v3.25.4

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes consisted of the following (in thousands):

			Year Ended December 31,
			2025						2024						2023
Domestic			$	506,902					$	454,452					$	312,870
Foreign jurisdictions			35,475						21,470						22,812
Income before income taxes			$	542,377					$	475,922					$	335,682

Schedule of Income Tax Provision

Income tax provision consisted of the following (in thousands):

			Current						Deferred						Total
Year ended December 31, 2025
U.S. Federal			$	(2,810)					$	73,509					$	70,699
U.S. state and local			5,100						8,536						13,636
Foreign jurisdictions			8,047						(1,128)						6,919
			$	10,337					$	80,917					$	91,254
Year ended December 31, 2024
U.S. Federal			$	80,490					$	(19,837)					$	60,653
U.S. state and local			11,791						(5,707)						6,084
Foreign jurisdictions			5,877						(1,078)						4,799
			$	98,158					$	(26,622)					$	71,536
Year ended December 31, 2023
U.S. Federal			$	64,381					$	(24,117)					$	40,264
U.S. state and local			8,848						(1,869)						6,979
Foreign jurisdictions			4,622						1,007						5,629
			$	77,851					$	(24,979)					$	52,872

Summary of Difference Between Statutory Rate for Federal Income Tax and Effective Income Tax Rate

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows (in thousands):

			Year Ended December 31,
			2025												2024												2023
Income tax expense calculated at the federal statutory rate			$	113,899					21.0		%				$	99,944					21.0		%				$	70,493					21.0		%
Effect of:
State and local taxes, net of federal benefit (a)			3,734						0.7						4,769						1.0						2,610						0.8
Foreign Tax Effects:
Other foreign jurisdictions			(638)						(0.1)						(175)						(0.1)						815						0.2
Effect of Cross-Border Tax Laws:
Foreign-derived intangible income			(2,175)						(0.4)						(10,931)						(2.3)						(9,358)						(2.8)
Other			5,540						1.0						447						0.1						(835)						(0.2)
Tax Credits:
Other tax credits			(935)						(0.2)						(1,144)						(0.2)						(1,340)						(0.4)
Changes in Valuation Allowance			(332)						(0.1)						(1,156)						(0.2)						1,489						0.5
Nontaxable or Nondeductible Items:
Share-based payment awards			(40,852)						(7.5)						(22,197)						(4.7)						(14,692)						(4.4)
Other			3,688						0.7						(46)						—						(1,094)						(0.3)
Changes in Unrecognized Tax Benefits			9,676						1.8						1,611						0.3						4,784						1.4
Other Adjustments			(351)						(0.1)						414						0.1						—						—
			$	91,254					16.8		%				$	71,536					15.0		%				$	52,872					15.8		%

(a) State taxes in California and local taxes in the city of Cincinnati, Ohio made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of Components of Company's Net Deferred Tax Asset (Liability)

Components of the Company’s net deferred tax asset (liability) included in the consolidated balance sheets consisted of the following at December 31 (in thousands):

			2025						2024
Deferred tax assets:
Accrued liabilities			$	30,474					$	31,898
Depreciation and amortization			900						1,222
Net operating loss carryforwards			36,577						51
Tax credit carryforwards			5,172						—
Advanced billings			15,009						127,115
Other			460						2,002
Valuation allowance			(1,847)						(1,607)
Total deferred tax assets			86,745						160,681
Deferred tax liabilities:
Depreciation and amortization			(66,131)						(59,016)
Prepaid expenses			(1,700)						(1,462)
Other			(1,046)						(1,646)
Total deferred tax liabilities			(68,877)						(62,124)
Net deferred tax asset (liability)			$	17,868					$	98,557

Schedule of Annual Activity Related to Valuation Allowance

Annual activity related to the Company’s valuation allowance is as follows (in thousands):

			Year Ended December 31,
			2025						2024						2023
Beginning Balance			$	1,607					$	1,826					$	430
Additions charged to expense			572						938						1,582
Reductions from utilization, reassessments and expirations			(332)						(1,157)						(186)
Ending Balance			$	1,847					$	1,607					$	1,826

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):

			Year Ended December 31,
			2025						2024						2023
Beginning Balance			$	25,527					$	20,380					$	15,947
Increases in tax positions for prior years			3,459						435						—
Decreases in tax positions for prior years			(44)						(189)						(97)
Increases in tax positions for current year			996						6,822						5,382
Lapse in statute of limitations			(1,413)						(1,921)						(852)
Ending Balance			$	28,525					$	25,527					$	20,380

Schedule of Income Tax Paid

Components of the Company's cash paid for taxes included in the consolidated statement of cash flows consisted of the following (in thousands):

			Year Ended December 31,
			2025						2024						2023
Federal			$	30,444					$	72,405					$	68,256
State			2,138						5,293						4,327
Foreign			7,137						5,869						3,770
Total cash paid for taxes			$	39,719					$	83,567					$	76,353

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