Operating ActivitiesJun '25Dec '24Jun '24

Net Income

796

1,829

819

Depreciation & Amortization

—

65

—

Share-Based Compensation Expense

782

730

677

Other Adjustments

215

311

154

Changes in Accounts Payable

—

—

—

Changes in Accrued Expenses

10

-334

230

Changes in Unearned Revenue

1,236

-999

1,199

Changes in Other Operating Activities

-275

-58

-105

Cash from Operating Activities

2,764

1,544

2,974

Investing ActivitiesJun '25Dec '24Jun '24

Capital Expenditure

—

—

—

Purchases of Investments

-1,643

-1,626

-1,520

Proceeds from Sale of Investments

1,432

1,257

1,348

Other Investing Activities

-31

-53

-22

Cash from Investing Activities

-242

-422

-194

Financing ActivitiesJun '25Dec '24Jun '24

Issuance of Long-Term Debt

—

—

—

Repayments of Long-Term Debt

—

—

—

Net Issuance / (Repayments) of Long-Term Debt

—

—

—

Issuance of Common Shares

75

69

99

Repurchases of Common Shares

-2,112

-2,252

-1,808

Net Issuance / (Repurchases) of Common Shares

-2,037

-2,183

-1,709

Other Financing Activities

4,510

-4,334

4,654

Cash from Financing Activities

2,473

-6,517

2,945

Free Cash FlowJun '25Dec '24Jun '24

Free Cash Flow

2,764

1,544

2,974

NOPAT

543.5

1,517.1

502.8

Levered Free Cash Flow

1,767

503

2,143

Unlevered Free Cash Flow

1,514.5

191.1

1,826.8

Net Change in Cash

4,995

-5,395

5,725