v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 454.7 $ 419.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 37.5 61.4
Equity-based compensation 145.5 161.4
Deferred taxes 130.8 64.7
Other 16.6 18.7
Changes in operating assets and liabilities:    
Prepaid domain name registry fees (35.3) (43.1)
Accounts payable 55.6 (0.4)
Accrued expenses and other current liabilities (39.9) (34.7)
Deferred revenue 193.4 223.8
Other operating assets and liabilities (44.9) (86.6)
Net cash provided by operating activities 914.0 784.6
Investing activities    
Purchases of property and equipment (9.7) (7.7)
Other investing activities 0.0 (2.3)
Net cash used in investing activities (9.7) (10.0)
Financing activities    
Repurchases of Class A common stock (824.4) (792.5)
Other financing activities (4.1) 10.8
Net cash used in financing activities (828.5) (781.7)
Effect of exchange rate changes on cash and cash equivalents (1.2) 4.8
Net increase (decrease) in cash and cash equivalents 74.6 (2.3)
Cash and cash equivalents, beginning of period 1,080.9 1,089.0
Cash and cash equivalents, end of period 1,155.5 1,086.7
Cash paid during the period for:    
Interest on long-term debt, including impact of interest rate swaps 68.2 69.0
Income taxes, net of refunds received 16.5 19.9
Amounts included in the measurement of operating lease liabilities 14.7 18.1
Supplemental disclosure of non-cash transactions    
Share repurchases not yet settled $ 10.0 $ 1.8
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue0.4 0.3 0.7 0.6 
Technology and development36.8 43.3 75.8 84.5 
Marketing and advertising5.6 8.5 12.1 16.7 
Customer care5.2 5.7 10.1 10.8 
General and administrative22.2 23.2 46.8 48.8 
Total equity-based compensation expense$70.2 $81.0 $145.5 $161.4