v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 83.0 $ 57.2
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 135.8 97.6
Equity-based compensation expense 37.1 34.0
Revaluation of contingent liabilities 2.4 12.6
Unrealized gain on investments in securities (10.8) (8.9)
Change in TRA liability 4.8 1.3
Amortization of capitalized financing costs 4.1 4.1
Provision for bad debts 3.9 5.5
Deferred income taxes (9.3) (8.4)
Unrealized foreign exchange gains (1.8) 0.0
Other noncash items (1.6) 0.3
Change in operating assets and liabilities    
Settlement activity, net (54.0) 0.0
Accounts receivable (36.8) (37.9)
Prepaid expenses and other assets (14.3) (0.9)
Inventory 2.9 2.5
Capitalized customer acquisition costs (19.1) (16.3)
Accounts payable 36.7 19.6
Accrued expenses and other liabilities 23.8 9.8
Payments on contingent liabilities in excess of initial fair value (0.3) 0.0
Right-of-use assets and lease liabilities, net (0.4) 0.1
Deferred revenue (13.3) (0.9)
Net cash provided by operating activities 172.8 171.3
Investing activities    
Acquisitions, net of cash acquired (301.4) (36.3)
Acquisition of equipment to be leased (46.4) (37.0)
Capitalized software development costs (31.5) (17.9)
Acquisition of property, plant and equipment (3.5) (6.1)
Residual commission buyouts (1.3) (8.7)
Purchase of intangible assets 0.0 (2.0)
Proceeds from sale of investments in securities 2.6 0.0
Net cash used in investing activities (381.5) (108.0)
Financing activities    
Repurchases of Class A common stock (15.9) (96.8)
Payments for withholding tax related to vesting of restricted stock units (11.2) (15.7)
Payments on contingent liabilities (0.9) (0.5)
Distributions to noncontrolling interests (2.0) (2.2)
Net change in bank deposits (70.8) 0.0
Net cash used in financing activities (100.8) (115.2)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (9.0) 0.7
Change in cash and cash equivalents and restricted cash (318.5) (51.2)
Cash and cash equivalents and restricted cash, beginning of period 721.8 776.5
Cash and cash equivalents and restricted cash, end of period $ 403.3 $ 725.3

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