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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 116,243 $ 102,292
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 22,146 22,782
Operating lease right-of-use assets amortization expense 9,434 10,043
Bad debt (recovery)/expense (1,438) 182
Deferred taxes 1,866 823
Stock-based compensation expense 44,791 38,579
Unrealized gain on derivative instruments 0 (7,904)
Impairment charges 45 88
Other 10,484 (3,268)
Changes in assets and liabilities:    
Trade receivables and contract assets (36,161) (3,573)
Prepaid and other assets (4,215) (105)
Accounts payable (5,483) 1,494
Accrued expenses and other liabilities (1,749) (58,463)
Operating lease liabilities (9,943) (10,672)
Income taxes payable (16,100) (4,964)
Net cash provided by operating activities 129,920 87,334
Cash flows from investing activities:    
Purchases of property and equipment (6,749) (7,913)
Purchases of short-term investments (1,217) 0
Proceeds from short-term investments 310 0
Acquisition of business, net of cash acquired (Note 3) (44,139) 0
Purchases of non-marketable securities (200) (1,906)
Other investing activities, net 1,005 (7,898)
Net cash used in investing activities (50,990) (17,717)
Cash flows from financing activities:    
Proceeds from issuance of stock under the employee incentive programs 14,611 2,488
Payments of withholding taxes related to net share settlements of restricted stock units (2,790) (3,153)
Proceeds from debt 0 172
Repayment of debt (589) (1,411)
Repurchase of common stock (120,593) (8,510)
Payment of contingent consideration for previously acquired business (2,375) (4,678)
Other financing activities, net (345) (226)
Net cash used in financing activities (112,081) (15,318)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (19,560) 14,070
Net (decrease)/increase in cash, cash equivalents and restricted cash (52,711) 68,369
Cash, cash equivalents and restricted cash, beginning of period 2,043,108 1,683,636
Cash, cash equivalents and restricted cash, end of period $ 1,990,397 $ 1,752,005