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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 451,295 $ 419,375 $ 259,251
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 60,516 59,255 67,678
Operating lease right-of-use assets amortization 18,459    
Deferred income tax benefit (14,511) (33,675) (2,693)
Provision for bad debts 2,928 1,577 1,474
Stock-based compensation expense 116,190 83,346 53,154
Other 2,778 410 21
Changes in operating assets and liabilities:      
Accounts receivable (154,403) (74,455) (14,406)
Other receivables and current assets (26,182) (30,241) (18,498)
Other long-term assets (5,622) 1,839 (435)
Accounts payable, accrued expenses and current liabilities 38,543 19,920 27,045
Accrued income taxes 575 1,086 1,215
Deferred revenue 17,245 56,213 20,648
Other long-term liabilities (7,875) (19,662) 33,206
Net cash provided by operating activities 499,936 484,988 427,660
Cash flows from investing activities:      
Acquisitions, net of cash acquired (787,196) (283,026) (63,885)
Capital expenditures (44,940) (21,762) (19,149)
Other investing activities (1,412) (7,443) (11,631)
Net cash used in investing activities (833,548) (312,231) (94,665)
Cash flows from financing activities:      
Proceeds from long-term debt 500,000 0 0
Purchase of treasury stock (59,116) (269,801) (336,042)
Restricted stock withholding taxes paid in lieu of issued shares (42,431) (28,879) (11,112)
Proceeds from shares issued for stock-based compensation 34,093 41,019 52,503
Other financing activities (3,137) (5,014) 0
Net cash provided by (used in) financing activities 429,409 (262,675) (294,651)
Effect of exchange rate fluctuations on cash and cash equivalents (842) (14,444) 20,678
Net increase (decrease) in cash and cash equivalents 94,955 (104,362) 59,022
Cash and cash equivalents, beginning of period 777,139 881,501 822,479
Cash and cash equivalents, end of period 872,094 777,139 881,501
Supplemental disclosures of cash flow information:      
Income taxes paid 86,770 87,244 116,389
Interest paid 787 114 199
Fair value of common stock issued as consideration in connection with acquisitions $ 307,173 $ 0 $ 0