v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ (147,300) $ (203,281)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:    
Depreciation and amortization 166,601 488,333
Impairments and other (66,159)  
Realized and unrealized losses (gains) and impairments on investments and other 2,737 (35,769)
Non-cash, stock-based compensation 10,233 7,609
Interest expense paid in kind on long-term debt   57,073
Deferred tax expense (benefit) (28,582) (68,902)
Changes in allowance for credit losses 4,021 (1,987)
Change in long-term deferred revenue and other long-term liabilities (60,073) (2,772)
Other, net 79,253 (5,446)
Changes in operating assets and operating liabilities, net 277,553 (28,103)
Net cash flows from operating activities 238,284 206,755
Cash Flows From Investing Activities:    
Purchases of marketable investment securities (577,181) (1,807,779)
Sales and maturities of marketable investment securities 1,521,282 533,812
Purchases of property and equipment (Note 7) (133,435) (258,427)
Capitalized interest related to regulatory authorizations (Note 2)   (120,057)
Other, net 38,429 (4,268)
Net cash flows from investing activities 849,095 (1,656,719)
Cash Flows From Financing Activities:    
Repayment of debt, finance lease and other obligations (5,654) (24,671)
Redemption and repurchases of debt (Note 9) (1,787,082) (289,383)
Early debt redemption gains (losses)   11,465
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan 7,513 2,534
Other, net 1,727 (31,792)
Net cash flows from financing activities (1,783,496) (331,847)
Effect of exchange rates on cash and cash equivalents (240) 1,714
Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents (696,357) (1,780,097)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 5) 2,182,155 4,593,804
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 5) $ 1,485,798 $ 2,813,707