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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________________________________

FORM 10-Q

__________________________________________________


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-39313

__________________________________

SHIFT4 PAYMENTS, INC.

(Exact name of registrant as specified in its charter)

__________________________________


Delaware						84-3676340
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
2202 N. Irving Street Allentown, Pennsylvania						18109
(Address of principal executive offices)						(Zip Code)

(888) 276-2108

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share	FOUR	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

As of October 31, 2022, there were 53,006,376 shares of the registrant’s Class A common stock, $0.0001 par value per share, outstanding, 25,829,016 shares of the registrant’s Class B common stock, $0.0001 par value per share, outstanding and 3,626,749 shares of the registrant’s Class C common stock, $0.0001 par value per share, outstanding.

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SHIFT4 PAYMENTS, INC.

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	PART I. FINANCIAL INFORMATION
Item 1	Financial Statements (unaudited)	5
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Comprehensive Income (Loss)	7
	Condensed Consolidated Statements of Changes in Stockholders’ Equity	8
	Condensed Consolidated Statements of Cash Flows (As Restated)	10
	Notes to Condensed Consolidated Financial Statements	11
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4	Controls and Procedures	44

	PART II. OTHER INFORMATION
Item 1	Legal Proceedings	45
Item 1A	Risk Factors	45
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3	Defaults Upon Senior Securities	45
Item 4	Mine Safety Disclosures	45
Item 5	Other Information	45
Item 6	Exhibits	45
	Signatures	47

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including, without limitation, statements relating to our future results of operations and financial position, business strategy and plans; objectives of management for future operations, including, among others, statements regarding expected growth, future capital expenditures and debt service obligations; remediation of material weaknesses; and the anticipated impact of COVID-19 on our business are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other similar expressions, though not all forward-looking statements can be identified by such terms or expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to the following:

•the COVID-19 global pandemic has had and is expected to continue to have an adverse effect on our business and results of operations;

•substantial and increasingly intense competition worldwide in the financial services, payments and payment technology industries may adversely affect our overall business and operations;

•potential changes in the competitive landscape, including disintermediation from other participants in the payments chain, could harm our business;

•our ability to anticipate and respond to changing industry trends and the needs and preferences of our merchants and consumers may adversely affect our competitiveness or the demand for our products and services;

•because we rely on third-party vendors to provide products and services, we could be adversely impacted if they fail to fulfill their obligations;

•acquisitions create certain risks and may adversely affect our business, financial condition or results of operations;

•we may not be able to continue to expand our share of the existing payment processing markets or expand into new markets which would inhibit our ability to grow and increase our profitability;

•our services and products must integrate with a variety of operating systems, software, device and web browsers, and our business may be materially and adversely affected if we are unable to ensure that our services interoperate with such operating systems, device, software and web browsers;

•we depend, in part, on our merchant and software partner relationships and strategic partnerships with various institutions to operate and grow our business. If we are unable to maintain these relationships and partnerships, our business may be adversely affected;

•our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our business, financial condition or results of operations;

•failure to comply with the U.S. Foreign Corrupt Practices Act (“FCPA”) anti-money laundering, economic and trade sanctions regulations, and similar laws could subject us to penalties and other adverse consequences;

•our principal asset is our interest in Shift4 Payments, LLC, and, as a result, we depend on distributions from Shift4 Payments, LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement (“TRA”). Shift4 Payments, LLC’s ability to make such distributions may be subject to various limitations and restrictions;

•our Founder (as defined herein) has significant influence over us, including control over decisions that require the approval of stockholders;

•the potential impact of, and our ability to remediate, material weaknesses in our internal control over financial reporting;

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•the ongoing military action between Russia and Ukraine could adversely affect our business, financial condition and results of operations; and

•those factors described in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2021, filed on November 8, 2022 (the “2021 Form 10-K/A”) and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report on Form 10-Q.

Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

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PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)(in millions, except share and per share amounts)


	September 30, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents	$	672.7	$	1,231.5
Accounts receivable, net of allowance for doubtful accounts of $14.7 in 2022 ($8.0 in 2021)	262.2		205.9
Inventory	5.9		3.5

Prepaid expenses and other current assets (Note 11)	19.9		12.7
Total current assets	960.7		1,453.6
Noncurrent assets
Goodwill (Note 5)	777.3		537.7
Other intangible assets, net (Note 6)	561.7		188.5
Capitalized customer acquisition costs, net (Note 7)	35.2		35.1
Equipment for lease, net (Note 8)	70.5		58.4
Property, plant and equipment, net (Note 9)	21.4		18.4
Right-of-use assets (Note 14)	16.7		18.5
Investments in securities	32.0		30.5

Other noncurrent assets	10.2		1.9
Total noncurrent assets	1,525.0		889.0
Total assets	$	2,485.7	$	2,342.6
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	177.1	$	121.1
Accrued expenses and other current liabilities (Note 11)	86.6		42.9
Deferred revenue (Note 4)	20.3		15.0
Current lease liabilities (Note 14)	4.6		4.8
Total current liabilities	288.6		183.8
Noncurrent liabilities
Long-term debt (Note 10)	1,739.8		1,738.5
Deferred tax liability (Note 13)	9.3		0.3
Noncurrent lease liabilities (Note 14)	15.9		17.9
Other noncurrent liabilities	11.3		2.4
Total noncurrent liabilities	1,776.3		1,759.1
Total liabilities	2,064.9		1,942.9
Commitments and contingencies (Note 16)
Stockholders' equity (Note 17)
Preferred stock, $0.0001 par value, 20,000,000 shares authorized at September 30, 2022 and December 31, 2021, none issued and outstanding	—		—
Class A common stock, $0.0001 par value per share, 300,000,000 shares authorized, 53,006,376 and 51,793,127 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	—		—
Class B common stock, $0.0001 par value per share, 100,000,000 shares authorized, 25,829,016 and 26,272,654 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	—		—
Class C common stock, $0.0001 par value per share, 100,000,000 shares authorized, 3,626,749 and 5,035,181 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	—		—
Additional paid-in capital	696.0		619.2
Treasury stock, at cost; no shares and 378,475 shares at September 30, 2022 and December 31, 2021, respectively	—		(21.1)
Accumulated other comprehensive loss	(0.7)		—
Retained deficit	(392.8)		(325.3)
Total stockholders' equity attributable to Shift4 Payments, Inc.	302.5		272.8
Noncontrolling interests (Note 18)	118.3		126.9
Total stockholders' equity	420.8		399.7
Total liabilities and stockholders' equity	$	2,485.7	$	2,342.6
See accompanying notes to unaudited condensed consolidated financial statements.

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SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (in millions, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Gross revenue (a)	$	547.3	$	377.8	$	1,455.9	$	968.1
Cost of sales (exclusive of depreciation and amortization expense shown separately below) (b)	(411.6)		(313.4)		(1,129.8)		(773.8)
General and administrative expenses	(74.1)		(48.1)		(198.6)		(153.1)
Revaluation of contingent liabilities (Note 12)	36.9		—		37.2		(0.2)
Depreciation and amortization expense (c)	(28.9)		(15.0)		(62.9)		(45.9)
Professional fees	(10.4)		(3.3)		(24.3)		(13.0)
Advertising and marketing expenses	(5.6)		(3.5)		(11.2)		(26.1)
Restructuring expenses (Note 11)	(0.1)		(0.1)		(0.2)		(0.2)
Transaction-related expenses (Note 10)	—		—		(1.4)		—
Income (loss) from operations	53.5		(5.6)		64.7		(44.2)
Loss on extinguishment of debt	—		—		—		(0.2)
Interest income	3.5		—		4.9		—
Other income, net	—		0.2		0.3		0.2
Change in TRA liability (Note 13)	(1.1)		—		(1.1)		—
Interest expense	(8.3)		(7.4)		(24.6)		(20.2)
Income (loss) before income taxes	47.6		(12.8)		44.2		(64.4)
Income tax (provision) benefit (Note 13)	(1.2)		(1.0)		4.0		4.1
Net income (loss)	46.4		(13.8)		48.2		(60.3)
Net income (loss) attributable to noncontrolling interests	3.3		(4.6)		2.3		(21.5)
Net income (loss) attributable to Shift4 Payments, Inc.	$	43.1	$	(9.2)	$	45.9	$	(38.8)

