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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 229,803 $ 214,835
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 28,931 25,980
Stock-based compensation 24,979 26,096
Provision for credit losses on accounts and other receivables 25,342 39,270
Amortization of deferred financing costs and discounts 2,029 1,787
Amortization of intangible assets and premium on receivables 55,829 58,252
Deferred income taxes 647 (499)
Investment gain (167) (190)
Other non-cash operating expense, net 292 663
Changes in operating assets and liabilities (net of acquisitions):    
Accounts and other receivables (382,889) 372,342
Prepaid expenses and other current assets (12,587) 40,099
Derivative assets and liabilities, net 1,452 (28,223)
Other assets (22,021) 25,141
Accounts payable, accrued expenses and customer deposits 398,544 102,112
Net cash provided by operating activities 350,184 877,665
Investing activities    
Acquisitions, net of cash acquired (56,325) (126,691)
Purchases of property and equipment (41,193) (36,737)
Other (4,826) 4,401
Net cash used in investing activities (102,344) (159,027)
Financing activities    
Proceeds from issuance of common stock 90,838 33,399
Repurchase of common stock (288,833) (9,597)
Borrowings on securitization facility, net 114,000 (3,000)
Deferred financing costs (3,176) 0
Proceeds from notes payable 325,000 0
Principal payments on notes payable (25,531) (23,500)
Borrowings from revolver 1,570,000 1,964,000
Payments on revolver (1,866,000) (2,490,000)
(Payments) borrowings on swing line of credit, net (75,429) 310,719
Other 580 264
Net cash used in financing activities (158,551) (217,715)
Effect of foreign currency exchange rates on cash (28,148) 29,298
Net increase in cash and cash equivalents and restricted cash 61,141 530,221
Cash and cash equivalents and restricted cash, beginning of period 3,141,535 2,289,180
Cash and cash equivalents and restricted cash, end of period 3,202,676 2,819,401
Supplemental cash flow information    
Cash paid for interest 115,773 104,650
Cash paid for income taxes $ 38,925 $ 35,442