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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating activities:    
Net income $ 165,589 $ 38,436
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 158,119 203,081
Stock-based compensation expense 57,893 56,018
Deferred taxes (50,790) (4,746)
Loss (gain) from divested operations 2,075 (38,500)
Fair value adjustment - equity security (9,120) 0
Amortization of lease right-of-use assets 63,692 0
Amortization and write-off of deferred financing fees 4,865 12,205
Changes in assets and liabilities, net of divestitures:    
Fees receivable, net 215,132 172,679
Deferred commissions 35,329 38,216
Prepaid expenses and other current assets (941) (64,395)
Other assets (46,954) 23,444
Deferred revenues 70,006 68,895
Accounts payable, accrued, and other liabilities (182,294) (79,322)
Cash provided by operating activities 482,601 426,011
Investing activities:    
Additions to property, equipment and leasehold improvements (95,701) (64,631)
Acquisitions - cash paid (2,295) (15,855)
Divestitures - cash received (net of cash transferred) 0 520,709
Cash (used in) provided by investing activities (97,996) 440,223
Financing activities:    
Proceeds from employee stock purchase plan 13,235 11,134
Proceeds from borrowings 5,000 0
Payments on borrowings (109,612) (1,120,290)
Purchases of treasury stock (141,436) (104,400)
Cash used in financing activities (232,813) (1,213,556)
Net increase (decrease) in cash and cash equivalents and restricted cash 151,792 (347,322)
Effects of exchange rates on cash and cash equivalents and restricted cash (3,728) (6,444)
Cash and cash equivalents and restricted cash, beginning of period 158,663 567,058
Cash and cash equivalents and restricted cash, end of period $ 306,727 $ 213,292