XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flow from operating activities:    
Net income $ 281.6 $ 364.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 329.6 335.3
Equity in earnings of unconsolidated affiliates, net (2.4) 0.1
Cash distributions received from unconsolidated affiliates 0.0 10.0
Gain on bargain purchase 0.0 (3.2)
Stock-based compensation expense 85.9 55.5
Net losses (gains) on investments 12.1 (17.2)
Amortization and write-offs of loan origination costs and original issue discounts 6.5 6.7
Loss on extinguishment of debt, net 3.1 1.8
Loss on sale or disposition of property and equipment 1.2 0.1
Deferred income taxes (66.8) (47.2)
Provision for credit losses 7.1 4.5
Changes in operating assets and liabilities, excluding effects from acquisitions:    
Accounts receivable (82.0) (63.7)
Prepaid expenses and other assets 41.7 (17.5)
Contract assets (13.0) (0.8)
Accounts payable 2.1 (0.1)
Accrued expenses and other liabilities (149.5) (82.1)
Income taxes prepaid and payable 12.0 32.2
Deferred revenue (21.7) (16.8)
Net cash provided by operating activities 447.5 562.3
Cash flow from investing activities:    
Cash paid for business acquisitions, net of cash acquired (1,597.1) 7.3
Additions to property and equipment (22.6) (17.6)
Proceeds from Sale of Property, Plant, and Equipment 8.7
Additions to capitalized software (63.3) (42.1)
Investments in securities (10.0) (10.0)
Proceeds from sales / maturities of investments 5.6 38.9
Collection of other non-current receivables 5.1 5.6
Net cash used in investing activities (1,673.6) (17.9)
Cash flow from financing activities:    
Cash received from debt borrowings, net of original issue discount 1,667.1 210.0
Repayments of debt (317.9) (393.1)
Payment of deferred financing fees (12.4) 0.0
Net (decrease) increase in client funds obligations (1,052.0) 1,682.7
Proceeds from exercise of stock options 58.3 88.9
Withholding taxes paid related to equity award net share settlement (0.6) (5.6)
Purchases of common stock for treasury (170.9) (325.0)
Dividends paid on common stock (102.4) (82.1)
Net cash provided by financing activities 69.2 1,175.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash (21.7) (1.6)
Net (decrease) increase in cash, cash equivalents and restricted cash (1,178.6) 1,718.6
Cash, cash equivalents and restricted cash, beginning of period 3,171.4 1,337.9
Cash, cash equivalents and restricted cash and cash equivalents, end of period 1,992.8 3,056.5
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:    
Cash and cash equivalents 438.3 247.1
Restricted cash and cash equivalents 3.3 3.9
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients 1,551.2 2,805.5
Cash and cash equivalents and restricted cash $ 1,992.8 $ 3,056.5