Basic net income (loss) per share:
Class A net income (loss) per share - basic	$	0.78	$	(0.17)	$	0.82	$	(0.72)
Class A weighted average common stock outstanding - basic	51,502,825		49,692,599		51,804,935		46,251,576
Class C net income (loss) per share - basic	$	0.78	$	(0.17)	$	0.82	$	(0.72)
Class C weighted average common stock outstanding - basic	3,648,580		6,117,997		4,069,266		8,078,943

Diluted net income (loss) per share:
Class A net income (loss) per share - diluted	$	0.57	$	(0.17)	$	0.58	$	(0.72)
Class A weighted average common stock outstanding - diluted	77,801,346		49,692,599		78,479,541		46,251,576
Class C net income (loss) per share - diluted	$	0.57	$	(0.17)	$	0.58	$	(0.72)
Class C weighted average common stock outstanding - diluted	3,648,580		6,117,997		4,069,266		8,078,943
See accompanying notes to unaudited condensed consolidated financial statements.

(a)For the three and nine months ended September 30, 2021, includes $22.4 million of payments to merchants associated with the TSYS outage, which are recorded as contra revenue and reflected as a reduction of “Gross revenue.” See Note 4 for more information.

(b)For the three and nine months ended September 30, 2021, includes $2.3 million of payments to partners associated with the TSYS outage. See Note 4 for more information.

(c)Depreciation and amortization expense includes depreciation of equipment under lease of $8.2 million and $22.6 million for the three and nine months ended September 30, 2022, respectively, and $5.8 million and $15.4 million for the three and nine months ended September 30, 2021, respectively.

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SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited) (in millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net income (loss)	$	46.4	$	(13.8)	$	48.2	$	(60.3)
Other comprehensive loss
Unrealized loss on foreign currency translation adjustment, net of tax	(0.5)		—		(1.1)		—
Total other comprehensive loss	(0.5)		—		(1.1)		—
Comprehensive income (loss)	45.9		(13.8)		47.1		(60.3)
Comprehensive income (loss) attributable to noncontrolling interests	3.1		(4.6)		1.9		(21.5)
Comprehensive income (loss) attributable to Shift4 Payments, Inc.	$	42.8	$	(9.2)	$	45.2	$	(38.8)
See accompanying notes to unaudited condensed consolidated financial statements.

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SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited) (in millions, except share amounts)


	Class A Common Stock			Class B Common Stock			Class C Common Stock			Additional Paid-In Capital		Treasury Stock			Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interests		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount				Shares	Amount
Balances at December 31, 2021	51,793,127	$	—	26,272,654	$	—	5,035,181	$	—	$	619.2	(378,475)	$	(21.1)	$	(325.3)	$	—	$	126.9	$	399.7
Net loss	—	—		—	—		—	—		—		—	—		(7.5)		—		(5.7)		(13.2)
Issuance of Class A common stock and fair value of equity-based compensation awards assumed in connection with The Giving Block acquisition	785,969	—		—	—		—	—		24.7		—	—		—		—		11.8		36.5
Repurchases of Class A common stock to treasury stock	—	—		—	—		—	—		4.5		(301,510)	(17.2)		—		—		(4.5)		(17.2)
Exchange of shares held by Continuing Equity Owners	732,524	—		—	—		(732,524)	—		—		—	—		—		—		—		—
Equity-based compensation	—	—		—	—		—	—		15.8		—	—		—		—		—		15.8
Vesting of restricted stock units, net of tax withholding	306,953	—		—	—		—	—		(4.6)		—	—		—		—		1.2		(3.4)


