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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 523,710 $ 454,627 $ 433,887
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 114,563 106,867 85,275
Operating lease right-of-use assets expense 22,721 22,193 20,971
Deferred income tax benefit (130,716) (34,490) (30,932)
Provision for bad debts 6,222 1,006 6,438
Stock-based compensation expense 168,128 166,338 145,615
Gain on equity investment 0 (15,139) 0
Other 4,680 2,708 2,180
Changes in operating assets and liabilities:      
Accounts receivable (114,986) (149,017) (160,319)
Other receivables and current assets 30,259 (64,316) (2,312)
Other long-term assets (3,613) (3,217) (14,818)
Accounts payable, accrued expenses and current liabilities (8,250) 53,846 21,362
Accrued income taxes 99 (18,429) 19,713
Deferred revenue 33,003 26,547 5,448
Other long-term liabilities (14,817) (42) 14,802
Net cash provided by operating activities 631,003 549,482 547,310
Cash flows from investing activities:      
Acquisitions, net of cash acquired (386,264) (510,805) (572,328)
Capital expenditures (24,370) (23,018) (35,370)
Other investing activities (734) (2,990) (6,555)
Net cash used in investing activities (411,368) (536,813) (614,253)
Cash flows from financing activities:      
Proceeds from long-term debt 0 0 375,000
Principal payments on long-term debt 0 (45,000) (75,000)
Purchase of treasury stock (205,571) (134,679) (161,029)
Restricted stock withholding taxes paid in lieu of issued shares (64,242) (97,037) (71,019)
Proceeds from shares issued for stock-based compensation 25,595 31,377 29,560
Other financing activities (1,290) (513) (915)
Net cash (used in) provided by financing activities (245,508) (245,852) 96,597
Effect of exchange rate fluctuations on cash and cash equivalents (27,403) (11,822) 10,924
Net (decrease) increase in cash and cash equivalents (53,276) (245,005) 40,578
Cash and cash equivalents, beginning of period 667,667 912,672 872,094
Cash and cash equivalents, end of period 614,391 667,667 912,672
Supplemental disclosures of cash flow information:      
Income taxes paid 115,339 130,426 54,174
Interest paid 20,844 11,146 11,941
Fair value of unpaid consideration and common stock issued in connection with acquisitions $ 5,391 $ 0 $ 232,690