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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ 82,637 $ 59,647
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 18,326 18,653
Non-cash lease expense 4,486 4,840
Lease-related impairment charges 3,513 5,584
Share-based compensation 33,963 35,398
Amortization of debt discount and issuance costs 793 577
Allowances for doubtful accounts 3,062 53
Deferred income taxes 5,037 890
Gain on sale of property and equipment 101 61
Change in fair value of contingent consideration liabilities (589) (251)
Changes in operating assets and liabilities, net of acquisitions and divestiture:    
(Increase) decrease in receivables from clients, net (44,739) (18,508)
(Increase) decrease in unbilled services, net 13,770 (51,092)
(Increase) decrease in current income tax receivable / payable, net (3,114) (4,365)
(Increase) decrease in other assets (8,412) (6,243)
Increase (decrease) in accounts payable and other liabilities (6,994) (5,361)
Increase (decrease) in accrued payroll and related benefits (41,385) 10,805
Increase (decrease) in deferred revenues 1,451 4,328
Net cash provided by operating activities 61,704 54,894
Cash flows from investing activities:    
Purchases of property and equipment (6,028) (5,147)
Payment to Acquire Life Insurance Policy, Investing Activities (2,166) (2,601)
Proceeds from Life Insurance Policy 0 2,956
Purchases of businesses (20,769) (1,613)
Capitalization of internally developed software costs (19,341) (19,610)
Proceeds from Sale and Collection of Notes Receivable 154 154
Proceeds from sale of property and equipment 102 62
Net cash used in investing activities (48,048) (25,799)
Cash flows from financing activities:    
Proceeds from exercises of stock options 1,634 987
Shares redeemed for employee tax withholdings (21,458) (10,050)
Share repurchases (104,553) (88,897)
Proceeds from bank borrowings 682,500 292,000
Repayments of bank borrowings (563,375) (224,000)
Payments for debt issuance costs (1,446) (58)
Deferred payments on business acquisition (617) (1,500)
Net cash used in financing activities (7,315) (31,518)
Effect of exchange rate changes on cash 7 (13)
Net increase (decrease) in cash and cash equivalents 6,348 (2,436)
Cash and cash equivalents at beginning of the period 12,149 11,834
Cash and cash equivalents at end of the period 18,497 9,398
Non-cash investing and financing activities:    
Property and equipment expenditures and capitalized software included in current liabilities 4,194 5,308
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 4,171 2,320
Common stock issued related to purchase of business 8,640 1,646
Contingent consideration accrued related to purchases of businesses 36 374
Excise tax on net share repurchases included in current liabilities $ 502 $ 643