v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 553,727 $ 438,653
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 242,302 199,932
Amortization and impairments of content costs 13,271 13,607
Amortization and write-off of original issue discount and deferred financing cost 2,082 1,266
Loss on sale of assets   1,054
Equity-based compensation 79,982 63,267
Income taxes 54,516 40,967
Other, net 2,414 (9,254)
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (504,891) (208,213)
Other current assets (96,499) (41,403)
Other noncurrent assets (67,123) 31,449
Deferred costs 96,024 (33,271)
Accounts payable, accrued liabilities and other current liabilities 757,903 21,227
Deferred revenue (57,508) 37,717
Other liabilities (7,744) 2,047
Net cash provided by operating activities 1,068,456 559,045
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, buildings and equipment and other assets (44,444) (48,631)
Investments in affiliates, net (3,957) (13,750)
Proceeds from sales of property and equipment 106 5,797
Proceeds from infrastructure improvement incentives 392 5,414
Proceeds from sales of investments and other   1,500
Net cash used in investing activities (47,903) (49,670)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long-term debt (63,689) (20,780)
Proceeds from borrowings 929,885  
Repurchase of Class A common stock (967,623)  
Net transfers to parent   (122,525)
Contributions from parent   26,504
Distributions to members (407,991) (166,651)
Dividends paid (117,339) (62,135)
Payments for financing costs (14,838)  
Taxes paid related to net settlement upon vesting of equity awards (8,089)  
Distributions of non-controlling interests (1,336) (448)
Net cash used in financing activities (651,020) (346,035)
Effects of exchange rate movements on cash (3,325) 17,083
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 366,208 180,423
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,185,959 678,083
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 1,552,167 858,506
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 135,707 103,243
Cash payments for income taxes 88,591 31,294
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Capital expenditures included in current liabilities 4,846 2,712
Capital contribution from parent 620 49,924
Accretion of redeemable non-controlling interests 5,682 $ 4,947
Excise taxes on repurchases of common stock $ 6,942