Fiscal Year Ended December 31, 2022, Compared to Fiscal Year Ended December 31, 2021, and
Fiscal Year Ended December 31, 2021, Compared to Fiscal Year Ended December 31, 2020
Cash flows from operations were
$1,370 million, $1,561 million and $1,779 million for the fiscal years ended December 31, 2022, 2021 and 2020, respectively. Our net cash provided by operating activities consists primarily of net earnings, adjusted to add back
depreciation and amortization and other non-cash items including asset impairments. Cash flows from operations decreased $191 million during the fiscal year ended December 31, 2022 compared to the
prior year period and decreased $218 million during the fiscal year ended December 31, 2021 compared to the prior year period. The decreases in cash flows from operations were primarily due to a decrease in net earnings (after adjusting
net loss to add back depreciation and amortization and other non-cash items including asset impairments), partially offset by working capital.
Cash Flows from Investing Activities
Six
Months Ended June 30, 2023, Compared to Six Months Ended June 30, 2022
Our principal capital expenditures are for
software (purchased and internally developed) and additions to property and equipment. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business.
During the six-month periods ended June 30, 2023 and 2022, we used approximately
$166 million and $184 million, respectively, of net cash reflected as investing activities due to capital expenditures.
Fiscal Year
Ended December 31, 2022, Compared to Fiscal Year Ended December 31, 2021, and Fiscal Year Ended December 31, 2021, Compared to Fiscal Year Ended December 31, 2020
Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested
approximately $372 million, $314 million and $318 million in capital expenditures during the fiscal years ended December 31, 2022, 2021 and 2020, respectively. We expect to continue investing in property and equipment, purchased
software and internally developed software to support our business.
During the fiscal year ended December 31, 2022, we used
approximately $103 million of net cash reflected as investing activities due to capital expenditures and partially offset by proceeds from the sale of Visa preferred stock. See note 11 to the historical audited combined financial statements.
During the fiscal year ended December 31, 2021, we used approximately $1,061 million, of which $767 million (net of cash acquired) was used for the acquisition of Payrix and the remaining was primarily due to capital expenditures. See
note 4 to the historical audited combined financial statements. During the fiscal year ended December 31, 2020, we received $233 million of net cash primarily as proceeds from the sale of Visa preferred stock offset by capital
expenditures.
Cash Flows from Financing Activities
Six Months Ended June 30, 2023, Compared to Six Months Ended June 30, 2022
Cash provided by (used in) financing activities was $(1,589) million and $93 million for the six months ended June 30, 2023 and 2022,
respectively, reflecting significant transactions with FIS (see note 6 to our historical unaudited condensed combined financial statements). In addition, there were fluctuations in settlement activity, contingent value rights and the Tax Receivable
Agreement, creating cash outflows. For the arrangement with Visa Europe, see note 4 of the historical unaudited condensed combined financial statements.
Fiscal Year Ended December 31, 2022, Compared to Fiscal Year Ended December 31, 2021, and Fiscal Year Ended December 31, 2021,
Compared to Fiscal Year Ended December 31, 2020
Cash provided by (used in) financing activities was $114 million for
the fiscal year ended December 31, 2022, $(277) million for the fiscal year ended December 31, 2021, and $(859) million for the fiscal year ended December 31, 2020, reflecting significant transactions with FIS (see note 15 to our
historical audited combined financial statements). In addition, there were fluctuations in settlement activity creating significant cash inflows, offset by outflows from payments on loans payable to affiliates, contingent value rights, and the Tax
Receivable Agreement. For more details on the loans payable with affiliates, see note 15, and for the arrangement with Visa Europe, see note 11, of the historical audited combined financial statements.
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