v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 497,842 $ 451,722
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 90,614 101,499
Stock-based compensation expense 86,860 93,195
Deferred taxes (3,979) (40,934)
Gain from sale of divested operation (5,399) 0
Loss on impairment of lease related assets 0 591
Reduction in the carrying amount of operating lease right-of-use assets 29,895 34,738
Amortization and write-off of deferred financing fees 2,607 2,075
Gain on de-designated swaps 0 (446)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Fees receivable, net 475,105 475,125
Deferred commissions 46,847 86,927
Prepaid expenses and other current assets (30,191) (19,869)
Other assets (22,116) (20,651)
Deferred revenues (38,303) (154,358)
Accounts payable and accrued and other liabilities (340,455) (312,537)
Cash provided by operating activities 789,327 697,077
Investing activities:    
Additions to property, equipment and leasehold improvements (40,346) (61,817)
Proceeds from sale of divested operation, net of cash transferred 104,798 0
Cash provided by (used in) investing activities 64,452 (61,817)
Financing activities:    
Proceeds from employee stock purchase plan 14,797 17,467
Payments of deferred financing fees (1,508) 0
Payments on long-term debt (5,000) 0
Purchases of treasury stock (1,081,754) (437,155)
Cash used in financing activities (1,073,465) (419,688)
Net (decrease) increase in cash and cash equivalents (219,686) 215,572
Effects of exchange rates on cash and cash equivalents (14,129) 48,817
Cash and cash equivalents, beginning of period 1,722,521 1,933,147
Cash and cash equivalents, end of period $ 1,488,706 $ 2,197,536