| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
121,031 | 74,952 | 58,098 | 60,345 | -36,398 | 52,193 | 46,169 | 41,130 | 24,057 | 21,947 | 40,057 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||
Depreciation expense | ||||||||||
23,815 | 28,826 | 27,742 | 23,612 | 19,580 | 16,180 | 14,986 | 13,303 | 14,457 | 17,600 | 17,302 |
Amortization expense | ||||||||||
6,672 | 8,960 | 11,507 | 8,613 | 5,959 | 6,826 | 6,767 | 8,658 | 12,368 | 13,014 | 16,386 |
Accelerated depreciation - office consolidation | ||||||||||
- | - | - | - | - | 498 | - | - | - | - | - |
Depreciation expense-office consolidation | ||||||||||
- | - | - | - | - | - | - | - | - | 1,285 | 2,534 |
Amortization expense - client-facing software | ||||||||||
- | - | - | - | 1,218 | 459 | - | - | - | - | - |
Share-based compensation expense | ||||||||||
6,582 | 13,037 | 13,071 | 10,328 | 9,316 | 11,079 | 10,027 | 8,792 | 6,755 | 7,478 | 11,839 |
Accretion of interest expense | ||||||||||
- | - | - | - | 2,351 | 942 | 630 | 836 | 944 | 887 | 996 |
Deferred income taxes | ||||||||||
27,706 | 16,463 | 2,154 | -13,807 | 18,052 | -18,421 | -11,123 | -11,264 | -3,773 | -6,366 | -4,461 |
Allowance for doubtful accounts receivable | ||||||||||
8,742 | 7,755 | 8,815 | 2,578 | 5,009 | -107 | 6,329 | 6,910 | 8,211 | 15,053 | 20,292 |
Payments of contingent acquisition liabilities in excess of initial fair value | ||||||||||
1,186 | 1,700 | 643 | - | - | - | - | - | - | - | - |
Contingent acquisition liability adjustments, net | ||||||||||
-984 | 2,213 | 1,330 | -13,047 | -4,992 | -5,399 | 1,065 | - | - | - | - |
Loss (gain) on disposition of assets | ||||||||||
- | - | - | - | - | 1,715 | - | - | - | - | - |
Gain on disposition of discontinued operations | ||||||||||
- | - | - | - | 509 | -3,675 | - | - | - | - | - |
Gain on disposition | ||||||||||
84,436 | - | - | - | - | - | - | - | - | - | - |
Goodwill impairment | ||||||||||
- | - | - | - | 122,045 | - | - | - | - | - | - |
Other, net | ||||||||||
-996 | -3,113 | 159 | -2,598 | -802 | - | - | - | - | - | - |
Changes in assets and liabilities (net of acquisitions): | ||||||||||
Accounts receivable, net and contract assets | ||||||||||
34,464 | 11,773 | 49,972 | 27,875 | 14,844 | -19,604 | 22,821 | 5,817 | 23,990 | 4,631 | 4,280 |
Intangible assets impairment | ||||||||||
- | - | - | - | - | - | - | - | 7,307 | 0 | 0 |
Prepaid expenses and other assets | ||||||||||
-3,806 | 6,712 | -4,189 | 5,575 | 303 | -12,260 | 2,668 | -208 | 16,146 | -1,088 | -12,708 |
Accounts payable | ||||||||||
1,436 | 1,058 | 1,630 | -2,271 | -2,123 | -4,623 | 1,754 | 5,353 | 2,742 | -344 | 1,442 |
Accrued liabilities | ||||||||||
-86 | 1,158 | 874 | 476 | -1,316 | -382 | 2,879 | 491 | -110 | -989 | -159 |
Accrued compensation-related costs | ||||||||||
1,938 | -10,589 | 14,447 | 6,875 | 2,712 | -3,470 | -10,794 | 22,720 | 3,003 | -3,305 | 5,268 |
Income taxes payable | ||||||||||
8,457 | 3,248 | 5,773 | -4,081 | 2,185 | -6,386 | 4,385 | 1,705 | 2,371 | 1,063 | -2,621 |
Other liabilities | ||||||||||
1,992 | 5,452 | 14,836 | 6,696 | -2,543 | -286 | 6,131 | -4,186 | -3,974 | 979 | -8,744 |
Net cash (used in) provided by operating activities | ||||||||||
37,589 | 102,535 | 109,384 | 83,079 | 90,097 | 119,769 | 75,962 | 111,367 | 41,768 | 77,491 | 91,703 |
Cash flows from investing activities: | ||||||||||
Purchases of property and equipment | ||||||||||
15,543 | 38,650 | 28,665 | 39,094 | 23,506 | 14,217 | 20,052 | 10,375 | 11,959 | 17,641 | 7,398 |
