Operating ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23

Net Income

115.5

100.9

-585.2

11.2

-102

Depreciation & Amortization

7.9

8.1

7.5

7

6.7

Stock Based Compensation

174.5

159.9

641.8

25

22.6

Other Adjustments

-12.6

-27.2

-16.3

-11.2

-4.4

Changes in Trade Receivables

-57.8

-109.5

5.2

-78.2

24.9

Changes in Accounts Payable

18.9

-16.6

16

12.1

0.4

Changes in Accrued Expenses

22.2

46.4

12.9

8.6

4.1

Changes in Other Operating Activities

-29.7

-0.4

-21.5

0.4

-2.3

Cash from Operating Activities

238.9

161.6

60.4

-25.1

-50

Investing ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23

Capital Expenditure

-1.5

-2.2

-4.1

-8.5

-1.2

Purchases of Investments

-1,061.3

-999.2

-997.5

-645.6

-614.2

Proceeds from Sale of Investments

1,030

977.5

596.1

638.3

672.4

Payments for Business Acquisitions

—

-17.1

—

—

—

Other Investing Activities

3.2

5.8

-0

0.1

0.1

Cash from Investing Activities

-29.6

-35.2

-405.5

-15.8

57.1

Financing ActivitiesJun '25Dec '24Jun '24Dec '23Jun '23

Issuance of Common Shares

14.5

64

625

6.6

1.8

Repurchases of Common Shares

-51.9

-92.3

-202.3

-0.1

-4.2

Net Issuance / (Repurchases) of Common Shares

-37.4

-28.2

422.6

6.5

-2.4

Other Financing Activities

—

-4.1

-10.8

-4.1

-0.9

Cash from Financing Activities

-37.4

-32.3

411.9

2.5

-3.3

Free Cash FlowJun '25Dec '24Jun '24Dec '23Jun '23

Free Cash Flow

237.4

159.4

56.4

-33.7

-51.2

NOPAT

73

60.4

-620.5

-14.7

-126.6

Levered Free Cash Flow

133.3

136.2

-574.3

30.7

-94.2

Unlevered Free Cash Flow

90.9

95.7

-609.6

4.8

-118.8

Net Change in Cash

171.9

94.1

66.8

-38.5

3.9