XML 85 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 210,682 $ 216,726 $ 150,611
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 32,661 30,153 31,536
Amortization and impairment of intangible assets 10,387 8,152 8,162
Acquisition-related contingent consideration 5,593 2,372 479
Provision for expected credit losses 19,692 19,602 17,872
Share-based compensation 22,904 17,978 15,577
Amortization of debt discount and issuance costs 11,214 11,615 5,456
Loss on early extinguishment of debt 0 0 9,072
Gain on sale of business 0 0 (13,031)
Deferred income taxes (9,132) (3,712) 20,831
Other 45 302 769
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable, billed and unbilled (26,800) (141,894) (72,034)
Notes receivable 8,029 10,445 8,987
Prepaid expenses and other assets 4,640 (22,648) (2,258)
Accounts payable, accrued expenses and other 13,901 (8,907) 8,908
Income taxes (22,549) 24,496 (8,890)
Accrued compensation 38,627 61,339 52,510
Billings in excess of services provided 7,175 (8,133) (3,885)
Net cash provided by operating activities 327,069 217,886 230,672
Investing activities      
Payments for acquisition of businesses, net of cash received (25,271) (18,791) 0
Purchases of property and equipment (34,866) (42,072) (32,270)
Proceeds from sale of business 0 0 50,283
Other 17 257 731
Net cash provided by (used in) investing activities (60,120) (60,606) 18,744
Financing activities      
Borrowings under revolving line of credit 289,500 45,000 233,500
Repayments under revolving line of credit (289,500) (45,000) (333,500)
Proceeds from issuance of convertible notes 0 0 316,250
Payments of long-term debt 0 0 (300,000)
Payments of debt issue and debt prepayment costs 0 0 (16,149)
Purchase and retirement of common stock (353,593) (105,797) (55,738)
Net issuance of common stock under equity compensation plans (5,823) 3,171 38,475
Payments for business acquisition liabilities (3,948) (2,282) (3,029)
Deposits and other 3,311 1,597 2,672
Net cash used in financing activities (360,053) (103,311) (117,519)
Effect of exchange rate changes on cash and cash equivalents 18,684 3,335 (9,789)
Net increase (decrease) in cash and cash equivalents (74,420) 57,304 122,108
Cash and cash equivalents, beginning of period 369,373 312,069 189,961
Cash and cash equivalents, end of period 294,953 369,373 312,069
Supplemental cash flow disclosures      
Cash paid for interest 7,752 7,606 21,687
Cash paid for income taxes, net of refunds 83,445 50,941 45,568
Non-cash investing and financing activities:      
Issuance of stock units under incentive compensation plans 2,314 1,413 1,059
Business acquisition liabilities not yet paid $ 6,209 $ 9,746 $ 0