v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 451,123 $ 404,386 $ 282,810
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 27,178 27,808 24,129
Amortization 946 1,443 2,199
Stock-based compensation expense 34,786 25,514 20,516
Operating Lease, Right-of-Use Asset, Periodic Reduction 23,014 23,124 19,646
Income tax provision (benefit), deferred 80,773 (26,632) (25,117)
Other (875) (4,009) 2,705
Changes in assets and liabilities:      
Accounts receivable and unbilled, net (106,215) 2,242 (48,282)
Prepaid expenses and other current assets (27,101) (12,090) 2,986
Accounts payable 2,629 (2,965) 1,051
Accrued expenses 97,083 16,882 82,080
Advanced billings 143,805 150,725 97,131
Lease liabilities (25,160) (21,407) (18,873)
Other assets and liabilities, net 11,237 23,794 (9,607)
Net cash provided by operating activities 713,223 608,815 433,374
CASH FLOWS FROM INVESTING ACTIVITIES:      
Property and equipment expenditures (31,356) (36,548) (36,648)
Other 216 8,240 2,019
Net cash used in investing activities (31,140) (28,308) (34,629)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from stock option exercises 57,001 15,858 11,378
Repurchases of common stock (917,389) (169,867) (144,020)
Proceeds from revolving loan 0 0 105,000
Payments on revolving loan 0 0 (155,000)
Net cash used in financing activities (860,388) (154,009) (182,642)
EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 5,918 (2,511) 1,081
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (172,387) 423,987 217,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period 669,436 245,449 28,265
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period 497,049 669,436 245,449
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION—      
Cash paid during the period for income taxes 39,719 83,567 76,353
Cash paid during the period for interest 0 171 3,056
Acquisition of property and equipment—non-cash 1,645 4,984 5,254
Noncash or part noncash, share repurchases $ 0 $ 4,347 $ 0