XML 23 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
[4]
Dec. 31, 2017
USD ($)
[4]
Dec. 31, 2016
USD ($)
[4]
Operating activities:      
Net income $ 10,617 [1],[2],[3] $ 98,548 [1],[2],[3] $ 45,015 [1],[2],[3]
Adjustment to reconcile net income to cash provided by operating activities:      
Deferred income taxes (30,898) (2,780) (4,398)
Amortization of intangible assets and depreciation 25,295 24,713 24,137
Amortization of deferred contract costs 17,271 12,106 11,574
Amortization of investments 1,596 1,381 1,862
Stock-based compensation expense 63,862 53,313 40,821
Foreign currency transaction (gain) loss (2,421) [2] 6,413 [2] (9,360) [2]
Other non-cash (1,678) (1,383) (1,382)
Change in operating assets and liabilities:      
Accounts receivable, unbilled revenue, and contract assets 25,779 (30,379) (49,503)
Income taxes receivable and other current assets (6,068) (13,393) (10,818)
Accounts payable, accrued compensation, and accrued expenses 20,798 14,473 1,531
Deferred revenue 28,951 14,636 2,639
Deferred contract costs (44,036) (18,738) (12,497)
Other long-term assets and liabilities (4,712) (675) 253
Cash provided by operating activities 104,356 158,235 39,874
Investing activities:      
Purchases of investments (69,494) (27,718) (23,969)
Proceeds from maturities and called investments 33,991 26,997 22,788
Sales of investments 0 0 62,210
Payments for acquisitions, net of cash acquired (800) (297) (49,113)
Investment in property and equipment (11,893) (13,741) (19,088)
Cash used in investing activities (48,196) (14,759) (7,172)
Financing activities:      
Dividend payments to shareholders (9,432) (9,277) (9,174)
Common stock repurchases for tax withholdings for net settlement of equity awards (37,594) (40,617) (15,294)
Common stock repurchases under stock repurchase program (54,434) (4,335) (27,248)
Cash used in financing activities (101,460) (54,229) (51,716)
Effect of exchange rate on cash and cash equivalents (2,557) 2,438 (3,418)
Net (decrease) increase in cash and cash equivalents (47,857) 91,685 (22,432)
Cash and cash equivalents, beginning of period 162,279 [5] 70,594 93,026
Cash and cash equivalents, end of period 114,422 [5] 162,279 [5] 70,594
Supplemental disclosures:      
Income taxes paid (refunded) 6,630 (2,322) 28,844
Non-cash investing and financing activity:      
Dividends payable $ 2,363 $ 2,344 $ 2,298
[1] On January 1, 2018, the Company adopted the ASC 606 revenue recognition standard and adjusted prior periods to conform. See "Note 2. Significant Accounting Policies" for additional information.
[2] On January 1, 2018, the Company adopted the ASC 606 revenue recognition standard and adjusted prior periods to conform. See "Note 2. Significant Accounting Policies" for additional information.
[3] On January 1, 2018, the Company adopted the ASC 606 revenue recognition standard and adjusted prior periods to conform. See "Note 2. Significant Accounting Policies" for additional information.
[4] On January 1, 2018, the Company adopted the ASC 606 revenue recognition standard and adjusted prior periods to conform. See "Note 2. Significant Accounting Policies" for additional information.
[5] On January 1, 2018, the Company adopted the ASC 606 revenue recognition standard and adjusted prior periods to conform. See "Note 2. Significant Accounting Policies" for additional information.