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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Operating activities      
Net (loss) income $ (90,433) $ 10,617 $ 98,548
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities      
Stock-based compensation expense 80,909 63,862 53,313
Deferred income taxes (49,317) (30,898) (2,780)
Amortization of deferred contract costs 29,152 17,271 12,106
Lease expense 14,497 0 0
Amortization of intangible assets and depreciation 21,396 25,295 24,713
Amortization of investments 800 1,596 1,381
Foreign currency transaction loss (gain) 2,335 (2,421) 6,413
Other non-cash (521) (1,678) (1,383)
Change in operating assets and liabilities:      
Accounts receivable, unbilled revenue, and contract assets 1,088 25,779 (30,379)
Income taxes receivable and other current assets (6,344) (6,068) (13,393)
Accounts payable, accrued compensation, and accrued expenses 25,670 20,798 14,473
Deferred revenue 1,937 28,951 14,636
Deferred contract costs (49,746) (44,036) (18,738)
Other long-term assets and liabilities (23,588) (4,712) (675)
Cash (used in) provided by operating activities (42,165) 104,356 158,235
Investing activities      
Purchases of investments (11,424) (69,494) (27,718)
Proceeds from maturities and called investments 13,634 33,991 26,997
Sales of investments 89,406 0 0
Payments for acquisitions, net of cash acquired (10,934) (800) (297)
Investment in property and equipment (10,608) (11,893) (13,741)
Cash provided by (used in) investing activities 70,074 (48,196) (14,759)
Financing activities      
Dividend payments to shareholders (9,486) (9,432) (9,277)
Proceeds from revolving credit facility 45,000 0 0
Payments on revolving credit facility (45,000) 0 0
Common stock repurchases for tax withholdings for net settlement of equity awards (42,637) (37,594) (40,617)
Common stock repurchases under stock repurchase program (22,135) (54,434) (4,335)
Cash (used in) financing activities (74,258) (101,460) (54,229)
Effect of exchange rate changes on cash and cash equivalents 290 (2,557)  
Effect of exchange rate changes on cash and cash equivalents (before ASU 2016-18)     2,438
Net (decrease) increase in cash and cash equivalents (46,059) (47,857) 91,685
Cash and cash equivalents, beginning of period 114,422 162,279 70,594
Cash and cash equivalents, end of period 68,363 114,422 162,279
Supplemental disclosures      
Income taxes paid (refunded) 4,745 6,630 (2,322)
Non-cash investing and financing activity:      
Dividends payable $ 2,388 $ 2,363 $ 2,344