Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 265,000 $ 233,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 140,000 136,000
Non-cash impairment and restructuring costs 1,000 8,000
Non-cash interest expense, net of amortization of premium 4,000 3,000
Provision for doubtful accounts 13,000 14,000
Loss on unconsolidated entity investments, net 15,000 0
Gain on other investments (3,000) (2,000)
Share-based payment expense 45,000 45,000
Deferred income tax benefit (14,000) (52,000)
Amortization of right-of-use assets 11,000 10,000
Changes in operating assets and liabilities:    
Receivables 82,000 53,000
Related party, net 44,000 88,000
Prepaid expenses and other current assets (50,000) (38,000)
Other long-term assets 7,000 6,000
Accounts payable and accrued expenses (137,000) (57,000)
Accrued interest (93,000) (93,000)
Deferred revenue (36,000) (17,000)
Operating lease liabilities (11,000) (10,000)
Other long-term liabilities 25,000 23,000
Net cash provided by operating activities 308,000 350,000
Cash flows from investing activities:    
Additions to property and equipment (174,000) (205,000)
Purchase of other investments (2,000) (1,000)
Investments in related parties and other equity investees (187,000) (29,000)
Net cash used in investing activities (363,000) (235,000)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (14,000) (14,000)
Revolving credit facility borrowings 230,000 548,000
Revolving credit facility repayments (200,000) (418,000)
Principal payments of long-term borrowings (3,000) (77,000)
Other financing activities (1,000) (2,000)
Common stock repurchased and retired 0 (62,000)
Dividends paid (102,000) (94,000)
Net cash used in financing activities (90,000) (119,000)
Net decrease in cash, cash equivalents and restricted cash (145,000) (4,000)
Cash, cash equivalents and restricted cash at beginning of period [1] 224,000 65,000
Cash, cash equivalents and restricted cash at end of period [1] 79,000 61,000
Cash paid during the period for:    
Interest, net of amounts capitalized 193,000 195,000
Income taxes paid 2,000 0
Non-cash investing and financing activities:    
Finance lease obligations incurred to acquire assets 0 4,000
Accumulated other comprehensive loss, net of tax (7,000) 0
Capital contribution from Liberty Media pursuant to Tax Sharing Agreement 0 14,000
Accrued tax equity investments $ 779,000 $ 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) March 31, 2024 December 31, 2023 March 31, 2023 December 31, 2022
Cash and cash equivalents $ 71  $ 216  $ 53  $ 57 
Restricted cash included in Other long-term assets 8  8  8  8 
Total cash, cash equivalents and restricted cash at end of period $ 79  $ 224  $ 61  $ 65