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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 1,253,715 $ 882,466 $ 807,799
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 202,315 191,103 191,946
Stock-based compensation expense 154,784 129,841 90,566
Deferred taxes (162,081) (64,173) (30,702)
Gain from sale of divested operation 0 (135,410) 0
Loss on impairment of lease related assets, net 10,909 20,368 53,970
Reduction in the carrying amount of operating lease right-of-use assets 65,742 70,207 70,086
Amortization and write-off of deferred financing fees 4,591 4,689 4,574
Gain on de-designated swaps (3,870) (3,925) (52,308)
Changes in assets and liabilities, net of acquisitions and divestitures:      
Fees receivable, net (137,768) (24,662) (240,696)
Deferred commissions (41,555) (13,716) 5,574
Prepaid expenses and other current assets (28,933) (7,893) (3,039)
Other assets (43,503) (34,528) 8,440
Deferred revenues 181,180 169,917 297,124
Accounts payable and accrued and other liabilities 29,396 (28,547) (101,912)
Cash provided by operating activities 1,484,922 1,155,737 1,101,422
Investing activities:      
Additions to property, equipment and leasehold improvements (101,737) (103,124) (108,050)
Acquisitions - cash paid (net of cash acquired) (2,000) (3,800) (9,508)
Proceeds from sale of divested operation 0 161,081 0
Cash (used in) provided by investing activities (103,737) 54,157 (117,558)
Financing activities:      
Proceeds from employee stock purchase plan 28,187 25,107 22,231
Payments for deferred financing fees (2,972) 0 0
Proceeds from revolving credit facility 274,400 0 0
Payments on borrowings (274,400) (7,800) (5,931)
Purchases of treasury stock (735,358) (606,188) (1,043,742)
Cash used in financing activities (710,143) (588,881) (1,027,442)
Net increase (decrease) in cash and cash equivalents and restricted cash 671,042 621,013 (43,578)
Effects of exchange rates on cash and cash equivalents and restricted cash (57,494) (13) (18,425)
Cash and cash equivalents and restricted cash, beginning of year 1,319,599 698,599 760,602
Cash and cash equivalents and restricted cash, end of year 1,933,147 1,319,599 698,599
Cash paid during the year for:      
Interest 100,085 119,038 112,825
Income taxes, net of refunds received $ 312,894 $ 306,682 $ 174,802