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UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 150,608 $ 119,205
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 83,573 41,155
Amortization of acquired intangibles 314,245 107,475
Amortization of capitalized contract costs 18,738 15,847
Share-based compensation expense 27,822 11,418
Provision for operating losses and bad debts 37,629 12,709
Noncash lease expense 25,924 8,976
Deferred income taxes (47,957) (5,774)
Other, net (11,757) 67
Changes in operating assets and liabilities, net of the effects of business combinations:    
Accounts receivable 47,624 (36,493)
Settlement processing assets and obligations, net 12,966 118,347
Prepaid expenses and other assets (53,540) (76,740)
Accounts payable and other liabilities (169,301) (86,463)
Net cash provided by operating activities 436,574 229,729
Cash flows from investing activities:    
Acquisitions, net of cash acquired (67,196) (74,830)
Capital expenditures (104,802) (55,123)
Other, net 2,348 13,672
Net cash used in investing activities (169,650) (116,281)
Cash flows from financing activities:    
Net repayments of settlement lines of credit (78,092) (55,350)
Proceeds from long-term debt 607,000 344,000
Repayments of long-term debt (110,978) (173,060)
Repurchases of common stock (421,162) (155,997)
Proceeds from stock issued under share-based compensation plans 28,283 7,848
Common stock repurchased - share-based compensation plans (44,253) (9,507)
Distributions to noncontrolling interests 0 (5,572)
Dividends paid (58,279) (1,571)
Net cash used in financing activities (77,481) (49,209)
Effect of exchange rate changes on cash (67,655) 2,516
Increase in cash and cash equivalents 121,788 66,755
Cash and cash equivalents, beginning of the period 1,678,273 1,210,878
Cash and cash equivalents, end of the period $ 1,800,061 $ 1,277,633