v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 803,613 $ 745,212
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 121,316 77,543
Stock-based compensation expense 72,235 55,375
Depreciation and amortization of property, equipment and leasehold improvements 12,639 15,911
Amortization of right of use assets 19,582 17,484
Amortization of debt origination fees 3,856 3,791
Loss on extinguishment of debt 1,510 0
Deferred taxes 32,085 (30,973)
Other adjustments 7,915 1,199
Changes in assets and liabilities:    
Accounts receivable 194,233 58,132
Prepaid income taxes (17,882) (17,654)
Prepaid and other assets (6,179) 1,687
Other non-current assets (579) (4,837)
Accounts payable (1,163) (5,719)
Income taxes payable 14,063 11,425
Accrued compensation and related benefits (38,461) (25,599)
Other accrued liabilities 20,664 15,118
Deferred revenue (146,357) (43,571)
Long-term operating lease liabilities (19,294) (16,027)
Other non-current liabilities (2,681) (11,195)
Other (121) (226)
Net cash provided by operating activities 1,070,994 847,076
Cash flows from investing activities    
Capitalized software development costs (59,648) (50,080)
Capital expenditures (19,515) (18,942)
Cash paid for acquisitions, net of cash acquired (27,467) 0
Other (892) (389)
Net cash used in investing activities (107,522) (69,411)
Cash flows from financing activities    
Repurchase of common stock held in treasury (511,218) (504,161)
Payment of dividends (383,980) (331,640)
Repayment of borrowings (364,063) (6,563)
Proceeds from borrowings 336,875 0
Payment of debt issuance costs (3,739) 0
Net cash used in financing activities (926,125) (842,364)
Effect of exchange rate changes 1,939 (313)
Net increase (decrease) in cash, cash equivalents and restricted cash 39,286 (65,012)
Cash, cash equivalents and restricted cash, beginning of period 461,693 993,564
Cash, cash equivalents and restricted cash, end of period 500,979 928,552
Supplemental disclosure of cash flow information:    
Cash paid for interest 124,963 125,068
Cash paid for income taxes, net of refunds received 161,423 197,746
Supplemental disclosure of non-cash investing activities    
Property, equipment and leasehold improvements in other accrued liabilities 3,153 4,734
Supplemental disclosure of non-cash financing activities    
Cash dividends declared, but not yet paid $ 1,173 $ 1,453