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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 500,412 $ 523,710 $ 454,627
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 132,504 114,563 106,867
Operating lease right-of-use assets expense 23,514 22,721 22,193
Deferred income tax benefit (91,306) (130,716) (34,490)
Provision for bad debts 2,704 6,222 1,006
Stock-based compensation expense 221,891 168,128 166,338
Gain on equity investment 0 0 (15,139)
Other 1,238 4,680 2,708
Changes in operating assets and liabilities:      
Accounts receivable (102,516) (114,986) (149,017)
Other receivables and current assets (30,204) 30,259 (64,316)
Other long-term assets (8,563) (3,613) (3,217)
Accounts payable, accrued expenses and current liabilities 27,853 (8,250) 53,846
Accrued income taxes 13,731 99 (18,429)
Deferred revenue 34,507 33,003 26,547
Other long-term liabilities (8,643) (14,817) (42)
Net cash provided by operating activities 717,122 631,003 549,482
Cash flows from investing activities:      
Acquisitions, net of cash acquired (208,911) (386,264) (510,805)
Capital expenditures (25,318) (24,370) (23,018)
Other investing activities (5,813) (734) (2,990)
Net cash used in investing activities (240,042) (411,368) (536,813)
Cash flows from financing activities:      
Principal payments on long-term debt 0 0 (45,000)
Purchase of treasury stock (196,494) (205,571) (134,679)
Restricted stock withholding taxes paid in lieu of issued shares (63,645) (64,242) (97,037)
Proceeds from shares issued for stock-based compensation 30,114 25,595 31,377
Other financing activities (1,294) (1,290) (513)
Net cash used in financing activities (231,319) (245,508) (245,852)
Effect of exchange rate fluctuations on cash and cash equivalents 49 (27,403) (11,822)
Net increase (decrease) in cash and cash equivalents 245,810 (53,276) (245,005)
Cash and cash equivalents, beginning of period 614,391 667,667 912,672
Cash and cash equivalents, end of period 860,201 614,391 667,667
Supplemental disclosures of cash flow information:      
Income taxes paid 144,117 115,339 130,426
Interest paid 46,069 20,844 11,146
Non-cash and unpaid consideration in connection with acquisitions $ 5,056 $ 5,391 $ 0