v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (380,018) $ 46,302
Reconciling items:    
Depreciation 99,565 89,462
Amortization of definite-lived intangibles 69,731 59,993
Amortization of non-recoupable ticketing contract advances 26,020 24,722
Deferred income taxes (44,693) 4,271
Amortization of debt issuance costs and discounts 5,150 3,684
Stock-based compensation expense 32,777 24,550
Unrealized changes in fair value of contingent consideration 10,409 1,169
Equity in losses of nonconsolidated affiliates, net of distributions 4,553 3,480
Provision for uncollectible accounts receivable (1,224) 3,574
Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets (6,189) (5,467)
Loss (gain) on forward currency exchange contracts (17,306) 13,361
Other, net (6,002) (4,485)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Decrease (increase) in accounts receivable 70,629 (70,535)
Increase in prepaid expenses and other assets (783,967) (592,946)
Increase (decrease) in accrued expenses, accounts payable and other liabilities 281,040 (545,945)
Increase in deferred revenue 2,978,360 2,266,061
Net cash provided by operating activities 2,338,835 1,321,251
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances of notes receivable (1,944) (6,403)
Collections of notes receivable 5,920 9,375
Investments made in nonconsolidated affiliates (9,649) (3,887)
Purchases of property, plant and equipment (308,978) (170,791)
Cash paid for acquisition of right-of-use assets 0 (20,800)
Cash paid for acquisitions, net of cash acquired (113,203) (31,346)
Other, net 10,115 6,457
Net cash used in investing activities (417,739) (217,395)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from debt, net of debt issuance costs 226,161 11,059
Payments on debt including extinguishment costs (6,611) (86,828)
Contributions from noncontrolling interests 11,349 4,612
Distributions to noncontrolling interests (38,000) (33,742)
Purchases of noncontrolling interests, net (25,882) (4,496)
Proceeds from exercise of stock options 783 2,606
Taxes paid for net share settlement of equity awards (47,930) (65,009)
Payments for deferred and contingent consideration (1,530) (1,242)
Other, net (859) (150)
Net cash provided by (used in) financing activities 117,481 (173,190)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (54,613) 131,471
Net increase in cash, cash equivalents and restricted cash 1,983,964 1,062,137
Cash, cash equivalents and restricted cash at beginning of period 7,106,986 6,106,109
Cash, cash equivalents and restricted cash at end of period $ 9,090,950 $ 7,168,246