XML 21 R9.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 235,579 $ 214,054
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 29,904 28,331
Impairment charge 250 0
Provision for credit losses 1,530 2,325
Deferred income taxes (2,571) (3,757)
Share-based compensation expense 14,400 13,930
Other 909 (362)
Changes in assets and liabilities:    
Accounts receivable (53,841) (44,133)
Inventories (2,412) (23,887)
Other assets and liabilities (21,416) (5,307)
Accounts payable (4,450) 3,327
Deferred revenue 703 (609)
Net cash provided by operating activities 198,585 183,912
Cash Flows from Investing Activities:    
Purchases of property and equipment (30,273) (39,511)
Acquisitions of a business (77,000) 0
Proceeds from net investment hedges 329 0
Net cash used by investing activities (106,944) (39,511)
Cash Flows from Financing Activities:    
Repayments under credit facility, net 0 (147,500)
Payments of acquisition-related holdbacks 0 (1,780)
Repurchases of common stock, net (154,764) 0
Proceeds from exercises of stock options and employee stock purchase plans 20,879 12,796
Shares withheld for statutory tax withholding payments on restricted stock (10,189) (9,597)
Net cash used by financing activities (144,074) (146,081)
Net effect of changes in exchange rates on cash (4,066) 501
Net decrease in cash and cash equivalents (56,499) (1,179)
Cash and cash equivalents at beginning of period 453,932 112,546
Cash and cash equivalents at end of period 397,433 111,367
Supplemental Cash Flow Information:    
Cash paid for income taxes 13,233 7,200
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 15,182 $ 12,453