v3.24.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 522,712 $ 485,553
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 79,377 50,821
Stock-based compensation expense 53,732 37,231
Depreciation and amortization of property, equipment and leasehold improvements 8,307 10,659
Amortization of right of use assets 11,837 11,586
Amortization of debt origination fees 2,567 2,526
Loss on extinguishment of debt 1,510 0
Deferred taxes 42,555 (11,766)
Other adjustments (3,085) 5,978
Changes in assets and liabilities:    
Accounts receivable 125,264 50,985
Prepaid income taxes (39,595) (32,729)
Prepaid and other assets 1,676 5,836
Other non-current assets (1,961) (3,109)
Accounts payable 2,646 (7,850)
Income taxes payable 2,134 3,547
Accrued compensation and related benefits (84,865) (65,529)
Other accrued liabilities 3,162 2,869
Deferred revenue (60,128) 23,443
Long-term operating lease liabilities (12,387) (10,396)
Other non-current liabilities (6,019) (3,515)
Other (54) (195)
Net cash provided by operating activities 649,385 555,945
Cash flows from investing activities    
Capitalized software development costs (38,673) (32,663)
Capital expenditures (12,889) (15,378)
Cash paid for acquisitions, net of cash acquired (27,467) 0
Other (429) (389)
Net cash used in investing activities (79,458) (48,430)
Cash flows from financing activities    
Repurchase of common stock held in treasury (311,709) (485,417)
Payment of dividends (258,223) (222,260)
Repayment of borrowings (339,063) (4,375)
Proceeds from borrowings 336,875 0
Payment of debt issuance costs (3,739) 0
Net cash used in financing activities (575,859) (712,052)
Effect of exchange rate changes (4,360) 3,302
Net (decrease) increase in cash, cash equivalents and restricted cash (10,292) (201,235)
Cash, cash equivalents and restricted cash, beginning of period 461,693 993,564
Cash, cash equivalents and restricted cash, end of period 451,401 792,329
Supplemental disclosure of cash flow information:    
Cash paid for interest 90,732 90,661
Cash paid for income taxes, net of refunds received 113,232 138,587
Supplemental disclosure of non-cash investing activities    
Property, equipment and leasehold improvements in other accrued liabilities 6,809 5,567
Supplemental disclosure of non-cash financing activities    
Cash dividends declared, but not yet paid $ 761 $ 1,014