v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 19.5 $ 28.5
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 85.2 66.1
Equity-based compensation expense 26.0 22.8
Revaluation of contingent liabilities (3.7) 2.1
Gain on investments in securities (0.3) (11.0)
Change in TRA liability (3.0) 1.2
Amortization of capitalized financing costs 3.5 2.1
Provision for bad debts 4.1 1.8
Deferred income taxes (17.7) 0.0
Unrealized foreign exchange gains 0.0 (1.4)
Other noncash items 0.0 (1.1)
Change in operating assets and liabilities    
Accounts receivable 15.2 0.5
Prepaid expenses and other assets (4.0) (7.8)
Capitalized customer acquisition costs (9.0) (9.5)
Accounts payable 9.4 21.4
Accrued expenses and other liabilities (23.6) 6.1
Payments on contingent liabilities in excess of initial fair value 0.0 (0.3)
Right-of-use assets and lease liabilities, net (0.1) (0.2)
Deferred revenue (4.9) (6.3)
Net cash provided by operating activities 96.6 115.0
Investing activities    
Acquisitions, net of cash acquired (3.7) 0.0
Acquisition of equipment to be leased (30.3) (24.4)
Capitalized software development costs (18.2) (14.7)
Acquisition of property, plant and equipment (1.5) (1.3)
Deposits with sponsor bank, net (26.8) 0.0
Residual commission buyouts (1.8) (0.9)
Proceeds from sale of investments in securities 0.3 1.6
Investments in securities (3.0) 0.0
Net cash used in investing activities (85.0) (39.7)
Financing activities    
Settlement line of credit 26.8 0.0
Settlement activity, net (25.5) (58.3)
Repurchases of Class A common stock (62.9) 0.0
Payments for withholding tax related to vesting of restricted stock units (17.8) (9.1)
Payments on contingent liabilities 0.0 (0.1)
Distributions to noncontrolling interests (0.1) (0.3)
Net change in bank deposits 0.0 (20.3)
Other financing activities (1.2) 0.0
Net cash used in financing activities (80.7) (88.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 14.8 (6.5)
Change in cash and cash equivalents and restricted cash (54.3) (19.3)
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 $ 1,384.3 $ 702.5

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