Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 827,021 $ 849,206
Reconciling items:    
Depreciation 281,122 221,841
Amortization of definite-lived intangibles 192,958 185,483
Amortization of non-recoupable ticketing contract advances 61,971 62,237
Deferred income taxes 69,419 (14,059)
Amortization of debt issuance costs and discounts 13,392 13,168
Stock-based compensation expense 126,912 85,450
Unrealized changes in fair value of contingent consideration 17,012 (22,453)
Equity in losses of nonconsolidated affiliates, net of distributions 16,525 20,586
Provision for uncollectible accounts receivable 19,385 (1,101)
Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets (10,341) (100,048)
Gain on sale of operating and fixed assets (19,390) (3,064)
Other, net (7,424) (8,554)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Increase in accounts receivable (753,810) (565,093)
Increase in prepaid expenses and other assets (401,117) (341,941)
Increase in accounts payable, accrued expenses and other liabilities 1,019,909 586,960
Decrease in deferred revenue (4,498) (288,566)
Net cash provided by operating activities 1,449,046 680,052
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances of notes receivable (58,543) (92,895)
Collections of notes receivable 21,600 22,789
Disposal of operating assets, net of cash sold 25,232 4,829
Investments made in nonconsolidated affiliates (29,225) (34,479)
Purchases of property, plant and equipment (709,797) (491,750)
Cash paid for acquisition of right-of-use assets (20,800) 0
Cash paid for acquisitions, net of cash acquired (68,334) (49,456)
Proceeds from sale of intangible assets 20,040 0
Other, net (12,940) (1,836)
Net cash used in investing activities (832,767) (642,798)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from debt, net of debt issuance costs 948,154 2,038
Payments on debt including extinguishment costs (110,526) (384,567)
Contributions from noncontrolling interests 14,002 3,000
Distributions to noncontrolling interests (196,799) (199,834)
Purchases of noncontrolling interests, net (851,183) (69,935)
Proceeds from exercise of stock options 5,054 19,342
Taxes paid for net share settlement of equity awards (119,666) (40,873)
Payments for deferred and contingent consideration (10,984) (21,581)
Other, net (832) (50)
Net cash used in financing activities (322,780) (692,460)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 363,479 (82,947)
Net increase (decrease) in cash, cash equivalents and restricted cash 656,978 (738,153)
Cash, cash equivalents and restricted cash at beginning of period 6,106,109 6,238,956
Cash, cash equivalents and restricted cash at end of period $ 6,763,087 $ 5,500,803