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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 214,835 $ 217,952
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 25,980 21,140
Stock-based compensation 26,096 32,631
Provision for credit losses on accounts and other receivables 39,270 25,478
Amortization of deferred financing costs and discounts 1,787 1,968
Amortization of intangible assets and premium on receivables 58,252 55,662
Deferred income taxes (499) 1,900
Investment (gain) loss (190) 152
Other non-cash operating expense, net 663 113
Changes in operating assets and liabilities (net of acquisitions):    
Accounts and other receivables 370,962 (818,969)
Prepaid expenses and other current assets 40,099 20,921
Derivative assets and liabilities, net (28,223) 6,677
Other assets 25,141 (1,146)
Accounts payable, accrued expenses and customer deposits (446,508) 323,268
Net cash provided by (used in) operating activities 327,665 (112,253)
Investing activities    
Acquisitions, net of cash acquired (126,691) (35,864)
Purchases of property and equipment (36,737) (31,387)
Other 4,401 0
Net cash used in investing activities (159,027) (67,251)
Financing activities    
Proceeds from issuance of common stock 33,399 8,810
Repurchase of common stock (9,597) (422,736)
Borrowings on securitization facility, net (3,000) 318,000
Deferred financing costs 0 (337)
Principal payments on notes payable (23,500) (45,063)
Borrowings from revolver 1,964,000 490,000
Payments on revolver (2,490,000) (400,000)
Borrowings on swing line of credit, net 310,719 1,505
Other 264 0
Net cash used in financing activities (217,715) (49,821)
Effect of foreign currency exchange rates on cash 29,298 68,068
Net decrease in cash and cash equivalents and restricted cash (19,779) (161,257)
Cash and cash equivalents and restricted cash, beginning of period 2,289,180 2,250,695
Cash and cash equivalents and restricted cash, end of period 2,269,401 2,089,438
Supplemental cash flow information    
Cash paid for interest 104,650 33,967
Cash paid for income taxes $ 35,442 $ 72,296