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 $ 228,423 $ 196,819
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 21,720 15,068
Stock-based compensation expense 22,857 18,910
Depreciation and amortization of property, equipment and leasehold improvements 6,534 7,143
Amortization of right of use assets 6,292 6,128
Amortization of debt origination fees 1,403 1,107
Deferred taxes (12,961) 1,142
Other adjustments 933 3,363
Changes in assets and liabilities:    
Accounts receivable 70,417 50,630
Prepaid income taxes (7,170) 6,312
Prepaid and other assets 3,062 5,611
Other non-current assets (5,005) 23
Accounts payable (2,060) (7,901)
Accrued compensation and related benefits (135,148) (94,323)
Income taxes payable 24,257 1,709
Other accrued liabilities 15,161 12,888
Deferred revenue 10,932 (2,790)
Long-term operating lease liabilities (5,542) (5,898)
Other non-current liabilities 1,695 2,300
Other (1,616) (2,784)
Net cash provided by operating activities 244,184 215,457
Cash flows from investing activities    
Capitalized software development costs (14,084) (9,696)
Capital expenditures (1,254) (664)
Other 28  
Net cash used in investing activities (15,310) (10,360)
Cash flows from financing activities    
Proceeds from borrowings, inclusive of premium 5,000 503,750
Repayment of borrowings (5,000)  
Repurchase of common stock held in treasury (877,657) (187,154)
Payment of dividends (87,769) (66,087)
Payment of debt issuance costs in connection with debt (559) (4,967)
Payment of contingent consideration (132)  
Net cash (used in) provided by financing activities (966,117) 245,542
Effect of exchange rate changes (4,891) (4,013)
Net (decrease) increase in cash (742,134) 446,626
Cash and cash equivalent, beginning of period 1,421,449 1,300,521
Cash and cash equivalent, end of period 679,315 1,747,147
Supplemental disclosure of cash flow information:    
Cash paid for interest 27,776 19,326
Cash paid for income taxes, net of refunds received 17,645 9,014
Supplemental disclosure of non-cash investing activities    
Property, equipment and leasehold improvements in other accrued liabilities 6,118 3,687
Supplemental disclosure of non-cash financing activities    
Cash dividends declared, but not yet paid $ 2,361 $ 1,208