PARTII Item7. ManagementsDiscussionandAnalysisofFinancialConditionandResultsofOperations InvestingActivities Cashflowsfrominvestingactivitiesincludes purchases,maturities and sales of investments, cash paid for acquisitions and strategic investments, purchases and sales of property and equipment, purchases, originations, and principal repayment of loansreceivable,changesinfundsreceivable,andchangesincollateralpostedrelatedtoderivativeinstruments,net. The net cash used in investing activities of $3.4 billion in 2022 was due primarily to purchases and originations of loans receivable of $28.2 billion, purchases of investments of $20.2 billion, changes in funds receivable from customers of $2.8 billion, and purchases of property and equipment of $706 million. These cash outflows were partially offset by principal repaymentofloansreceivableof$24.9billionandmaturitiesandsalesofinvestmentsof$23.4billion. Thenetcashusedininvestingactivitiesof $5.1 billion in 2021 was due primarily to purchasesof investmentsof $40.1 billion, purchases and originations of loans receivable of $13.4 billion, acquisitions (net of cash acquired) of $2.8 billion, and purchases of property and equipment of $908 million. These cash outflows were partially offset by maturities and sales of investments of $39.7 billion, principal repayment of loans receivable of $11.8 billion, changes in collateral posted related to ANNU derivativeinstruments,net of $336 million, and changesin funds receivablefrom customersof $193 million. AL The net cash used in investing activities of $16.5 billion in 2020 was due primarily to purchases of investments of REPOR $41.5 billion, purchases and originations of loans receivable of $6.1 billion, acquisitions (net of cash acquired) of $3.6 billion, changes in funds receivable from customers of $1.6 billion, purchases of property and equipment of $866 million, and changesin collateral posted related to derivative instruments, net of $327 million. These cash outflows were partially offset T bymaturities and sales of investments of $30.9 billion, principal repayment of loans receivable of $6.4 billion and proceeds fromthesaleofpropertyandequipmentof$120million. FinancingActivities Cash flows from financing activities includes proceeds from issuance of common stock, purchases of treasury stock, tax withholdings related to net share settlements of equity awards, borrowings and repayments under financing arrangements, changes in funds payable and amounts due to customers, and changes in collateral received related to derivative instruments,net. The net cash used in financing activities of $1.1 billion in 2022 was due primarily to the repurchase of $4.2 billion of our commonstockunderourJuly2018stockrepurchaseprogram,repaymentsofborrowingsunderfinancingarrangementsof $1.7 billion (including the repurchase and redemption of certain fixed rate notes and repayment of borrowings under a prior credit agreement, both described below under “Available credit and debt”), and tax withholdings of $336 million related to net share settlement of equity awards. These cash outflows were partially offset by borrowings under financing arrangements of $3.5 billion (including proceeds from the issuance of fixed rate debt in May 2022 and borrowings under ourPaidycreditagreements)andchangesinfundspayableandamountsduetocustomersof$1.5billion. The net cash used in financing activities of $557 million in 2021 was due primarily to the repurchase of $3.4 billion of our common stock under our July 2018 stock repurchase program, tax withholdings of $1.0 billion related to net share settlement of equity awards, and repayments of borrowings under Paidy credit agreements of $361 million. The cash outflows were partially offset by changes in funds payable and amounts due to customers of $3.6 billion, cash proceeds from borrowingsunderourPaidycreditagreementsof$272million,andchangesincollateralreceivedrelatedto derivative instruments,net of $207 million. Thenetcashgeneratedfromfinancingactivitiesof $12.5 billion in 2020 was due primarily to changes in funds payable and amountsduetocustomersof$10.6billionand$7.0billionofcashproceedsfromtheissuanceoflong-termdebtintheform of fixed rate notes in May 2020 as well as proceeds from borrowings under our Credit Agreement (as defined below under “Available credit and debt”). These cash inflows were partially offset by repayment of outstanding borrowings under our Credit Agreementof $3.0 billion, the repurchase of $1.6 billion of our common stock under our stock repurchase programs, andtaxwithholdingsrelatedtonetsharesettlementofequityawardsof$521million. Effect of ExchangeRatesonCash,CashEquivalents,andRestrictedCash Foreign currency exchange rates had a negative impact of $155 million, a negative impact of $102 million, and a positive impact of $169 million on cash, cash equivalents, and restricted cash during 2022, 2021, and 2020, respectively, which resulted primarily from the impact of fluctuations in the exchange rate of the U.S. dollar to the Australian dollar. The negative impact of foreign currency exchange on cash, cash equivalents, and restricted cash in 2022 was also attributable, to a lesser extent, to the fluctuations in the exchange rate of the U.S. dollar to the Swedish krona, Japanese yen, Indian rupee, andtheEuro.Thenegativeimpactofforeigncurrencyexchangeoncash,cashequivalents,andrestrictedcashin2021was also attributable, to a lesser extent, to the fluctuations in the exchange rate of the U.S. dollar to the Euro and Swedish krona. •2022AnnualReport 43