v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flow from operating activities:    
Net income $ 394.3 $ 348.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 345.7 333.0
Equity in earnings of unconsolidated affiliates, net (3.9) (19.6)
Distributions received from unconsolidated affiliates 0.0 2.5
Stock-based compensation expense 112.9 95.7
Unrealized net losses on investments 3.5 0.6
Amortization of debt financing costs 3.3 5.2
Loss on extinguishment of debt 0.9 28.8
Loss (gain) on sale or disposition of property and equipment 0.1 (0.1)
Deferred income taxes (41.8) (49.4)
Provision for credit losses 9.2 9.7
Changes in operating assets and liabilities, excluding effects from acquisitions:    
Accounts receivable (27.8) (83.3)
Prepaid expenses and other assets (35.5) 16.5
Contract assets (24.3) (7.2)
Accounts payable (14.8) (37.4)
Accrued expenses and other liabilities (19.6) (90.2)
Income taxes prepaid and payable (35.2) (8.3)
Deferred revenue (21.9) 20.2
Net cash provided by operating activities 645.1 565.4
Cash flow from investing activities:    
Business acquisitions, net of cash acquired (5.8) (0.9)
Additions to property and equipment (35.6) (15.8)
Proceeds from sale of property and equipment 0.0 3.2
Additions to capitalized software (99.8) (100.2)
Investments in securities (2.5) 0.0
Proceeds from sales / maturities of investments 0.1 0.2
(Contributions to) distributions received from unconsolidated affiliates (9.8) 24.5
Collection of other non-current receivables 5.3 5.0
Net cash used in investing activities (148.1) (84.0)
Cash flow from financing activities:    
Cash received from debt borrowings 122.0 4,745.0
Repayments of debt (312.0) (4,850.1)
Payment of deferred financing fees 0.0 (30.0)
Net decrease in client funds obligations (391.2) (1,151.6)
Proceeds from exercise of stock options 240.5 103.7
Withholding taxes paid related to equity award net share settlement (47.4) (14.9)
Purchases of common stock for treasury (477.2) (279.9)
Dividends paid on common stock (122.5) (119.8)
Net cash used in financing activities (987.8) (1,597.6)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 11.7 (3.9)
Net decrease in cash, cash equivalents and restricted cash (479.1) (1,120.1)
Cash, cash equivalents and restricted cash and cash equivalents, beginning of period 3,370.5 2,998.6
Cash, cash equivalents and restricted cash and cash equivalents, end of period 2,891.4 1,878.5
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:    
Cash and cash equivalents 480.3 462.7
Restricted cash and cash equivalents 2.6 3.3
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients 2,408.5 1,412.5
Cash and cash equivalents and restricted cash $ 2,891.4 $ 1,878.5