v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ 322,224 $ 305,425
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and intangible asset amortization 692,424 678,269
Amortization of deferred subscriber acquisition costs 136,609 122,507
Amortization of deferred subscriber acquisition revenue (179,132) (178,489)
Share-based compensation expense 32,214 32,170
Deferred income taxes 17,845 2,488
Provision for losses on receivables and inventory 117,826 100,882
Loss on extinguishment of debt 0 6,443
Goodwill, intangible, and other asset impairments 0 1,504
Unrealized (gain) loss on interest rate swap contracts 17,159 41,876
Other non-cash items, net 33,190 38,607
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Deferred subscriber acquisition costs (193,857) (188,690)
Deferred subscriber acquisition revenue 98,272 115,365
Other, net 209,680 (47,832)
Net cash provided by (used in) operating activities 1,304,454 1,030,525
Cash flows from investing activities:    
Dealer generated customer accounts and bulk account purchases (239,008) (330,997)
Subscriber system asset expenditures (169,637) (209,188)
Purchases of property and equipment (95,162) (83,052)
Acquisition of businesses, net of cash acquired (163,739) 0
Proceeds (payments) from interest rate swaps 1,079 (1,378)
Other investing, net (394) 2,056
Net cash provided by (used in) investing activities (666,861) (622,559)
Cash flows from financing activities:    
Proceeds from long-term borrowings 249,700 730,000
Repayment of long-term borrowings, including call premiums (246,872) (650,489)
Proceeds from receivables facility 103,256 146,623
Repayment of receivables facility (130,416) (114,752)
Proceeds (payments) from interest rate swaps 24,386 34,163
Repurchases of common stock, including excise tax (600,009) (495,111)
Dividends on common stock (89,908) (95,998)
Payments on finance leases (15,282) (14,456)
Other financing, net (12,951) 431
Net cash provided by (used in) financing activities (718,096) (459,589)
Cash and cash equivalents and restricted cash and restricted cash equivalents:    
Net increase (decrease) (80,503) (51,623)
Beginning balance 108,540 204,065
Ending balance $ 28,037 $ 152,442