v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income (loss) $ (265) $ 2
Adjustments to reconcile net income (loss) to net cash from operating activities    
Depreciation and amortization expense 54 52
Stock compensation expense 17 16
Deferred tax benefit (12) (1)
Deemed non-pro rata distribution 216 0
Other 3 4
Changes in assets and liabilities    
Accounts receivable (8) 114
Other assets 22 (13)
Accounts payable (47) (56)
Accrued expenses and other liabilities 15 (48)
Net cash provided by (used in) operating activities (5) 70
Investing activities    
Business acquisition, net of cash acquired (1,019) 0
Payment for purchases of property and equipment (33) (46)
Other 0 (1)
Net cash used in investing activities (1,052) (47)
Financing activities    
Proceeds from issuance of common stock and pre-funded warrants 1,125 0
Payment for equity issuance costs (30) 0
Proceeds from borrowings on revolving credit facilities 203 0
Repayment of borrowings on revolving credit facilities (193) 0
Payment for tax withholdings related to vesting of stock compensation awards (4) (12)
Repurchase of common stock 0 (2)
Other 9 0
Net cash provided by (used in) financing activities 1,107 (17)
Effect of exchange rates on cash, cash equivalents and restricted cash 0 0
Net increase in cash, cash equivalents and restricted cash 50 6
Cash, cash equivalents, and restricted cash, beginning of period 5 98
Cash, cash equivalents, and restricted cash, end of period 55 104
Supplemental disclosure of cash flow information:    
Leased assets obtained in exchange for new operating lease liabilities 97 60
Leased assets obtained in exchange for new finance lease liabilities 0 1
Cash paid for income taxes, net 3 25
Cash paid for interest, net 13 18
Repayment of debt and finance leases $ (3) $ (3)