XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
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 $ 165,919 $ 164,240 $ 161,458
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation and amortization 154,079 159,072 135,624
Losses from sale of investments 1 45 0
Share-based compensation expense 108,338 102,985 104,726
Provision for losses and sales adjustments - accounts receivable 8,233 2,781 2,831
Amortization of operating lease right-of-use assets 16,688 12,969 10,216
Deferred income tax benefit (73,704) (87,192) (13,271)
Other 475 0 0
Changes in operating assets and liabilities, exclusive of effects of acquired companies:      
Accounts receivable (39,878) (51,410) 17,608
Income tax payable (41,201) 61,940 10,258
Prepaid expenses and other current assets (19,668) 910 (23,863)
Accounts payable 41,485 (17,537) (44,947)
Operating lease liabilities (11,533) (12,396) (6,952)
Accrued liabilities 13,069 (24,344) (24,822)
Deferred revenue 58,513 59,460 44,874
Other long-term liabilities (376) 9,932 (1,987)
Net cash provided by operating activities 380,440 381,455 371,753
Cash flows from investing activities:      
Additions to property and equipment (20,519) (22,529) (33,919)
Purchase of marketable security investments (10,617) (29,935) (77,450)
Proceeds and maturities from marketable security investments 49,412 71,034 131,449
Investment in software development (32,490) (27,622) (21,693)
Cost of acquisitions, net of cash acquired (62,759) (163,921) (2,089,706)
Other 13 443 384
Net cash used by investing activities (76,960) (172,530) (2,090,935)
Cash flows from financing activities:      
Payment on term loans (345,000) (360,000) (145,000)
Proceeds from term loans 0 0 900,000
Proceeds from issuance of convertible senior notes 0 0 600,000
Payment of debt issuance costs 0 0 (27,165)
Purchase of treasury shares 0 0 (12,977)
Proceeds from exercise of stock options, net of withheld shares for taxes upon equity award 16,960 (890) 96,714
Contributions from employee stock purchase plan 16,196 16,651 13,158
Net cash (used) provided by financing activities (311,844) (344,239) 1,424,730
Net decrease in cash and cash equivalents (8,364) (135,314) (294,452)
Cash and cash equivalents at beginning of period 173,857 309,171 603,623
Cash and cash equivalents at end of period 165,493 173,857 309,171
Supplemental cash flow information:      
Cash paid for interest 19,154 21,256 17,728
Cash paid for income taxes, net 142,820 38,490 2,212
Non-cash investing and financing activities:      
Non-cash additions to property and equipment 3,123 169 233
Issuance of shares for acquisitions 5,675 18,169 0
Purchase consideration for conversion of unvested restricted stock awards $ 0 $ 0 $ 1,872