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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
May 31, 2019
May 31, 2018
[2]
Cash flows from operating activities:    
Net income $ 17,583 $ 26,637 [1]
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 3,438 3,343
Amortization of intangibles and other 19,900 19,290
Stock-based compensation 11,922 10,150
Loss on disposal of property and equipment (18) 136
Deferred income taxes (6,707) (1,687)
Allowances for bad debt and sales credits 287 103
Changes in operating assets and liabilities:    
Accounts receivable 10,859 19,772
Other assets 7,722 4,614
Accounts payable and accrued liabilities (4,627) (18,027)
Income taxes payable 1,937 2,267
Deferred revenue 2,822 7,127
Net cash flows from operating activities 65,118 73,725
Cash flows (used in) from investing activities:    
Purchases of investments (5,750) (8,258)
Sales and maturities of investments 14,709 10,723
Purchases of property and equipment (1,080) (3,196)
Payments for acquisitions, net of cash acquired (225,298) 0
Proceeds from sale of property, plant and equipment, net 6,146 0
Net cash flows used in investing activities (211,273) (731)
Cash flows from (used in) financing activities:    
Proceeds from stock-based compensation plans 4,303 4,671
Payments for taxes related to net share settlements of equity awards (1,637) (1,931)
Repurchases of common stock (25,000) (90,000)
Dividend payments to shareholders (13,886) (13,101)
Proceeds from the issuance of debt 184,984 0
Payment of principle on long-term debt (1,547) (3,094)
Payment of issuance costs for long-term debt (1,611) 0
Net cash flows from (used in) financing activities 145,606 (103,455)
Effect of exchange rate changes on cash (1,328) (5,881)
Net decrease in cash and cash equivalents (1,877) (36,342)
Cash and cash equivalents, beginning of period 105,126 133,464
Cash and cash equivalents, end of period 103,249 97,122
Supplemental disclosure:    
Cash paid for income taxes, net of refunds of $176 in 2019 and $533 in 2018 4,242 3,545
Cash paid for interest 2,990 1,991
Non-cash investing and financing activities:    
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested 8,063 9,404
Dividends declared $ 6,944 $ 6,377
[1] The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Basis of Presentation for further information.
[2] The Company adopted ASC 606 effective December 1, 2018 using the full retrospective method. See Note 1. Nature of Business and Basis of Presentation for further information.