Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net (loss) income $ (2,075,000) $ 988,000 $ 1,118,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 578,000 624,000 611,000
Non-cash impairment and restructuring costs 3,355,000 26,000 65,000
Non-cash interest expense, net of amortization of premium 24,000 14,000 19,000
Unrealized gains on intergroup interests, net 0 (68,000) 19,000
Realized and unrealized (gains) losses on financial instruments, net (115,000) 126,000 (83,000)
Gain on extinguishment of debt (12,000) 0 0
Share of losses of equity method investments, net 116,000 19,000 5,000
Share-based payment expense 200,000 203,000 209,000
Deferred income tax (benefit) expense (161,000) (40,000) 240,000
Amortization of right-of-use assets 44,000 45,000 49,000
Other charges, net 46,000 61,000 69,000
Changes in operating assets and liabilities:      
Receivables and other assets (128,000) (148,000) (28,000)
Deferred revenue (150,000) (119,000) (149,000)
Payables and other liabilities 19,000 98,000 (163,000)
Net cash provided by operating activities 1,741,000 1,829,000 1,981,000
Cash flows from investing activities:      
Additions to property and equipment (728,000) (650,000) (426,000)
Cash proceeds from disposition of investments 0 0 66,000
Acquisition of business, net of cash acquired 0 0 (136,000)
Other investing activities, net (242,000) (46,000) 3,000
Net cash used in investing activities (970,000) (696,000) (493,000)
Cash flows from financing activities:      
Taxes paid from net share settlements for stock-based compensation (44,000) (64,000) (147,000)
Revolving credit facility borrowings 2,105,000 1,670,000 2,300,000
Revolving credit facility repayments (2,105,000) (1,750,000) (2,220,000)
Proceeds from long-term borrowings, net of costs 1,100,000 1,011,000 600,000
Repayments of long-term borrowings (1,809,000) (2,032,000) (419,000)
Settlement of intergroup interests 0 273,000 78,000
Common stock repurchased and retired (6,000) (274,000) (647,000)
Dividends paid (143,000) (65,000) (249,000)
Transactions with Parent, net (Note 14) 0 0 (1,043,000)
Other financing activities, net (14,000) 43,000 23,000
Net cash used in financing activities (916,000) (1,188,000) (1,724,000)
Net decrease in cash, cash equivalents and restricted cash (145,000) (55,000) (236,000)
Cash, cash equivalents and restricted cash at beginning of period [1] 315,000 370,000 606,000
Cash, cash equivalents and restricted cash at end of period [1] 170,000 315,000 370,000
Cash paid during the period for:      
Interest, net of amounts capitalized 473,000 507,000 487,000
Income taxes paid 218,000 165,000 136,000
Non-cash investing and financing activities:      
Finance lease obligations incurred to acquire assets 0 8,000 14,000
Settlement of debt obligations incurred to acquire assets 0 61,000 0
Tax equity investments $ 722,000 $ 0 $ 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 December 31,
(in millions) 2024 2023 2022
Cash and cash equivalents $ 162  $ 306  $ 362 
Restricted cash included in Other long-term assets 8  9 8
Total cash, cash equivalents and restricted cash at end of period $ 170  $ 315  $ 370