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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 1,148,592 $ 870,573 $ 725,983
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on remeasurement of equity method investment (143,029) 0 0
Amortization of intangible assets 114,429 91,079 80,592
Stock-based compensation expense 71,653 58,094 54,917
Depreciation and amortization of property, equipment and leasehold improvements 21,009 26,893 28,901
Amortization of right of use assets 23,781 24,524 24,632
Loss on impairment of right of use assets, net 477 705 8,385
Amortization of debt origination fees 5,055 5,132 4,923
Loss on extinguishment of debt 0 0 59,103
Deferred taxes (15,258) 36,436 (111,369)
Other adjustments 6,863 1,361 (146)
Changes in assets and liabilities, net of the effect of acquisitions and dispositions:      
Accounts receivable (149,529) (6,624) (99,203)
Prepaid income taxes (21,931) (31,684) 15,264
Prepaid and other assets 1,564 (3,781) (4,240)
Other non-current assets (8,102) 31,448 (35,445)
Accounts payable (6,044) 1,337 (2,195)
Income taxes payable 14,721 (49,296) 33,903
Accrued compensation and related benefits 23,218 (22,432) 42,719
Other accrued liabilities 3,536 10,654 (9,249)
Deferred revenue 171,968 72,752 116,863
Long-term operating lease liabilities (24,062) (25,467) (22,078)
Other non-current liabilities (6,538) 4,106 21,536
Other 3,656 (441) 2,273
Net cash provided by operating activities 1,236,029 1,095,369 936,069
Cash flows from investing activities      
Acquisition of a business, net of cash acquired (727,342) 0 (948,989)
Acquisition of equity method investment 0 (5) (26,361)
Acquisition of assets, net of cash acquired 0 0 (6,512)
Capital expenditures (22,757) (13,617) (13,509)
Capitalized software development costs (68,094) (59,278) (39,285)
Other (1,185) (6,435) (1,057)
Net cash used in investing activities (819,378) (79,335) (1,035,713)
Cash flows from financing activities      
Proceeds from borrowings, inclusive of premium 0 355,000 1,803,750
Repayment of borrowings (8,750) (7,188) (1,051,810)
Repurchase of common stock held in treasury (504,188) (1,397,506) (198,374)
Payment of dividends (440,993) (372,915) (302,449)
Payment of debt issuance costs in connection with debt 0 (2,560) (21,612)
Payment of contingent consideration 0 (211) 0
Net cash provided by (used in) financing activities (953,931) (1,425,380) 229,505
Effect of exchange rate changes 5,409 (18,539) (8,933)
Net (decrease) increase in cash, cash equivalents and restricted cash (531,871) (427,885) 120,928
Cash, cash equivalents and restricted cash, beginning of period 993,564 1,421,449 1,300,521
Cash, cash equivalent and restricted cash, end of period 461,693 993,564 1,421,449
Supplemental disclosure of cash flow information:      
Cash paid for interest 182,313 165,116 151,335
Cash paid for income taxes, net of refunds received 240,479 180,686 222,620
Supplemental disclosure of non-cash investing activities      
Property, equipment and leasehold improvements in other accrued liabilities 2,738 1,849 3,498
Supplemental disclosure of non-cash financing activities      
Cash dividends declared, but not yet paid $ 1,941 $ 3,748 $ 2,599