v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 57,631 $ 61,824
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property and equipment 12,289 10,145
Amortization of intangible assets 612 1,017
Amortization of notes receivable 23,099 9,930
Provision for expected credit losses 7,283 7,214
Share-based compensation 10,608 9,753
Deferred income taxes 2,933 8,889
Other 232 275
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, billed and unbilled (123,341) (74,890)
Notes receivable, net of repayments (22,564) (162,003)
Prepaid expenses and other assets 5,275 (4,445)
Accounts payable, accrued expenses and other 36,268 7,653
Income taxes 7,922 (30,198)
Accrued compensation (325,018) (310,495)
Billings in excess of services provided (3,252) 121
Net cash used in operating activities (310,023) (465,210)
Investing activities    
Purchases of property and equipment and other (10,618) (17,803)
Net cash used in investing activities (10,618) (17,803)
Financing activities    
Borrowings under revolving line of credit 590,000 235,000
Repayments under revolving line of credit (500,000) (75,000)
Proceeds from issuance of term loan 300,000 0
Purchase and retirement of common stock (126,827) (182,641)
Share-based compensation tax withholdings (5,954) (11,576)
Deposits and other 1,279 1,916
Net cash provided by (used in) financing activities 258,498 (32,301)
Effect of exchange rate changes on cash and cash equivalents (4,672) 5,942
Net decrease in cash and cash equivalents (66,815) (509,372)
Cash and cash equivalents, beginning of period 265,091 660,493
Cash and cash equivalents, end of period 198,276 151,121
Supplemental cash flow disclosures    
Cash paid for interest 4,772 461
Cash paid for income taxes and tax credits, net of refunds 10,059 40,066
Non-cash investing and financing activities:    
Issuance of stock units under incentive compensation plans 3,587 4,369
Excise tax on purchase and retirement of common stock 1,375 1,526
Non-cash additions to property and equipment $ 1,201 $ 4,843