v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 582 $ 543
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 273 275
Non-cash impairment and restructuring costs 1 20
Non-cash interest expense, net of amortization of premium 8 7
Provision for doubtful accounts 26 31
Loss on unconsolidated entity investments, net 57 4
Gain on other investments (5) (5)
Share-based payment expense 91 87
Deferred income tax benefit (22) (94)
Amortization of right-of-use assets 24 21
Changes in operating assets and liabilities:    
Receivables 39 (36)
Related party, net 4 17
Prepaid expenses and other current assets (14) (15)
Other long-term assets 0 (1)
Accounts payable and accrued expenses (179) (18)
Accrued interest 1 0
Deferred revenue (71) (40)
Operating lease liabilities (25) (25)
Other long-term liabilities 32 30
Net cash provided by operating activities 822 801
Cash flows from investing activities:    
Additions to property and equipment (347) (333)
Purchase of other investments 0 (1)
Investments in related parties and other equity investees (210) (31)
Net cash used in investing activities (557) (365)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (20) (18)
Revolving credit facility borrowings 1,352 1,117
Revolving credit facility repayments (1,002) (974)
Principal payments of long-term borrowings (505) (177)
Payment of contingent consideration for business acquisition (1) (3)
Common stock repurchased and retired 0 (199)
Dividends paid (205) (188)
Net cash used in financing activities (381) (442)
Net decrease in cash, cash equivalents and restricted cash (116) (6)
Cash, cash equivalents and restricted cash at beginning of period [1] 224 65
Cash, cash equivalents and restricted cash at end of period [1] 108 59
Cash paid during the period for:    
Interest, net of amounts capitalized 195 205
Income taxes paid 106 177
Non-cash investing and financing activities:    
Finance lease obligations incurred to acquire assets 0 7
Accumulated other comprehensive (loss) income, net of tax (10) 7
Capital contribution from Liberty Media pursuant to Tax Sharing Agreement 0 4
Tax equity investments $ 757 $ 0
[1] The following table reconciles cash, cash equivalents and restricted cash per the statement of cash flows to the balance sheet. The restricted cash balances are primarily due to letters of credit which have been issued to the landlords of leased office space. The terms of the letters of credit primarily extend beyond one year.
(in millions) June 30, 2024 December 31, 2023 June 30, 2023 December 31, 2022
Cash and cash equivalents $ 100  $ 216  $ 51  $ 57 
Restricted cash included in Other long-term assets 8  8  8  8 
Total cash, cash equivalents and restricted cash at end of period $ 108  $ 224  $ 59  $ 65 

Source

PDF HTML 10-Q Filing
ZIP XLS HTML XBRL