Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 193 $ 289 $ 289
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:      
Depreciation and amortization 62 71 76
Development advance notes amortization 32 24 15
Provision for doubtful accounts and loan losses 87 4 3
Impairment 86 12 0
Deferred income taxes (57) 4 (17)
Stock-based compensation 43 45 39
Early extinguishment of debt 0 3 3
Net change in assets and liabilities:      
Trade receivables (48) (39) (10)
Prepaid expenses 11 (18) 5
Other current assets (1) 2 37
Accounts payable, accrued expenses and other current liabilities 38 (33) (4)
Deferred revenues 62 36 10
Payments of development advance notes 112 114 73
Proceeds from development advance notes 7 5 1
Other, net (36) (1) 2
Net cash provided by operating activities 367 290 376
Investing activities      
Property and equipment additions (46) (49) (37)
Loan advances (58) (17) (29)
Loan repayments 1 1 0
Net cash used in investing activities (103) (65) (66)
Financing activities      
Proceeds from borrowings 405 1,835 1,378
Principal payments on long-term debt (312) (1,539) (1,245)
Finance lease payments 0 (39) (5)
Debt issuance costs (3) (1) (10)
Dividends to stockholders (127) (122) (118)
Repurchases of common stock (266) (310) (393)
Exercise of stock options 12 22 0
Net share settlement of incentive equity awards (23) (20) (9)
Other, net 0 (1) 0
Net cash used in financing activities (314) (175) (402)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash 1 (3) (3)
Net (decrease)/increase in cash, cash equivalents and restricted cash (49) 47 (95)
Cash, cash equivalents and restricted cash, beginning of period 113 66 161
Cash, cash equivalents and restricted cash, end of period $ 64 $ 113 $ 66