Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.19.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net income $ 425 $ 582
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 226 147
Non-cash interest expense, net of amortization of premium 7 5
Provision for doubtful accounts 27 24
Amortization of deferred income related to equity method investment (1) (1)
Loss on extinguishment of debt 1 0
Loss on unconsolidated entity investments, net 10 0
Gain on fair value instrument 0 (118)
Dividend received from unconsolidated entity investment 1 1
Share-based payment expense 127 70
Deferred income taxes 146 134
Changes in operating assets and liabilities:    
Receivables (69) (29)
Inventory 6 1
Related party, net (1) (2)
Prepaid expenses and other current assets (20) 0
Other long-term assets 4 8
Operating lease right-of-use assets 2  
Accounts payable and accrued expenses 36 88
Accrued interest 6 (9)
Deferred revenue (4) 85
Operating lease liabilities 7  
Other long-term liabilities 5 8
Net cash provided by operating activities 941 994
Cash flows from investing activities:    
Additions to property and equipment (160) (174)
Purchases of other investments (7) (7)
Cash received from Pandora Acquisition 313 0
Sale of short-term investments 72 0
Investments in related parties and other equity investees (9) (6)
Repayment from related party 0 3
Net cash provided by (used in) investing activities 209 (184)
Cash flows from financing activities:    
Proceeds from exercise of stock options 1 0
Taxes paid from net share settlements for stock-based compensation (47) (71)
Revolving credit facility, net of deferred financing costs (439) (303)
Proceeds from long-term borrowings, net of costs 1,236 0
Proceeds from sale of capped call security 3 0
Principal payments of long-term borrowings (156) (8)
Common stock repurchased and retired (1,474) (334)
Dividends paid (113) (99)
Net cash used in financing activities (989) (815)
Net decrease in cash, cash equivalents and restricted cash 161 (5)
Cash, cash equivalents and restricted cash at beginning of period 65 79
Cash, cash equivalents and restricted cash at end of period 226 74
Cash paid during the period for:    
Interest, net of amounts capitalized 171 179
Income taxes paid 5 6
Non-cash investing and financing activities:    
Treasury stock not yet settled (28) 17
Issuance of common stock as part of Pandora Acquisition 2,355 0
Accumulated other comprehensive income (loss), net of tax $ (14) $ 18