v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 294.5 $ 122.9 $ 86.7
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 296.6 214.6 149.1
Equity-based compensation expense 65.5 57.4 49.6
Revaluation of contingent liabilities 4.0 23.1 (36.6)
Impairment of intangible assets 0.0 18.6 0.0
Gain on investments in securities (66.7) (12.2) (15.1)
Change in TRA liability 289.0 3.4 1.7
Amortization of capitalized financing costs 9.3 8.3 8.1
Provision for bad debts 6.5 9.2 10.0
Deferred income taxes (322.0) (8.1) (2.1)
Unrealized foreign exchange losses 0.4 2.5 0.0
Other noncash items (0.9) 1.5 0.9
Change in operating assets and liabilities      
Accounts receivable (75.0) (52.7) 4.1
Prepaid expenses and other assets (9.9) (6.8) (1.5)
Inventory 8.3 7.2 2.8
Capitalized customer acquisition costs (39.1) (34.2) (25.2)
Accounts payable 24.9 14.7 37.3
Accrued expenses and other liabilities 42.1 2.0 8.1
Payments on contingent liabilities in excess of initial fair value (11.4) (17.8) 0.0
Right-of-use assets and lease liabilities, net (0.7) (0.1) (0.3)
Deferred revenue (15.1) (7.5) (2.2)
Net cash provided by operating activities 500.3 346.0 275.4
Investing activities      
Acquisitions, net of cash acquired (554.6) (169.7) (135.3)
Acquisition of equipment to be leased (101.3) (77.8) (53.8)
Capitalized software development costs (65.5) (44.1) (42.7)
Acquisition of property, plant and equipment (7.1) (13.7) (8.0)
Deposits with sponsor bank, net (73.2) 0.0 0.0
Residual commission buyouts (15.8) (9.5) (275.5)
Purchase of intangible assets 0.0 (2.0) 0.0
Proceeds from sale of investments in securities 126.4 14.9 0.0
Investments in securities 0.0 0.0 (1.5)
Net cash used in investing activities (691.1) (301.9) (516.8)
Financing activities      
Proceeds from long-term debt 1,100.0 0.0 0.0
Deferred financing costs (18.4) 0.0 (4.9)
Settlement line of credit 73.2 0.0 0.0
Settlement activity, net 54.8 42.3 0.0
Repurchases of Class A common stock (145.9) (105.4) (185.9)
Payments for withholding tax related to vesting of restricted stock units (32.8) (27.9) (23.1)
Payments on contingent liabilities (5.7) (14.8) (0.7)
Distributions to noncontrolling interests (19.8) (2.9) 0.0
Net change in bank deposits (70.8) (1.2) 0.0
Other financing activities (5.4) 0.0 0.0
Net cash provided by (used in) financing activities 929.2 (109.9) (214.6)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (21.6) 11.1 1.0
Change in cash and cash equivalents and restricted cash 716.8 (54.7) (455.0)
Cash and cash equivalents and restricted cash - beginning of period 721.8 776.5 1,231.5
Cash and cash equivalents and restricted cash - end of period 1,438.6 721.8 776.5
Cash paid for interest 24.0 24.0 24.4
Cash paid for income taxes, net of refunds $ 14.2 $ 5.3 $ 0.7

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