XML 17 R7.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 451,722 $ 440,093
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 101,499 99,841
Stock-based compensation expense 93,195 90,247
Deferred taxes (40,934) 3,091
Loss on impairment of lease related assets 591 527
Reduction in the carrying amount of operating lease right-of-use assets 34,738 32,167
Amortization and write-off of deferred financing fees 2,075 2,548
Gain on de-designated swaps (446) (5,038)
Changes in assets and liabilities, net of acquisitions and divestitures:    
Fees receivable, net 475,125 172,907
Deferred commissions 86,927 55,063
Prepaid expenses and other current assets (19,869) (22,525)
Other assets (20,651) (28,533)
Deferred revenues (154,358) 15,935
Accounts payable and accrued and other liabilities (312,537) (297,523)
Cash provided by operating activities 697,077 558,800
Investing activities:    
Additions to property, equipment and leasehold improvements (61,817) (52,027)
Acquisition of business 0 (2,000)
Cash used in investing activities (61,817) (54,027)
Financing activities:    
Proceeds from employee stock purchase plan 17,467 14,460
Payments of deferred financing fees 0 (2,972)
Proceeds from revolving credit facility 0 274,400
Payments on long-term debt 0 (274,400)
Purchases of treasury stock (437,155) (564,717)
Cash used in financing activities (419,688) (553,229)
Net increase (decrease) in cash and cash equivalents and restricted cash 215,572 (48,456)
Effects of exchange rates on cash and cash equivalents 48,817 (35,358)
Cash and cash equivalents and restricted cash, beginning of period 1,933,147 1,319,599
Cash and cash equivalents, end of period $ 2,197,536 $ 1,235,785