Cash Flow (Q1 2024 vs Q1 2023)

Significant deterioration with net free cash flow worsening from -$66.2 million to -$750.5 million

Acquisition payments surged from $38.4 million to $812.4 million due to the Flywheel Digital acquisition, while stock repurchases fell from $278.8 million to $178 million. Additionally, new borrowing proceeds of $645.9 million and sharp changes in operating capital compounded the decline. " " "

Cash Flow (Q1 2025 vs Q1 2024)

Increased operating outflow with operating capital declining from -$1,033.6 million to -$1,173.3 million, with fewer financing inflows

The higher use of operating capital in Q1 2025, combined with the near disappearance of acquisition-related outflows and borrowings, led to a more negative cash flow profile. This was partially offset by a favorable foreign exchange impact, contrasting with the financing dynamics of Q1 2024. " " "

Balance Sheet (Q1 2024 vs Q1 2023)

Major shifts: Cash decreased by $1,259.2 million, long-term debt increased by $611.9 million, and goodwill grew proportionately

Substantial cash outflows from operating activities and acquisition payments drove a sharp decline in cash and an increase in long-term debt to finance Flywheel Digital. Meanwhile, increases in goodwill and reductions in receivables and payables reflect the capital allocation and working capital adjustments from the prior period. " " " "

Balance Sheet (Q1 2025 vs Q1 2024)

Continued liquidity reduction: Cash fell from $4,339.4 million to $3,378.3 million; significant reduction in accounts payable observed

The ongoing operational cash usage is evident from the drop in cash balances and current assets, along with lower accounts payable. Modest increases in long-term debt and shareholder equity signal adjustments in working capital management and financing strategy relative to the previous period. "

Income Statement (Q1 2024 vs Q1 2023)

Revenue up by 5.4%, operating income increased by 38.2%, net income rose by 40%, and EPS grew by 43.2%

Steady revenue growth driven by 4.0% organic increases and a 1.5% tailwind from net acquisitions underpinned improved profitability. The removal of prior period real estate repositioning costs further boosted operating margins, resulting in significantly higher net income and EPS. " " " " "

Income Statement (Q1 2025 vs Q1 2024)

Revenue increased by 1.6%, but operating income fell by 5.5%, net income declined by 9.7%, and EPS dropped by 8.8%; tax rate increased from 25.7% to 28.5%

Despite modest revenue growth, acquisition-related costs of $33.8 million and increased operating expenses (including shifts in salary and service costs) squeezed margins. The higher effective tax rate and increased interest expense further reduced profitability, marking a downturn compared to Q1 2024. " " "

Organic Growth

FY 2025

2.5% to 4.5% " "

2.5% to 4.5% "

no change

Adjusted EBITDA Margin

FY 2025

10 basis points above 15.5% "

10 basis points above 15.5% " "

no change

Income Tax Rate

FY 2025

26.5% to 27% "

26.5% to 27% "

no change

Foreign Currency Translation Impact

FY 2025

-1% "

+1% "

raised

Share Repurchases

FY 2025

$600 million "

$600 million " "

no change

Cost Savings Target

FY 2025

no prior guidance

$750 million " "

no prior guidance