| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net income | |||||||||
53,100 | 21,000 | 14,000 | -3,100 | 2,594 | 18,732 | 19,046 | 12,704 | 9,276 | 31,602 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Depreciation and amortization of property, equipment, capitalized software, and purchased intangible assets | |||||||||
147,300 | 142,700 | 118,000 | 93,800 | 61,853 | 29,144 | 19,030 | 12,956 | 8,403 | 6,095 |
Provision for uncollectible accounts | |||||||||
- | - | - | - | - | - | 1,122 | 1,772 | 999 | 405 |
Excess tax benefit from stock-based awards | |||||||||
0 | 9,000 | 12,900 | 10,100 | 6,910 | 14,179 | 14,208 | 9,245 | 2,505 | 526 |
Amortization of premium on investments | |||||||||
- | - | - | - | - | - | 1,579 | 1,152 | -113 | 899 |
Deferred income tax | |||||||||
7,300 | -9,900 | -8,500 | -11,700 | -7,044 | -890 | -2,962 | 1,013 | 5,918 | -23,833 |
Change in fair value of contingent considerations | |||||||||
- | - | - | - | - | -5,118 | 40 | 250 | - | - |
Stock-based compensation expense | |||||||||
54,300 | 66,500 | 64,100 | 55,600 | 42,648 | 27,236 | 18,901 | 14,477 | 8,314 | 5,558 |
Gain on sale of marketable securities | |||||||||
0 | 0 | 28,700 | 0 | 0 | - | - | - | - | - |
Other reconciling adjustments | |||||||||
-4,700 | 300 | -100 | 100 | -9 | -1,092 | -73 | -199 | 590 | -881 |
Disposal of property and equipment | |||||||||
- | - | - | - | - | - | - | - | -276 | 47 |
Changes in operating assets and liabilities: | |||||||||
Accounts receivable, net | |||||||||
7,900 | 13,500 | 25,300 | 34,400 | 3,399 | 12,611 | 12,130 | 5,319 | 10,489 | 9,254 |
Prepaid expenses and other current assets | |||||||||
12,500 | -5,100 | -4,200 | -4,300 | -3,283 | -12,096 | -11,787 | -5,461 | 887 | 912 |
Deferred commissions and contract fulfillment costs and other long-term assets | |||||||||
9,800 | 4,300 | 2,700 | -600 | 66 | -111 | -489 | 243 | 173 | -86 |
Accounts payable | |||||||||
4,500 | -4,800 | 2,800 | 2,500 | -233 | 13 | 688 | -1,024 | 1,379 | -1,195 |
Accrued expenses, deferred rent, and other long-term liabilities | |||||||||
-3,700 | -900 | 8,200 | 10,100 | -21 | 3,898 | 2,832 | 1,021 | 6,201 | 7,424 |
Accrued compensation | |||||||||
4,500 | 1,000 | 17,200 | 26,300 | 5,775 | 7,959 | 8,055 | 3,404 | - | - |
Deferred revenue | |||||||||
100 | -11,400 | 3,200 | 3,200 | -3,090 | 2,969 | 9,987 | 7,917 | 7,438 | 7,120 |
Deferred rent | |||||||||
-800 | 400 | 10,100 | 12,100 | -2,091 | -239 | -3,565 | -1,275 | -1,118 | -1,446 |
Net cash provided by operating activities | |||||||||
241,100 | 182,600 | 163,800 | 149,100 | 93,308 | 70,213 | 60,764 | 44,720 | 32,329 | 21,059 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Capitalized software costs | |||||||||
82,800 | 89,500 | 97,800 | 53,500 | 29,123 | 15,657 | 7,779 | 3,881 | 2,555 | 1,393 |
Purchases of property and equipment | |||||||||
80,100 | 69,000 | 87,200 | 76,100 | 38,260 | 23,904 | 16,696 | 15,932 | 10,277 | 13,452 |
Proceeds from sales and disposals of property and equipment | |||||||||
- | - | - | - | - | - | 0 | 363 | 4,538 | 4,112 |
Purchase in long-term investment in unconsolidated company | |||||||||
- | - | - | - | - | - | - | - | - | 550 |
Proceeds from sales and maturities of investments | |||||||||
0 | 0 | 29,800 | 0 | 56,245 | 160,340 | 168,083 | 110,741 | 84,014 | 73,250 |
Purchases of investments | |||||||||
- | - | - | - | - | 118,919 | 165,657 | 145,443 | 79,138 | 129,935 |
Payments on acquisitions, net of cash acquired | |||||||||
