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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities    
Net income $ 224,157 $ 192,831
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 16,311 15,096
Stock-based compensation 32,620 30,500
Provision for losses on accounts receivable 13,729 13,022
Amortization of deferred financing costs and discounts 3,651 3,517
Amortization of intangible assets 66,114 80,186
Amortization of premium on receivables 2,339 1,627
Deferred income taxes (9,248) (40,894)
Equity method investment (income) loss (4,991) 7,818
Other non-cash operating income (446) (772)
Changes in operating assets and liabilities (net of acquisitions):    
Restricted cash 13,555 5,790
Accounts receivable (392,545) (233,528)
Prepaid expenses and other current assets (4,636) 24
Other assets (9,362) (2,961)
Excess tax benefits related to stock-based compensation (3,186) (9,639)
Accounts payable, accrued expenses and customer deposits 260,794 135,795
Net cash provided by operating activities 208,856 198,412
Investing activities    
Acquisitions, net of cash acquired (13,167) (7,954)
Purchases of property and equipment (24,757) (16,234)
Net cash used in investing activities (37,924) (24,188)
Financing activities    
Excess tax benefits related to stock-based compensation 3,186 9,639
Proceeds from issuance of common stock 7,964 7,105
Repurchase of common stock (26,037) 0
Borrowings on securitization facility, net 99,000 89,000
Principal payments on notes payable (51,750) (51,750)
Borrowings from revolver – A Facility 140,000 0
Payments on revolver – A Facility (290,000) (276,818)
Borrowings from swing line of credit, net 0 9,441
Payment of contingent consideration 0 (39,808)
Other (666) (145)
Net cash used in financing activities (118,303) (253,336)
Effect of foreign currency exchange rates on cash (6,696) (13,782)
Net increase (decrease) in cash and cash equivalents 45,933 (92,894)
Cash and cash equivalents, beginning of period 447,152 477,069
Cash and cash equivalents, end of period 493,085 384,175
Supplemental cash flow information    
Cash paid for interest 30,361 38,883
Cash paid for income taxes $ 64,345 $ 30,234