XML 27 R8.htm IDEA: XBRL DOCUMENT v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 47,547 $ 59,321
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 9,443 8,907
Amortization of intangible assets 2,182 2,268
Acquisition-related contingent consideration 1,284 (979)
Provision for expected credit losses 7,012 4,859
Share-based compensation 6,365 5,967
Amortization of debt issuance costs and other 646 527
Deferred income taxes (3,016) 2,379
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, billed and unbilled (93,739) (66,471)
Notes receivable (6,851) 1,345
Prepaid expenses and other assets 321 (3,829)
Accounts payable, accrued expenses and other 1,315 3,096
Income taxes 5,658 1,116
Accrued compensation (230,967) (216,560)
Billings in excess of services provided (1,406) (5,724)
Net cash used in operating activities (254,206) (203,778)
Investing activities    
Payments for acquisition of businesses, net of cash received 0 (6,698)
Purchases of property and equipment and other (18,012) (12,607)
Net cash used in investing activities (18,012) (19,305)
Financing activities    
Borrowings under revolving line of credit 90,000 155,000
Repayments under revolving line of credit (45,000) (140,000)
Purchase and retirement of common stock (20,982) (3,098)
Share-based compensation tax withholdings and other (9,064) (6,916)
Payments for business acquisition liabilities (847) (2,680)
Deposits and other 1,660 1,855
Net cash provided by financing activities 15,767 4,161
Effect of exchange rate changes on cash and cash equivalents 3,302 (4,420)
Net decrease in cash and cash equivalents (253,149) (223,342)
Cash and cash equivalents, beginning of period 491,688 494,485
Cash and cash equivalents, end of period 238,539 271,143
Supplemental cash flow disclosures    
Cash paid for interest 3,625 3,728
Cash paid for income taxes, net of refunds 12,331 13,471
Non-cash investing and financing activities:    
Issuance of stock units under incentive compensation plans 2,274 1,664
Business acquisition liabilities not yet paid 0 5,370
Non-cash additions to property and equipment $ 213 $ 4,497