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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 261.5 $ 259.1
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 132.6 145.1
Equity-based compensation expense 227.6 193.3
(Gain) loss on derivative instruments (9.2) 21.7
Non-cash restructuring charges 0.0 10.4
Loss on debt extinguishment 1.5 0.0
Loss on dispositions 16.8 0.0
Other 16.5 34.4
Changes in operating assets and liabilities, net of amounts acquired:    
Prepaid domain name registry fees (47.3) (30.3)
Deferred revenue 173.4 132.9
Other operating assets and liabilities (23.5) 5.1
Net cash provided by operating activities 749.9 771.7
Investing activities    
Business acquisitions, net of cash acquired 0.0 (72.5)
Purchases of intangible assets (35.4) (0.4)
Net proceeds received from dispositions 12.4 0.0
Purchases of property and equipment (38.0) (42.6)
Other investing activities (0.4) 0.0
Net cash used in investing activities (61.4) (115.5)
Proceeds received from:    
Issuance of term loans 1,759.9 0.0
Stock option exercises 9.6 18.8
Issuance of Class A common stock under ESPP 18.2 18.4
Payments made for:    
Repurchases of Class A common stock (1,133.2) (1,090.5)
Repayment of term loans (1,780.0) (24.4)
Other financing obligations (7.8) (3.3)
Net cash used in financing activities (1,133.3) (1,081.0)
Effect of exchange rate changes on cash and cash equivalents 0.0 (4.7)
Net decrease in cash and cash equivalents (444.8) (429.5)
Cash and cash equivalents, beginning of period 774.0 1,255.7
Cash and cash equivalents, end of period 329.2 826.2
Cash paid during the period for:    
Interest on long-term debt, including impact of interest rate swaps 128.3 90.7
Income taxes, net of refunds received 7.2 9.3
Amounts included in the measurement of operating lease liabilities 34.0 39.4
Supplemental disclosure of non-cash transactions    
Operating lease assets obtained in exchange for operating lease liabilities 8.4 10.3
Accrued purchases of property and equipment at period end 1.0 5.5
Share repurchases not yet settled $ 17.9 $ 5.6
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Three months ended
 September 30,
Nine months ended
 September 30,
2023202220232022
Cost of revenue$0.3 $0.4 $1.1 $1.1 
Technology and development42.2 34.4 123.2 102.4 
Marketing and advertising7.1 7.2 21.0 21.7 
Customer care6.1 4.9 18.0 14.6 
General and administrative20.5 18.5 62.0 53.5 
Restructuring and other$— $— $2.3 $— 
Total equity-based compensation expense$76.2 $65.4 $227.6 $193.3