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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 401.5 $ 47.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 37.2 48.5
Equity-based compensation expense 71.8 73.9
Non-cash restructuring and other charges 1.9 21.0
Deferred taxes (259.5) (10.0)
Other 5.6 8.9
Changes in operating assets and liabilities, net of amounts acquired:    
Prepaid domain name registry fees (22.1) (29.5)
Deferred revenue 146.1 114.8
Other operating assets and liabilities (85.3) (4.7)
Net cash provided by operating activities 297.2 270.3
Investing activities    
Maturities of short-term investments 40.0 0.0
Net proceeds received from disposition of a business 8.1 0.0
Purchases of property and equipment (4.4) (22.8)
Net cash provided by (used in) investing activities 43.7 (22.8)
Financing activities    
Proceeds from stock option exercises 2.1 3.2
Payments made for:    
Repurchases of Class A common stock (128.3) (119.7)
Repayment of long-term debt (6.3) (6.3)
Other financing obligations (2.5) (1.4)
Net cash used in financing activities (135.0) (124.2)
Cash and cash equivalents classified within assets held for sale 0.0 (5.2)
Effect of exchange rate changes on cash and cash equivalents (0.7) 0.3
Net increase in cash and cash equivalents 205.2 118.4
Cash and cash equivalents, beginning of period 458.8 774.0
Cash and cash equivalents, end of period 664.0 892.4
Cash paid during the period for:    
Interest on long-term debt, including impact of interest rate swaps 31.2 44.7
Income taxes, net of refunds received 5.2 2.2
Amounts included in the measurement of operating lease liabilities 10.6 12.1
Supplemental disclosure of non-cash transactions    
Operating lease assets obtained in exchange for operating lease liabilities 0.3 1.4
Accrued purchases of property and equipment at period end 0.5 2.0
Share repurchases not yet settled $ 19.3 $ 0.0
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$— $0.4 
Technology and development37.5 39.0 
Marketing and advertising7.3 6.6 
Customer care5.8 5.4 
General and administrative20.4 20.2 
Restructuring and other0.8 2.3 
Total equity-based compensation expense$71.8 $73.9