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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ 24,536 $ 18,006
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 6,949 5,972
Non-cash lease expense 1,437 1,544
Lease-related impairment charges 738 849
Share-based compensation 15,358 13,949
Amortization of debt discount and issuance costs 286 223
Allowances for doubtful accounts 272 16
Deferred income taxes 259 602
Change in fair value of contingent consideration liabilities 0 516
Change in fair value of preferred stock investment 4,210 0
Changes in operating assets and liabilities, net of acquisitions:    
(Increase) decrease in receivables from clients, net (2,879) (51,116)
(Increase) decrease in unbilled services, net (20,617) 18,097
(Increase) decrease in current income tax receivable / payable, net (5,668) (3,363)
(Increase) decrease in other assets 170 (5,008)
Increase (decrease) in accounts payable and other liabilities 1,017 4,437
Increase (decrease) in accrued payroll and related benefits (132,731) (132,290)
Increase (decrease) in deferred revenues (164) (3,158)
Net cash used in operating activities (106,827) (130,724)
Cash flows from investing activities:    
Purchases of property and equipment (1,850) (1,192)
Investments in life insurance policies (1,722) (806)
Purchases of businesses, net of cash acquired (5,190) (21,150)
Capitalization of internally developed software costs (6,679) (7,605)
Proceeds from note receivable 154 154
Net cash used in investing activities (15,287) (30,599)
Cash flows from financing activities:    
Proceeds from exercises of stock options 2,527 1,167
Shares redeemed for employee tax withholdings (32,181) (20,927)
Share repurchases (65,310) (60,998)
Proceeds from bank borrowings 328,000 566,000
Repayments of bank borrowings (109,438) (316,000)
Payments for debt issuance costs 0 (1,383)
Deferred payment on business acquisition (36) 0
Net cash provided by financing activities 123,562 167,859
Effect of exchange rate changes on cash 19 (43)
Net increase in cash and cash equivalents 1,467 6,493
Cash and cash equivalents at beginning of the period 21,911 12,149
Cash and cash equivalents at end of the period 23,378 18,642
Non-cash investing and financing activities:    
Property and equipment expenditures and capitalized software included in current liabilities 3,446 6,147
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 694 1,073
Common stock issued related to purchases of businesses 2,344 8,640
Contingent consideration accrued related to purchase of business 0 36
Share repurchases included in current liabilities 8,121 2,228
Excise tax on net share repurchases included in non-current liabilities $ 73 $ 117