|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
In Thousands, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Operating activities: |
|
|
| Net income |
$ 21,557 |
$ 24,853 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
4,770 |
4,300 |
| Stock-based compensation |
15,090 |
14,246 |
| Deferred income taxes |
1,169 |
(2,063) |
| Tax benefits from stock-based compensation |
1,527 |
284 |
| Excess tax benefits from stock-based compensation |
(1,846) |
(1,660) |
| Amortization of intangible assets and acquired technology |
3,841 |
5,521 |
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
71,486 |
43,360 |
| Prepaid expenses and other assets |
(7,367) |
(3,127) |
| Accounts payable and accrued liabilities |
(44,195) |
(27,845) |
| Income taxes payable |
(6,703) |
(9,101) |
| Deferred revenues |
6,911 |
13,975 |
| Net cash provided by operating activities |
66,240 |
62,743 |
| Investing activities: |
|
|
| Purchases of property and equipment |
(2,330) |
(6,200) |
| Purchases of investments |
(17,567) |
(104,490) |
| Investment in equity interest, net |
(534) |
0 |
| Maturities of investments |
29,921 |
60,180 |
| Sales of investments |
99,180 |
2,752 |
| Net cash provided by (used in) investing activities |
108,670 |
(47,758) |
| Financing activities: |
|
|
| Net proceeds from issuance of common stock |
25,596 |
23,303 |
| Repurchases and retirement of common stock |
(300,000) |
(23,323) |
| Withholding taxes related to restricted stock units net share settlement |
(4,719) |
(3,056) |
| Payment of contingent consideration |
0 |
(3,061) |
| Excess tax benefits from stock-based compensation |
1,846 |
1,660 |
| Net cash used in financing activities |
(277,277) |
(4,477) |
| Effect of foreign exchange rate changes on cash and cash equivalents |
(8,928) |
122 |
| Net (decrease) increase in cash and cash equivalents |
(111,295) |
10,630 |
| Cash and cash equivalents at beginning of period |
368,531 |
297,818 |
| Cash and cash equivalents at end of period |
$ 257,236 |
$ 308,448 |