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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net income [2] $ 811,483 [1] $ 740,200 $ 452,385
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation [2] 52,936 46,599 36,456
Stock-based compensation [2] 69,939 93,297 63,946
Provision for losses on accounts receivable [2] 64,377 44,857 35,885
Amortization of deferred financing costs and discounts [2] 5,342 6,952 7,582
Amortization of intangible assets [2] 216,330 211,849 161,635
Amortization of premium on receivables [2] 5,343 6,112 5,165
Loss on extinguishment of debt [2] 2,098 [1] 3,296 0
Write-off of fixed assets [2] 8,793 0 0
Deferred income taxes [2] (2,750) (247,712) (28,681)
Investment loss [2] 7,147 [1] 53,164 36,356
Gain on sale of assets/business [2] (152,750) (174,983) 0
Other non-cash operating income [2] (186) (61) (690)
Changes in operating assets and liabilities (net of acquisitions/disposition):      
Accounts receivable and other receivables [2] (159,024) (431,003) (338,796)
Prepaid expenses and other current assets [2] (27,650) 26,102 5,301
Other assets [2] (25,432) (20,957) (20,345)
Accounts payable, accrued expenses and customer deposits [2] 27,386 322,346 292,019
Net cash provided by operating activities [2] 903,382 680,058 708,218
Investing activities      
Acquisitions, net of cash acquired [2] (20,843) (705,257) (1,331,985)
Purchases of property and equipment [2] (81,387) (70,093) (59,011)
Proceeds from disposal of an asset/business [2] 98,735 316,501 0
Other [2] (22,775) (38,953) 1,411
Net cash used in investing activities [2] (26,270) (497,802) (1,389,585)
Financing activities      
Proceeds from issuance of common stock [2] 55,680 44,690 21,231
Repurchase of common stock [2] (958,696) (402,393) (187,678)
Borrowings (payments) on securitization facility, net [2] 75,000 220,000  
Borrowings (payments) on securitization facility, net [2]     (23,000)
Deferred financing costs paid and debt discount [2] (4,927) (12,908) (2,272)
Proceeds from issuance of notes payable [2] 363,430 780,656 600,000
Principal payments on notes payable [2] (498,305) (423,156) (118,500)
Borrowings from revolver [2] 1,493,091 1,100,000 1,225,107
Payments on revolver [2] (1,099,040) (1,031,722) (786,849)
(Payments) borrowings on swing line of credit, net [2] (4,935) (23,686)  
(Payments) borrowings on swing line of credit, net [2]     26,606
Other [2] 887 457 (676)
Net cash (used in) provided by financing activities [2] (577,815) 251,938 753,969
Effect of foreign currency exchange rates on cash [2] (65,274) 52,906 (43,476)
Net increase in cash and cash equivalents and restricted cash [2] 234,023 487,100 29,126
Cash and cash equivalents and restricted cash, beginning of year [2] 1,130,870 643,770 614,644
Cash and cash equivalents and restricted cash, end of year [2] 1,364,893 1,130,870 643,770
Supplemental cash flow information      
Cash paid for interest [2] 156,749 113,416 70,339
Cash paid for income taxes [2] 207,504 392,192 101,951
Non cash investing activity, notes assumed in acquisitions [2] $ 0 $ 29,341 $ 0
[1] Reflects the impact of the Company's adoption of Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") and related cost capitalization guidance, which was adopted by the Company on January 1, 2018 using the modified retrospective transition method. The adoption of ASC 606 resulted in an adjustment to retained earnings in our consolidated balance sheet for the cumulative effect of applying the standard, which included costs incurred to obtain a contract, as well as presentation changes in our statements of income, including the classification of certain amounts previously classified as merchant commissions and processing expense net with revenues. As a result of the application of the modified retrospective transition method, the Company's prior period results within its Form 10-K and quarterly reports on Form 10-Q will not be restated to reflect ASC 606.
[2] Reflects the impact of the Company's adoption of Accounting Standards Update 2016-18, Statement of Cash Flows (Topic 230), which was adopted by the Company on January 1, 2018 and applied retrospectively to results for 2017. The adoption of Topic 230 resulted in the statement of cash flows presenting the changes in the total of cash, cash equivalents and restricted cash. As a result, the Company will no longer present transfers between cash and cash equivalents and restricted cash in the statement of cash flows.