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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net income $ 88,078 $ 79,506
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 30,252 19,734
Stock-based compensation expense 26,607 27,392
Excess tax benefits from stock-based compensation (8,469) (11,117)
Deferred taxes (845) 2,298
Amortization and write-off of deferred financing fees 2,158 1,595
Changes in assets and liabilities:    
Fees receivable, net (20,380) 13,582
Deferred commissions 15,321 15,539
Prepaid expenses and other current assets 667 (17,193)
Other assets (1,537) 11,164
Deferred revenues 106,771 93,454
Accounts payable, accrued, and other liabilities (85,309) (86,551)
Cash provided by operating activities 153,314 149,403
Investing activities:    
Additions to property, equipment and leasehold improvements (25,337) (23,614)
Acquisitions - cash paid (net of cash acquired) (29,896) 0
Cash used in investing activities (55,233) (23,614)
Financing activities:    
Proceeds from employee stock purchase plan 4,702 3,824
Proceeds from borrowings 830,000 320,000
Payments for debt issuance costs (4,975) 0
Payments on borrowings (820,000) (10,000)
Purchases of treasury stock (51,967) (441,442)
Excess tax benefits from stock-based compensation 8,469 11,117
Cash used in financing activities (33,771) (116,501)
Net increase in cash and cash equivalents 64,310 9,288
Effects of exchange rates on cash and cash equivalents 7,767 (17,009)
Cash and cash equivalents, beginning of period 372,976 365,302
Cash and cash equivalents, end of period $ 445,053 $ 357,581