v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating activities:    
Net income $ 712,261 $ 487,079
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 135,695 152,452
Stock-based compensation expense 125,283 123,718
Deferred taxes (23,308) (43,043)
Gain from sale of divested operation (6,785) 0
Goodwill impairment 0 150,000
Loss on impairment of lease related assets 0 4,702
Reduction in the carrying amount of operating lease right-of-use assets 45,027 49,463
Amortization and write-off of deferred financing fees 3,928 3,125
Gain on de-designated swaps 0 (489)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Fees receivable, net 646,466 627,775
Deferred commissions 76,439 124,367
Prepaid expenses and other current assets (64,061) (51,597)
Other assets (8,902) (29,129)
Deferred revenues (225,097) (335,057)
Accounts payable and accrued and other liabilities (333,186) (267,545)
Cash provided by operating activities 1,083,760 995,821
Investing activities:    
Additions to property, equipment and leasehold improvements (59,619) (91,310)
Proceeds from sale of divested operation, net of cash transferred 99,764 0
Cash provided by (used in) investing activities 40,145 (91,310)
Financing activities:    
Proceeds from employee stock purchase plan 20,186 25,203
Payments of deferred financing fees (1,508) 0
Payments on long-term debt (5,000) 0
Purchases of treasury stock (1,219,977) (1,492,678)
Cash used in financing activities (1,206,299) (1,467,475)
Net decrease in cash and cash equivalents (82,394) (562,964)
Effects of exchange rates on cash and cash equivalents (6,990) 60,547
Cash and cash equivalents, beginning of period 1,722,521 1,933,147
Cash and cash equivalents, end of period $ 1,633,137 $ 1,430,730