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

Net Income

-110.1

-290.5

-314.6

-914.8

-359.8

-323

Depreciation & Amortization

721.3

665.8

548.1

419.1

298.9

198.9

Stock Based Compensation

144.4

145

184

8

7.6

7.7

Other Adjustments

-6.7

170

145.1

833.4

-298.3

370.3

Changes in Trade Receivables

252.2

-865.9

-638.8

52.6

-151.6

-235.1

Changes in Accounts Payable

624.4

-351.5

62.3

113.6

-300.9

182.6

Changes in Unearned Revenue

659.3

758.8

-15.9

-2,779

892.5

84.9

Changes in Other Operating Activities

-516

-376.5

195.6

-129.7

-39.7

-369.6

Cash from Operating Activities

1,689.1

-251.3

61.2

2,749.2

641.2

-117.8

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

Capital Expenditure

-2,388.9

-2,453

-1,407.4

-3,497.8

-1,215.2

-2,247.2

Purchases of Investments

-47.2

—

—

34.1

-4.7

-50

Proceeds from Sale of Investments

—

—

29.3

91.8

47.2

48.7

Payments for Business Acquisitions

-10.2

-45.7

—

—

—

—

Other Investing Activities

40.1

56.5

-55

-58.2

—

-1.4

Cash from Investing Activities

-2,406.3

-2,442.2

-1,433.1

-8,658.1

-1,172.7

-2,249.9

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

Issuance of Long-Term Debt

3,130

3,647.8

785

3,693.2

1,507.6

889.9

Repayments of Long-Term Debt

-1,403.2

-1,303.8

-271.1

-224.4

-289.7

-69.5

Net Issuance / (Repayments) of Long-Term Debt

1,726.7

2,344

513.9

3,468.7

1,217.9

820.4

Issuance of Common Shares

14.4

69.4

1,425.4

1.6

0.7

0.6

Repurchases of Common Shares

-11.5

-116.9

-15.7

-0.7

-1.5

—

Net Issuance / (Repurchases) of Common Shares

2.9

-47.5

1,409.7

0.8

-0.8

0.6

Issuance of Preferred Shares

—

—

—

-4.6

4.6

1,147.5

Net Issuance / (Repurchases) of Preferred Shares

—

—

—

-4.6

4.6

1,147.5

Preferred Share Dividends Paid

—

-2.6

-26.1

-28.4

-29.3

—

Other Financing Activities

-31.3

-64.8

-43.6

-42.6

17.8

-28.2

Cash from Financing Activities

1,696.1

2,229.2

1,853.9

3,394.1

1,210.8

1,940.3

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

Free Cash Flow

-699.8

-2,704.2

-1,346.2

-748.7

-573.9

-2,365

NOPAT

24.1

23

-32.2

197.3

132.5

88.8

Levered Free Cash Flow

606.5

6.5

-761.4

-120.1

104.5

-1,991.5

Unlevered Free Cash Flow

-875.9

-1,733.5

-649.5

-3,259.5

-231.9

-2,061.6

Net Change in Cash

978.9

-464.2

482

-2,514.8

679.3

-427.5