XML 22 R7.htm IDEA: XBRL DOCUMENT v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 105,040 $ 116,626 $ 62,479
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization 32,429 25,300 24,938
Non-cash lease expense 6,767 6,065 6,321
Lease-related impairment charges 738 3,513 6,248
Share-based compensation 46,512 45,074 45,697
Amortization of debt discount and issuance costs 1,147 1,078 769
Allowances for doubtful accounts 942 3,073 421
Deferred income taxes 10,880 2,613 (6,182)
(Gains) losses on sale of property and equipment 132 (101) (64)
Gain on sale of businesses, excluding transaction costs 0 (4,309) 0
Change in fair value of contingent consideration liabilities (2,952) 533 490
Change in fair value of preferred stock investment 5,014 0 26,262
Credit-related impairment charge on convertible debt investment 10,382 0 0
Changes in operating assets and liabilities, net of acquisitions and divestiture:      
(Increase) decrease in receivables from clients, net 16,904 (30,496) (15,046)
(Increase) decrease in unbilled services, net (31,827) 31,123 (49,051)
(Increase) decrease in current income tax receivable / payable, net (7,797) 5,412 (5,139)
(Increase) decrease in other assets (12,579) (8,153) (6,535)
Increase (decrease) in accounts payable and other liabilities (6,253) (12,228) (6,948)
Increase (decrease) in accrued payroll and related benefits 9,330 16,370 51,022
Increase (decrease) in deferred revenues 2,681 892 560
Net cash provided by operating activities 193,394 201,319 135,262
Cash flows from investing activities:      
Purchases of property and equipment (10,437) (8,651) (9,444)
Investments in life insurance policies (3,241) (2,594) (3,074)
Distributions from life insurance policies 0 0 2,956
Purchases of businesses, net of cash acquired (111,630) (49,503) (1,613)
Capitalization of internally developed software costs (20,647) (23,932) (25,742)
Proceeds from note receivable 154 154 154
Proceeds from sale of property and equipment 50 102 111
Proceeds from divestitures of businesses 0 4,675 0
Net cash used in investing activities (145,751) (79,749) (36,652)
Cash flows from financing activities:      
Proceeds from exercises of stock options 5,087 1,832 2,524
Shares redeemed for employee tax withholdings (33,568) (22,085) (10,536)
Share repurchases (166,725) (123,006) (122,757)
Proceeds from bank borrowings 1,108,000 743,500 354,000
Repayments of bank borrowings (954,688) (709,813) (320,000)
Payments for debt issuance costs (3,100) (1,446) (58)
Deferred payments on business acquisition 36 617 1,500
Net cash used in financing activities (45,030) (111,635) (98,327)
Effect of exchange rate changes on cash (16) (173) 32
Net increase in cash and cash equivalents 2,597 9,762 315
Cash and cash equivalents at end of the period 24,508 21,911 12,149
Cash and cash equivalents at beginning of the period 21,911 12,149 11,834
Non-cash investing and financing activities:      
Property and equipment expenditures and capitalized software included in current liabilities 6,417 5,016 5,156
Common stock issued related to purchases of businesses 29,207 20,851 1,646
Contingent consideration accrued related to purchases of businesses 20,251 36 374
Notes Issued 0 2,250 0
Share Repurchases Initiated but not yet Settled 0 636 1,030
Excise tax on net share repurchases incurred but not paid [Abstract] $ 616 $ 533 $ 947