v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 103.7 $ 48.2
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 152.7 101.6
Amortization of capitalized financing costs 6.2 6.0
Deferred income taxes (8.6) (4.4)
Provision for bad debts 7.4 5.8
Revaluation of contingent liabilities 21.5 (37.2)
Unrealized gain on investments in securities (11.5) 0.0
Change in TRA liability 2.8 1.1
Equity-based compensation expense 46.4 38.4
Other noncash items 1.5 0.9
Change in operating assets and liabilities    
Accounts receivable (43.8) (58.1)
Prepaid expenses and other assets (5.4) (4.6)
Inventory 5.7 3.1
Capitalized customer acquisition costs (25.6) (19.4)
Accounts payable 15.8 44.2
Accrued expenses and other liabilities 19.0 8.3
Payments on contingent liabilities in excess of initial fair value (2.8) 0.0
Right-of-use assets and lease liabilities, net 0.1 (0.4)
Deferred revenue (2.1) 2.4
Net cash provided by operating activities 283.0 135.9
Investing activities    
Residual commission buyouts (9.5) (268.2)
Acquisitions, net of cash acquired (36.3) (135.2)
Acquisition of equipment to be leased (62.7) (39.6)
Capitalized software development costs (29.3) (31.7)
Acquisition of property, plant and equipment (11.3) (6.8)
Purchase of intangible assets (2.0) 0.0
Investments in securities 0.0 (1.5)
Net cash used in investing activities (151.1) (483.0)
Financing activities    
Repurchases of Class A common stock (96.8) (185.9)
Payments for withholding tax related to vesting of restricted stock units (20.5) (20.6)
Deferred financing costs 0.0 (4.9)
Distributions to noncontrolling interests (2.7) 0.0
Payments on contingent liabilities (4.3) 0.0
Net cash used in financing activities (124.3) (211.4)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (0.8) (0.3)
Change in cash and cash equivalents and restricted cash 6.8 (558.8)
Cash and cash equivalents and restricted cash, beginning of period 776.5 1,231.5
Cash and cash equivalents and restricted cash, end of period $ 783.3 $ 672.7

Source