XML 33 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Operating activities    
Net income $ 216,381 $ 156,128
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 12,162 9,831
Stock-based compensation 12,441 14,287
Provision for losses on accounts receivable 14,069 16,788
Amortization of deferred financing costs 2,434 1,596
Amortization of intangible assets 31,535 23,044
Amortization of premium on receivables 2,448 2,449
Deferred income taxes (4,524) 2,501
Changes in operating assets and liabilities (net of acquisitions):    
Restricted cash 3,666 3,576
Accounts receivable (184,367) (178,715)
Prepaid expenses and other current assets (1,774) (4,352)
Other assets 38,580 (45,291)
Excess tax benefits related to stock-based compensation (24,319) (23,177)
Accounts payable, accrued expenses and customer deposits 89,279 54,466
Net cash provided by operating activities 208,011 33,131
Investing activities    
Acquisitions, net of cash acquired (376,971) (189,819)
Purchases of property and equipment (15,348) (13,634)
Net cash used in investing activities (392,319) (203,453)
Financing activities    
Excess tax benefits related to stock-based compensation 24,319 23,177
Proceeds from issuance of common stock 22,800 21,391
Borrowings on securitization facility, net 96,000 75,000
Deferred financing fees paid (1,970) (796)
Principal payments on notes payable (21,250) (23,492)
Payments on US revolver (155,000) (250,000)
Borrowings from US revolver 280,000 330,000
Borrowings from swing line of credit, net   1,000
Borrowings from foreign revolver 53,494  
Payments on foreign revolver, net (44,533)  
Other (255) (129)
Net cash provided by financing activities 253,605 176,151
Effect of foreign currency exchange rates on cash (7,257) 9,073
Net increase in cash and cash equivalents 62,040 14,902
Cash and cash equivalents, beginning of period 283,649 285,159
Cash and cash equivalents, end of period 345,689 300,061
Supplemental cash flow information    
Cash paid for interest 13,041 10,858
Cash paid for income taxes $ 84,695 $ 29,428