v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 23,247 $ 24,536
Adjustments to reconcile net income to cash flows from operating activities:    
Depreciation and amortization 9,721 6,949
Non-cash lease expense 1,641 1,437
Lease-related impairment charges 0 738
Gain (Loss) on Termination of Lease (3,814)  
Share-based compensation 15,693 15,358
Amortization of debt discount and issuance costs 288 286
Allowances for doubtful accounts 133 272
Gain (Loss) on Disposition of Business (303) 0
Change in fair value of contingent consideration liabilities 3,840 0
Deferred income taxes 2,339 259
Change in fair value of equity investment 0 4,210
Changes in operating assets and liabilities, net of acquisitions:    
(Increase) decrease in receivables from clients, net (22,660) (2,879)
(Increase) decrease in unbilled services, net (39,979) (20,617)
(Increase) decrease in current income tax receivable / payable, net (57) (5,668)
(Increase) decrease in other assets (4,354) 170
Increase (decrease) in accounts payable and other liabilities (5,005) 1,017
Increase (decrease) in accrued payroll and related benefits (142,770) (132,731)
Increase (decrease) in deferred revenues (128) (164)
Net cash used in operating activities (162,168) (106,827)
Cash flows from investing activities:    
Purchases of property and equipment (5,680) (1,850)
Investments in life insurance policies 0 (1,722)
Purchases of businesses, net of cash acquired 1,493 (5,190)
Capitalization of internally developed software costs (6,177) (6,679)
Proceeds from note receivable 2,250 154
Net cash used in investing activities (7,814) (15,287)
Cash flows from financing activities:    
Proceeds from exercises of stock options 708 2,527
Shares redeemed for employee tax withholdings (20,530) (32,181)
Share repurchases (153,130) (65,310)
Proceeds from bank borrowings 413,000 328,000
Repayments of bank borrowings (68,000) (109,438)
Deferred payments for business acquisitions 0 (36)
Net cash provided by financing activities 172,048 123,562
Effect of exchange rate changes on cash (115) 19
Net increase in cash and cash equivalents 1,951 1,467
Cash and cash equivalents at beginning of the period 24,508 21,911
Cash and cash equivalents at end of the period 26,459 23,378
Non-cash investing and financing activities:    
Property and equipment expenditures and capitalized software included in current liabilities 2,673 3,446
Operating lease right-of-use assets obtained in exchange for operating lease liabilities 1,795 694
Common stock issued related to purchase of business 0 2,344
Excise tax on net share repurchases included in non-current liabilities 1,133 73
Share repurchases included in current liabilities 1,267 8,121
Proceeds from Divestiture of Businesses, Net of Cash Divested $ 300 $ 0