| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|---|---|---|---|---|---|---|---|---|---|---|
Operating activities: | |||||||||||
Net income | |||||||||||
233,290 | 122,456 | 3,279 | 193,582 | 175,635 | 183,766 | 182,801 | 165,903 | 136,902 | 96,285 | 82,964 | 103,871 |
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
211,779 | 255,601 | 240,171 | 61,969 | 47,131 | 39,412 | 34,442 | 29,771 | 32,064 | 35,874 | 27,023 | 27,495 |
Stock-based compensation expense | |||||||||||
69,008 | 66,172 | 78,943 | 46,661 | 46,149 | 38,845 | 34,735 | 36,378 | 32,865 | 32,634 | 26,066 | 20,696 |
Excess tax benefits from stock-based compensation exercises | |||||||||||
- | - | - | - | 13,860 | 20,193 | 25,392 | 21,304 | 25,572 | -18,364 | 2,392 | 14,831 |
Gain on extinguishment of debt | |||||||||||
- | - | - | 2,500 | 0 | 0 | - | - | - | - | - | - |
Deferred taxes | |||||||||||
-55,787 | 1,524 | -217,414 | -2,648 | 344 | -759 | 16,663 | 973 | -965 | -2,609 | 5,003 | 2,617 |
Loss from divested operations | |||||||||||
-2,075 | 45,447 | 0 | 0 | - | - | - | - | - | - | - | - |
Equity Securities, FV-NI, Unrealized Gain | |||||||||||
9,100 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Reduction in the carrying amount of operating lease right-of-use assets | |||||||||||
86,466 | - | - | - | - | - | - | - | - | - | - | - |
Amortization and write-off of deferred financing fees | |||||||||||
6,497 | 13,815 | 15,062 | 3,082 | 1,512 | 2,645 | 2,710 | 2,008 | 2,288 | 1,567 | 1,480 | 1,222 |
Gain on sale of business | |||||||||||
- | - | - | - | - | - | - | - | - | - | - | 7,061 |
Changes in assets and liabilities: | |||||||||||
Fees receivable, net | |||||||||||
66,729 | 115,003 | 368,516 | 68,661 | 44,476 | 76,424 | 28,097 | 38,617 | 58,887 | -48,177 | -25,349 | -20,987 |
Deferred commissions | |||||||||||
30,315 | 31,247 | 61,393 | 18,673 | 13,236 | 12,340 | 18,608 | 8,871 | 6,928 | -2,184 | 16,750 | 1,403 |
Prepaid expenses and other current assets | |||||||||||
-18,985 | 50,551 | -13,251 | 21,604 | 13,268 | 3,017 | 1,187 | 10,604 | -3,540 | -376 | -13,059 | 21 |
Other assets | |||||||||||
27,303 | -11,456 | 18,529 | -20,005 | 14,733 | 7,139 | 5,268 | -15,113 | -4,397 | -34,130 | -532 | -2,907 |
Deferred revenues | |||||||||||
181,203 | 187,147 | 382,852 | 97,979 | 91,840 | 105,354 | 80,938 | 71,645 | 91,765 | 85,336 | 5,101 | -308 |
Accounts payable and accrued and other liabilities | |||||||||||
-54,613 | 55,235 | 186,811 | 56,440 | 82,523 | 96,629 | 41,917 | 37,418 | 44,097 | 59,643 | -5,498 | 28,179 |
Cash provided by operating activities | |||||||||||
565,436 | 471,158 | 254,517 | 365,632 | 345,561 | 346,779 | 315,654 | 279,813 | 255,566 | 205,499 | 161,937 | 184,350 |
Investing activities: | |||||||||||
Additions to property, equipment and leasehold improvements | |||||||||||
149,016 | 126,873 | 110,765 | 49,863 | 46,128 | 38,486 | 36,498 | 44,337 | 41,954 | 21,694 | 15,142 | 24,302 |
Acquisitions - cash paid (net of cash acquired) | |||||||||||
25,989 | 15,855 | 2,640,000 | 48,196 | 196,229 | 124,291 | 0 | 10,336 | 0 | 12,151 | 104,523 | - |
Acquisitions - increase in restricted cash (escrow) | |||||||||||
- | - | - | - | - | - | 0 | 0 | - | - | - | - |
Divestitures - cash received (net of cash transferred) | |||||||||||
0 | 526,779 | 0 | 0 | - | - | - | - | - | - | - | 7,847 |
Proceeds from the sale of an equity security | |||||||||||
14,100 | 0 | 0 | - | - | - | - | - | - | - | - | - |
Cash used in investing activities | |||||||||||
-160,885 | 384,051 | -2,752,545 | -98,059 | -242,357 | -162,777 | -36,498 | -54,673 | -41,954 | -33,845 | -119,665 | -16,455 |
Financing activities: | |||||||||||
Proceeds from employee stock purchase plan | |||||||||||
17,629 | 14,689 | 11,711 | 9,250 | 7,499 | 7,767 | 6,042 | 12,430 | 20,011 | 23,527 | 14,822 | 44,702 |
Proceeds from borrowings | |||||||||||
5,000 | 0 | 3,025,000 | 715,000 | 440,000 | 400,000 | 205,625 | 35,000 | 0 | 200,000 | 78,000 | 180,000 |
Payments of Debt Issuance Costs | |||||||||||
0 | 0 | 51,200 | 4,975 | 0 | 4,624 | 3,553 | 0 | 0 | - | - | 801 |
Payments on borrowings | |||||||||||
109,579 | 1,010,972 | 404,438 | 835,000 | 20,000 | 200,000 | 205,625 | 30,000 | 20,156 | 313,627 | 165,250 | 157,750 |
Purchases of treasury stock | |||||||||||
199,000 | 260,800 | 41,300 | 58,961 | 509,049 | 432,006 | 181,736 | 111,304 | 211,986 | 99,820 | 3,744 | 200,817 |
Excess tax benefits from stock-based compensation exercises | |||||||||||
- | - | - | - | 13,860 | 20,193 | 25,392 | 21,304 | 25,572 | 18,364 | 2,392 | 14,831 |
Cash used in financing activities | |||||||||||
-285,992 | -1,257,115 | 2,539,830 | -174,686 | -67,690 | -208,670 | -153,855 | -72,570 | -186,559 | -171,556 | -73,780 | -119,835 |
Net increase (decrease) in cash and cash equivalents and restricted cash | |||||||||||
118,559 | -401,906 | 41,802 | 92,887 | 35,514 | -24,668 | 125,301 | 152,570 | 27,053 | 98 | -31,508 | 48,060 |
Effects of exchange rates on cash and cash equivalents | |||||||||||
3,614 | -6,489 | 25,902 | -5,640 | -27,840 | -34,020 | -1,163 | 4,543 | -4,495 | 3,509 | 7,153 | -17,076 |
Supplemental disclosures of cash flow information: | |||||||||||
Interest | |||||||||||
102,298 | 117,500 | 98,500 | 23,400 | 21,200 | 10,600 | 8,500 | 8,968 | 13,312 | 11,484 | 13,942 | 22,380 |
Income taxes, net of refunds received | |||||||||||
119,156 | 95,800 | 76,100 | 86,300 | 83,500 | 70,100 | 50,767 | 46,907 | 24,126 | 25,486 | 34,438 | 19,961 |