| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Dec'17 | Sep'17 | Jun'17 | Mar'17 | Dec'16 | Sep'16 | Jun'16 | Mar'16 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||
Net income | ||||||||||||||||
110,199 | 100,443 | 93,391 | 88,719 | 77,832 | 73,185 | 61,715 | 52,241 | 45,226 | 39,122 | 27,810 | 23,015 | 18,424 | 13,425 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Depreciation | ||||||||||||||||
8,862 | 8,400 | 8,352 | 8,633 | 8,877 | 9,200 | 9,015 | 8,909 | 8,784 | 8,600 | 8,387 | 8,065 | 7,757 | 7,400 | 0 | 0 | 0 |
Amortization | ||||||||||||||||
10,982 | 14,829 | 19,224 | 23,619 | 28,014 | 29,561 | 31,665 | 33,771 | 35,843 | 37,900 | 41,074 | 44,246 | 47,452 | 50,672 | 0 | 0 | 0 |
Stock-based compensation expense | ||||||||||||||||
23,003 | 20,741 | 20,147 | 12,113 | 8,215 | 6,499 | 5,634 | 5,183 | 4,896 | 4,463 | 4,471 | 7,774 | 9,840 | 9,815 | 0 | 0 | 0 |
Amortization of debt issuance costs and discount | ||||||||||||||||
816 | 954 | 1,098 | 1,172 | 594 | 615 | 635 | 647 | 656 | 662 | 1,050 | 1,563 | 2,069 | 2,576 | 0 | 0 | 0 |
Noncash lease expense | ||||||||||||||||
10,503 | 9,949 | 7,212 | 4,787 | 2,363 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Deferred income tax provision | ||||||||||||||||
10,473 | 10,050 | -479 | 6,068 | 4,846 | 3,942 | 10,917 | 3,815 | 3,399 | 3,237 | -8,858 | -9,387 | -9,106 | -9,006 | 0 | 0 | 0 |
Amortization and adjustment of deferred credit | ||||||||||||||||
782 | 801 | 798 | 7,705 | 7,709 | 7,712 | 16,296 | 9,188 | 8,984 | 8,781 | 0 | 0 | 0 | - | - | - | - |
Other | ||||||||||||||||
-1,730 | -1,754 | -2,934 | -920 | -1,642 | -1,653 | -429 | -814 | 453 | 673 | 1,378 | 1,556 | 1,317 | 1,019 | 0 | 0 | 0 |
Changes in assets and liabilities: | ||||||||||||||||
Accounts receivable and unbilled, net | ||||||||||||||||
6,210 | 21,256 | 20,184 | 22,228 | 5,032 | 27,047 | 21,083 | 26,592 | 18,366 | 2,898 | -8,219 | -14,503 | 6,092 | 13,727 | 0 | 0 | 0 |
Prepaid expenses and other current assets | ||||||||||||||||
8,433 | 7,381 | 7,738 | 3,851 | 2,669 | 1,241 | 4,804 | 3,818 | 3,500 | 3,533 | -3,801 | -4,371 | 2,644 | 3,661 | 0 | 0 | 0 |
Accounts payable | ||||||||||||||||
605 | 4,730 | 5,483 | 5,305 | -2,041 | 1,342 | 3,960 | 9,046 | 6,846 | 4,816 | 1,167 | -52 | 1,387 | 691 | 0 | 0 | 0 |
Accrued expenses | ||||||||||||||||
25,288 | 21,824 | 22,843 | 20,911 | 18,540 | 29,029 | 25,140 | 21,269 | 14,463 | -1,313 | -1,581 | -2,421 | -988 | 4,516 | 0 | 0 | 0 |
Pre-funded study costs | ||||||||||||||||
- | - | - | - | - | - | - | - | - | 5,292 | -261 | -482 | 598 | 5,400 | 0 | 0 | 0 |
Advanced billings | ||||||||||||||||
39,452 | 44,584 | 29,217 | 37,293 | 31,213 | 35,593 | 33,631 | 23,875 | 19,798 | 7,735 | 544 | -588 | -192 | 14,723 | 0 | 0 | 0 |
Lease liabilities | ||||||||||||||||
-9,229 | -9,034 | -6,477 | -4,338 | -2,041 | 0 | 0 | 0 | 0 | - | - | - | - | - | - | - | - |
Other assets and liabilities, net | ||||||||||||||||
209 | -2,121 | -10,104 | -1,120 | -4,607 | -1,925 | -1,119 | -3,545 | -3,987 | -2,782 | -2,585 | -1,155 | -476 | 841 | 0 | 0 | 0 |
Net cash provided by operating activities | ||||||||||||||||
217,010 | 201,867 | 184,369 | 172,578 | 167,291 | 156,584 | 145,794 | 132,293 | 121,358 | 97,385 | 97,798 | 100,974 | 78,432 | 91,732 | 0 | 0 | 0 |
Property and equipment expenditures | ||||||||||||||||
20,953 | 17,912 | 15,601 | 12,221 | 14,593 | 16,024 | 15,970 | 15,498 | 11,301 | 11,724 | 14,023 | 13,863 | 14,455 | 13,537 | 0 | 0 | 0 |
Other | ||||||||||||||||
-129 | 1,232 | 2,025 | 2,063 | 2,294 | 949 | 174 | 151 | -63 | -56 | -76 | -104 | -99 | -115 | 0 | 0 | 0 |
Net cash used in investing activities | ||||||||||||||||
-20,824 | -19,144 | -17,626 | -14,284 | -16,887 | -16,973 | -16,144 | -15,703 | -11,807 | -12,237 | -14,516 | -14,274 | -14,356 | -13,422 | 0 | 0 | 0 |
Proceeds from stock option exercises | ||||||||||||||||
6,879 | 6,520 | 6,365 | 5,205 | 2,895 | 2,489 | 2,435 | 2,032 | 2,185 | 1,812 | 1,272 | 1,390 | 723 | 537 | 0 | 0 | 0 |
Repurchases of common stock | ||||||||||||||||
0 | - | - | - | 0 | - | - | - | - | - | - | - | - | - | - | - | - |
Payment of debt | ||||||||||||||||
56,438 | 80,438 | 114,470 | 144,376 | 92,063 | 72,188 | 41,250 | 14,438 | 13,406 | 12,375 | 174,287 | 381,211 | 393,136 | 390,060 | 0 | 0 | 0 |
Payments on revolving loan | ||||||||||||||||
- | - | - | - | - | 70,000 | 90,000 | 80,000 | 50,000 | 30,000 | 0 | 0 | 0 | - | - | - | - |
Payment of deemed landlord liability | ||||||||||||||||
- | - | - | - | - | 1,881 | 1,829 | 1,779 | 1,729 | 1,682 | 1,636 | 1,594 | 1,560 | 1,525 | 0 | 0 | 0 |
Net cash used in financing activities | ||||||||||||||||
-91,335 | -73,918 | -108,599 | -160,142 | -140,598 | -141,580 | -130,967 | -123,363 | -118,533 | -97,828 | -77,730 | -74,780 | -60,933 | -58,008 | 0 | 0 | 0 |
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||||||||||||||||
-979 | -167 | -1,105 | -291 | -1,931 | -1,241 | -679 | -320 | 1,625 | 1,765 | 696 | 370 | -476 | -632 | 0 | 0 | 0 |
INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | ||||||||||||||||
103,872 | 108,638 | 57,039 | -2,139 | 7,875 | -3,210 | -1,996 | -7,093 | -7,357 | -10,915 | 6,248 | 12,290 | 2,667 | 19,670 | 0 | 0 | 0 |