v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities    
Net income $ 50,512 $ 52,928
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses (505) 1,552
Deferred income taxes and unrecognized income tax benefits (14,084) (10,233)
Non-cash equity compensation 8,438 8,225
Depreciation and amortization 29,497 27,066
Gain on divestiture of a business 0 (1,715)
Other operating adjustments, net 3,604 470
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Net contract assets and liabilities (43,619) (23,561)
Contract receivables 47,300 (5,828)
Prepaid expenses and other assets (2,226) 3,787
Operating lease assets and liabilities, net (3,556) (399)
Accounts payable (36,534) (23,569)
Accrued salaries and benefits (16,256) 5,905
Accrued subcontractors and other direct costs (2,502) 7,335
Accrued expenses and other current liabilities 1,675 13,075
Income tax receivable and payable (1,749) (3,633)
Other liabilities (1,072) (770)
Net Cash Provided by Operating Activities 18,923 50,635
Cash Flows from Investing Activities    
Payments for purchase of property and equipment and capitalized software (9,202) (10,392)
Proceeds from divestiture of a business 0 1,715
Other investing, net 403 0
Net Cash Used in Investing Activities (8,799) (8,677)
Cash Flows from Financing Activities    
Advances from working capital facilities 755,651 660,396
Payments on working capital facilities (705,626) (657,420)
Proceeds from other short-term borrowings 7,605 36,783
Repayments of other short-term borrowings (15,365) (46,933)
Receipt of restricted contract funds 0 1,269
Payment of restricted contract funds 0 (3,583)
Dividends paid (5,199) (5,257)
Net payments for stock issuances and share repurchases (39,313) (30,618)
Other financing, net (1,297) (1,145)
Net Cash Used in Financing Activities (3,544) (46,508)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 1,491 (131)
Net Change in Cash, Cash Equivalents, and Restricted Cash 8,071 (4,681)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 18,817 9,449
Cash, Cash Equivalents, and Restricted Cash, End of Period 26,888 4,768
Supplemental Disclosure of Cash Flow Information    
Interest 14,904 15,270
Income taxes $ 25,837 $ 31,107