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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net earnings $ 35,409 $ 40,695
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Stock-based compensation expense 45,586 69,433
Amortization of intangibles 42,421 47,695
Bad debt expense 49,294 34,844
Depreciation 27,039 18,170
Deferred income taxes (8,294) (2,041)
Other adjustments, net 6,371 (107)
Changes in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable (66,596) (52,021)
Other assets 15,701 (19,040)
Accounts payable and other liabilities 30,609 11,303
Income taxes payable and receivable 1,628 1,402
Deferred revenue 2,916 3,378
Net cash provided by operating activities 182,084 153,711
Cash flows from investing activities:    
Acquisition, net of cash acquired (20,341)  
Capital expenditures (54,801) (32,886)
Proceeds from maturities of marketable debt securities 25,000  
Purchases of marketable debt securities   (34,816)
Net proceeds from the sale of a business 23,615 0
Proceeds from sale of fixed assets   10,412
Other, net (103)  
Net cash used in investing activities (26,630) (57,290)
Cash flows from financing activities:    
Principal payments on term loan (10,313) (10,313)
Principal payments on related party debt (1,008) (1,904)
Purchase of treasury stock 33,979 0
Proceeds from the exercise of stock options 573 2,876
Withholding taxes paid on behalf of employees on net settled stock-based awards (30,039) (27,206)
Distribution to IAC pursuant to the tax sharing agreement (11,355) 0
Purchase of noncontrolling interests (71) (1,289)
Other, net (3,732) 39
Net cash used in financing activities (89,924) (37,797)
Total cash provided 65,530 58,624
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 387 (223)
Net increase in cash, cash equivalents, and restricted cash 65,917 58,401
Cash, cash equivalents, and restricted cash at beginning of period 338,821 221,521
Cash, cash equivalents, and restricted cash at end of period $ 404,738 $ 279,922