v3.25.2
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 558,870 $ 712,337
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 225,105 241,943
Amortization of acquired intangibles 551,074 689,157
Amortization of capitalized contract costs 66,966 68,019
Share-based compensation expense 79,550 83,362
Provision for operating losses and credit losses 41,880 41,026
Noncash lease expense 25,163 29,741
Deferred income taxes 95,584 (184,963)
Paid-in-kind interest capitalized to principal of notes receivable (38,961) (35,868)
Equity in income of equity method investments, net of tax (38,299) (34,748)
Distributions received on investments 7,512 0
Impairment of goodwill 33,225 0
Gain on business disposition (4,260) 0
Other, net 19,614 23,023
Changes in operating assets and liabilities, net of the effects of business combinations:    
Accounts receivable (102,565) (29,658)
Prepaid expenses and other assets (124,058) (160,058)
Accounts payable and other liabilities (23,751) (104,899)
Net cash provided by operating activities 1,372,649 1,338,414
Cash flows from investing activities:    
Business combinations and other acquisitions, net of cash and restricted cash acquired (205,825) (372,662)
Capital expenditures (279,747) (324,657)
Principal payment received on notes receivable 8,750 0
Other, net 0 6
Net cash used in investing activities (476,822) (697,313)
Cash flows from financing activities:    
Changes in funds held for customers (118,967) (127,497)
Changes in settlement processing assets and obligations, net 630,244 (57,718)
Net borrowings from settlement lines of credit 87,551 55,351
Net borrowings (repayments) from commercial paper notes 797,732 (936,539)
Proceeds from long-term debt 2,755,112 6,288,994
Repayments of long-term debt (3,769,614) (4,430,074)
Payments of debt issuance costs (40,512) (33,056)
Repurchases of common stock (691,089) (900,047)
Proceeds from stock issued under share-based compensation plans 16,244 25,137
Common stock repurchased - share-based compensation plans (37,372) (43,279)
Distributions to noncontrolling interests (30,095) (10,881)
Proceeds and contributions from noncontrolling interests 0 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 (121,501) (127,042)
Net cash used in financing activities (522,267) (557,175)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 230,353 (53,652)
Increase in cash, cash equivalents and restricted cash 603,913 30,274
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 $ 3,339,888 $ 2,287,149

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