Operating ActivitiesOct '25Jul '25Apr '25Jan '25Oct '24Jul '24Apr '24Jan '24Oct '23Jul '23Apr '23Jan '23

Net Income

343

313

152

303

275

282

Depreciation & Amortization

195

170

144

122

99

90

Stock Based Compensation

186

191

230

186

181

167

Other Adjustments

147

35

115

-55

-14.5

-38

Changes in Trade Receivables

-274

-39

515

-309

-300

-49

Changes in Accounts Payable

78

128

-111

237

31

136

Changes in Income Taxes Payable

43

-20

27

-3

34

-6

Changes in Unearned Revenue

1

-83

-204

478

-35

-272

Changes in Other Operating Activities

-280

-235

-304

-267

-54

-98

Cash from Operating Activities

439

460

564

692

209

212

Investing ActivitiesOct '25Jul '25Apr '25Jan '25Oct '24Jul '24Apr '24Jan '24Oct '23Jul '23Apr '23Jan '23

Capital Expenditure

-9

-9

-8

-14

-10

-9

Purchases of Intangible Assets

-13

-7

-7

-5

-18

-5

Purchases of Investments

-313

-208

-101

-183

-201

-211

Proceeds from Sale of Investments

230

178

175

171

579

168

Payments for Business Acquisitions

—

—

—

-24

-12

-164

Other Investing Activities

-4

-4

-1

-12

-3

-5

Cash from Investing Activities

-109

-50

58

-67

28

-226

Financing ActivitiesOct '25Jul '25Apr '25Jan '25Oct '24Jul '24Apr '24Jan '24Oct '23Jul '23Apr '23Jan '23

Issuance of Long-Term Debt

—

499

—

—

—

—

Repayments of Long-Term Debt

—

-300

—

—

—

—

Net Issuance / (Repayments) of Long-Term Debt

—

199

—

—

—

—

Issuance of Common Shares

62

37.5

75

25

50

35.5

Repurchases of Common Shares

-407

-413

-489

-457

-359

-160

Net Issuance / (Repurchases) of Common Shares

-345

-375.5

-414

-432

-309

-124.5

Other Financing Activities

—

-5

-1

—

—

—

Cash from Financing Activities

-345

-219

-415

-457

-309

-160

Free Cash FlowOct '25Jul '25Apr '25Jan '25Oct '24Jul '24Apr '24Jan '24Oct '23Jul '23Apr '23Jan '23

Free Cash Flow

430

451

556

678

199

203

NOPAT

344.5

304.8

151.4

298.1

271.1

274.8

Levered Free Cash Flow

371

463

-304

856

340

123

Unlevered Free Cash Flow

372.5

255.8

-304.6

851.1

336.1

115.8

Net Change in Cash

-15

191

207

168

-72

-174