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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 757,728 $ 726,033
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 88,902 82,028
Stock-based compensation 80,593 89,917
Provision for credit losses on accounts and other receivables 81,561 103,495
Amortization of deferred financing costs and discounts 5,876 5,417
Amortization of intangible assets and premium on receivables 169,746 170,630
Loss on extinguishment of debt 5,040 0
Deferred income taxes (18,985) (18,911)
Gain on disposition of business, net 0 (13,712)
Other non-cash operating expense, net 572 491
Changes in operating assets and liabilities (net of acquisitions/disposition):    
Accounts and other receivables (584,649) (732,813)
Prepaid expenses and other current assets (52,944) 114,237
Derivative assets and liabilities, net (13,077) (7,939)
Other assets (17,374) 33,090
Accounts payable, accrued expenses and customer deposits 788,904 832,667
Net cash provided by operating activities 1,291,893 1,384,630
Investing activities    
Acquisitions, net of cash acquired (245,719) (429,914)
Purchases of property and equipment (131,067) (117,158)
Proceeds from disposal of a business, net of cash disposed 0 197,025
Other (1,453) 4,401
Net cash used in investing activities (378,239) (345,646)
Financing activities    
Proceeds from issuance of common stock 184,668 101,202
Repurchase of common stock (1,039,248) (546,910)
Borrowings on securitization facility, net 7,000 109,000
Deferred financing costs (8,493) (238)
Proceeds from notes payable 825,000 0
Principal payments on notes payable (92,625) (70,500)
Borrowings from revolver 7,167,000 6,495,000
Payments on revolver (6,743,000) (6,770,000)
(Payments on) borrowings from swing line of credit, net (140,713) 180,723
Other 16,647 264
Net cash provided by (used in) financing activities 176,236 (501,459)
Effect of foreign currency exchange rates on cash (76,414) (30,431)
Net increase in cash and cash equivalents and restricted cash 1,013,476 507,094
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 4,155,011 2,796,274
Supplemental cash flow information    
Cash paid for interest 369,804 327,099
Cash paid for income taxes $ 264,559 $ 319,764