v3.25.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 527,953 $ 481,466
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 58,177 58,443
Stock-based compensation 47,234 52,087
Provision for credit losses on accounts and other receivables 62,162 53,485
Amortization of deferred financing costs and discounts 4,842 4,080
Amortization of intangible assets and premium on receivables 125,361 110,659
Loss on extinguishment of debt 1,596 0
Deferred income taxes (25,499) (9,675)
Other non-cash operating (income) expense, net (8,700) 98
Changes in operating assets and liabilities (net of acquisitions/disposition):    
Accounts and other receivables (740,361) (497,284)
Prepaid expenses and other current assets (35,197) (76,983)
Derivative assets and liabilities, net (43,775) 5,224
Other assets 20,903 (18,313)
Accounts payable, accrued expenses and customer deposits 1,071,400 727,818
Net cash provided by operating activities 1,066,096 891,105
Investing activities    
Acquisitions, net of cash acquired (154,648) (59,871)
Purchases of property and equipment (97,407) (85,289)
Proceeds from sale of cost method investment 14,843 0
Other 14,572 (1,453)
Net cash used in investing activities (222,640) (146,613)
Financing activities    
Proceeds from issuance of common stock 55,962 100,241
Repurchase of common stock (90,877) (947,074)
Borrowings on securitization facility, net 316,000 102,000
Deferred financing costs (10,827) (3,176)
Proceeds from notes payable 750,000 325,000
Principal payments on notes payable (98,570) (51,063)
Borrowings from revolver 4,490,000 4,153,000
Payments on revolver (5,357,000) (3,811,000)
Borrowing (payments) on swing line of credit, net 24,000 (109,247)
Other (333) 2,081
Net cash provided by (used in) financing activities 78,355 (239,238)
Effect of foreign currency exchange rates on cash 153,202 (99,493)
Net increase in cash and cash equivalents and restricted cash 1,075,013 405,761
Cash and cash equivalents and restricted cash, beginning of period 4,456,345 3,141,535
Cash and cash equivalents and restricted cash, end of period 5,531,358 3,547,296
Supplemental cash flow information    
Cash paid for interest 238,796 237,912
Cash paid for income taxes $ 261,987 $ 185,333