v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 12 $ 20
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 135 85
Equity-based compensation expense 16 26
Revaluation of contingent liabilities 0 (3)
Change in TRA liability 0 (3)
Amortization of capitalized financing costs, net of premium accretion 3 3
Provision for bad debts 8 4
Deferred income taxes (32) (18)
Change in operating assets and liabilities    
Accounts receivable 22 15
Prepaid expenses and other assets 3 (4)
Capitalized customer acquisition costs (15) (9)
Accounts payable (56) 9
Accrued expenses and other liabilities 38 (29)
Net cash provided by operating activities 134 96
Investing activities    
Acquisitions, net of cash acquired [1] 98 (4)
Acquisition of equipment to be leased (32) (30)
Capitalized software development costs (30) (18)
Acquisition of property, plant and equipment (6) (1)
Deposits with sponsor bank, net (11) (27)
Residual commission buyouts (3) (2)
Investments in securities 0 (3)
Net cash provided by (used in) investing activities 16 (85)
Financing activities    
Deferred financing costs (3) 0
Settlement line of credit 11 27
Settlement activity, net 47 (26)
Repurchases of Class A common stock (295) (63)
Payments for withholding tax related to vesting of restricted stock units (7) (18)
Payments of preferred dividends (15) 0
Distributions to noncontrolling interests (139) 0
Other financing activities 0 (1)
Net cash used in financing activities (401) (81)
Effect of exchange rate changes on cash and cash equivalents (11) 15
Net decrease in cash and cash equivalents (262) (55)
Cash and cash equivalents, beginning of period 1,185 1,439
Cash and cash equivalents, end of period $ 923 $ 1,384
[1] Includes $185 million of settlement cash acquired from Bambora on March 2, 2026, resulting in a net cash inflow.

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