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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities    
Net income $ 356,961 $ 309,601
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 25,706 22,941
Stock-based compensation 50,025 44,387
Provision for losses on accounts receivable 24,512 18,287
Amortization of deferred financing costs and discounts 5,568 5,295
Amortization of intangible assets 112,455 120,055
Amortization of premium on receivables 3,687 2,439
Deferred income taxes (23,566) (27,640)
Equity method investment loss (income) (2,247) 13,926
Other non-cash operating income (690) (2,476)
Changes in operating assets and liabilities (net of acquisitions):    
Restricted cash (28,744) 5,697
Accounts receivable (527,255) (71,310)
Prepaid expenses and other current assets (1,291) 2,724
Other assets (9,115) (3,297)
Excess tax benefits related to stock-based compensation 0 (24,455)
Accounts payable, accrued expenses and customer deposits 418,280 108,278
Net cash provided by operating activities 404,286 524,452
Investing activities    
Acquisitions, net of cash acquired (1,331,079) (9,239)
Purchases of property and equipment (41,877) (29,526)
Other 1,411 (7,782)
Net cash used in investing activities (1,371,545) (46,547)
Financing activities    
Excess tax benefits related to stock-based compensation 0 24,455
Proceeds from issuance of common stock 18,620 13,977
Repurchase of common stock (35,492) 0
Borrowings (payments) on securitization facility, net 42,000 (10,000)
Deferred financing costs paid (2,272) 0
Borrowings from notes payable 600,000 0
Principal payments on notes payable (85,125) (77,625)
Borrowings from revolver – A Facility 1,105,107 0
Payments on revolver – A Facility (670,940) (411,818)
Borrowings (payments) on swing line of credit, net 5,188 (601)
Payment of contingent consideration 0 (40,310)
Other (673) (342)
Net cash provided by (used in) financing activities 976,413 (502,264)
Effect of foreign currency exchange rates on cash (50,871) (30,320)
Net decrease in cash and cash equivalents (41,717) (54,679)
Cash and cash equivalents, beginning of period 447,152 477,069
Cash and cash equivalents, end of period 405,435 422,390
Supplemental cash flow information    
Cash paid for interest 48,525 55,959
Cash paid for income taxes $ 79,599 $ 47,339