| Dec'19 | 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 | ||||||||||
204,902 | 172,852 | 148,089 | 126,172 | 96,037 | 74,806 | 76,016 | 60,069 | 47,704 | 31,428 | 16,102 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
26,857 | 23,080 | 19,274 | 17,838 | 18,542 | 17,379 | 13,051 | 8,233 | 6,781 | 6,350 | 6,790 |
Amortization of operating lease right-of-use assets | ||||||||||
5,795 | - | - | - | - | - | - | - | - | - | - |
Stock-based compensation expense | ||||||||||
25,294 | 15,850 | 14,421 | 14,511 | 12,519 | 9,769 | 8,879 | 8,385 | 6,859 | 8,969 | 8,414 |
Deferred taxes | ||||||||||
2,682 | -1,258 | 6,590 | -2,581 | -2,424 | -374 | -1,331 | -643 | 16,129 | 15,767 | 12,255 |
Gain on the sale of discontinued operations | ||||||||||
- | - | - | - | - | - | 7,642 | - | - | - | - |
Provision for bad debts | ||||||||||
- | - | - | - | - | - | - | - | - | 602 | 652 |
Other | ||||||||||
786 | -2,338 | -1,953 | -10,628 | -6,359 | -1,725 | 296 | -1,204 | -1,177 | 411 | - |
Changes in operating assets and liabilities: | ||||||||||
(Increase) in accounts receivable | ||||||||||
2,962 | 5,117 | 2,353 | 10,429 | 6,748 | -827 | 1,714 | -4,607 | 11,665 | 3,134 | 10,519 |
Decrease in prepaid expenses and other assets | ||||||||||
4,624 | 3,791 | 7,039 | 2,125 | 2,662 | -3,344 | 1,846 | -412 | 4,074 | -57 | -136 |
Decrease in trading investments | ||||||||||
-4,045 | -856 | 17,081 | 74,195 | - | - | - | - | - | - | - |
(Decrease) in accrued employee compensation | ||||||||||
8,312 | 2,551 | 1,719 | 5,487 | 3,986 | 1,309 | 4,010 | 320 | 1,634 | 2,634 | 4,718 |
Increase in income and other tax liabilities | ||||||||||
187 | 2,965 | 5,770 | 3,221 | -941 | 2,365 | 2,959 | -2,871 | - | - | - |
Increase in deferred revenue | ||||||||||
689 | 150 | 145 | 203 | -153 | -248 | -1,571 | -462 | 755 | 309 | 1,959 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | ||||||||||
-1,509 | 14,374 | -1,614 | 2,344 | -9 | -950 | 364 | 2,328 | 178 | 1,575 | 2,820 |
(Decrease) in operating lease liabilities | ||||||||||
-829 | - | - | - | - | - | - | - | - | - | - |
Net cash provided by operating activities | ||||||||||
265,935 | 223,917 | 168,035 | 89,747 | 124,506 | 109,952 | 90,879 | 81,582 | 65,478 | 64,146 | 43,327 |
Cash flows from investing activities | ||||||||||
Acquisition of business, net of cash and cash equivalents acquired | ||||||||||
97,430 | - | - | - | - | - | 37,827 | - | - | - | 1,368 |
Cash proceeds from the sale of discontinued operations, net of cash sold | ||||||||||
- | - | - | - | - | - | 9,346 | - | - | - | - |
Proceeds from sales | ||||||||||
- | - | - | - | - | - | 30,900 | 23,663 | - | 15,377 | - |
Proceeds from maturities and sales, available-for-sale investments | ||||||||||
170,936 | 333,791 | 187,794 | 46,347 | 35,248 | 17,574 | 12,515 | 18,313 | 27,419 | 49,988 | 22,062 |
Purchases, available-for-sale investments | ||||||||||
160,827 | 336,533 | 215,831 | 81,438 | 57,175 | 16,423 | 60,755 | 16,543 | 32,302 | 66,008 | 57,406 |
Purchases of furniture, equipment and leasehold improvements | ||||||||||
12,292 | 35,888 | 12,086 | 6,385 | 4,795 | 4,627 | 15,337 | 5,153 | 3,160 | 5,205 | 4,909 |
Capitalization of software development costs | ||||||||||
22,408 | 11,705 | 13,471 | 12,118 | 10,589 | 10,160 | 7,945 | 5,207 | 4,065 | 1,904 | 1,889 |
Other | ||||||||||
