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

Net Income

137

201

254

293

294

280

Depreciation & Amortization

82

79

79

75

122

80

Share-Based Compensation Expense

174

152

162

163

174

143

Other Adjustments

7

-40

48

-39

-37

-13

Changes in Trade Receivables

-543

145

64

268

-579

132

Changes in Inventories

—

—

—

—

—

—

Changes in Accounts Payable

294

-98

29

44

275

-158

Changes in Accrued Expenses

—

—

—

—

—

—

Changes in Unearned Revenue

-8

-367

-106

331

63

-402

Changes in Other Operating Activities

-13

-55

19

41

-78

58

Cash from Operating Activities

130

17

549

1,176

234

120

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

Capital Expenditure

-43

-72

-54

-50

-50

-67

Purchases of Investments

-55

-42

-61

-139

-107

-130

Proceeds from Sale of Investments

30

42

329

127

111

128

Payments for Business Acquisitions

—

-17

—

—

—

—

Cash from Investing Activities

-68

-89

214

-62

-46

-69

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

Issuance of Long-Term Debt

—

—

—

—

—

—

Repayments of Long-Term Debt

—

—

—

—

—

—

Net Issuance / (Repayments) of Long-Term Debt

—

—

—

—

—

—

Issuance of Common Shares

45

—

35

1

42

—

Repurchases of Common Shares

-426

-520

-1,398

-455

-393

-496

Net Issuance / (Repurchases) of Common Shares

-381

-520

-1,363

-454

-351

-496

Common Share Dividends Paid

-48

-48

-48

-50

-51

-50

Other Financing Activities

—

—

—

—

—

—

Cash from Financing Activities

-429

-568

-1,411

-504

-402

-546

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

Free Cash Flow

87

-55

495

1,126

184

53

NOPAT

139.1

199.5

246.5

272.7

282.9

258.7

Levered Free Cash Flow

449

-312

221

734

626

-209

Unlevered Free Cash Flow

451.1

-313.5

213.5

713.7

614.9

-230.3

Net Change in Cash

-367

-640

-648

610

-214

-495