v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 133,522 $ 163,912
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property and equipment 21,468 21,173
Amortization of intangible assets 2,070 2,096
Amortization of notes receivable 30,445 24,960
Provision for expected credit losses 11,909 19,923
Share-based compensation 19,671 18,101
Deferred income taxes 17,506 (6,840)
Other 159 (770)
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, billed and unbilled (91,734) (115,106)
Notes receivable, net of repayments (234,081) (70,157)
Prepaid expenses and other assets (13,224) (12,630)
Accounts payable, accrued expenses and other (11,623) (8,934)
Income taxes (84,105) (29,727)
Accrued compensation (204,284) (145,509)
Billings in excess of services provided (7,216) (84)
Net cash used in operating activities (409,517) (139,592)
Investing activities    
Purchases of property and equipment and other (35,228) (14,700)
Maturity of short-term investment 0 25,246
Net cash provided by (used in) investing activities (35,228) 10,546
Financing activities    
Borrowings under revolving line of credit 745,000 520,000
Repayments under revolving line of credit (275,000) (460,000)
Purchase and retirement of common stock (536,678) 0
Share-based compensation tax withholdings (16,880) (14,320)
Proceeds on stock option exercises 782 10,614
Deposits and other (1,418) 2,023
Net cash provided by (used in) financing activities (84,194) 58,317
Effect of exchange rate changes on cash and cash equivalents 21,277 (6,065)
Net decrease in cash and cash equivalents (507,662) (76,794)
Cash and cash equivalents, beginning of period 660,493 303,222
Cash and cash equivalents, end of period 152,831 226,428
Supplemental cash flow disclosures    
Cash paid for interest 1,876 4,020
Cash paid for income taxes and tax credits, net of refunds 105,598 74,831
Non-cash investing and financing activities:    
Issuance of stock units under incentive compensation plans 2,069 2,805
Excise tax on purchase and retirement of common stock 4,830 0
Non-cash additions to property and equipment $ 3,024 $ 487