30 | -39 | 59 | -414 | 642 | -611 | 18 | 43 | -3,532 | -32 | 655 |
Net cash provided by investing activities | ||||||||||
-122,051 | -50,296 | -53,653 | -53,180 | -37,953 | -13,025 | -69,121 | 15,030 | -8,576 | -7,720 | -44,165 |
Cash flows from financing activities | ||||||||||
Cash dividend on common stock | ||||||||||
76,231 | 62,432 | 48,888 | 38,495 | 29,534 | 23,941 | 19,837 | 64,041 | 13,683 | 10,630 | 2,650 |
Exercise of stock options | ||||||||||
1,207 | 2,973 | 1,972 | 2,299 | 1,824 | 2,511 | 3,039 | 8,525 | 6,807 | 6,761 | - |
Withholding tax payments on restricted stock vesting and stock option exercises | ||||||||||
25,820 | 8,043 | 27,691 | 5,173 | 4,496 | 5,020 | 5,001 | 20,003 | 4,415 | 2,055 | - |
Proceeds from exercise of stock options and grants of restricted stock, net of surrenders on stock option exercises and withholding tax on stock vesting | ||||||||||
- | - | - | - | - | - | - | - | - | - | 242 |
Excess tax benefits from stock-based compensation | ||||||||||
- | - | - | - | - | 4,243 | 5,032 | 14,775 | 7,305 | 1,619 | -266 |
Repurchases of common stock | ||||||||||
17,256 | 25,171 | 42,461 | 23,925 | 23,158 | 37,974 | - | 75,133 | 6,935 | 30,000 | - |
Other | ||||||||||
- | - | - | - | - | -42 | -307 | -298 | -278 | 456 | 28 |
Net cash (used in) financing activities | ||||||||||
-118,100 | -92,673 | -117,068 | -65,294 | -55,364 | -60,223 | -17,074 | -136,175 | -11,199 | -33,849 | -2,646 |
Effect of exchange rate changes on cash and cash equivalents | ||||||||||
1,011 | -1,640 | 1,457 | -2,758 | -385 | -471 | -901 | -1,149 | -1,077 | -924 | -498 |
Cash and cash equivalents including restricted cash | ||||||||||
Net increase for the period | ||||||||||
26,795 | 79,308 | -1,229 | -31,485 | 30,804 | 36,233 | 3,783 | -40,712 | 44,626 | 21,653 | -3,982 |
Supplemental cash flow information | ||||||||||
Non-cash activity | ||||||||||
Cash paid during the year for income taxes | ||||||||||
51,766 | 47,208 | 43,997 | 58,268 | 50,875 | 33,627 | 30,768 | 15,102 | 10,177 | 2,228 | 837 |
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | ||||||||||
7,464 | - | - | - | - | - | - | - | - | - | - |
Fair value of assets acquired | ||||||||||
148,425 | - | - | - | - | - | - | - | - | - | - |
Acquisition of business, net of cash and cash equivalents acquired | ||||||||||
97,430 | - | - | - | - | - | - | - | - | - | - |
Treasury stock used for acquisition of business | ||||||||||
48,830 | - | - | - | - | - | - | - | - | - | - |
Liabilities assumed | ||||||||||
2,165 | - | - | - | - | - | 6,964 | - | - | - | - |
Non-cash investing and financing activity: | ||||||||||
Conversion of Series B Preferred Stock to common stock | ||||||||||
- | - | - | - | - | - | - | - | 30,315 | - | - |
Conversion of common stock non-voting to common stock voting | ||||||||||
- | - | - | - | - | - | - | 15,880 | - | - | - |
Liabilities assumed in connection with the Xtrakter acquisition: | ||||||||||
Fair value of assets acquired | ||||||||||
- | - | - | - | - | - | 44,791 | - | - | - | - |
Cash paid for the capital stock | ||||||||||
- | - | - | - | - | - | 37,827 | - | - | - | 1,368 |
Capital lease obligation | ||||||||||
- | - | - | - | - | - | - | - | - | - | 723 |
Mutual Funds Held In Rabbi Trust [Member] | ||||||||||
Decrease in trading investments | ||||||||||
2,118 | 933 | 1,839 | 1,327 | - | - | - | - | - | - | - |