v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 60.6 $ 83.0
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 173.6 135.8
Equity-based compensation expense 41.2 37.1
Revaluation of contingent liabilities (4.6) 2.4
Gain on investments in securities 0.0 (10.8)
Change in TRA liability (2.2) 4.8
Amortization of capitalized financing costs, net of premium accretion 8.9 4.1
Loss on extinguishment of debt 3.1 0.0
Provision for bad debts 6.0 3.9
Deferred income taxes (20.5) (9.3)
Unrealized foreign exchange losses (gains) 3.9 (1.8)
Other noncash items 0.0 (1.6)
Change in operating assets and liabilities    
Accounts receivable (24.0) (36.8)
Prepaid expenses and other assets 1.3 (11.4)
Capitalized customer acquisition costs (22.2) (19.1)
Accounts payable 17.0 36.7
Accrued expenses and other liabilities 3.5 23.8
Payments on contingent liabilities in excess of initial fair value (0.8) (0.3)
Right-of-use assets and lease liabilities, net (0.2) (0.4)
Deferred revenue (6.1) (13.3)
Net cash provided by operating activities 238.5 226.8
Investing activities    
Acquisitions, net of cash acquired (3.7) (301.4)
Acquisition of equipment to be leased (53.5) (46.4)
Capitalized software development costs (36.9) (31.5)
Acquisition of property, plant and equipment (2.4) (3.5)
Deposits with sponsor bank, net (26.8) 0.0
Residual commission buyouts (7.9) (1.3)
Proceeds from sale of investments in securities 2.0 2.6
Investments in securities (3.0) 0.0
Net cash used in investing activities (132.2) (381.5)
Financing activities    
Proceeds from long-term debt 1,313.2 0.0
Proceeds from preferred stock 1,000.0 0.0
Repayment of debt (450.0) 0.0
Deferred financing costs (45.3) 0.0
Settlement line of credit 26.8 0.0
Settlement activity, net (29.1) (54.0)
Repurchases of Class A common stock (148.2) (15.9)
Payments for withholding tax related to vesting of restricted stock units (18.8) (11.2)
Payments on contingent liabilities (1.5) (0.9)
Distributions to noncontrolling interests (18.7) (2.0)
Net change in bank deposits 0.0 (70.8)
Other financing activities (2.3) 0.0
Net cash provided by (used in) financing activities 1,626.1 (154.8)
Effect of exchange rate changes on cash and cash equivalents and restricted cash 82.1 (9.0)
Change in cash and cash equivalents and restricted cash 1,814.5 (318.5)
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 $ 3,253.1 $ 403.3

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