Balances at March 31, 2022	53,618,573	—		26,272,654	—		4,302,657	—		659.6		(679,985)	(38.3)		(332.8)		—		129.7		418.2
Net income	—	—		—	—		—	—		—		—	—		10.3		—		4.7		15.0
Issuance of Class A common stock	17,287	—		—	—		—	—		0.4		—	—		—		—		0.2		0.6
Repurchases of Class A common stock to treasury stock	—	—		—	—		—	—		46.8		(3,585,681)	(167.2)		—		—		(46.8)		(167.2)
Retirement of treasury stock	(3,539,016)	—		—	—		—	—		(76.4)		3,539,016	176.7		(100.3)		—		—		—
Exchange of shares held by Continuing Equity Owners	1,095,915	—		(443,638)	—		(652,277)	—		1.6		—	—		—		—		(1.6)		—
Equity-based compensation	—	—		—	—		—	—		9.3		—	—		—		—		—		9.3
Vesting of restricted stock units, net of tax withholding	265,553	—		—	—		—	—		(5.8)		—	—		—		—		(2.1)		(7.9)
Cumulative translation adjustment	—	—		—	—		—	—		—		—	—		—		(0.4)		(0.2)		(0.6)

Balances at June 30, 2022	51,458,312	—		25,829,016	—		3,650,380	—		635.5		(726,650)	(28.8)		(422.8)		(0.4)		83.9		267.4
Net income	—	—		—	—		—	—		—		—	—		43.1		—		3.3		46.4
Issuance of Class A common stock in connection with acquisitions and residual commission buyouts	2,228,663	—		—	—		—	—		63.8		—	—		—		—		31.4		95.2

Retirement of treasury stock	(726,650)	—		—	—		—	—		(15.7)		726,650	28.8		(13.1)		—		—		—
Exchange of shares held by Continuing Equity Owners	23,631	—		—	—		(23,631)	—		—		—	—		—		—		—		—
Equity-based compensation	—	—		—	—		—	—		12.8		—	—		—		—		—		12.8
Vesting of restricted stock units, net of tax withholding	22,420	—		—	—		—	—		(0.4)		—	—		—		—		(0.1)		(0.5)
Other comprehensive loss	—	—		—	—		—	—		—		—	—		—		(0.3)		(0.2)		(0.5)
Balances at September 30, 2022	53,006,376	$	—	25,829,016	$	—	3,626,749	$	—	$	696.0	—	$	—	$	(392.8)	$	(0.7)	$	118.3	$	420.8

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SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited) (in millions, except share amounts)


