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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2019
[1]
Mar. 31, 2018
Dec. 31, 2018
Operating activities      
Net income $ 172,107 $ 174,937  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 15,132 12,397  
Stock-based compensation 12,541 14,403  
Provision for losses on accounts receivable 22,164 11,997  
Amortization of deferred financing costs and discounts 1,205 1,339  
Amortization of intangible assets and premium on receivables 52,313 59,105  
Deferred income taxes (2,696) (4,829)  
Investment loss 15,660 0  
Other non-cash operating income (1,574) (57)  
Changes in operating assets and liabilities (net of acquisitions):      
Accounts and other receivables (302,395) (288,152)  
Prepaid expenses and other current assets 644 32,074  
Other assets (14,517) (7,101)  
Accounts payable, accrued expenses and customer deposits 326,910 194,589  
Net cash provided by operating activities 297,494 200,702  
Investing activities      
Acquisitions, net of cash acquired 0 (3,875)  
Purchases of property and equipment (14,506) (15,214)  
Other 0 (3,642)  
Net cash used in investing activities (14,506) (22,731)  
Financing activities      
Proceeds from issuance of common stock 29,795 19,975  
Repurchase of common stock (3,322) (88,292)  
Borrowings on securitization facility, net 56,000 18,000  
Deferred financing costs paid and debt discount (284) 0  
Principal payments on notes payable (32,438) (34,500)  
Borrowings from revolver 0 420,258  
Payments on revolver (353,638) (439,351)  
Borrowings on swing line of credit, net 31,032 5,009  
Other (63) (92)  
Net cash used in financing activities (272,918) (98,993)  
Effect of foreign currency exchange rates on cash (2,392) 12,653  
Net increase in cash and cash equivalents and restricted cash 7,678 91,631  
Cash and cash equivalents and restricted cash, beginning of period 1,364,893 1,130,870 $ 1,130,870
Cash and cash equivalents and restricted cash, end of period 1,372,571 1,222,501 $ 1,364,893 [1]
Supplemental cash flow information      
Cash paid for interest 46,904 35,634  
Cash paid for income taxes $ 17,894 $ 16,830  
[1] 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.