v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income $ 94.0 $ 155.2
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 298.7 213.1
Equity-based compensation expense 56.8 51.4
Revaluation of contingent liabilities (7.4) 3.9
Gain on investments in securities 0.0 (21.6)
Change in TRA liability (2.0) 294.2
Amortization of capitalized financing costs, net of premium accretion 11.8 6.6
Loss on extinguishment of debt 12.3 0.0
Provision for bad debts 7.8 6.4
Deferred income taxes (7.0) (300.1)
Unrealized foreign exchange losses (gains) 4.7 (0.5)
Other noncash items 0.0 (1.1)
Change in operating assets and liabilities    
Accounts receivable (6.9) (46.0)
Prepaid expenses and other assets 0.6 (11.5)
Capitalized customer acquisition costs (40.5) (30.0)
Accounts payable 0.5 24.9
Accrued expenses and other liabilities (6.5) 35.5
Payments on contingent liabilities in excess of initial fair value (0.8) (0.3)
Right-of-use assets and lease liabilities, net (0.4) (0.6)
Deferred revenue (5.4) (10.2)
Net cash provided by operating activities 410.3 369.3
Investing activities    
Acquisitions, net of cash acquired (2,568.3) (305.9)
Acquisition of equipment to be leased (89.6) (75.9)
Capitalized software development costs (68.1) (48.4)
Acquisition of property, plant and equipment (8.8) (5.5)
Deposits with sponsor bank, net (26.8) 0.0
Residual commission buyouts (19.1) (3.6)
Proceeds from sale of investments in securities 3.0 4.1
Investments in securities (3.0) 0.0
Net cash used in investing activities (2,780.7) (435.2)
Financing activities    
Proceeds from long-term debt 2,313.2 1,100.0
Proceeds from preferred stock 1,000.0 0.0
Repayment of debt (450.0) 0.0
Deferred financing costs (72.9) (16.3)
Settlement line of credit 26.8 0.0
Settlement activity, net (58.0) (14.4)
Proceeds from common stock 87.8 0.0
Global Blue shares purchased through squeeze-out merger (47.3) 0.0
Repurchases of Class A common stock (148.2) (35.9)
Payments for withholding tax related to vesting of restricted stock units (22.8) (17.6)
Payments of preferred dividends (14.5) 0.0
Payments on contingent liabilities (1.7) (1.5)
Distributions to noncontrolling interests (18.8) (6.6)
Net change in bank deposits 0.0 (70.8)
Other financing activities (2.4) (0.7)
Net cash provided by financing activities 2,591.2 936.2
Effect of exchange rate changes on cash and cash equivalents and restricted cash 50.3 3.3
Change in cash and cash equivalents and restricted cash 271.1 873.6
Cash and cash equivalents and restricted cash, beginning of period 1,438.6 721.8
Cash and cash equivalents and restricted cash, end of period $ 1,709.7 $ 1,595.4

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