v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Cash flows from operating activities:    
Net income $ 38,306 $ 58,870
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation 3,400 3,156
Amortization 21,919 20,829
Amortization of operating lease right-of-use assets 2,337 2,435
Amortization of deferred debt issuance costs 412 650
Deferred income taxes 6,328 (2,463)
Stock-based compensation expense 16,957 11,627
Gain on sale of equity investment 0 (25,927)
Other (590) (718)
Changes in operating assets and liabilities:    
Receivables 10,160 41,640
Accounts payable 937 7,479
Accrued employee compensation (24,289) (25,182)
Deferred revenue 4,903 (4,648)
Other current and noncurrent assets and liabilities (16,533) (9,527)
Net cash flows from operating activities 64,247 78,221
Cash flows from investing activities:    
Purchases of property and equipment (3,003) (2,170)
Purchases of software (11,508) (6,759)
Proceeds from sale of equity investment 0 46,021
Net cash flows from investing activities (14,511) 37,092
Cash flows from financing activities:    
Proceeds from issuance of common stock 905 813
Proceeds from exercises of stock options 64 582
Repurchase of stock-based compensation awards for tax withholdings (3,839) (7,070)
Repurchases of common stock (65,277) (14,408)
Proceeds from revolving credit facility 15,000 0
Repayment of revolving credit facility (15,000) (70,000)
Repayment of term portion of credit agreement (10,625) (9,375)
Payments on or proceeds from other debt, net (3,539) (4,217)
Net increase in settlement assets and liabilities 18,126 88,324
Net cash flows from financing activities (64,185) (15,351)
Effect of exchange rate fluctuations on cash (2,419) 1,791
Net increase (decrease) in cash and cash equivalents (16,868) 101,753
Cash and cash equivalents, including settlement deposits, beginning of period 258,996 265,018
Cash and cash equivalents, including settlement deposits, end of period 242,128 366,771
Cash and cash equivalents 161,757 230,057
Settlement deposits 80,371 136,714
Total cash and cash equivalents, including settlement deposits 242,128 366,771
Supplemental cash flow information    
Income taxes paid 5,362 12,695
Interest paid $ 11,860 $ 19,807