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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities:      
Net income $ 261,057 $ 240,256 $ 72,760
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 45,317 36,640 28,562
Operating lease right-of-use assets amortization expense 55,859 0 0
Bad debt expense 1,619 848 51
Deferred taxes (7,764) (48,000) 12,561
Stock-based compensation expense 72,036 59,188 52,407
Other 4,764 (1,712) (4,010)
Changes in assets and liabilities:      
Trade receivables and contract assets (87,174) (46,902) (81,488)
Prepaid and other assets (7,155) (8,432) 1,061
Accounts payable (1,685) (772) 1,221
Accrued expenses and other liabilities 27,125 51,953 47,803
Operating lease liabilities (53,419) 0 0
Income taxes payable (23,127) 9,151 61,892
Net cash provided by operating activities 287,453 292,218 192,820
Cash flows from investing activities:      
Purchases of property and equipment (99,308) (37,574) (29,806)
Decrease in time deposits, net 0 418 0
Acquisition of businesses, net of cash acquired (Note 2) (39,322) (74,268) (6,810)
Other investing activities, net (6,739) (699) 465
Net cash used in investing activities (145,369) (112,123) (36,151)
Cash flows from financing activities:      
Proceeds from stock option exercises 37,003 34,845 53,984
Payments of withholding taxes related to net share settlements of restricted stock units (15,503) (7,747) (3,194)
Proceeds from debt (Note 8) 0 0 25,000
Repayment of debt (Note 8) (9) (3,494) (25,103)
Acquisition of businesses, contingent consideration (1,104) 0 0
Other financing activities, net (24) (603) (941)
Net cash provided by financing activities 20,363 23,001 49,746
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,530 (14,240) 11,776
Net increase in cash, cash equivalents and restricted cash 165,977 188,856 218,191
Cash, cash equivalents and restricted cash, beginning of period 771,711 582,855 364,664
Cash, cash equivalents and restricted cash, end of period 937,688 771,711 582,855
Cash paid during the year for:      
Income taxes, net of refunds 65,306 40,437 26,669
Interest 832 777 548
Supplemental disclosure of non-cash investing and financing activities      
Acquisition-date fair value of contingent consideration issued for acquisition of businesses 3,876 8,390 0
Capital expenditures incurred but not yet paid $ 16,921 $ 2,140 $ 1,042