Acquisitions of businesses, net of cash acquired | ||||||||||
- | 5,000 | 15,426 | 64,037 | 89,180 | 2,989 | 27,479 | 9,246 | 62,370 | 12,875 | 54,222 |
Other acquisition payments | ||||||||||
- | - | 5,500 | - | - | 6,866 | 4,856 | 14,967 | 2,750 | 3,821 | 3,154 |
Proceeds from dispositions, net of selling costs and cash | ||||||||||
426,079 | - | - | - | - | - | - | - | - | - | - |
Proceeds from disposition, net of selling costs | ||||||||||
- | - | - | - | 2,324 | 16,973 | - | - | - | - | - |
Payments of acquisition liabilities | ||||||||||
- | - | 1,165 | 13,546 | 4,960 | - | - | - | - | - | - |
Other, net | ||||||||||
- | 812 | 770 | 735 | - | - | 300 | 225 | - | -28 | 865 |
Capitalized client-facing software | ||||||||||
- | - | - | - | 881 | 3,285 | 1,934 | - | - | - | - |
Net cash used in investing activities | ||||||||||
410,536 | -44,462 | -51,526 | -117,412 | -116,203 | -10,384 | -54,621 | -34,813 | -77,079 | -34,309 | -65,639 |
Cash flows from financing activities: | ||||||||||
Issuances of common stock | ||||||||||
3,550 | 3,919 | 4,299 | 5,974 | 2,833 | 3,144 | 3,283 | 1,865 | 3,457 | 3,173 | - |
Repurchases of common stock | ||||||||||
112,546 | 43,005 | 25,057 | 24,021 | 27,284 | 28,325 | 18,870 | 2,558 | - | 0 | - |
Dividend payments | ||||||||||
4,315 | - | - | - | - | - | - | - | - | - | - |
Payments of contingent acquisition liabilities | ||||||||||
2,170 | 8,630 | 185 | 4,592 | 464 | 3,287 | 8,580 | - | - | - | - |
Payment Upon Termination Of Credit Agreement | ||||||||||
- | - | - | - | - | - | - | -250,613 | - | 0 | - |
Proceeds from new credit agreement | ||||||||||
- | - | - | - | - | - | - | 250,613 | - | 0 | - |
Repayments to banks | ||||||||||
453,064 | 457,200 | 410,197 | 332,455 | 323,374 | 382,045 | 347,877 | 284,456 | -233,083 | - | - |
Borrowings from banks | ||||||||||
321,231 | 452,524 | 375,708 | 397,320 | 377,839 | 304,499 | 349,729 | 218,078 | 267,524 | - | - |
Issuances of common stock | ||||||||||
- | - | - | - | - | - | - | - | - | - | 6,650 |
Payments of notes payable | ||||||||||
- | - | - | - | - | - | - | - | - | 4,482 | 5,976 |
Net borrowings from (repayments to) banks | ||||||||||
- | - | - | - | - | - | - | - | - | -12,313 | -11,456 |
Payments of term loan | ||||||||||
- | - | - | - | - | - | - | 4,599 | 50,119 | 2,250 | 2,250 |
Payments of debt issuance costs | ||||||||||
451 | 1,297 | - | - | - | 731 | - | 2,814 | - | 0 | - |
Non-controlling interest | ||||||||||
3,600 | - | - | - | - | - | - | - | - | - | - |
Other, net | ||||||||||
-4,861 | -5,009 | -2,723 | -1,415 | -2,668 | -1,692 | -1,071 | -907 | 494 | -1,009 | -283 |
Net cash used in financing activities | ||||||||||
-249,026 | -58,698 | -58,155 | 40,811 | 26,882 | -108,437 | -23,386 | -75,391 | -11,727 | -16,881 | -13,315 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
-628 | 783 | -307 | -231 | -96 | -32 | 128 | -175 | -125 | -291 | -1,271 |
Net (decrease) increase in cash and cash equivalents | ||||||||||
198,471 | 158 | -604 | 6,247 | 680 | 916 | -1,917 | 988 | -47,163 | 26,010 | 11,478 |
Supplemental Consolidated Cash Flow Information | ||||||||||
Interest paid | ||||||||||
3,877 | 4,237 | 3,692 | 3,183 | 2,841 | 2,912 | 4,149 | 5,818 | 9,388 | - | - |
Income taxes paid, net of refunds | ||||||||||
53,438 | 15,553 | 22,752 | 16,733 | 12,307 | 30,782 | 15,935 | 15,501 | 5,752 | - | - |
Impact of Tax Cuts and Jobs Act on deferred income tax balances | ||||||||||
- | 29,800 | - | - | - | - | - | - | - | - | - |