XML 22 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income $ 85,436 $ 67,560 $ 63,868
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation 21,656 20,506 18,751
Amortization 75,775 66,177 51,216
Amortization of deferred debt issuance costs 6,244 5,877 5,388
Deferred income taxes 19,328 8,437 9,573
Stock-based compensation expense 18,380 11,045 13,572
Excess tax benefit of stock compensation (4,923) (11,807) (6,960)
Gain on available for sale securities (24,465)    
Other 2,725 1,852 (593)
Changes in operating assets and liabilities, net of impact of acquisitions:      
Receivables (11,355) (30,643) 22,496
Accounts payable 8,557 (3,422) (13,548)
Accrued employee compensation (1,998) (6,360) (24,501)
Current income taxes (8,244) 10,968 9,360
Deferred revenue (4,513) 15,738 (23,613)
Other current and noncurrent assets and liabilities 468 (6,902) 13,409
Net cash flows from operating activities 183,071 149,026 138,418
Cash flows from investing activities:      
Purchases of property and equipment (27,283) (17,627) (21,104)
Purchases of software and distribution rights (21,622) (17,273) (11,497)
Proceeds from available-for-sale securities 35,311    
Acquisition of businesses, net of cash acquired (179,367) (204,290) (378,113)
Other (7,000) (1,500)  
Net cash flows from investing activities (199,961) (240,690) (410,714)
Cash flows from financing activities:      
Proceeds from issuance of common stock 3,104 2,780 2,186
Proceeds from exercises of stock options 12,175 16,461 19,561
Excess tax benefit of stock compensation 4,923 11,807 6,960
Repurchases of common stock   (70,000) (80,912)
Repurchase of restricted stock and performance shares for tax withholdings (4,649) (5,120) (6,222)
Proceeds from revolving credit facility 298,000 169,500 40,000
Proceeds from term portion of credit agreement   150,000 300,000
Proceeds from issuance of senior notes     300,000
Repayments of revolving credit facility (164,000) (125,500) (228,000)
Repayment of term portion of credit agreement (87,352) (57,449) (30,867)
Payments on other debt and capital leases (12,638) (8,344) (14,024)
Payment for debt issuance costs   (4,662) (17,042)
Distribution to noncontrolling interest   (1,391)  
Net cash flows from financing activities 49,563 78,082 291,640
Effect of exchange rate fluctuations on cash (7,735) (4,176) (614)
Net increase (decrease) in cash and cash equivalents 24,938 (17,758) 18,730
Cash and cash equivalents, beginning of period 77,301 95,059 76,329
Cash and cash equivalents, end of period 102,239 77,301 95,059
Supplemental cash flow information      
Income taxes paid, net 24,036 23,082 20,191
Interest paid $ 35,183 $ 33,269 $ 14,598