| Jan'20 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
82,460 | 72,254 | 41,305 | 47,480 | 43,599 | 40,701 | 38,640 | 37,225 | 32,695 | 27,521 | 22,127 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | ||||||||||
6,806 | 6,292 | 6,285 | 6,131 | 5,479 | 5,404 | 4,951 | 4,711 | 4,411 | 4,323 | 4,352 |
Amortization of premiums and accretion of discounts on short-term investments | ||||||||||
516 | 114 | - | -2 | -595 | -885 | -340 | -560 | -344 | -35 | -170 |
Deferred rent expense | ||||||||||
- | -175 | 362 | -340 | -65 | -273 | 800 | -310 | -417 | 454 | -370 |
Provision for contract losses and doubtful accounts | ||||||||||
2,224 | 1,848 | 2,506 | 2,452 | 929 | 1,718 | 1,705 | 1,763 | 1,987 | 1,809 | 3,918 |
Stock-based compensation | ||||||||||
17,466 | 16,993 | 16,155 | 13,333 | 12,959 | 13,079 | 13,168 | 12,378 | 10,340 | 9,257 | 7,931 |
Deferred income tax provision | ||||||||||
-2,845 | -3,715 | 11,786 | -2,602 | -3,827 | -6,077 | -3,398 | -4,194 | -3,663 | -3,229 | -4,100 |
Excess tax benefit for equity incentive plans | ||||||||||
- | - | - | - | 6,396 | 5,100 | 4,267 | 3,948 | 2,378 | 3,972 | 3,282 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
16,548 | -2,438 | 25,197 | 1,284 | 3,138 | 11,106 | -6,676 | 14,059 | 3,018 | 11,181 | 4,372 |
Prepaid expenses and other current assets | ||||||||||
3,343 | 11,047 | -2,867 | 598 | -421 | 5,320 | 4,596 | 3,379 | 1,929 | 8,520 | -635 |
Change in operating leases | ||||||||||
-205 | - | - | - | - | - | - | - | - | - | - |
Accounts payable and accrued liabilities | ||||||||||
6,715 | -4,620 | 5,984 | -370 | 7,718 | 6,142 | 3,002 | 7,374 | -997 | 9,485 | 714 |
Accrued payroll and employee benefits | ||||||||||
11,891 | 9,820 | 5,831 | 2,920 | 2,639 | 6,744 | 4,665 | 9,667 | 9,404 | 8,696 | 507 |
Deferred revenues | ||||||||||
3,544 | 864 | 678 | -178 | -424 | 1,455 | 106 | 717 | -183 | 1,374 | -1,414 |
Net cash used in operating activities | ||||||||||
108,059 | 91,188 | 67,838 | 66,946 | 60,489 | 48,252 | 61,792 | 48,505 | 46,596 | 36,052 | 26,816 |
Cash flows from investing activities: | ||||||||||
Capital expenditures | ||||||||||
23,038 | 16,298 | 4,725 | 14,393 | 5,379 | 4,947 | 6,226 | 4,942 | 3,835 | 2,475 | 2,017 |
Purchase of short-term investments | ||||||||||
38,693 | 52,522 | 28,997 | 51,000 | 43,946 | 5,260 | 33,422 | 515 | 26,599 | - | - |
Maturity of short-term investments | ||||||||||
66,000 | 43,000 | 16,000 | 37,950 | 22,290 | 11,642 | 19,190 | 3,770 | 0 | 7,405 | 18,153 |
Sale of short-term investments | ||||||||||
- | - | - | - | - | 1,000 | 1,578 | 518 | 1,080 | - | - |
Net cash provided by (used in) investing activities | ||||||||||
4,269 | -25,820 | -17,722 | -27,443 | -27,035 | 2,435 | -18,880 | -1,169 | -29,354 | 4,930 | 16,136 |
Cash flows from financing activities: | ||||||||||
Excess tax benefit for equity incentive plans | ||||||||||
- | - | - | - | 6,396 | 5,100 | 4,267 | 3,948 | 2,378 | 3,972 | 3,282 |
Payroll taxes for restricted stock units | ||||||||||
11,183 | 8,839 | 9,520 | 7,685 | 7,365 | 6,356 | 6,402 | 3,531 | 3,527 | 1,946 | 1,849 |
Repurchase of common stock | ||||||||||
21,957 | 27,915 | 11,931 | 24,456 | 23,314 | 30,921 | 25,519 | 22,887 | 40,573 | 7,145 | 12,875 |
Exercise of stock-based payment awards | ||||||||||
3,229 | 1,474 | 2,025 | 1,756 | 3,014 | 2,107 | 1,812 | 3,611 | 2,378 | 2,899 | 3,682 |
Dividends and dividend equivalents rights | ||||||||||
33,503 | 27,220 | 21,835 | 18,781 | 15,647 | 13,058 | 7,927 | 0 | 0 | - | - |
Net cash used in financing activities | ||||||||||
-63,414 | -62,500 | -41,261 | -49,166 | -36,916 | -43,128 | -33,769 | -18,859 | -39,344 | -2,220 | -7,760 |
Effect of foreign currency exchange rates on cash and cash equivalents | ||||||||||
463 | -603 | 972 | -1,121 | -277 | -1,017 | 537 | 352 | -8 | -108 | 105 |
Net decrease in cash and cash equivalents | ||||||||||
49,377 | 2,265 | 9,827 | -10,784 | -3,739 | 6,542 | 9,680 | 28,829 | -22,110 | 38,654 | 35,297 |