Operating ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24

Net Income

349.2

216.3

116.9

-484.3

-536.8

Depreciation & Amortization

16

16

15.9

15.6

15.2

Stock Based Compensation

343.1

334.4

309.6

801.6

732.2

Other Adjustments

-28.8

-39.8

-44.6

-43.5

-39.1

Changes in Trade Receivables

-204.1

-167.2

-110.9

-104.3

-91.5

Changes in Accounts Payable

9.9

2.3

0.6

-0.6

26.6

Changes in Accrued Expenses

65.1

68.7

56.4

59.3

21.2

Changes in Other Operating Activities

-36.3

-30.1

-26.2

-21.9

-13.2

Cash from Operating Activities

514.1

400.5

317.6

222.1

114.6

Investing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24

Capital Expenditure

-4.4

-3.7

-4.4

-6.2

-10

Purchases of Investments

-2,176.4

-2,060.5

-2,365.9

-1,996.7

-1,757.6

Proceeds from Sale of Investments

2,123.7

2,007.5

1,798.4

1,573.6

1,361.3

Payments for Business Acquisitions

—

—

—

-17.1

—

Other Investing Activities

-5.9

2.2

-0.1

5.8

7.4

Cash from Investing Activities

-56.2

-64.7

-582.3

-440.7

-416

Financing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24

Issuance of Common Shares

46.5

78.5

76.1

689

668.8

Repurchases of Common Shares

-107

-144.2

-136.5

-294.6

-268.2

Net Issuance / (Repurchases) of Common Shares

-60.4

-65.6

-60.4

394.4

400.6

Other Financing Activities

-0.3

-2.4

-6

-14.9

-9

Cash from Financing Activities

-62.2

-69.7

-68.1

379.5

382.9

Free Cash FlowSep '25Jun '25Mar '25Dec '24Sep '24

Free Cash Flow

509.7

396.8

313.2

215.8

104.6

NOPAT

267.1

133.3

33.5

-559.5

-611.6

Levered Free Cash Flow

399.4

269.6

159.2

-438.1

-496.9

Unlevered Free Cash Flow

317.4

186.6

75.7

-513.3

-571.8

Net Change in Cash

395.7

266.1

-332.8

160.9

81.6