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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities:    
Net income $ 79,506 $ 90,776
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 19,734 18,438
Stock-based compensation expense 27,392 20,617
Excess tax benefits from stock-based compensation (11,117) (14,275)
Deferred taxes 2,298 4,450
Amortization of debt issue costs 1,595 1,100
Changes in assets and liabilities:    
Fees receivable, net 13,582 2,909
Deferred commissions 15,539 18,039
Prepaid expenses and other current assets (17,193) (4,996)
Other assets 11,164 (3,708)
Deferred revenues 93,454 77,100
Accounts payable, accrued, and other liabilities (86,551) (57,692)
Cash provided by operating activities 149,403 152,758
Investing activities:    
Additions to property, equipment and leasehold improvements (23,614) (19,151)
Acquisitions - cash paid (net of cash acquired) 0 (107,528)
Acquisitions - increase in restricted cash (escrow) 0 (14,363)
Cash used in investing activities (23,614) (141,042)
Financing activities:    
Proceeds from stock issued under stock plans 3,824 5,064
Proceeds from debt issuance 320,000 175,625
Payments on debt (10,000) (5,625)
Purchases of treasury stock [1] (441,442) (307,448)
Excess tax benefits from stock-based compensation 11,117 14,275
Cash used in financing activities (116,501) (118,109)
Net increase (decrease) in cash and cash equivalents 9,288 (106,393)
Effects of exchange rates on cash and cash equivalents (17,009) 328
Cash and cash equivalents, beginning of period 365,302 423,990
Cash and cash equivalents, end of period $ 357,581 $ 317,925
[1] The cash paid for the six months ended June 30, 2015 includes $2.7 million for share repurchase transactions that occurred in late December 2014 and were paid in early January 2015.