XML 15 R5.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 140,726 $ 99,737
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 60,746 56,547
Share-based compensation expense 54,112 44,369
Operating lease right-of-use assets expense 4,233 3,979
Deferred income tax benefit (2,458) (10,329)
Changes in operating assets and liabilities, exclusive of effects of    acquired companies:    
Accounts receivable 9,394 (35,544)
Income tax receivable (14,270) 4,553
Prepaid expenses and other current assets (7,333) (7,630)
Accounts payable (3,904) 1,548
Operating lease liabilities (5,121) (4,530)
Accrued liabilities 6,276 (1,379)
Deferred revenue 23,927 27,206
Net cash provided by operating activities 266,328 178,527
Cash flows from investing activities:    
Additions to property and equipment (19,064) (28,833)
Purchase of marketable security investments (111,329) (27,322)
Proceeds from marketable security investments 61,794 56,854
Purchase of investment in common shares (10,000) 0
Proceeds from the sale of investment in preferred shares 15,000 0
Investment in software (4,316) (3,540)
Cost of acquisitions, net of cash acquired (261) (199,870)
Decrease (increase) in other 13 (493)
Net cash used by investing activities (68,163) (203,204)
Cash flows from financing activities:    
Increase in net borrowings on revolving line of credit 0 0
Purchase of treasury shares (15,484) (17,786)
Payment of contingent consideration (5,619) 0
Proceeds from exercise of stock options 100,732 62,295
Contributions from employee stock purchase plan 8,209 7,327
Net cash provided by financing activities 87,838 51,836
Net increase in cash and cash equivalents 286,003 27,159
Cash and cash equivalents at beginning of period 232,682 134,279
Cash and cash equivalents at end of period $ 518,685 $ 161,438