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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities    
Net income $ 457,503 $ 356,961
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 35,096 25,706
Stock-based compensation 68,897 50,025
Provision for losses on accounts receivable 35,949 24,512
Amortization of deferred financing costs and discounts 5,411 5,568
Amortization of intangible assets 158,897 112,455
Amortization of premium on receivables 4,738 3,687
Loss on extinguishment of debt 3,296 0
Deferred income taxes (38,092) (23,566)
Investment loss (income) 52,497 (2,247)
Gain on disposition of business (174,984) 0
Other non-cash operating income (49) (690)
Changes in operating assets and liabilities (net of acquisitions and dispositions):    
Restricted cash (12,105) (28,744)
Accounts and other receivables (440,011) (527,255)
Prepaid expenses and other current assets (86,648) (1,291)
Other assets (15,378) (9,115)
Accounts payable, accrued expenses and customer deposits 364,473 418,280
Net cash provided by operating activities 419,490 404,286
Investing activities    
Acquisitions, net of cash acquired (602,298) (1,331,079)
Purchases of property and equipment (49,459) (41,877)
Proceeds from disposal of a business 316,501 0
Other (6,327) 1,411
Net cash used in investing activities (341,583) (1,371,545)
Financing activities    
Proceeds from issuance of common stock 20,192 18,620
Repurchase of common stock (402,392) (35,492)
Borrowings on securitization facility, net 203,000 42,000
Deferred financing costs paid and debt discount (11,230) (2,272)
Proceeds from issuance of notes payable 780,656 600,000
Principal payments on notes payable (388,656) (85,125)
Borrowings from revolver – A Facility 845,000 1,105,107
Payments on revolver – A Facility (804,808) (670,940)
Borrowings on swing line of credit, net 7,800 5,188
Other 537 (673)
Net cash used in financing activities 250,099 976,413
Effect of foreign currency exchange rates on cash 31,732 (50,871)
Net increase (decrease) in cash and cash equivalents 359,738 (41,717)
Cash and cash equivalents, beginning of period 475,018 447,152
Cash and cash equivalents, end of period 834,756 405,435
Supplemental cash flow information    
Cash paid for interest 79,144 48,525
Cash paid for income taxes $ 257,349 $ 79,599