Operating ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Mar '22

Net Income

162.7

89.3

26.2

71

29.9

-10.1

Depreciation & Amortization

3.9

3.9

4

4.2

4

3.8

Stock Based Compensation

83.5

89.1

85.4

85.1

74.8

64.3

Other Adjustments

-4.5

-5.1

-7.6

-11.6

-15.6

-9.9

Changes in Trade Receivables

-81

-81.1

23.4

-65.4

-44.1

-24.8

Changes in Accounts Payable

8

20

-1

-17.1

0.4

18.2

Changes in Accrued Expenses

11.7

6.2

16.1

31.1

15.3

-6

Changes in Other Operating Activities

0.9

-10.9

-18.8

-7.4

7

-7.1

Cash from Operating Activities

185.2

111.3

127.6

90

71.6

28.4

Investing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Mar '22

Capital Expenditure

-2.1

-0.5

-1

-0.8

-1.4

-1.2

Purchases of Investments

-544.1

-556.5

-504.8

-571

-428.2

-861.8

Proceeds from Sale of Investments

563.5

552.5

477.4

530.2

447.3

343.4

Payments for Business Acquisitions

—

—

—

—

-17.1

—

Other Investing Activities

-0.8

2.4

0.9

-8.4

7.4

-0

Cash from Investing Activities

16.5

-2.1

-27.5

-43.1

7.9

-519.6

Financing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Mar '22

Issuance of Common Shares

6

4.3

10.2

26

38

1.8

Repurchases of Common Shares

-28.6

-15.2

-36.7

-26.5

-65.8

-7.6

Net Issuance / (Repurchases) of Common Shares

-22.6

-10.9

-26.5

-0.4

-27.8

-5.7

Other Financing Activities

-1.5

—

—

5.8

-3.8

-3.6

Cash from Financing Activities

-24.1

-10.9

-26.5

-0.7

-31.6

-9.3

Free Cash FlowSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Mar '22

Free Cash Flow

183.1

110.8

126.6

89.2

70.3

27.2

NOPAT

140.3

68

4.2

53.7

6.9

-30.4

Levered Free Cash Flow

185.1

108

25.4

81

55.2

-2.4

Unlevered Free Cash Flow

162.8

86.7

3.4

63.6

32.2

-22.7

Net Change in Cash

177.6

98.3

73.6

46.2

47.9

-500.6