v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 191,701 $ 296,170
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 38,690 37,678
Change in deferred revenue 107,608 (71,206)
Deferred income taxes 18,090 31,572
Share-based compensation 34,442 21,334
Other (3,353) (1,842)
Increase in assets:    
Receivables (123,185) (200,405)
Non-current contract assets (122,000) (9,000)
Deferred charges and other assets (40,267) (5,044)
(Decrease) Increase in liabilities:    
Accounts payable (2,278) 801
Accrued compensation and other expenses (831) (14,929)
Net cash provided by operating activities 98,617 85,129
Cash flows from investing activities:    
Purchases of short-term investments (278,941) (236,016)
Proceeds from maturities and sales of short-term investments 291,002 254,003
Capital expenditures (2,549) (15,082)
Capitalized patent costs (28,466) (25,125)
Long-term investments 1,709 0
Net cash used in investing activities (17,245) (22,220)
Cash flows from financing activities:    
Payments on long-term debt (88,019) (1,284)
Net proceeds from exercise of stock options 0 7,331
Taxes withheld upon restricted stock unit vestings (55,729) (33,116)
Repurchase of common stock (31,146) (31,417)
Taxes paid on repurchase of common stock (277) 0
Dividends paid (36,086) (27,134)
Net cash used in financing activities (211,257) (85,620)
Net decrease in cash, cash equivalents, and restricted cash (129,885) (22,711)
Cash, cash equivalents, and restricted cash, beginning of period [1] 754,268 551,547
Cash, cash equivalents, and restricted cash, end of period [1] $ 624,383 $ 528,836
[1]
Refer to Note 1, "Basis of Presentation," for additional supplemental cash flow information. Additionally, refer to Note 3, "Cash, Concentration of Credit Risk and Fair Value of Financial Instruments" for a reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets.