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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
May 31, 2019
May 31, 2018
Cash flows from operating activities:    
Net income $ 141,120 $ 113,190
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,754 27,054
Amortization of debt discount and transaction costs 1,885 5,838
Repayments of convertible notes attributable to debt discount (13,981) 0
Share-based compensation expense [1] 50,168 46,005
Net amortization of bond premium on debt securities available for sale 271 743
Other (872) (2,298)
Changes in operating assets and liabilities:    
Accounts receivable 445,186 299,439
Other receivables (12,278) (35,160)
Prepaid expenses 28,844 25,382
Accounts payable and accrued expenses (58,271) (28,642)
Deferred revenue (158,729) (104,592)
Other (143) (800)
Net cash provided by operating activities 459,954 346,159
Cash flows from investing activities:    
Purchase of investment in debt securities available for sale 0 (108,336)
Proceeds from maturities of investment in debt securities available for sale 110,431 87,004
Proceeds from sales of investment in debt securities available for sale 64,899 525
Proceeds from sales of strategic equity investments 0 1,300
Purchase of developed software and other intangible assets (4,134) (2,866)
Payments for property and equipment (23,513) (12,963)
Other (124) (986)
Net cash provided by (used in) investing activities 147,559 (36,322)
Cash flows from financing activities:    
Proceeds from exercise of common stock options 369 875
Proceeds from employee stock purchase program 7,501 15,262
Payments related to net settlement of share-based compensation awards (81,274) (77,094)
Purchase of treasury stock 0 (150,019)
Proceeds (payments) on other borrowings, net 26  
Proceeds (payments) on other borrowings, net   (299)
Repayments of convertible notes attributable to principal (102,163) (25,953)
Net cash used in financing activities (175,541) (237,228)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash (19,672) (28,261)
Net increase in cash, cash equivalents and restricted cash 412,300 44,348
Cash, cash equivalents and restricted cash at beginning of the period 1,883,096 1,724,132
Cash, cash equivalents and restricted cash at end of the period 2,295,396 1,768,480
Restricted cash included in cash, cash equivalents and restricted cash $ 0 $ 1,137
[1]
Total share-based compensation expense included $1.7 million and $4.0 million, respectively, of expense related to the Company’s employee stock purchase plan (“ESPP”) for the three months ended May 31, 2019 and May 31, 2018.