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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flow from operating activities:    
Net income $ 126.2 $ 171.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 165.9 165.6
Equity in earnings of unconsolidated affiliates, net (5.7) (1.3)
Distributions received from unconsolidated affiliates 15.0 0.0
Stock-based compensation expense 41.9 39.9
Net losses (gains) on investments (1.0) 3.8
Amortization and write-offs of loan origination costs and original issue discounts 3.5 2.6
Loss on extinguishment of debt 0.6 0.0
Loss on sale or disposition of property and equipment 6.4 0.0
Deferred income taxes (30.2) (33.3)
Provision for credit losses 5.0 2.8
Changes in operating assets and liabilities, excluding effects from acquisitions:    
Accounts receivable (35.3) (32.4)
Prepaid expenses and other assets 38.7 7.9
Contract assets (0.1) (7.0)
Accounts payable (9.3) 8.2
Accrued expenses and other liabilities (155.7) (186.5)
Income taxes prepaid and payable 59.6 48.8
Deferred revenue 29.1 (6.9)
Net cash provided by operating activities 254.8 183.5
Cash flow from investing activities:    
Cash paid for business acquisitions, net of cash acquired 0.0 (1,553.1)
Additions to property and equipment (10.5) (10.8)
Additions to capitalized software (42.6) (24.8)
Proceeds from sales / maturities of investments 0.9 2.5
Collection of other non-current receivables 2.4 2.7
Net cash used in investing activities (49.8) (1,583.5)
Cash flow from financing activities:    
Cash received from debt borrowings, net of original issue discount 145.0 1,632.1
Repayments of debt (189.6) (48.2)
Payment of deferred financing fees 0.0 (12.4)
Net (decrease) increase in client funds obligations (541.9) (156.9)
Proceeds from exercise of stock options 15.3 48.8
Withholding taxes paid related to equity award net share settlement (0.1) (0.5)
Purchases of common stock for treasury (133.3) (170.9)
Dividends paid on common stock (50.7) (51.1)
Net cash (used in) provided by financing activities (755.3) 1,240.9
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.9 (4.5)
Net (decrease) increase in cash, cash equivalents and restricted cash (549.4) (163.6)
Cash, cash equivalents and restricted cash, beginning of period 1,337.6 3,171.4
Cash, cash equivalents and restricted cash and cash equivalents, end of period 788.2 3,007.8
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents:    
Cash and cash equivalents 433.3 558.1
Restricted cash and cash equivalents 2.5 3.4
Restricted cash and cash equivalents included in funds receivable and funds held on behalf of clients 352.4 2,446.3
Cash and cash equivalents and restricted cash $ 788.2 $ 3,007.8