v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 485,553 $ 439,010
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 50,821 43,899
Stock-based compensation expense 37,231 34,419
Depreciation and amortization of property, equipment and leasehold improvements 10,659 13,299
Amortization of right of use assets 11,586 12,491
Loss on impairment of right of use assets, net 0 705
Amortization of debt origination fees 2,526 2,607
Deferred taxes (11,766) (22,826)
Other adjustments 5,978 2,511
Changes in assets and liabilities:    
Accounts receivable 50,985 70,131
Prepaid income taxes (32,729) (10,686)
Prepaid and other assets 5,836 6,768
Other non-current assets (3,109) (5,726)
Accounts payable (7,850) (4,906)
Income taxes payable 3,547 (18,407)
Accrued compensation and related benefits (65,529) (97,272)
Other accrued liabilities 2,869 6,703
Deferred revenue 23,443 (2,731)
Long-term operating lease liabilities (10,396) (13,085)
Other non-current liabilities (3,515) 4,098
Other (195) (4,129)
Net cash provided by operating activities 555,945 456,873
Cash flows from investing activities    
Capitalized software development costs (32,663) (29,699)
Capital expenditures (15,378) (4,737)
Other (389) 23
Net cash used in investing activities (48,430) (34,413)
Cash flows from financing activities    
Repurchase of common stock held in treasury (485,417) (1,158,513)
Payment of dividends (222,260) (171,936)
Repayment of borrowings (4,375) (5,000)
Proceeds from borrowings, inclusive of premium 0 355,000
Payment of debt issuance costs in connection with debt 0 (2,277)
Payment of contingent consideration 0 (210)
Net cash (used in) provided by financing activities (712,052) (982,936)
Effect of exchange rate changes 3,302 (18,673)
Net (decrease) increase in cash, cash equivalents and restricted cash (201,235) (579,149)
Cash, cash equivalents and restricted cash, beginning of period 993,564 1,421,449
Cash, cash equivalents and restricted cash, end of period 792,329 842,300
Supplemental disclosure of cash flow information:    
Cash paid for interest 90,661 78,185
Cash paid for income taxes, net of refunds received 138,587 124,034
Supplemental disclosure of non-cash investing activities    
Property, equipment and leasehold improvements in other accrued liabilities 5,567 4,928
Supplemental disclosure of non-cash financing activities    
Cash dividends declared, but not yet paid $ 1,014 $ 2,765