v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 16,969 $ 13,826
Restricted cash 44,455 38,661
Accounts receivable, net 719,554 534,858
Other current assets 96,655 72,528
Current assets before funds held for clients 877,633 659,873
Funds held for clients 127,782 175,853
Total current assets 1,005,415 835,726
Non-current assets:    
Property and equipment, net 83,730 88,163
Goodwill and other intangible assets, net 2,885,727 2,945,470
Assets of deferred compensation plan 181,127 167,170
Right-of-use assets, net 349,101 393,512
Other non-current assets 40,044 40,842
Total non-current assets 3,539,729 3,635,157
Total assets 4,545,144 4,470,883
Current liabilities:    
Accounts payable 99,653 90,646
Income taxes payable 41,712 0
Accrued personnel costs 149,367 172,759
Contingent purchase price liabilities 30,506 61,164
Lease liabilities 64,183 60,549
Short-term debt [1] 66,323 66,177
Other current liabilities 62,425 78,579
Current liabilities before client fund obligations 514,169 529,874
Client fund obligations 127,590 175,928
Total current liabilities 641,759 705,802
Non-current liabilities:    
Long-term debt [1] 1,502,639 1,333,755
Income taxes payable 2,961 2,193
Deferred income taxes, net 5,190 10,880
Deferred compensation plan obligations 181,127 167,170
Contingent purchase price liabilities 10,751 35,803
Lease liabilities 322,241 372,586
Other non-current liabilities 6,677 62,711
Total non-current liabilities 2,031,586 1,985,098
Total liabilities 2,673,345 2,690,900
STOCKHOLDERS' EQUITY    
Common stock 1,438 1,380
Additional paid in capital 1,828,903 1,791,863
Retained earnings 1,090,983 896,122
Treasury stock (1,046,152) (910,601)
Accumulated other comprehensive (loss) income (3,373) 1,219
Total stockholders’ equity 1,871,799 1,779,983
Total liabilities and stockholders’ equity $ 4,545,144 $ 4,470,883
[1] Reflects the net debt for the Term Loan and Revolving Credit Facility with the associated debt issuance costs in short-term and long-term liabilities. See Note 5. Debt and Financing Arrangements for further discussion of the short-term and long-term debt.