v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 115,441 $ 133,522
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation of property and equipment 24,568 21,468
Amortization of intangible assets 1,151 2,070
Amortization of notes receivable 46,039 30,445
Amortization of tax equity investment 16,881 0
Provision for expected credit losses 14,111 11,909
Share-based compensation 22,051 19,671
Deferred income taxes 4,976 17,506
Other 1,677 159
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable, billed and unbilled (141,633) (91,734)
Notes receivable, net of repayments (44,010) (234,081)
Prepaid expenses and other assets (6,579) (13,224)
Accounts payable, accrued expenses and other (2,488) (11,623)
Income taxes (14,256) (84,105)
Accrued compensation (197,047) (204,284)
Billings in excess of services provided 1,389 (7,216)
Net cash used in operating activities (157,729) (409,517)
Investing activities    
Purchases of property and equipment and other (21,885) (35,228)
Payment for tax equity investment (42,101) 0
Net cash used in investing activities (63,986) (35,228)
Financing activities    
Borrowings under revolving line of credit 1,085,000 745,000
Repayments under revolving line of credit (730,000) (275,000)
Proceeds from issuance of term loan 300,000 0
Payments of debt issuance costs (5,401) 0
Purchase and retirement of common stock, including excise tax (520,037) (536,678)
Share-based compensation tax withholdings (8,103) (16,880)
Deposits and other 3,053 (636)
Net cash provided by (used in) financing activities 124,512 (84,194)
Effect of exchange rate changes on cash and cash equivalents (4,141) 21,277
Net decrease in cash and cash equivalents (101,344) (507,662)
Cash and cash equivalents, beginning of period 265,091 660,493
Cash and cash equivalents, end of period 163,747 152,831
Supplemental cash flow disclosures    
Cash paid for interest 16,924 1,876
Cash paid for income taxes and tax credits, net of refunds 28,494 105,598
Non-cash investing and financing activities:    
Issuance of stock units under incentive compensation plans 3,587 2,069
Excise tax on purchase and retirement of common stock 5,224 4,830
Non-cash additions to property and equipment $ 307 $ 3,024