XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 147,202 $ 149,058
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 52,787 53,644
Deferred income taxes (14,632) (13,670)
Stock-based compensation expense 56,092 51,359
Deferred compensation plan 4,763 (21,873)
Amortization of deferred debt issuance costs 5,469 5,468
Change in fair value of derivative (4,102) (29,318)
Foreign currency remeasurement loss 3,198 14,445
Other 2,464 4,193
Changes in assets and liabilities, net of effect from acquisitions:    
Accounts receivable 56,065 12,550
Prepaid and other assets (1,246) 7,779
Accounts payable, accruals, and other liabilities 33,437 28,765
Deferred revenues (17,688) (26,725)
Income taxes payable, net of prepaid income taxes 5,834 2,523
Net cash provided by operating activities 329,643 238,198
Cash flows from investing activities:    
Purchases of property and equipment and investment in capitalized software (18,906) (12,982)
Proceeds from sale of aircraft 0 2,380
Acquisitions, net of cash acquired (23,110) (719,539)
Purchases of investments (11,352) (10,304)
Proceeds from investments 2,123 0
Net cash used in investing activities (51,245) (740,445)
Cash flows from financing activities:    
Proceeds from credit facilities 442,566 753,376
Payments of credit facilities (634,718) (408,714)
Repayments of term loan (3,750) (3,750)
Payments of contingent and non-contingent consideration (3,039) (6,996)
Payments of dividends (43,992) (25,828)
Proceeds from stock purchases under employee stock purchase plan 9,988 10,335
Proceeds from exercise of stock options 10,590 6,855
Payments for shares acquired including shares withheld for taxes (57,527) (42,213)
Repurchases of Class B Common Stock under approved program 0 (28,250)
Other (137) (123)
Net cash (used in) provided by financing activities (280,019) 254,692
Effect of exchange rate changes on cash and cash equivalents (3,100) (8,926)
Decrease in cash and cash equivalents (4,721) (256,481)
Cash and cash equivalents, beginning of year 71,684 329,337
Cash and cash equivalents, end of period 66,963 72,856
Supplemental information:    
Cash paid for income taxes 29,467 20,696
Income tax refunds 764 2,194
Interest paid 29,370 17,647
Non-cash investing and financing activities:    
Cost method investment 3,500 6,022
Deferred, non-contingent consideration, net 525 157
Share-settled executive bonus plan awards 13,057 16,310
Deferred compensation plan elective participant deferrals $ 1,712 $ 4,694