	Class A Common Stock			Class B Common Stock			Class C Common Stock			Additional Paid-In Capital		Retained Deficit		Noncontrolling Interests		Total Equity
	Shares	Amount		Shares	Amount		Shares	Amount
Balances at December 31, 2020	39,737,950	$	—	30,625,857	$	—	10,188,852	$	—	$	738.3	$	(278.7)	$	210.4	$	670.0
Net loss	—	—		—	—		—	—		—		(32.8)		(18.2)		(51.0)
Cumulative effect of ASU 2020-06 adoption	—	—		—	—		—	—		(111.5)		1.6		—		(109.9)
Issuance of Class A common stock and fair value of equity-based compensation awards assumed in connection with VenueNext acquisition	325,127	—		—	—		—	—		13.5		—		12.8		26.3
Transfer from Founder of right associated with Inspiration4 seat	—	—		—	—		—	—		1.3		—		0.8		2.1
Exchange of shares held by Searchlight	2,000,000	—		(926,000)	—		(1,074,000)	—		6.3		—		(6.3)		—
Equity-based compensation	—	—		—	—		—	—		14.0		—		—		14.0
Vesting of restricted stock units, net of tax withholding	46,503	—		—	—		—	—		(1.4)		—		(1.0)		(2.4)
Balances at March 31, 2021	42,109,580	—		29,699,857	—		9,114,852	—		660.5		(309.9)		198.5		549.1
Net income	—	—		—	—		—	—		—		3.2		1.3		4.5
Exchange of shares held by Searchlight	3,152,165	—		(1,459,453)	—		(1,692,712)	—		7.9		—		(7.9)		—
Equity-based compensation	—	—		—	—		—	—		6.6		—		—		6.6
Vesting of restricted stock units, net of tax withholding	1,953,859	—		—	—		—	—		(73.7)		—		(40.3)		(114.0)
Balances at June 30, 2021	47,215,604	—		28,240,404	—		7,422,140	—		601.3		(306.7)		151.6		446.2
Net loss	—	—		—	—		—	—		—		(9.2)		(4.6)		(13.8)
Issuance of Class A common stock and fair value of equity-based compensation awards assumed in connection with VenueNext acquisition	16,797	—		—	—		—	—		—		—		—		—
Exchange of shares held by Searchlight	4,250,000	—		(1,967,750)	—		(2,282,250)	—		9.0		—		(9.0)		—
Equity-based compensation	—	—		—	—		—	—		6.4		—		—		6.4
Vesting of restricted stock units, net of tax withholding	26,207	—		—	—		—	—		(2.4)		—		(1.0)		(3.4)
Balances at September 30, 2021	51,508,608	$	—	26,272,654	$	—	5,139,890	$	—	$	614.3	$	(315.9)	$	137.0	$	435.4
See accompanying notes to unaudited condensed consolidated financial statements.

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SHIFT4 PAYMENTS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (in millions)


	Nine Months Ended September 30,
	2022		2021
Operating activities			As Restated
Net income (loss)	$	48.2	$	(60.3)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	101.6		76.8
Amortization of capitalized financing costs	6.0		4.1
Loss on extinguishment of debt	—		0.2
Deferred income taxes	(4.4)		(4.3)
Provision for bad debts	5.8		10.3
Revaluation of contingent liabilities	(37.2)		0.2

Change in TRA liability	1.1		—
Equity-based compensation expense	38.4		26.9
Other noncash items	0.9		1.0
Change in operating assets and liabilities
Accounts receivable	(58.1)		(98.0)

Prepaid expenses and other assets	(4.6)		(1.4)
Inventory	3.1		2.9
Capitalized customer acquisition costs	(19.4)		(19.3)
Accounts payable	44.2		59.1
Accrued expenses and other current liabilities	8.3		5.3
Right-of-use assets and lease liabilities, net	(0.4)		—
Deferred revenue	2.4		2.8
Net cash provided by operating activities	135.9		6.3
Investing activities
Residual commission buyouts	(268.2)		(4.4)
Acquisitions, net of cash acquired	(135.2)		(54.2)
Acquisition of equipment to be leased	(39.6)		(35.3)
Capitalized software development costs	(31.7)		(13.0)
Investments in securities	(1.5)		(29.5)
Acquisition of property, plant and equipment	(6.8)		(6.3)
Net cash used in investing activities	(483.0)		(142.7)
Financing activities
Proceeds from long-term debt	—		632.5
Repurchases of Class A common stock to treasury stock	(185.9)		—
Payments for withholding tax related to vesting of restricted stock units	(20.6)		(119.7)
Deferred financing costs	(4.9)		(15.2)
Repayment of debt	—		(0.9)
Net cash (used in) provided by financing activities	(211.4)		496.7
Effect of exchange rate changes on cash and cash equivalents	(0.3)		—
Change in cash and cash equivalents	(558.8)		360.3
Cash and cash equivalents
Beginning of period