Operating ActivitiesJul '25Jan '25Jul '24Jan '24Jul '23Jan '23Jul '22Jan '22Jul '21Jan '21Jul '20Jan '20Jul '19Jan '19

Net Income

465

578

534

523

383

491

Depreciation & Amortization

314

221

171

150

129

212

Stock Based Compensation

421

367

316

341

362

335

Other Adjustments

150

-77

-45

-33

-91

-206

Changes in Trade Receivables

476

-609

477

-473

559

-528

Changes in Accounts Payable

17

268

-30

133

-106

235

Changes in Income Taxes Payable

7

31

27

-59

67

123

Changes in Unearned Revenue

-287

443

-577

34

-350

875

Changes in Other Operating Activities

-539

-321

-167

-161

-95

-157

Cash from Operating Activities

1,024

901

706

455

858

1,380

Investing ActivitiesJul '25Jan '25Jul '24Jan '24Jul '23Jan '23Jul '22Jan '22Jul '21Jan '21Jul '20Jan '20Jul '19Jan '19

Capital Expenditure

-17

-24

-16

-15

-16

-17

Purchases of Intangible Assets

-14

-23

-39

-20

-10

-1

Purchases of Investments

-309

-384

-431

-423

-687

-300

Proceeds from Sale of Investments

353

431

430

425

339

205

Payments for Business Acquisitions

—

-24

-801

-44

-26

—

Other Investing Activities

-5

-15

-7

-7

-18

-7

Cash from Investing Activities

8

-39

-864

-84

-418

-120

Financing ActivitiesJul '25Jan '25Jul '24Jan '24Jul '23Jan '23Jul '22Jan '22Jul '21Jan '21Jul '20Jan '20Jul '19Jan '19

Issuance of Long-Term Debt

499

—

—

—

—

—

Repayments of Long-Term Debt

-300

—

—

—

—

-350

Net Issuance / (Repayments) of Long-Term Debt

199

—

—

—

—

-350

Issuance of Common Shares

75

50

71

59

71

57

Repurchases of Common Shares

-902

-816

-292

-246

-736

-461

Net Issuance / (Repurchases) of Common Shares

-827

-766

-221

-187

-665

-404

Other Financing Activities

-6

—

—

—

—

—

Cash from Financing Activities

-634

-766

-221

-187

-665

-754

Free Cash FlowJul '25Jan '25Jul '24Jan '24Jul '23Jan '23Jul '22Jan '22Jul '21Jan '21Jul '20Jan '20Jul '19Jan '19

Free Cash Flow

1,007

877

690

440

842

1,363

NOPAT

456.2

569.2

518.7

516.6

383

504.2

Levered Free Cash Flow

159

1,196

-58

605

12

1,412

Unlevered Free Cash Flow

-48.8

1,187.2

-73.3

598.6

12

1,775.2

Net Change in Cash

398

96

-379

184

-225

506