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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities      
Net income $ 725,983 $ 601,822 $ 563,648
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of intangible assets 80,592 56,941 49,410
Stock-based compensation expense 54,917 51,094 41,199
Depreciation and amortization of property, equipment and leasehold improvements 28,901 29,805 29,999
Amortization of right of use assets 24,632 24,049 22,489
Loss on impairment of right of use assets 8,385    
Amortization of debt origination fees 4,923 4,445 4,073
Loss on extinguishment of debt 59,103 44,930 16,794
Deferred taxes (111,369) (55,645) (20,767)
Other adjustments (146) 1,744 1,093
Changes in assets and liabilities, net of the effect of acquisitions and dispositions:      
Accounts receivable (99,203) (57,606) (25,923)
Prepaid income taxes 15,264 11,608 (13,200)
Prepaid and other assets (4,240) (410) (7,698)
Other non-current assets (35,445) (3,792) (239)
Accounts payable (2,195) 7,482 2,584
Income taxes payable 33,903 9,576 (2,240)
Accrued compensation and related benefits 42,719 (2,641) 25,217
Other accrued liabilities (9,249) 1,674 3,664
Deferred revenue 116,863 98,330 35,366
Long-term operating lease liabilities (22,078) (22,497) (20,244)
Other non-current liabilities 21,536 6,536 3,851
Other 2,273 3,664 447
Net cash provided by operating activities 936,069 811,109 709,523
Cash flows from investing activities      
Acquisition of a business, net of cash acquired (948,989)   (18,177)
Acquisition of equity method investment (26,361) (190,816)  
Acquisition of assets, net of cash acquired (6,512)    
Capital expenditures (13,509) (21,826) (29,116)
Capitalized software development costs (39,285) (29,149) (24,654)
Other (1,057)   10
Net cash used in investing activities (1,035,713) (241,791) (71,937)
Cash flows from financing activities      
Proceeds from borrowings, inclusive of premium 1,803,750 1,405,000 1,000,000
Repayment of borrowings (1,051,810) (1,142,382) (513,125)
Repurchase of common stock held in treasury (198,374) (778,519) (292,075)
Payment of dividends (302,449) (246,444) (222,922)
Payment of debt issuance costs in connection with debt (21,612) (16,693) (11,781)
Proceeds from exercise of stock options     3,236
Net cash provided by (used in) financing activities 229,505 (779,038) (36,667)
Effect of exchange rate changes (8,933) 3,674 1,472
Net (decrease) increase in cash 120,928 (206,046) 602,391
Cash and cash equivalent, beginning of period 1,300,521 1,506,567 904,176
Cash and cash equivalent, end of period 1,421,449 1,300,521 1,506,567
Supplemental disclosure of cash flow information:      
Cash paid for interest 151,335 163,391 141,484
Cash paid for income taxes, net of refunds received 222,620 113,646 72,935
Supplemental disclosure of non-cash investing activities      
Property, equipment and leasehold improvements in other accrued liabilities 3,498 3,061 3,690
Supplemental disclosure of non-cash financing activities      
Cash dividends declared, but not yet paid $ 2,599 $ 1,438 $ 1,039