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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 231,730 $ 275,995
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on disposal of property, plant and equipment 123 217
Depreciation expense 34,553 34,271
Impairment of right-of-use assets 5,411 0
Reduction in carrying value of operating right-of-use assets 21,367 22,867
Amortization of intangibles 14,428 11,571
Amortization of government grants (33) (33)
Interest on short term investments 0 (823)
Interest on non-current operating lease liability 1,126 2,020
Realized gain on sale of short term investments (232) 0
Gain on re-measurement of financial assets (200) (500)
Loss on settlement of derivative (905) 0
Loss on equity method investments 83 0
Stock compensation expense 20,157 21,065
Amortization of interest rate hedge (725) (692)
Amortization of financing costs 368 393
Deferred taxes 1,416 3,179
Changes in assets and liabilities:    
Decrease in accounts receivable 24,623 16,264
Increase in unbilled revenue (17,635) (126,375)
Decrease in other receivables 5,373 1,616
Increase in prepayments and other current assets (1,620) (5,862)
Increase in other non-current assets (474) (1,999)
Increase in unearned revenue 82,386 42,119
(Decrease)/increase in other current liabilities (21,640) 176
Decrease in operating lease liabilities (22,797) (25,440)
Increase in other non-current liabilities 887 1,647
(Decrease)/increase in income taxes payable (9,428) 6,498
Increase/(decrease) in accounts payable 4,271 (78)
Net cash provided by operating activities 372,613 278,096
Cash flows from investing activities:    
Purchase of property, plant and equipment (28,026) (31,929)
Purchase of subsidiary undertakings (47,931) (116,431)
Purchase of equity method investments (2,450) 0
Cash acquired with subsidiary undertaking 10,170 11,700
Purchase of available for sale investments 0 (16,075)
Sale of available for sale investments 47,902 23,814
Purchase of investments in equity - long term (2,737) (3,476)
Net cash used in investing activities (23,072) (132,397)
Cash flows from financing activities:    
Proceeds from exercise of equity compensation 12,349 21,054
Share issue costs (10) (9)
Repurchase of ordinary shares (175,000) (141,573)
Share repurchase costs (140) (103)
Net cash used in financing activities (162,801) (120,631)
Effect of exchange rate movements on cash 946 (3,315)
Net increase in cash and cash equivalents 187,686 21,753
Cash and cash equivalents at beginning of period 520,309 395,851
Cash and cash equivalents at end of period $ 707,995 $ 417,604