, cash equivalents, and restricted cash (177,183) (271,538)
Cash, cash equivalents, and restricted cash – beginning of period 975,579 721,854
Cash, cash equivalents, and restricted cash – end of period 798,396 450,316
Supplemental disclosures of non-cash activities:    
Shares issued via vesting of liability classified awards 3,049 5,953
Shares issued as consideration for acquisition 0 12,489
Cash acquired through acquisitions 0 2,170
Cash paid during the period:    
Interest 230 301
Taxes, net of refunds $ 11,071 $ 17,216