v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 831,566 $ 545,443
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 335,266 329,063
Amortization of content costs 17,621 20,948
Impairment charges 4,843 3,587
Amortization and write-off of original issue discount and deferred financing cost 3,329 1,976
Loss on sale of assets 0 10,899
Equity-based compensation 119,630 83,165
Income taxes 30,001 47,848
Other, net 5,421 761
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (436,032) (153,302)
Other current assets (38,833) (40,358)
Other noncurrent assets (70,466) (43,639)
Deferred costs 61,337 (4,856)
Accounts payable, accrued liabilities and other current liabilities 609,022 (28,844)
Deferred revenue 65,190 79,688
Other liabilities 2,760 123,441
Net cash provided by operating activities 1,540,655 975,820
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, buildings and equipment and other assets (66,558) (66,482)
Investments in affiliates, net (3,957) (16,250)
Acquisitions, net of cash acquired 3,883 (8,675)
Proceeds from sales of property and equipment 106 5,797
Proceeds from infrastructure improvement incentives 392 10,442
Proceeds from sales of investments and other 0 1,500
Net cash used in investing activities (66,134) (73,668)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long-term debt (81,910) (53,329)
Proceeds from borrowings 929,885 1,018,048
Repurchase of Class A common stock (1,123,765) (826,149)
Net transfers to parent 0 (122,525)
Contributions from parent 0 26,504
Distributions to members (580,923) (313,830)
Dividends paid (175,004) (124,508)
Payments for financing costs (14,838) (3,319)
Taxes paid related to net settlement upon vesting of equity awards (17,504) (10,784)
Distributions of non-controlling interests (1,960) (60)
Net cash used in financing activities (1,066,019) (409,952)
Effects of exchange rate movements on cash (4,710) 2,988
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 403,792 495,188
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 1,589,751 1,173,271
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest 204,009 166,971
Cash payments for income taxes 59,441 45,892
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Capital expenditures included in current liabilities 7,286 1,391
Capital contribution from parent 1,830 50,391
Accretion of redeemable non-controlling interests 6,530 5,928
Excise taxes on repurchases of common stock $ 9,840 $ 5,013