v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows provided by operating activities:    
Net income $ 75,348 $ 71,618
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 3,598 3,630
Depreciation and amortization 8,343 7,451
Amortization of intangible assets 2,105 2,105
Deferred income taxes 1,566 2,446
Other, including fixed asset disposals (232) (207)
Changes in assets and liabilities:    
Accounts receivable (28,973) (32,748)
Other assets (1,791) (4,449)
Right-of-use assets and lease liabilities (67) 278
Accounts payable 4,022 (2,023)
Accrued liabilities (5,177) (5,558)
Income taxes receivable/payable 19,598 16,007
Deferred revenue 9,868 9,081
Net cash provided by operating activities 88,208 67,631
Cash flows provided by (used in) investing activities:    
Capital expenditures (8,129) (8,948)
Additions of amortizable content (15) (20)
Purchase of equity investment   (1,000)
Loss on equity investment 100  
Purchases of investments (23,512) (159,920)
Proceeds from sale or maturity of investments 55,637  
Net cash provided by (used in) investing activities 24,081 (169,888)
Cash flows used in financing activities:    
Repurchase of common shares and shares withheld in lieu of income taxes (127,906) (77,857)
Net cash used in financing activities (127,906) (77,857)
Net decrease in cash and cash equivalents and restricted cash (15,617) (180,114)
Cash and cash equivalents and restricted cash, beginning of period 111,762 324,623
Cash and cash equivalents and restricted cash, end of period 96,145 144,509
Supplemental disclosure of cash flow information    
Cash paid for income taxes 370 333
Supplemental disclosure of non-cash investing and financing activities    
Purchases of property and equipment included in accounts payable 1,724 444
Excise tax on treasury stock repurchases $ 1,087 $ 533