XML 26 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 454,627 $ 433,887 $ 451,295
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 106,867 85,275 60,516
Operating lease right-of-use assets expense 22,193 20,971 18,459
Deferred income tax benefit (34,490) (30,932) (14,511)
Provision for bad debts 1,006 6,438 2,928
Stock-based compensation expense 166,338 145,615 116,190
Gain on equity investment (15,139) 0 0
Other 2,708 2,180 2,778
Changes in operating assets and liabilities:      
Accounts receivable (149,017) (160,319) (154,403)
Other receivables and current assets (64,316) (2,312) (26,182)
Other long-term assets (3,217) (14,818) (5,622)
Accounts payable, accrued expenses and current liabilities 53,846 21,362 38,543
Accrued income taxes (18,429) 19,713 575
Deferred revenue 26,547 5,448 17,245
Other long-term liabilities (42) 14,802 (7,875)
Net cash provided by operating activities 549,482 547,310 499,936
Cash flows from investing activities:      
Acquisitions, net of cash acquired (510,805) (572,328) (787,196)
Capital expenditures (23,018) (35,370) (44,940)
Other investing activities (2,990) (6,555) (1,412)
Net cash used in investing activities (536,813) (614,253) (833,548)
Cash flows from financing activities:      
Proceeds from long-term debt 0 375,000 500,000
Principal payments on long-term debt (45,000) (75,000) 0
Purchase of treasury stock (134,679) (161,029) (59,116)
Restricted stock withholding taxes paid in lieu of issued shares (97,037) (71,019) (42,431)
Proceeds from shares issued for stock-based compensation 31,377 29,560 34,093
Other financing activities (513) (915) (3,137)
Net cash (used in) provided by financing activities (245,852) 96,597 429,409
Effect of exchange rate fluctuations on cash and cash equivalents (11,822) 10,924 (842)
Net (decrease) increase in cash and cash equivalents (245,005) 40,578 94,955
Cash and cash equivalents, beginning of period 912,672 872,094 777,139
Cash and cash equivalents, end of period 667,667 912,672 872,094
Supplemental disclosures of cash flow information:      
Income taxes paid 130,426 54,174 86,770
Interest paid 11,146 11,941 787
Fair value of common stock issued and unpaid consideration in connection with acquisitions $ 0 $ 232,690 $ 307,173