41,100 | 16,900 | 39,900 | 0 | 410,161 | 5,798 | 34,882 | 0 | 22,391 | 6,680 |
Change in restricted cash | |||||||||
- | - | - | - | 1,643 | -3,650 | -3,684 | -525 | 7,368 | 136 |
Other investing activities | |||||||||
0 | -500 | 4,000 | -2,300 | 2,000 | -172 | - | - | - | - |
Net cash used in investing activities | |||||||||
-204,000 | -174,900 | -199,100 | -127,300 | -424,942 | -116 | -53,247 | -53,627 | -33,177 | -74,784 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of common stock under stock plans | |||||||||
16,500 | 16,200 | 22,100 | 21,000 | 31,133 | 18,699 | 14,097 | 8,606 | 2,676 | 5,235 |
Taxes paid related to net share settlement of stock awards | |||||||||
17,900 | 19,600 | 21,400 | 28,900 | 12,075 | 4,248 | 0 | 0 | - | - |
Excess tax benefit from stock-based awards | |||||||||
0 | 9,000 | 12,900 | 10,100 | 6,910 | 14,179 | 14,208 | 9,245 | 2,505 | 526 |
Proceeds from long-term debt | |||||||||
0 | 0 | 300,000 | 0 | 200,000 | 0 | 0 | - | - | 6,000 |
Proceeds from line of credit | |||||||||
0 | 0 | 60,000 | 0 | 155,000 | 0 | 0 | - | - | - |
Payments on line of credit | |||||||||
0 | 0 | 95,000 | 0 | 120,000 | 0 | 0 | - | - | - |
Payments on long-term debt | |||||||||
18,800 | 7,500 | 173,800 | 15,000 | 11,250 | 0 | 9,216 | - | - | - |
Other financing activities | |||||||||
100 | -100 | -1,000 | 0 | -525 | -1,550 | -3,355 | -195 | - | - |
Net settlement of acquired companys board of directors equity shares | |||||||||
- | - | - | - | 5,806 | 0 | 0 | 0 | - | - |
Debt issuance costs | |||||||||
- | - | - | 0 | 1,699 | 0 | 741 | 0 | - | 177 |
Payment to terminate interest rate derivative contract | |||||||||
- | - | - | - | - | - | 563 | 3,535 | 2,514 | 777 |
Net cash used in financing activities | |||||||||
-20,100 | -2,000 | 103,800 | -12,800 | 241,688 | 27,080 | 14,430 | 14,121 | 2,667 | 10,807 |
Effect of exchange rate changes on cash and cash equivalents | |||||||||
700 | -200 | -400 | -200 | -40 | 30 | -110 | 204 | -226 | -40 |
Net increase (decrease) in cash and cash equivalents | |||||||||
17,700 | 5,500 | 68,100 | 8,800 | -89,986 | 97,207 | 21,837 | 5,418 | 1,593 | -42,958 |
Non-cash transaction | |||||||||
Property, equipment, and purchased and internally-developed software recorded in accounts payable, accrued expenses, and accrued compensation | |||||||||
10,100 | 17,500 | 12,500 | 12,000 | 1,667 | 4,217 | 8,066 | 214 | 510 | - |
Non-cash leasehold improvements | |||||||||
0 | 0 | 2,300 | 5,900 | 0 | 0 | - | - | - | - |
Fair value of equity awards assumed | |||||||||
- | - | - | - | 13,028 | 0 | 0 | -363 | 4,538 | 3,795 |
Grant from government program to be used to reduce non-income taxes recorded in investments and other assets and other long-term liabilities | |||||||||
- | - | - | - | - | 0 | 0 | - | - | - |
Fair value of contingent consideration at acquisition date | |||||||||
- | - | - | - | - | - | 6,836 | - | 5,100 | - |
Tax benefit recorded in prepaid expenses and other current assets | |||||||||
- | - | - | - | - | 14,150 | 13,803 | -7,547 | 2,428 | - |
Taxes to be paid related to net share settlement of stock units in accrued compensation | |||||||||
- | - | - | - | - | 258 | 0 | 0 | - | - |
Additional disclosures | |||||||||
Cash received for interest | |||||||||
- | - | - | - | - | 1,960 | 1,900 | 1,193 | - | - |
Cash paid for interest, net | |||||||||
5,100 | 4,600 | 5,700 | 4,500 | 2,877 | 0 | 183 | - | 836 | 324 |
Cash paid for taxes | |||||||||
2,600 | 300 | 600 | 1,900 | 1,348 | 3,932 | 2,708 | 1,636 | 514 | 403 |