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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:      
Net income $ 254,223 $ 438,324 $ 312,771
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income tax benefit (3,446) (71,068) (21,237)
Provision for bad debts, net 6,429 3,718 7,290
Unrealized (gains)/losses on investment securities 3,680 4,228 (99)
Non-cash lease expense 26,609 31,508 22,756
Depreciation and amortization 58,221 48,537 15,228
Contingent consideration valuation 2,131 7,104 478
Compensation expense — equity and liability classified share awards (Note 14) 156,936 91,875 62,421
Changes in operating assets and liabilities:      
Accounts receivable (37,742) 14,128 (32,965)
Unbilled work in progress (11,596) 18,036 (78,526)
Unbilled work in progress (25,958) 14,895 (11,579)
Accrued salaries and bonuses (189,534) 150,721 228,546
Accounts payable and accrued expenses and other (32,014) (9,955) 535
Deferred income (11,943) (807) (991)
Income taxes payable (83,609) (6,254) 73,227
Net cash provided by operating activities 136,273 736,604 579,837
Cash flows from investing activities:      
Purchases of investment securities (19,230) (101,562) (391,555)
Sales or maturities of investment securities 87,384 197,324 318,425
Acquisition of business, net of cash acquired (20,427) (360,996) (12,470)
Purchase of property and equipment, net (50,731) (8,680) (14,148)
Net cash used in investing activities (3,004) (273,914) (99,748)
Cash flows from financing activities:      
Dividends paid (140,384) (114,806) (92,006)
Share repurchases (48,659) (304,793) (102,224)
Payments to settle employee tax obligations on share-based awards (42,283) (33,741) (17,810)
Proceeds from issuance of Class A shares 0 0 189,060
Earnouts paid (6,679) (5,917) 0
Loans payable to former shareholders redeemed (539) (280) (575)
Repayments of loans to non-affiliates (2,488) 0 (3,601)
Other financing activities 570 477 333
Net cash used in financing activities (240,462) (459,060) (26,823)
Effects of exchange rate changes on cash and cash equivalents (12,065) (16,784) 13,212
Net increase/(decrease) in cash, cash equivalents, and restricted cash (119,258) (13,154) 466,478
Cash, cash equivalents and restricted cash – beginning of period 834,070 847,224 380,746
Cash, cash equivalents and restricted cash – end of period 714,812 834,070 847,224
Supplemental disclosures of non-cash activities:      
Shares issued via vesting of liability classified awards 5,955 4,270 7,511
Shares issued as consideration for acquisitions 7,238 2,000 1,050
Cash acquired through acquisitions 11,933 244,162 88
Cash paid during the year:      
Interest 5,904 1,000 989
Taxes, net of refunds $ 156,786 $ 242,031 $ 44,202