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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income $ 85,607 $ 60,450
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 3,176 691
Deferred income taxes and unrecognized income tax benefits (16,957) (3,533)
Non-cash equity compensation 12,494 10,134
Depreciation and amortization 40,177 46,207
Gain on divestiture of a business (2,009) (4,302)
Other operating adjustments, net 2,206 2,563
Changes in operating assets and liabilities, net of the effects of acquisitions:    
Net contract assets and liabilities (40,155) (52,010)
Contract receivables (9,634) 12,087
Prepaid expenses and other assets (434) 11,893
Operating lease assets and liabilities, net (3,065) 3,897
Accounts payable (13,402) (13,333)
Accrued salaries and benefits 2,889 (8,521)
Accrued subcontractors and other direct costs 9,660 (3,353)
Accrued expenses and other current liabilities 16,979 (18,727)
Income tax receivable and payable (9,574) 450
Other liabilities (1,774) 959
Net Cash Provided by Operating Activities 76,184 45,552
Cash Flows from Investing Activities    
Payments for purchase of property and equipment and capitalized software (15,559) (17,876)
Payments for business acquisitions, net of cash acquired   (32,664)
Proceeds from divestiture of a business 1,985 47,151
Net Cash Used in Investing Activities (13,574) (3,389)
Cash Flows from Financing Activities    
Advances from working capital facilities 917,953 972,266
Payments on working capital facilities (930,043) (995,244)
Proceeds from other short-term borrowings 43,735 25,394
Repayments of other short-term borrowings (53,280) (18,845)
Receipt of restricted contract funds 1,275 6,412
Payment of restricted contract funds (3,586) (7,042)
Dividends paid (7,880) (7,903)
Net payments for stock issuances and share repurchases (30,995) (20,601)
Other financing, net (1,777) (1,501)
Net Cash Used in Financing Activities (64,598) (47,064)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash 174 (213)
Decrease in Cash, Cash Equivalents, and Restricted Cash (1,814) (5,114)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 9,449 12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period 7,635 7,854
Supplemental Disclosure of Cash Flow Information    
Interest 24,388 29,173
Income taxes $ 50,382 $ 12,604