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

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 690,740 $ 1,131,124 $ 703,798
Reconciling items:      
Depreciation 374,301 300,003 266,590
Amortization of definite-lived intangibles 264,571 249,920 250,207
Amortization of non-recoupable ticketing contract advances 88,386 88,717 83,693
Deferred income taxes (20,502) (708,570) (44,018)
Amortization of debt issuance costs and discounts 20,244 17,794 16,884
Provision for uncollectible accounts receivable 30,784 1,002 78,336
Loss on extinguishment of debt (780) (2,563) (18,504)
Stock-based compensation expense 155,219 110,348 115,959
Unrealized changes in fair value of contingent consideration 91,455 (21,721) 40,151
Equity in losses of nonconsolidated affiliates, net of distributions 23,227 32,371 30,522
Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets 12,112 102,929 47,878
Gain on sale of operating and fixed assets (20,979) (7,887) (2,955)
Other, net (3,052) (18,665) (9,533)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:      
Decrease (increase) in accounts receivable (147,892) 181,430 (525,739)
Increase in prepaid expenses and other assets (343,315) (22,192) (202,834)
Increase (decrease) in accrued expenses, accounts payable and other liabilities (138,407) 13,782 450,370
Increase in deferred revenue 341,868 478,085 140,917
Net cash provided by operating activities 1,395,316 1,725,175 1,362,974
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances of notes receivable (77,636) (119,213) (181,801)
Collections of notes receivable 22,855 52,303 17,057
Proceeds from Sales of Assets, Investing Activities 25,536 7,373 1,479
Investments made in nonconsolidated affiliates (38,984) (45,683) (54,922)
Purchases of property, plant and equipment (1,061,705) (646,634) (438,604)
Cash Paid for Acquisition of Right-of-Use Assets 20,800 20,000 0
Cash paid for acquisitions, net of cash acquired (80,006) (98,307) (17,534)
Purchases of intangible assets (7,832) (8,522) (36,653)
Cash derecognized from sale of investments in nonconsolidated affiliates (1,363)    
Proceeds (cash derecognized) from sale of investments in nonconsolidated affiliates   19,594 1,524
Other, net 13,485 4,808 13,649
Net cash used in investing activities (1,226,450) (854,281) (695,805)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from debt, net of debt issuance costs 3,714,432 1,671,842 1,061,026
Payments of long-term debt including extinguishment costs (2,049,287) (1,959,725) (730,643)
Contributions from noncontrolling interests 34,578 3,000 19,602
Distributions to noncontrolling interests (250,996) (245,580) (239,619)
Purchases and sales of noncontrolling interest, net (883,634) (69,935) (113,768)
Payments for capped call transactions 0 0 (75,500)
Proceeds from exercise of stock options 5,081 26,052 19,264
Taxes paid for net share settlement of equity awards (126,691) (59,756) (9,484)
Common stock repurchases 23,531 0 0
Payments for deferred and contingent consideration (11,785) (23,733) (17,757)
Other, net (1,660) (715) (402)
Net cash provided by (used in) financing activities 406,507 (658,550) (87,281)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 425,504 (345,191) 38,874
Net increase (decrease) in cash, cash equivalents and restricted cash 1,000,877 (132,847) 618,762
Cash, cash equivalents and restricted cash at beginning of period 6,106,109 6,238,956 5,620,194
Cash, cash equivalents and restricted cash at end of period 7,106,986 6,106,109 6,238,956
Cash paid during the year for:      
Interest, net of interest income 118,638 132,758 57,367
Income taxes, net of refunds $ 313,038 $ 253,652 $ 175,148