Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 734,317 $ 409,193 $ (608,786)
Reconciling items:      
Depreciation 266,590 225,770 222,840
Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss 250,207 224,206 193,437
Amortization of non-recoupable ticketing contract advances 83,693 79,043 74,406
Deferred income tax expense (benefit) (44,018) 7,199 (9,639)
Amortization of debt issuance costs and discounts 16,884 16,448 37,260
Provision for uncollectible accounts and loans receivable 78,336 68,612 (17,826)
Gain (Loss) on Repurchase of Debt Instrument (18,504) 0 0
Stock-based compensation expense 115,959 110,049 209,337
Unrealized changes in fair value of contingent consideration 40,151 56,704 (6,732)
Gain on mark-to-market of equity investments (47,878) (22,638) (15,447)
Equity in losses earnings of nonconsolidated affiliates, net of distributions 30,522 14,912 11,189
Loss (gain) on sale of investments in nonconsolidated affiliates (979) 1,357 (83,578)
Other, net (11,509) 3,355 114
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Increase in accounts receivable (550,670) (463,977) (485,211)
Decrease (increase) in prepaid expenses and other assets (202,834) (267,945) 95,533
Increase in accounts payable, accrued expenses and other liabilities 460,496 1,002,158 1,315,722
Increase in deferred revenue 133,023 367,617 847,949
Net cash provided by operating activities 1,370,794 1,832,063 1,780,568
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances of notes receivable (181,801) (115,992) (28,899)
Collections of notes receivable 17,057 20,527 23,835
Investments made in nonconsolidated affiliates (54,922) (91,186) (110,589)
Purchases of property, plant and equipment (438,604) (347,206) (152,734)
Cash paid for acquisitions, net of cash acquired (17,534) (257,191) (384,251)
Purchases of intangible assets (36,653) (6,080) (7,100)
Proceeds from sale of investments in nonconsolidated affiliates 1,524 3,863 90,432
Other, net 15,128 8,574 2,344
Net cash used in investing activities (695,805) (784,691) (566,962)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from long-term debt, net of debt issuance costs 1,061,026 122,251 903,827
Payments of long-term debt including extinguishment costs (730,643) (45,792) (109,705)
Contributions from noncontrolling interests 19,602 15,021 22,026
Distributions to noncontrolling interests (239,619) (100,660) (52,368)
Purchases and sales of noncontrolling interest, net (113,768) (48,306) (9,638)
Proceeds from sale of common stock, net of issuance costs 0 0 449,630
Payments for capped call transactions (75,500) 0 0
Proceeds from exercise of stock options 19,264 35,775 30,618
Taxes paid for net share settlement of equity awards (9,484) (76,925) (45,845)
Payments for deferred and contingent consideration (17,757) (44,220) (17,319)
Other, net (402) (484) 106
Net cash provided by (used in) financing activities (87,281) (143,340) 1,171,332
Effect of exchange rate changes on cash, cash equivalents and restricted cash 38,874 (179,450) (43,585)
Net increase in cash, cash equivalents and restricted cash 626,582 724,582 2,341,353
Cash, cash equivalents and restricted cash at beginning of period 5,612,374 4,887,792 2,546,439
Cash, cash equivalents and restricted cash at end of period 6,238,956 5,612,374 4,887,792
Cash paid during the year for:      
Interest, net of interest income 57,367 180,878 224,402
Income taxes, net of refunds $ 175,148 $ 43,859 $ 15,911