Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 289,441 $ 207,073
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 72,212 76,704
Non-cash interest expense, net of amortization of premium 2,344 2,104
Provision for doubtful accounts 11,139 14,044
Amortization of deferred income related to equity method investment (694) (694)
Gain on unconsolidated entity investments, net (981) (3,014)
Gain on fair value instrument (31,375) 0
Dividend received from unconsolidated entity investment 979 3,606
Share-based payment expense 34,233 29,446
Deferred income taxes 72,065 107,505
Changes in operating assets and liabilities:    
Receivables (14,191) (25,363)
Inventory 2,846 3,391
Related party, net (1,652) (503)
Prepaid expenses and other current assets (9,240) (7,930)
Other long-term assets 5,349 1,691
Accounts payable and accrued expenses (37,899) (99,707)
Accrued interest (53,044) (32,746)
Deferred revenue 65,876 27,937
Other long-term liabilities 7,290 5,781
Net cash provided by operating activities 414,698 309,325
Cash flows from investing activities:    
Additions to property and equipment (81,405) (53,365)
Purchases of restricted and other investments (6,831) (7,021)
Repayment of related party loan 3,242 0
Net cash used in investing activities (84,994) (60,386)
Cash flows from financing activities:    
Taxes paid in lieu of shares issued for stock-based compensation (23,309) (15,609)
Net borrowings related to revolving credit facility 65,000 140,000
Principal payments of long-term borrowings (3,816) (3,669)
Common stock repurchased and retired (308,759) (305,975)
Dividends paid (49,397) (47,137)
Net cash used in financing activities (320,281) (232,390)
Net increase in cash, cash equivalents and restricted cash 9,423 16,549
Cash, cash equivalents and restricted cash at beginning of period 79,374 223,828
Cash, cash equivalents and restricted cash at end of period [1] 88,797 240,377
Cash paid during the period for:    
Interest, net of amounts capitalized 139,176 110,655
Income taxes paid 5,625 6,215
Non-cash investing and financing activities:    
Capital lease obligations incurred to acquire assets 499 0
Treasury stock not yet settled 14,031 15,488
Other comprehensive loss, net of tax benefit for related party $ 9,584 $ 17
[1] The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year. March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2016Cash and cash equivalents$78,539 $69,022 $230,488 $213,939Restricted cash included in Prepaid expenses and other current assets150 244 — —Restricted cash included in Other long-term assets10,108 10,108 9,889 9,889Total cash, cash equivalents and restricted cash at end of period$88,797 $79,374 $240,377 $223,828