XML 21 R9.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 $ 193,965 $ 204,289
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 26,511 25,057
Provision for credit losses 2,092 186
Deferred income taxes (5,028) 5,244
Share-based compensation expense 11,173 8,875
Other 235 333
Changes in assets and liabilities:    
Accounts receivable (37,531) (54,735)
Inventories (18,854) (7,919)
Other assets and liabilities (52,904) (57,081)
Accounts payable (4,016) 2,460
Deferred revenue (937) (2,287)
Net cash provided by operating activities 114,706 124,422
Cash Flows from Investing Activities:    
Purchases of property and equipment (31,838) (20,163)
Acquisition of intangible assets (10,000) 0
Acquisitions of a business, net of cash acquired 0 (4,424)
Net cash used by investing activities (41,838) (24,587)
Cash Flows from Financing Activities:    
Borrowings under revolving credit facility, net 326,500 0
Payment of senior debt (75,000) 0
Repurchases of common stock, net (266,295) (132,262)
Proceeds from exercises of stock options and employee stock purchase plans 11,653 17,594
Shares withheld for statutory tax withholding payments on restricted stock (10,338) (14,983)
Net cash used by financing activities (13,480) (129,651)
Net effect of changes in exchange rates on cash 776 (2,949)
Net increase (decrease) in cash and cash equivalents 60,164 (32,765)
Cash and cash equivalents at beginning of period 144,454 383,928
Cash and cash equivalents at end of period 204,618 351,163
Supplemental Cash Flow Information:    
Cash paid for income taxes 11,400 12,171
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 11,016 $ 6,592