Operating ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22

Net Income

243

284

192

139

161

-158

Depreciation & Amortization

224

159

152

98

181

140

Stock Based Compensation

258

282

235

271

274

302

Other Adjustments

95

4.5

51

76

-31

136

Changes in Trade Receivables

-72

-37

-53

-120

-39

-45

Changes in Accounts Payable

-85

11

14

113

21

-40

Changes in Accrued Expenses

486

-84

94

449

-77

265

Changes in Other Operating Activities

-278

-112

-50

-508

43

-70

Cash from Operating Activities

871

504

635

518

531

530

Investing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22

Capital Expenditure

-63

-66

-74

-32

-32

-23

Purchases of Intangible Assets

-85

-83

-67

-66

-55

-56

Purchases of Investments

-388

-300

-425

-424

-558

-440

Proceeds from Sale of Investments

388

654

433

359

615

373

Payments for Business Acquisitions

-25

-1,146

-27

—

—

—

Other Investing Activities

—

—

—

0.5

1

1

Cash from Investing Activities

-173

-941

-160

-163

-62

-147

Financing ActivitiesSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22

Issuance of Long-Term Debt

-2

2,722

—

—

—

—

Repayments of Long-Term Debt

—

—

—

—

—

—

Net Issuance / (Repayments) of Long-Term Debt

-2

2,722

—

—

—

—

Issuance of Common Shares

3

2

3

7

4

2

Repurchases of Common Shares

—

—

—

-108.5

-217

-7

Net Issuance / (Repurchases) of Common Shares

3

2

3

-101.5

-213

-5

Issuance of Preferred Shares

—

—

—

—

—

—

Net Issuance / (Repurchases) of Preferred Shares

—

—

—

—

—

—

Other Financing Activities

—

-349

—

—

—

3

Cash from Financing Activities

1

2,375

3

7

-213

-5

Free Cash FlowSep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23Mar '23Dec '22

Free Cash Flow

808

438

561

486

499

507

NOPAT

252.8

170.8

150.3

92.4

111.1

-202.3

Levered Free Cash Flow

526

2,915

329

261

298

115

Unlevered Free Cash Flow

536.8

78.8

286.3

212.4

247.1

69.7

Net Change in Cash

699

1,938

478

362

256

378