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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 $ 230,455 $ 179,821 $ 333,904
Adjustments to reconcile net income to net cash provided by operating activities:      
Stock-based compensation 54,267 44,880 45,011
Depreciation 35,111 30,980 33,687
Amortization of intangible assets 6,878 11,710 14,741
Loss on fair value adjustment of derivatives, net 0 0 240
Deferred income taxes 29,590 (9,875) (145,350)
Gain on divestiture 0 0 (90,784)
Gain on sale of non-marketable equity security 0 0 (23,924)
Impairment of assets 0 1,071 10,045
Change in fair value of earn-out liability 0 (5,044) 9,234
Other 73 15 648
Change in operating assets and liabilities, net of effects of disposition:      
Accounts receivable (14,653) (39,835) (28,931)
Unbilled receivables 666 26,191 93,796
Prepaid expenses and other assets (3,992) (5,500) 2,763
Inventories 536 (8,480) (15,254)
Income taxes receivable [1] (12,280) (21,179) (87,704)
Accounts payable 11,397 580 (5,768)
Accrued salaries and benefits and other liabilities 6,548 571 41
Income taxes payable [1] 11,233 26,275 59,643
Deferred revenue 9,743 3,774 (5,048)
Operating lease liabilities (5,553) (5,356) (5,204)
Net cash provided by operating activities 360,019 230,599 195,786
Cash flows from investing activities:      
Purchases of property and equipment (26,842) (30,697) (23,240)
Purchases of marketable securities (666,294) (415,374) (434,155)
Maturities of marketable securities 470,026 280,829 175,854
Proceeds from sale of marketable securities 0 85,722 117,798
Proceeds from sale of non-marketable equity security 0 22,796 0
Proceeds from divestiture 0 0 106,347
Net cash used in investing activities (223,110) (56,724) (57,396)
Cash flows from financing activities:      
Proceeds received from issuance of common stock under employee stock plans 6,859 5,465 8,950
Payments of taxes related to net share settlement of equity awards (41,870) (41,340) (38,328)
Payments under installment payment arrangements (12,289) (16,350) (16,192)
Payments for settlement and repurchase of convertible senior notes 0 0 (10,381)
Payments for settlement of warrants 0 0 (10,697)
Payment of deferred purchase consideration from acquisition 0 (2,450) (2,450)
Repurchase and retirement of common stock, including prepayment under accelerated share repurchase program in 2024 and 2023 (7,114) (113,312) (100,525)
Net cash used in financing activities (54,414) (167,987) (169,623)
Effect of exchange rate changes on cash and cash equivalents 556 (880) 306
Net increase (decrease) in cash and cash equivalents 83,051 5,008 (30,927)
Cash, cash equivalents and restricted cash at beginning of year [2] 99,775 94,767 125,694
Cash, cash equivalents and restricted cash at end of year 182,826 99,775 [2] 94,767 [2]
Cash paid during the period for:      
Interest 0 0 73
Income taxes, net of refunds 24,992 27,132 25,932
Non-cash investing and financing activities:      
Property and equipment received and accrued in accounts payable and other liabilities 15,345 3,935 21,768
Issuance of common stock in connection with the payments of earn-out related to the PLDA Group acquisition 0 7,456 16,556
Operating lease right-of-use assets obtained in exchange for operating lease obligations $ 0 $ 4,799 $ 1,690
[1]

(1) Excludes non-cash write-down of income taxes receivable and release of income taxes payable of $118.9 million, including interest, related to South Korea withholding taxes in 2025. Refer to Note 18, “Income Taxes.”
[2]

(2) Includes a restricted cash balance of approximately $0.4 million as of December 31, 2022.