v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 28.5 $ 20.4
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 66.1 47.6
Equity-based compensation expense 22.8 20.9
Revaluation of contingent liabilities 2.1 7.0
Unrealized gain on investments in securities (11.0) (8.9)
Change in TRA liability 1.2 0.5
Amortization of capitalized financing costs 2.1 2.1
Provision for bad debts 1.8 3.2
Deferred income taxes 0.0 (5.6)
Unrealized foreign exchange gains (1.4) 0.0
Other noncash items (1.1) 0.3
Change in operating assets and liabilities    
Settlement activity, net (58.3) 0.0
Accounts receivable 0.5 (17.1)
Prepaid expenses and other assets (8.5) 0.1
Inventory 0.7 0.7
Capitalized customer acquisition costs (9.5) (7.3)
Accounts payable 21.4 5.3
Accrued expenses and other liabilities 6.1 5.9
Payments on contingent liabilities in excess of initial fair value (0.3) 0.0
Right-of-use assets and lease liabilities, net (0.2) 0.1
Deferred revenue (6.3) 4.2
Net cash provided by operating activities 56.7 79.4
Investing activities    
Acquisitions, net of cash acquired 0.0 (1.2)
Acquisition of equipment to be leased (24.4) (14.7)
Capitalized software development costs (14.7) (10.7)
Acquisition of property, plant and equipment (1.3) (2.7)
Residual commission buyouts (0.9) (2.1)
Proceeds from sale of investments in securities 1.6 0.0
Net cash used in investing activities (39.7) (31.4)
Financing activities    
Payments for withholding tax related to vesting of restricted stock units (9.1) (5.3)
Payments on contingent liabilities (0.1) (0.3)
Distributions to noncontrolling interests (0.3) (1.4)
Net change in bank deposits (20.3) 0.0
Net cash used in financing activities (29.8) (7.0)
Effect of exchange rate changes on cash and cash equivalents and restricted cash (6.5) 0.4
Change in cash and cash equivalents and restricted cash (19.3) 41.4
Cash and cash equivalents and restricted cash, beginning of period 721.8 776.5
Cash and cash equivalents and restricted cash, end of period $ 702.5 $ 817.9

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