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CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 6,063 $ 8,254
Restricted cash [1] 2,401 12,179
Contract receivables, net 218,807 237,684
Contract assets 190,506 137,867
Prepaid expenses and other assets 23,196 42,354
Income tax receivable 11,979 10,825
Total Current Assets 452,952 449,163
Property and Equipment, net 70,689 52,053
Other Assets:    
Goodwill 1,043,908 1,046,760
Other intangible assets, net 69,178 79,645
Operating lease - right-of-use assets 164,602 177,417
Other assets 49,473 44,496
Total Assets 1,850,802 1,849,534
Current Liabilities:    
Current portion of long-term debt 15,000 10,000
Accounts payable 99,365 105,652
Contract liabilities 24,612 39,665
Operating lease liabilities - current 26,267 34,901
Accrued salaries and benefits 86,583 85,517
Accrued subcontractors and other direct costs 44,946 39,400
Accrued expenses and other current liabilities 45,102 61,496
Total Current Liabilities 341,875 376,631
Long-term Liabilities:    
Long-term debt 435,075 411,605
Operating lease liabilities - non-current 185,970 191,805
Deferred income taxes 47,643 41,913
Other long-term liabilities 20,822 24,110
Total Liabilities 1,031,385 1,046,064
Commitments and Contingencies (Note 19)
Stockholders’ Equity:    
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued
Common stock, par value $.001; 70,000,000 shares authorized; 23,705,062 and 23,535,671 shares issued at June 30, 2022 and December 31, 2021, respectively; 18,818,604 and 18,876,490 shares outstanding at June 30, 2022 and December 31, 2021, respectively 23 23
Additional paid-in capital 393,224 384,984
Retained earnings 680,323 649,298
Treasury stock, 4,886,458 and 4,659,181 shares at June 30, 2022 and December 31, 2021, respectively (241,566) (219,800)
Accumulated other comprehensive loss (12,587) (11,035)
Total Stockholders’ Equity 819,417 803,470
Total Liabilities and Stockholders’ Equity $ 1,850,802 $ 1,849,534
[1] Under a contract with a customer that commenced in the fourth quarter of fiscal year 2020, the Company received advance payments to be used to pay providers of services to the customer, a separate third party. The advanced payments are treated as restricted cash - current as the Company is required under the contract to distribute the advanced funds to the third-party providers of services or return the advanced funds to the customer. Because the Company receives the advance payments from the customer, which must be refunded to the customer or remitted to a third party, the cash receipts are treated as borrowings rather than receipts for the provision of goods or services. Therefore, these cash receipts are presented in the consolidated statements of cash flows as financing cash inflows, “Receipt of restricted contract funds,” with the subsequent payments classified as financing cash outflows, “Payment of restricted contract funds.” See Note 6 – Accrued Expenses and Other Current Liabilities for the corresponding liability.