|
Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified
|
9 Months Ended |
|
Sep. 30, 2014
|
Sep. 30, 2013
|
| Cash flows from operating activities: |
|
|
| Net income |
$ 259,898 |
$ 211,067 |
| Items not involving cash: |
|
|
| Stock-based compensation |
24,379 |
19,724 |
| Depreciation of property and equipment |
47,861 |
28,204 |
| Amortization of intangible assets |
162,179 |
147,368 |
| Deferred lease inducements and rent |
5,947 |
24,042 |
| Deferred income taxes |
(43,546) |
(36,225) |
| Tax benefit on option exercises |
(4,241) |
(10,469) |
| Deferred financing cost amortization |
7,126 |
6,999 |
| Changes in operating assets and liabilities, net of effects from acquisitions: |
|
|
| Accounts receivable |
(336,629) |
(119,630) |
| Rebates receivable |
(574,416) |
11,131 |
| Restricted cash |
(4) |
199 |
| Other current assets |
(11,390) |
8,036 |
| Accounts payable |
287,949 |
47,608 |
| Accrued expenses and other current liabilities |
48,531 |
(17,983) |
| Rebates payable |
558,770 |
14,022 |
| Other long-term assets and liabilities |
(5,320) |
1,760 |
| Net cash provided by operating activities |
427,094 |
335,853 |
| Cash flows from investing activities: |
|
|
| Acquisition, net of cash acquired |
(2,026) |
(7,076) |
| Purchases of property and equipment |
(46,209) |
(93,272) |
| Proceeds from restricted cash |
0 |
20,004 |
| Net cash used by investing activities |
(48,235) |
(80,344) |
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of debt |
492,500 |
100,000 |
| Repayment of long-term debt |
(325,000) |
(256,250) |
| Payment of financing costs |
(1,963) |
(2,347) |
| Proceeds from exercise of options |
5,596 |
2,976 |
| Proceeds from exercise of warrants |
3,453 |
487 |
| Tax benefit on option exercises |
4,241 |
10,469 |
| Payments of contingent consideration |
0 |
(23,203) |
| Distributions to non-controlling interest |
(37,800) |
(22,115) |
| Other |
(353) |
0 |
| Net cash provided (used) by financing activities |
140,674 |
(189,983) |
| Effect of foreign exchange on cash balances |
61 |
(75) |
| Change in cash and cash equivalents |
519,594 |
65,451 |
| Cash and cash equivalents, beginning of period |
387,241 |
370,776 |
| Cash and cash equivalents, end of period |
$ 906,835 |
$ 436,227 |