Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income $ 61 $ 16
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Depreciation and amortization 15 20
Development advance notes amortization 7 5
Provision for doubtful accounts 2 1
Impairment 0 12
Deferred income taxes (1) (3)
Stock-based compensation 10 10
Net change in assets and liabilities:    
Trade receivables (8) (11)
Prepaid expenses (11) (7)
Other current assets 1 3
Accounts payable, accrued expenses and other current liabilities (18) 39
Deferred revenues 53 24
Payments of development advance notes, net (28) (31)
Other, net (24) (2)
Net cash provided by operating activities 59 76
Investing activities    
Property and equipment additions (7) (9)
Loan advances, net (52) (15)
Net cash used in investing activities (59) (24)
Financing activities    
Proceeds from borrowings 140 48
Principal payments on long-term debt (76) (8)
Dividends to stockholders (33) (32)
Repurchases of common stock (74) (55)
Net share settlement of incentive equity awards (22) (17)
Other, net 0 (3)
Net cash used in financing activities (65) (67)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 0 (1)
Net decrease in cash, cash equivalents and restricted cash (65) (16)
Cash, cash equivalents and restricted cash, beginning of period 113 66
Cash, cash equivalents and restricted cash, end of period $ 48 $ 50