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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:      
Net income $ 183,793 $ 159,106 $ 172,283
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred tax benefit (9,654) (10,687) (6,569)
Provision for bad debts 4,873 1,707 1,983
Unrealized gains on investment securities (75) (430) 0
Non-cash lease expense 24,654 0 0
Depreciation and amortization 17,291 14,475 7,905
Contingent consideration valuation (1,220) (708) (1,536)
Compensation expense – restricted share grants (Note 14) 64,345 56,561 47,111
Compensation expense – restricted share grants (Note 14)      
Accounts receivable (13,387) 21,611 (18,202)
Unbilled work in process 32,423 (26,029) 11,875
Unbilled work in process (4,515) (12,706) (1,703)
Accrued salaries and bonuses 11,351 18,868 34,556
Accounts payable and accrued expenses (8,709) 11,542 392
Deferred income 1,058 6,661 31
Income taxes receivable/payable (12,443) (2,375) 2,583
Net cash provided by operating activities 287,669 224,274 250,647
Net cash provided by operating activities      
Purchases of investment securities (350,679) (146,969) (209,319)
Sales or maturities of investment securities 340,624 231,460 0
Acquisition of business, net of cash acquired (2,197) (71,407) (2,701)
Receivables from affiliates (170) 101 1,155
Purchase of property and equipment (20,722) (6,726) (7,719)
Net cash (used in)/provided by investing activities (33,144) 6,459 (218,584)
Cash flows from financing activities:      
Dividends paid (80,655) (66,928) (52,081)
Settlement of forward purchase contract 0 (93,500) (192,372)
Share Repurchases (29,641) (69,563) (18,075)
Payments to settle employee tax obligations on share-based awards (31,477) (1,947) (33,419)
Proceeds from issuance of Class A shares placed in escrow 0 0 93,500
Earnouts paid 0 (1,923) 0
Stock subscriptions receivable redeemed 0 0 124
Loans payable to former shareholders redeemed (654) (989) (2,446)
Repayments of loans to affiliates 0 0 (15,000)
Repayments of loans to non-affiliates (10,081) (1,475) (1,661)
Other financing activities 369 187 (3,881)
Net cash (used in) financing activities (152,139) (236,138) (225,311)
Effects of exchange rate changes on cash and cash equivalents (7,755) (8,703) 785
Net increase/(decrease) in cash, cash equivalents, and restricted cash 94,631 (14,108) (192,463)
Cash, cash equivalents and restricted cash – beginning of period 286,115 300,223 492,686
Cash, cash equivalents and restricted cash – end of period 380,746 286,115 300,223
Supplemental disclosures of non-cash activities:      
Shares issued via vesting of liability classified awards 6,555 5,005 0
Shares issued as consideration for acquisitions 0 1,744 7,797
Debt forgiven as consideration of acquisitions 0 0 1,894
Fully depreciated assets written off 0 0 38
Cash acquired through acquisitions 15,755 16,141 0
Cash paid during the year:      
Interest 1,049 977 656
Taxes $ 74,507 $ 82,464 $ 47,629