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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 47,550 $ 27,348
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 19,985 17,308
Share-based compensation expense 17,302 14,416
Operating lease right-of-use assets expense 1,457 1,165
Deferred income tax benefit (2,668) (4,785)
Changes in operating assets and liabilities, exclusive of effects of    acquired companies:    
Accounts receivable 56,982 9,622
Income tax receivable (10,175) 12,425
Prepaid expenses and other current assets (11,186) (3,862)
Accounts payable (2,020) (1,501)
Operating lease liabilities (1,743) (1,272)
Accrued liabilities (12,210) (3,760)
Deferred revenue (46,568) (43,147)
Net cash provided by operating activities 56,706 23,957
Cash flows from investing activities:    
Additions to property and equipment (9,349) (12,320)
Purchase of marketable security investments (27,271) (3,590)
Proceeds from marketable security investments 18,237 20,276
Purchase of investment in common shares (10,000) 0
Proceeds from the sale of investment in preferred shares 15,000 0
Investment in software (1,315) (690)
Cost of acquisitions, net of cash acquired (261) (199,130)
(Increase) decrease in other (48) 564
Net cash used by investing activities (15,007) (194,890)
Cash flows from financing activities:    
Increase in net borrowings on revolving line of credit 0 85,000
Purchase of treasury shares (15,482) (17,786)
Payment of contingent consideration (5,619) 0
Proceeds from exercise of stock options 46,236 6,528
Contributions from employee stock purchase plan 2,469 2,349
Net cash provided by financing activities 27,604 76,091
Net increase (decrease) in cash and cash equivalents 69,303 (94,842)
Cash and cash equivalents at beginning of period 232,682 134,279
Cash and cash equivalents at end of period $ 301,985 $ 39,437