v3.25.3
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 1,219,465 $ 1,045,870
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 319,726 368,905
Amortization of acquired intangibles 759,634 1,036,768
Amortization of capitalized contract costs 100,005 102,926
Share-based compensation expense 114,821 134,361
Provision for operating losses and credit losses 60,340 60,677
Noncash lease expense 35,575 44,205
Deferred income taxes 83,738 (251,652)
Paid-in-kind interest capitalized to principal of notes receivable (43,192) (54,743)
Equity in income of equity method investments, net of tax (55,055) (50,644)
Technology asset charge 0 55,808
Distributions received on investments 7,512 0
Impairment of goodwill 33,225 0
Gains on business dispositions (348,151) 0
Other, net 25,357 22,869
Changes in operating assets and liabilities, net of the effects of business combinations:    
Accounts receivable (125,307) (39,204)
Prepaid expenses and other assets (158,424) (167,511)
Accounts payable and other liabilities 112,111 (134,489)
Net cash provided by operating activities 2,141,380 2,174,146
Cash flows from investing activities:    
Business combinations and other acquisitions, net of cash and restricted cash acquired (201,853) (373,790)
Capital expenditures (449,556) (490,913)
Principal payment received on notes receivable 13,125 0
Proceeds from business disposition, net of funds held for customers 709,653 0
Proceeds from sales of investments 8,258 18,076
Other, net 0 6
Net cash provided by (used in) investing activities 79,627 (846,621)
Cash flows from financing activities:    
Changes in funds held for customers (156,589) (84,592)
Changes in settlement processing assets and obligations, net 139,819 789,702
Net borrowings from (repayments of) settlement lines of credit 439,363 (184,454)
Net repayments of commercial paper notes 0 (1,367,859)
Proceeds from long-term debt 4,899,113 7,637,904
Repayments of long-term debt (5,972,773) (5,802,954)
Payments of debt issuance costs (41,414) (33,056)
Repurchases of common stock (1,191,089) (900,047)
Proceeds from stock issued under share-based compensation plans 23,723 33,531
Common stock repurchased - share-based compensation plans (38,663) (53,780)
Distributions to noncontrolling interests (49,179) (29,356)
Contributions from noncontrolling interests 1,145 2,116
Payment of deferred and contingent consideration in business combination 0 (6,390)
Purchase of capped calls related to issuance of convertible notes 0 (256,250)
Dividends paid (179,464) (190,478)
Net cash used in financing activities (2,126,008) (445,963)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 205,657 1,078
Increase in cash, cash equivalents and restricted cash 300,656 882,640
Cash, cash equivalents and restricted cash, beginning of the period 2,735,975 2,256,875
Cash, cash equivalents and restricted cash, end of the period $ 3,036,631 $ 3,139,515

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