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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Cash flows from operating activities:      
Net income $ 327,160 $ 261,057 $ 240,256
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 62,874 45,317 36,640
Operating lease right-of-use assets amortization expense 66,369 55,859 0
Bad debt expense 2,253 1,619 848
Deferred taxes (19,994) (7,764) (48,000)
Stock-based compensation expense 75,238 72,036 59,188
Other 6,796 4,764 (1,712)
Changes in assets and liabilities:      
Trade receivables and contract assets 4,235 (87,174) (46,902)
Prepaid and other assets 6,983 (7,155) (8,432)
Accounts payable 2,428 (1,685) (772)
Accrued expenses and other liabilities 60,133 27,125 51,953
Operating lease liabilities (64,453) (53,419) 0
Income taxes payable 14,385 (23,127) 9,151
Net cash provided by operating activities 544,407 287,453 292,218
Cash flows from investing activities:      
Purchases of property and equipment (68,793) (99,308) (37,574)
Payments to Acquire Other Investments (120,000) 0 0
Proceeds from short-term investments 60,009 0 418
Acquisition of businesses, net of cash acquired (Note 2) (18,888) (39,322) (74,268)
Purchases of non-marketable securities (20,500) (5,000) 0
Other investing activities, net 1,018 (1,739) (699)
Net cash used in investing activities (167,154) (145,369) (112,123)
Cash flows from financing activities:      
Proceeds from stock option exercises 26,410 37,003 34,845
Payments of withholding taxes related to net share settlements of restricted stock units (20,132) (15,503) (7,747)
Repayment of debt (Note 9) (18) (9) (3,494)
Payment of contingent consideration for previously acquired businesses (7,004) (1,104) 0
Other financing activities, net (21) (24) (603)
Net cash (used in)/provided by financing activities (765) 20,363 23,001
Effect of exchange rate changes on cash, cash equivalents and restricted cash 9,357 3,530 (14,240)
Net increase in cash, cash equivalents and restricted cash 385,845 165,977 188,856
Cash, cash equivalents and restricted cash, beginning of period 937,688 771,711 582,855
Cash, cash equivalents and restricted cash, end of period 1,323,533 937,688 771,711
Cash paid during the year for:      
Income taxes, net of refunds 54,520 65,306 40,437
Interest 425 832 777
Supplemental disclosure of non-cash investing and financing activities      
Acquisition-date fair value of contingent consideration issued for acquisition of businesses 7,119 3,876 8,390
Capital expenditures incurred but not yet paid $ 1,582 $ 16,921 $ 2,140