v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net income (loss) $ 122.9 $ 86.7 $ (74.0)
Adjustments to reconcile net income (loss) to net cash provided by operating activities      
Depreciation and amortization 214.6 149.1 104.4
Equity-based compensation expense 57.4 49.6 40.8
Revaluation of contingent liabilities 23.1 (36.6) 0.2
Impairment of intangible assets 18.6 0.0 0.0
Unrealized gain on investments in securities (12.2) (15.1) 0.0
Change in TRA liability 3.4 1.7 0.0
Amortization of capitalized financing costs 8.3 8.1 5.9
Provision for bad debts 9.2 10.0 11.3
Deferred income taxes (8.1) (2.1) (2.5)
Unrealized foreign exchange losses 2.5 0.0 0.0
Other noncash items 1.5 0.9 0.9
Change in operating assets and liabilities      
Increase (Decrease) In Settlement Activity, Net (42.3) 0.0 0.0
Accounts receivable (52.7) 4.1 (120.7)
Prepaid expenses and other assets (6.8) (1.5) (0.7)
Inventory 7.2 2.8 1.8
Capitalized customer acquisition costs (34.2) (25.2) (26.2)
Accounts payable 14.7 37.3 56.5
Accrued expenses and other liabilities 2.0 8.1 5.1
Payments on contingent liabilities in excess of initial fair value (17.8) 0.0 0.0
Right-of-use assets and lease liabilities, net (0.1) (0.3) (0.5)
Deferred revenue (7.5) (2.2) 0.7
Net cash provided by operating activities 388.3 275.4 3.0
Investing activities      
Acquisitions, net of cash acquired (169.7) (135.3) (54.5)
Acquisition of equipment to be leased (77.8) (53.8) (45.9)
Capitalized software development costs (44.1) (42.7) (21.0)
Acquisition of property, plant and equipment (13.7) (8.0) (8.2)
Residual commission buyouts (9.5) (275.5) (10.4)
Purchase of intangible assets (2.0) 0.0 0.0
Proceeds from sale of investments in securities 14.9 0.0 0.0
Investments in securities 0.0 (1.5) (30.5)
Net cash used in investing activities (301.9) (516.8) (170.5)
Financing activities      
Repurchases of Class A common stock (105.4) (185.9) (19.5)
Payments for withholding tax related to vesting of restricted stock units (27.9) (23.1) (125.6)
Payments on contingent liabilities (14.8) (0.7) 0.0
Distributions to noncontrolling interests (2.9) 0.0 0.0
Net change in bank deposits (1.2) 0.0 0.0
Proceeds from long-term debt 0.0 0.0 632.5
Deferred financing costs 0.0 (4.9) (15.3)
Repayment of debt 0.0 0.0 (0.9)
Net cash (used in) provided by financing activities (152.2) (214.6) 471.2
Effect of exchange rate changes on cash and cash equivalents and restricted cash 11.1 1.0 0.0
Change in cash and cash equivalents and restricted cash (54.7) (455.0) 303.7
Cash and cash equivalents and restricted cash - beginning of period 776.5 1,231.5 927.8
Cash and cash equivalents and restricted cash - end of period 721.8 776.5 1,231.5
Cash paid for interest 24.0 24.4 20.9
Cash paid for income taxes, net of refunds $ 5.3 $ 0.7 $ 0.4

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