XML 15 R5.htm IDEA: XBRL DOCUMENT v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 59,347 $ 76,986
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 36,744 29,649
Share-based compensation expense 29,482 23,490
Deferred income tax benefit (7,440) (5,196)
Changes in operating assets and liabilities, exclusive of effects of acquired companies:    
Accounts receivable (69,058) (48,870)
Income taxes 4,806 (1,762)
Prepaid expenses and other current assets (9,472) (815)
Accounts payable 550 (4,599)
Accrued liabilities 16 (12,185)
Deferred revenue 3,479 10,532
Net cash provided by operating activities 48,454 67,230
Cash flows from investing activities:    
Additions to property and equipment (24,052) (14,952)
Purchase of marketable security investments (10,117) (74,850)
Proceeds from marketable security investments 39,688 39,154
Investment in software (2,232) 0
Cost of acquisitions, net of cash acquired (199,220) (157,152)
Decrease (increase) in other 432 (186)
Net cash used by investing activities (195,501) (207,986)
Cash flows from financing activities:    
Increase in net borrowings on revolving line of credit 15,000 0
Purchase of treasury shares (17,786) 0
Proceeds from exercise of stock options 22,132 44,317
Contributions from employee stock purchase plan 4,609 3,760
Net cash provided by financing activities 23,955 48,077
Net decrease in cash and cash equivalents (123,092) (92,679)
Cash and cash equivalents at beginning of period 134,279 185,926
Cash and cash equivalents at end of period $ 11,187 $ 93,247