v3.25.1
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income $ 312,772 $ 323,062
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of property and equipment 122,839 117,919
Amortization of acquired intangibles 329,269 343,217
Amortization of capitalized contract costs 34,424 32,883
Share-based compensation expense 39,740 40,117
Provision for operating losses and credit losses 19,950 19,409
Noncash lease expense 14,162 15,397
Deferred income taxes (70,737) (111,886)
Paid-in-kind interest capitalized to principal of notes receivable (19,499) (17,694)
Equity in income of equity method investments, net of tax (18,286) (16,411)
Distributions received on investments 7,512 0
Gain on business disposition (3,993) 0
Other, net 19,338 12,075
Changes in operating assets and liabilities, net of the effects of business combinations:    
Accounts receivable (36,734) 50,934
Prepaid expenses and other assets (93,552) (120,774)
Accounts payable and other liabilities (102,081) (158,669)
Net cash provided by operating activities 555,124 529,579
Cash flows from investing activities:    
Business combinations and other acquisitions, net of cash and restricted cash acquired (49,886) (2,557)
Capital expenditures (127,577) (145,441)
Payment received on notes receivable 4,375 0
Net cash used in investing activities (173,088) (147,998)
Cash flows from financing activities:    
Changes in funds held for customers (58,461) (88,573)
Changes in settlement processing assets and obligations, net 479,153 (24,689)
Net borrowings from settlement lines of credit 223,216 133,228
Net borrowings (repayments) from commercial paper notes 867,582 (1,093,043)
Proceeds from long-term debt 1,551,000 4,609,000
Repayments of long-term debt (2,546,613) (2,628,548)
Payments of debt issuance costs 0 (29,391)
Repurchases of common stock (446,286) (800,048)
Proceeds from stock issued under share-based compensation plans 6,340 11,031
Common stock repurchased - share-based compensation plans (36,006) (41,140)
Distributions to noncontrolling interests (10,327) (4,748)
Proceeds and contributions from noncontrolling interests 0 89
Purchase of capped calls related to issuance of convertible notes 0 (256,250)
Dividends paid (61,124) (63,616)
Net cash used in financing activities (31,526) (276,698)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 61,790 (34,035)
Increase in cash, cash equivalents and restricted cash 412,300 70,848
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 $ 3,148,275 $ 2,327,723

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