v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net income $ 242,677 $ 235,579
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,063 29,904
Impairment charge 0 250
Provision for credit losses 2,890 1,530
Deferred income taxes 3,948 (2,571)
Share-based compensation expense 14,615 14,400
Other 456 909
Changes in assets and liabilities:    
Accounts receivable (45,240) (53,841)
Inventories 2,163 (2,412)
Other assets and liabilities (10,325) (21,416)
Accounts payable (8,123) (4,450)
Deferred revenue 838 703
Net cash provided by operating activities 237,962 198,585
Cash Flows from Investing Activities:    
Purchases of property and equipment (30,026) (30,273)
Acquisition of a business 0 (77,000)
Proceeds from net investment hedges 416 329
Net cash used by investing activities (29,610) (106,944)
Cash Flows from Financing Activities:    
Borrowings under credit facility, net 69,500 0
Repurchases of common stock (400,890) (154,764)
Proceeds from exercises of stock options and employee stock purchase plans 7,193 20,879
Shares withheld for statutory tax withholding payments on restricted stock (6,124) (10,189)
Net cash used by financing activities (330,321) (144,074)
Net effect of changes in exchange rates on cash (2,327) (4,066)
Net increase (decrease) in cash and cash equivalents (124,296) (56,499)
Cash and cash equivalents at beginning of period 288,266 453,932
Cash and cash equivalents at end of period 163,970 397,433
Supplemental Cash Flow Information:    
Unpaid property and equipment, reflected in accounts payable and accrued liabilities $ 10,702 $ 15,182