|
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities |
|
|
| Net income |
$ 23,686 |
$ 18,117 |
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
| Depreciation and amortization |
7,808 |
8,585 |
| Amortization of other intangible assets |
3,012 |
4,616 |
| Acquisition-related contingent consideration |
234 |
(1,843) |
| Provision for doubtful accounts |
2,998 |
4,442 |
| Non-cash share-based compensation |
6,736 |
9,503 |
| Non-cash interest expense |
671 |
675 |
| Other |
(132) |
(443) |
| Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable, billed and unbilled |
(41,330) |
(71,474) |
| Notes receivable |
(1,003) |
(26,088) |
| Prepaid expenses and other assets |
3,583 |
11,927 |
| Accounts payable, accrued expenses and other |
15,959 |
18,815 |
| Income taxes |
5,524 |
(684) |
| Accrued compensation |
(74,987) |
(93,573) |
| Billings in excess of services provided |
(4,092) |
6,630 |
| Net cash used in operating activities |
(51,333) |
(110,795) |
| Investing activities |
|
|
| Payments for acquisition of businesses, net of cash received |
|
(15,611) |
| Purchases of property and equipment |
(8,876) |
(15,179) |
| Other |
71 |
(10) |
| Net cash used in investing activities |
(8,805) |
(30,800) |
| Financing activities |
|
|
| Borrowings under revolving line of credit, net |
|
20,000 |
| Purchase and retirement of common stock |
|
(4,367) |
| Net issuance of common stock under equity compensation plans |
4,031 |
(2,490) |
| Deposits |
1,380 |
|
| Other |
(85) |
(101) |
| Net cash (used in) provided by financing activities |
5,326 |
13,042 |
| Effect of exchange rate changes on cash and cash equivalents |
(3,573) |
(275) |
| Net decrease in cash and cash equivalents |
(58,385) |
(128,828) |
| Cash and cash equivalents, beginning of period |
283,680 |
205,833 |
| Cash and cash equivalents, end of period |
225,295 |
77,005 |
| Supplemental cash flow disclosures |
|
|
| Cash paid for interest |
226 |
391 |
| Cash paid for income taxes, net of refunds |
6,134 |
11,034 |
| Non-cash investing and financing activities: |
|
|
| Issuance of stock units under incentive compensation plans |
$ 2,124 |
$ 1,632 |