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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities    
Net income $ 52,928 $ 36,710
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,552 837
Deferred income taxes and unrecognized income tax benefits (10,233) (4,823)
Non-cash equity compensation 8,225 6,688
Depreciation and amortization 27,066 31,646
Gain on divestiture of a business (1,715)  
Other operating adjustments, net 470 128
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Net contract assets and liabilities (23,561) (38,332)
Contract receivables (5,828) 8,856
Prepaid expenses and other assets 3,787 13,864
Operating lease assets and liabilities, net (399) 2,894
Accounts payable (23,569) (22,742)
Accrued salaries and benefits 5,905 405
Accrued subcontractors and other direct costs 7,335 (2,173)
Accrued expenses and other current liabilities 13,075 (18,311)
Income tax receivable and payable (3,633) 3,999
Other liabilities (770) 233
Net Cash Provided by Operating Activities 50,635 19,879
Cash Flows from Investing Activities    
Payments for purchase of property and equipment and capitalized software (10,392) (13,139)
Payments for business acquisitions, net of cash acquired   (32,664)
Proceeds from divestiture of a business 1,715  
Net Cash Used in Investing Activities (8,677) (45,803)
Cash Flows from Financing Activities    
Advances from working capital facilities 660,396 669,437
Payments on working capital facilities (657,420) (624,553)
Proceeds from other short-term borrowings 36,783 7,632
Repayments of other short-term borrowings (46,933) (2,483)
Receipt of restricted contract funds 1,269 4,940
Payment of restricted contract funds (3,583) (3,962)
Dividends paid (5,257) (5,271)
Net payments for stock issuances and share repurchases (30,618) (20,588)
Other financing, net (1,145) (905)
Net Cash (Used in) Provided by Financing Activities (46,508) 24,247
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash (131) 179
Decrease in Cash, Cash Equivalents, and Restricted Cash (4,681) (1,498)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 9,449 12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period 4,768 11,470
Supplemental Disclosure of Cash Flow Information    
Interest 15,270 19,129
Income taxes $ 31,107 $ 8,450