XML 17 R6.htm IDEA: XBRL DOCUMENT v3.20.2
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 $ 241,621 $ 186,533
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 46,095 32,355
Operating lease right-of-use assets amortization expense 50,467 40,203
Bad debt expense 2,794 133
Deferred taxes (4,546) (3,105)
Stock-based compensation expense 54,794 53,024
Other 3,225 7,522
Changes in assets and liabilities:    
Trade receivables and contract assets 3,477 (77,833)
Prepaid and other assets 4,261 237
Accounts payable 1,836 (1,844)
Accrued expenses and other liabilities 30,787 (11,230)
Operating lease liabilities (47,023) (39,230)
Income taxes payable (2,813) (23,899)
Net cash provided by operating activities 384,975 162,866
Cash flows from investing activities:    
Purchases of property and equipment (50,311) (52,295)
Purchases of short-term investments (60,000) 0
Acquisition of business, net of cash acquired (Note 2) (18,888) (28,655)
Purchases of non-marketable securities (20,500) (5,000)
Other investing activities, net 452 (1,632)
Net cash used in investing activities (149,247) (87,582)
Cash flows from financing activities:    
Proceeds from stock option exercises 23,027 28,798
Payments of withholding taxes related to net share settlements of restricted stock units (16,213) (14,521)
Payment of contingent consideration for previously acquired business (7,869) (1,104)
Other financing activities, net (28) (26)
Net cash (used in)/provided by financing activities (1,083) 13,147
Effect of exchange rate changes on cash, cash equivalents and restricted cash (10,110) (5,753)
Net increase in cash, cash equivalents and restricted cash 224,535 82,678
Cash, cash equivalents and restricted cash, beginning of period 937,688 771,711
Cash, cash equivalents and restricted cash, end of period $ 1,162,223 $ 854,389