XML 23 R7.htm IDEA: XBRL DOCUMENT v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 89,719 $ 109,046
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Depreciation and amortization expense 24,259 17,807
Operating lease right-of-use assets amortization expense 14,787 15,676
Bad debt expense 8,675 2,925
Deferred taxes (10,830) 6,692
Stock-based compensation expense 7,112 24,553
Unrealized loss on derivative 41,369 0
Impairment charges 20,401 0
Other 3,361 (4,926)
Changes in assets and liabilities:    
Trade receivables and contract assets (144,783) (89,395)
Prepaid and other assets (9,515) (8,581)
Accounts payable (4,633) (3,166)
Accrued expenses and other liabilities (74,929) (15,830)
Operating lease liabilities (14,171) (16,065)
Income taxes payable (2,670) (25,909)
Net cash (used in)/provided by operating activities (51,848) 12,827
Cash flows from investing activities:    
Purchases of property and equipment (23,274) (11,186)
Proceeds from short-term investments 0 60,000
Acquisition of business, net of cash acquired (8,207) 0
Purchases of non-marketable securities 0 (1,044)
Other investing activities, net (3,082) 691
Net cash (used in)/provided by investing activities (34,563) 48,461
Cash flows from financing activities:    
Proceeds from stock option exercises 3,395 4,373
Payments of withholding taxes related to net share settlements of restricted stock units (3,876) (3,304)
Proceeds from debt 1,931 0
Repayment of debt (6,836) 0
Payment of contingent consideration for previously acquired business (207) 0
Purchase of noncontrolling interest (2,146) 0
Other financing activities, net (1,865) 260
Net cash (used in)/provided by financing activities (9,604) 1,329
Effect of exchange rate changes on cash, cash equivalents and restricted cash (45,407) (11,856)
Net (decrease)/increase in cash, cash equivalents and restricted cash (141,422) 50,761
Cash, cash equivalents and restricted cash, beginning of period 1,449,347 1,323,533
Cash, cash equivalents and restricted cash, end of period $ 1,307,925 $ 1,374,294