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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 1,304.7 $ 93.4 $ (81.7)
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 666.6 314.9 310.5
Amortization of deferred financing costs, debt discount and premium 14.3 22.7 18.5
Loss on extinguishment of debt 183.0 0.0 31.2
Deferred income taxes (143.5) (18.9) (68.5)
Straight-line revenues and amortization of below-market lease intangibles (15.4) (30.6) (37.9)
Stock-based compensation 23.5 13.5 12.5
Goodwill impairment 0.0 0.0 204.0
Gain on sale of operating assets 0.0 (19.0) 0.0
Gain on settlement of preexisting relationships (1,683.9) 0.0 0.0
Provision for estimated credit losses 15.9 1.1 1.2
Other, net 8.1 7.3 7.0
Changes in operating assets and liabilities, net of acquisitions:      
Accounts receivable (8.5) (6.2) (4.9)
Inventory (41.5) 0.0 0.0
Prepaid expenses (7.5) 0.8 (1.4)
Other current assets 5.6 (1.6) 0.6
Other assets (13.0) (0.5) 20.6
Accounts payable 32.7 7.8 0.2
Accrued interest (64.1) 10.2 12.4
Accrued taxes 4.9 1.2 1.4
Deferred revenue 86.1 8.2 1.0
Other current liabilities 25.9 0.0 (6.0)
Other liabilities (11.0) (2.1) (1.4)
Noncurrent deferred revenue (42.2) (37.4) (47.6)
Operating lease assets and lease obligations 8.0 1.8 (18.5)
Other, net 1.5 0.0 0.0
Net cash provided from operating activities 350.2 366.6 353.2
Cash flows from investing activities:      
Capital expenditures (787.8) (354.8) (417.0)
Merger cash consideration paid, net of cash acquired (229.5) 0.0 0.0
Capital expenditures funded by government grants (22.0) 0.0 0.0
Grant funds received for broadband expansion 17.0 0.0 0.0
Proceeds from sale of IPv4 addresses and other assets 10.6 2.6 5.7
Proceeds from sale of operating assets 0.0 40.0 0.0
Proceeds from sale of unconsolidated entity 0.0 40.0 0.0
Net cash used in investing activities (1,011.7) (272.2) (411.3)
Cash flows from financing activities:      
Proceeds from issuance of debt 4,718.0 714.0 3,106.0
Repayments of debt (3,784.0) (460.9) (2,749.7)
Dividends paid 0.0 (108.5) (107.4)
Payments of settlement obligation (73.5) (98.0) (98.0)
Payments for financing costs (235.7) (15.8) (71.3)
Other, net (13.0) (3.7) (3.0)
Net cash provided from financing activities 611.8 27.1 76.6
Net (decrease) increase in cash, restricted cash and cash equivalents (49.7) 121.5 18.5
Cash, restricted cash and cash equivalents at beginning of period 183.8 62.3 43.8
Cash, restricted cash and cash equivalents at end of period $ 134.1 $ 183.8 $ 62.3