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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash flows from operating activities:      
Net income $ 240,256 $ 72,760 $ 99,266
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 36,640 28,562 23,387
Bad debt expense 848 51 1,539
Deferred taxes (48,000) 12,561 (3,304)
Stock-based compensation expense 59,188 52,407 49,244
Excess tax benefit on stock-based compensation plans 0 0 (5,264)
Other (1,712) (4,010) 6,228
(Increase)/decrease in operating assets:      
Accounts receivable (31,005) (58,745) (30,612)
Unbilled revenues (15,897) (22,743) 34,777
Prepaid expenses and other assets (8,432) 1,061 (2,391)
Increase/(decrease) in operating liabilities:      
Accounts payable (772) 1,221 741
Accrued expenses and other liabilities 41,929 37,282 (13,926)
Due to employees 1,535 1,933 5,261
Taxes payable 17,640 70,480 2,271
Net cash provided by operating activities 292,218 192,820 167,217
Cash flows from investing activities:      
Purchases of property and equipment (37,574) (29,806) (29,317)
Decrease in time deposits, net 418 0 29,597
Acquisition of businesses, net of cash acquired (Note 2) (74,268) (6,810) (5,500)
Other investing activities, net (699) 465 (4,100)
Net cash used in investing activities (112,123) (36,151) (9,320)
Cash flows from financing activities:      
Proceeds from stock option exercises 34,845 53,984 17,996
Excess tax benefit on stock-based compensation plans 0 0 5,264
Payments of withholding taxes related to net share settlements of restricted stock units (7,747) (3,194) (539)
Proceeds from debt (Note 8) 0 25,000 20,000
Repayment of debt (Note 8) (3,494) (25,103) (30,129)
Acquisition of businesses, deferred consideration (Note 2) 0 0 (2,260)
Other financing activities, net (603) (941) 135
Net cash provided by financing activities 23,001 49,746 10,467
Effect of exchange rate changes on cash, cash equivalents and restricted cash (14,240) 11,776 (3,387)
Net increase in cash, cash equivalents and restricted cash 188,856 218,191 164,977
Cash, cash equivalents and restricted cash, beginning of period 582,855 364,664 199,687
Cash, cash equivalents and restricted cash, end of period 771,711 582,855 364,664
Supplemental disclosures of cash flow information:      
Income taxes 40,437 26,669 37,488
Bank interest 777 548 566
Supplemental disclosure of non-cash investing and financing activities      
Acquisition-date fair value of contingent consideration issued for acquisition of businesses $ 8,390 $ 0 $ 0