v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 288,600 $ 255,954
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of intangible assets 43,872 38,604
Stock-based compensation expense 40,004 34,336
Depreciation and amortization of property, equipment and leasehold improvements 4,746 4,081
Amortization of right of use assets 5,931 5,813
Amortization of debt origination fees 1,288 1,280
Loss on extinguishment of debt 0 1,510
Deferred taxes 3,399 (7,625)
Other adjustments 7,344 (3,533)
Changes in assets and liabilities:    
Accounts receivable 73,204 91,109
Prepaid income taxes (4,191) 14,874
Prepaid and other assets (7,041) 1,427
Other non-current assets (9,621) 73
Accounts payable (5,856) 2,045
Income taxes payable 32,759 22,154
Accrued compensation and related benefits (127,136) (132,328)
Other accrued liabilities 9,022 3,086
Deferred revenue (46,860) (25,949)
Long-term operating lease liabilities (6,723) (5,666)
Other non-current liabilities (871) (1,108)
Other (133) 0
Net cash provided by operating activities 301,737 300,137
Cash flows from investing activities    
Capitalized software development costs (21,361) (19,966)
Capital expenditures (11,500) (4,271)
Acquisition of a business, net of cash acquired 0 (7,820)
Other (43) (276)
Net cash used in investing activities (32,904) (32,333)
Cash flows from financing activities    
Repurchase of common stock held in treasury (213,093) (69,991)
Payment of dividends (143,784) (131,305)
Repayment of borrowings (65,000) (339,063)
Proceeds from borrowings 100,000 336,875
Proceeds from exercise of stock options 394 0
Payment of contingent consideration and deferred purchase price from acquisitions (239) 0
Payment of debt issuance costs 0 (3,739)
Net cash (used in) provided by financing activities (321,722) (207,223)
Effect of exchange rate changes 4,209 (2,959)
Net (decrease) increase in cash, cash equivalents and restricted cash (48,680) 57,622
Cash, cash equivalents and restricted cash, beginning of period 409,351 461,693
Cash, cash equivalents and restricted cash, end of period 360,671 519,315
Supplemental disclosure of cash flow information:    
Cash paid for interest 33,648 34,050
Cash paid for income taxes, net of refunds received 11,247 11,393
Supplemental disclosure of non-cash investing activities    
Property, equipment and leasehold improvements in other accrued liabilities $ 10,576 $ 2,668