INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Before Income Taxes

The components of income before income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Domestic	$	312,870	$	260,564	$	187,535
Foreign jurisdictions	22,812		22,296		14,317
Income before income taxes	$	335,682	$	282,860	$	201,852

Schedule of Income Tax Provision

Income tax provision consisted of the following (in thousands):

	Current		Deferred		Total
Year ended December 31, 2023
U.S. Federal	$	64,381	$	(24,117)	$	40,264
U.S. state and local	8,848		(1,869)		6,979
Foreign jurisdictions	4,622		1,007		5,629
	$	77,851	$	(24,979)	$	52,872
Year ended December 31, 2022
U.S. Federal	$	49,991	$	(19,705)	$	30,286
U.S. state and local	7,160		(3,297)		3,863
Foreign jurisdictions	3,330		13		3,343
	$	60,481	$	(22,989)	$	37,492
Year ended December 31, 2021
U.S. Federal	$	46,138	$	(32,677)	$	13,461
U.S. state and local	8,405		(3,622)		4,783
Foreign jurisdictions	2,580		(820)		1,760
	$	57,123	$	(37,119)	$	20,004

Summary Of Difference Between Statutory Rate for Federal Income Tax and Effective Income Tax Rate

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows (in thousands):

	Year Ended December 31,
	2023				2022				2021
Income tax expense calculated at the federal statutory rate	$	70,493	21.0	%	$	59,401	21.0	%	$	42,389	21.0	%
Effect of:
State and local taxes, net of federal benefit	5,146		1.5		4,235		1.5		3,698		1.8
Tax on foreign earnings, net of tax credits and deductions	(1,305)		(0.4)		(3,277)		(1.2)		(3,113)		(1.5)
Deferred credit	(596)		(0.2)		(621)		(0.2)		(667)		(0.3)
Permanent items:
Stock-based awards	(14,692)		(4.4)		(18,738)		(6.6)		(19,042)		(9.5)
Deduction for FDII	(9,358)		(2.8)		(4,983)		(1.8)		(4,860)		(2.4)
Other	63		—		595		0.2		(364)		(0.2)
State/Local tax credits	(2,536)		(0.8)		(1,294)		(0.5)		(976)		(0.5)
Change in liability for uncertain tax positions	4,784		1.4		1,560		0.6		2,349		1.2
Other	873		0.5		614		0.3		590		0.3
	$	52,872	15.8	%	$	37,492	13.3	%	$	20,004	9.9	%

Schedule of Components of Company's Net Deferred Tax Asset (Liability)

Components of the Company’s net deferred tax asset (liability) included in the consolidated balance sheets consisted of the following at December 31 (in thousands):

	2023		2022
Deferred tax assets:
Accrued liabilities	$	27,101	$	24,483
Depreciation and amortization	1,258		1,269
Foreign operating loss carryforward	35		30
Advanced billings	98,438		67,789
Other	2,474		1,005
Valuation allowance	(1,826)		(430)
Total deferred tax assets	127,480		94,146
Deferred tax liabilities:
Depreciation and amortization	(52,443)		(44,731)
Prepaid expenses	(1,581)		(1,263)
Other	(1,425)		(1,139)
Total deferred tax liabilities	(55,449)		(47,133)
Net deferred tax asset (liability)	$	72,031	$	47,013

Schedule of Annual Activity Related to Valuation Allowance

Annual activity related to the Company’s valuation allowance is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	430	$	850	$	578
Additions charged to expense	1,582		15		305
Reductions from utilization, reassessments and expirations	(186)		(493)		(33)
Remeasurement due to effect of tax reform	—		58		—
Ending Balance	$	1,826	$	430	$	850

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	15,947	$	13,784	$	10,691
Increases in tax positions for prior years	—		171		1,253
Decreases in tax positions for prior years	(97)		(490)		(223)
Increases in tax positions for current year	5,382		4,871		3,098
Lapse in statute of limitations	(852)		(2,389)		(1,035)
Ending Balance	$	20,380	$	15,947	$	13,784