XML 22 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 274,892 $ 235,514 $ 234,966
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 41,079 35,898 34,269
Amortization of intangible assets 6,159 9,643 10,823
Acquisition-related contingent consideration 3,818 2,172 (324)
Provision for expected credit losses 35,149 19,684 16,151
Share-based compensation 29,534 25,414 23,051
Amortization of debt discount and issuance costs and other 1,925 2,224 11,701
Deferred income taxes (25,453) (10,456) 4,958
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable, billed and unbilled (229,296) (182,667) (61,274)
Notes receivable (22,919) (403) 12,645
Prepaid expenses and other assets 7,606 459 (1,165)
Accounts payable, accrued expenses and other 8,687 8,430 (2,102)
Income taxes 29,335 (4,322) 10,523
Accrued compensation 50,186 37,931 59,566
Billings in excess of services provided 13,759 9,273 1,695
Net cash provided by operating activities 224,461 188,794 355,483
Investing activities      
Payments for acquisition of businesses, net of cash received 0 (6,742) (10,428)
Purchases of property and equipment and other (49,479) (53,319) (68,665)
Purchase of short-term investment (24,356) 0 0
Net cash used in investing activities (73,835) (60,061) (79,093)
Financing activities      
Borrowings under revolving line of credit 835,000 165,000 402,500
Repayments under revolving line of credit (835,000) (165,000) (402,500)
Repayment of convertible notes (315,763) 0 0
Payments of debt issuance costs 0 (3,993) 0
Purchase and retirement of common stock (20,982) (85,424) (46,133)
Share-based compensation tax withholdings and other (15,078) (15,330) (9,246)
Payments for business acquisition liabilities (3,651) (4,848) (7,496)
Deposits and other 811 3,583 1,201
Net cash used in financing activities (354,663) (106,012) (61,674)
Effect of exchange rate changes on cash and cash equivalents 15,571 (25,518) (15,184)
Net increase (decrease) in cash and cash equivalents (188,466) (2,797) 199,532
Cash and cash equivalents, beginning of period 491,688 494,485 294,953
Cash and cash equivalents, end of period 303,222 491,688 494,485
Supplemental cash flow disclosures      
Cash paid for interest 14,390 7,836 9,102
Cash paid for income taxes, net of refunds 79,588 77,013 47,500
Non-cash investing and financing activities:      
Issuance of stock units under incentive compensation plans 2,274 1,664 2,603
Business acquisition liabilities not yet paid 0 5,593 1,093
Non-cash additions to property and equipment $ 950 $ 4,272 $ 6,518