XML 24 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income $ 981,890 $ 954,327 $ 839,497
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 109,983 92,010 75,571
Stock-based compensation 116,086 121,416 80,071
Provision for credit losses on accounts and other receivables 125,152 131,096 37,919
Amortization of deferred financing costs and discounts 7,249 7,748 6,831
Amortization of intangible assets and premium on receivables 226,621 230,272 208,625
Deferred income taxes (46,678) (33,174) 11,026
Loss on extinguishment of debt 0 1,934 16,194
Gain on sale of assets/business (13,712) 0 0
Other non-cash operating expense (income), net 637 1,664 (793)
Changes in operating assets and liabilities (net of acquisitions/disposition):      
Accounts receivable and other receivables (210,261) (598,674) (731,137)
Prepaid expenses and other current assets 69,287 (17,543) 141,058
Derivative assets and liabilities, net (33,278) (11,260) (15,360)
Other assets 54,180 (41,068) 47,055
Accounts payable, accrued expenses and customer deposits 713,976 (83,951) 480,506
Net cash provided by operating activities 2,101,132 754,797 1,197,063
Investing activities      
Acquisitions, net of cash acquired (428,327) (216,917) (602,120)
Purchases of property and equipment (153,822) (151,428) (111,530)
Proceeds from disposal of a business, net of cash disposed 197,025 0 0
Other 4,401 0 (2,281)
Net cash used in investing activities (380,723) (368,345) (715,931)
Financing activities      
Proceeds from issuance of common stock 113,742 49,404 48,781
Repurchase of common stock (686,859) (1,405,200) (1,355,722)
Borrowings on securitization facility, net 20,000 169,000 418,000
Deferred financing costs (376) (10,355) (38,920)
Proceeds from notes payable 0 3,000,000 1,900,000
Principal payments on notes payable (94,000) (2,824,000) (507,500)
Borrowings from revolver 8,734,960 7,236,000 1,910,000
Payments on revolver (9,118,960) (6,526,000) (1,978,851)
Borrowings (payments) on swing line of credit, net 135,568 194 (51,049)
Other (2,286) (271) (811)
Net cash (used in) provided by financing activities (898,211) (311,228) 343,928
Effect of foreign currency exchange rates on cash 30,157 (36,739) (50,984)
Net increase in cash and cash equivalents and restricted cash 852,355 38,485 774,076
Cash, cash equivalents and restricted cash at beginning of period 2,289,180 2,250,695 1,476,619
Cash, cash equivalents and restricted cash at end of period 3,141,535 2,289,180 2,250,695
Supplemental cash flow information      
Cash paid for interest 448,384 229,641 132,504
Cash paid for income taxes $ 408,340 $ 358,231 $ 229,721