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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 481,466 $ 454,537
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 58,443 53,739
Stock-based compensation 52,087 60,844
Provision for credit losses on accounts and other receivables 53,485 74,418
Amortization of deferred financing costs and discounts 4,080 3,574
Amortization of intangible assets and premium on receivables 110,659 114,169
Deferred income taxes (9,675) (11,799)
Investment gain (203) (172)
Other non-cash operating expense, net 301 1,478
Changes in operating assets and liabilities (net of acquisitions):    
Accounts and other receivables (497,284) (355,722)
Prepaid expenses and other current assets (76,983) 78,035
Derivative assets and liabilities, net 5,224 (14,611)
Other assets (18,313) 29,397
Accounts payable, accrued expenses and customer deposits 727,818 611,073
Net cash provided by operating activities 891,105 1,098,960
Investing activities    
Acquisitions, net of cash acquired (59,871) (126,694)
Purchases of property and equipment (85,289) (78,922)
Other (1,453) 4,401
Net cash used in investing activities (146,613) (201,215)
Financing activities    
Proceeds from issuance of common stock 100,241 66,148
Repurchase of common stock (947,074) (11,973)
Borrowings (payments) on securitization facility, net 102,000 (39,000)
Deferred financing costs (3,176) 0
Proceeds from notes payable 325,000 0
Principal payments on notes payable (51,063) (47,000)
Borrowings from revolver 4,153,000 4,351,000
Payments on revolver (3,811,000) (4,817,000)
(Payments) borrowings on swing line of credit, net (109,247) 255,750
Other 2,081 264
Net cash used in financing activities (239,238) (241,811)
Effect of foreign currency exchange rates on cash (99,493) 38,401
Net increase in cash and cash equivalents and restricted cash 405,761 694,335
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 3,547,296 2,983,515
Supplemental cash flow information    
Cash paid for interest 237,912 215,850
Cash paid for income taxes $ 185,333 $ 238,769