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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (2,362,000) $ 760,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 455,000 460,000
Non-cash impairment and restructuring costs 3,355,000 21,000
Non-cash interest expense, net of amortization of premium 20,000 11,000
Unrealized gains on intergroup interests, net 0 (68,000)
Realized and unrealized (gains) losses on financial instruments, net (122,000) 86,000
Gain on extinguishment of debt 0 (27,000)
Share of losses of equity method investments, net 89,000 10,000
Share-based payment expense 154,000 151,000
Deferred income tax benefit (176,000) (63,000)
Amortization of right-of-use assets 33,000 35,000
Other charges, net 28,000 31,000
Changes in operating assets and liabilities:    
Receivables and other assets (157,000) (61,000)
Deferred revenue (113,000) (81,000)
Payables and other liabilities (142,000) 36,000
Net cash provided by operating activities 1,062,000 1,301,000
Cash flows from investing activities:    
Additions to property and equipment (563,000) (521,000)
Other investing activities, net (229,000) (44,000)
Net cash used in investing activities (792,000) (565,000)
Cash flows from financing activities:    
Taxes paid from net share settlements for stock-based compensation (39,000) (52,000)
Revolving credit facility borrowings 1,841,000 1,670,000
Revolving credit facility repayments (1,593,000) (1,615,000)
Proceeds from long-term borrowings, net of costs 610,000 931,000
Repayments of long-term borrowings (1,204,000) (1,691,000)
Settlement of intergroup interests 0 273,000
Common stock repurchased and retired 0 (274,000)
Dividends paid (51,000) (48,000)
Other financing activities (14,000) 35,000
Net cash used in financing activities (450,000) (771,000)
Net decrease in cash, cash equivalents and restricted cash (180,000) (35,000)
Cash, cash equivalents and restricted cash at beginning of period [1] 315,000 370,000
Cash, cash equivalents and restricted cash at end of period [1] 135,000 335,000
Cash paid during the period for:    
Interest, net of amounts capitalized 419,000 481,000
Income taxes paid 166,000 125,000
Non-cash investing and financing activities:    
Finance lease obligations incurred to acquire assets 0 7,000
Tax equity investments $ 737,000 $ 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.
As of September 30,
(in millions) 2024 2023
Cash and cash equivalents $ 127  $ 327 
Restricted cash included in Other long-term assets 8  8
Total cash, cash equivalents and restricted cash at end of period $ 135  $ 335