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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended
--- | ---
Jun. 30, 2018 | Jun. 30, 2017
Cash flows from operating activities: |  |
Net income | $ 76,986 | $ 64,539
Adjustments to reconcile net income to cash provided by operating activities: |  |
Depreciation and amortization | 29,649 | 26,102
Share-based compensation expense | 23,490 | 17,577
Deferred income tax benefit | (5,196) | (8,847)
Changes in operating assets and liabilities, exclusive of effects of acquired companies: |  |
Accounts receivable | (48,870) | (32,334)
Income taxes | (1,762) | (9,311)
Prepaid expenses and other current assets | (815) | (4,797)
Accounts payable | (4,599) | 2,152
Accrued liabilities | (12,185) | (11,061)
Deferred revenue | 10,532 | 5,555
Net cash provided by operating activities | 67,230 | 49,575
Cash flows from investing activities: |  |
Additions to property and equipment | (14,952) | (30,123)
Purchase of marketable security investments | (74,850) | (21,392)
Proceeds from marketable security investments | 39,154 | 17,029
Cost of acquisitions. net of cash acquired | (157,152) | (5,855)
Increase in other | (186) | (68)
Net cash used by investing activities | (207,986) | (40,409)
Cash flows from financing activities: |  |
Decrease in net borrowings on revolving line of credit | 0 | (10,000)
Purchase of treasury shares | 0 | (7,032)
Proceeds from exercise of stock options | 44,317 | 23,360
Contributions from employee stock purchase plan | 3,760 | 3,427
Net cash provided by financing activities | 48,077 | 9,755
Net (decrease) increase in cash and cash equivalents | (92,679) | 18,921
Cash and cash equivalents at beginning of period | 185,926 | 36,151
Cash and cash equivalents at end of period | $ 93,247 | $ 55,072

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