v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 22,866 $ 349,043
Reconciling items:    
Depreciation 221,063 183,804
Amortization of definite-lived intangibles 136,692 124,676
Amortization of non-recoupable ticketing contract advances 48,240 45,443
Deferred income taxes 7,537 25,129
Amortization of debt issuance costs and discounts 11,291 8,131
Stock-based compensation expense 94,808 86,097
Unrealized changes in fair value of contingent consideration 14,238 9,304
Equity in losses of nonconsolidated affiliates, net of distributions 14,167 8,774
Provision for uncollectible accounts receivable 18,974 13,539
Loss (gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets (66,465) 133
Loss (gain) on forward currency exchange contracts (15,167) 31,584
Other, net (14,866) (9,730)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:    
Increase in accounts receivable (855,217) (622,765)
Increase in prepaid expenses and other assets (1,215,956) (822,523)
Increase in accrued expenses, accounts payable and other liabilities 1,507,529 225,791
Increase in deferred revenue 2,828,374 1,888,292
Net cash provided by operating activities 2,758,108 1,544,722
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances of notes receivable (8,602) (19,156)
Collections of notes receivable 8,085 17,784
Investments made in nonconsolidated affiliates (42,223) (14,492)
Purchases of property, plant and equipment (598,502) (434,207)
Cash paid for acquisition of right-of-use assets 0 (20,800)
Cash paid for acquisitions, net of cash acquired (242,567) (50,090)
Proceeds from sale of intangible assets 0 20,040
Other, net 6,600 8,495
Net cash used in investing activities (877,209) (492,426)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from debt, net of debt issuance costs 1,021,866 62,764
Payments on debt including extinguishment costs (237,478) (103,625)
Contributions from noncontrolling interests 27,829 11,264
Distributions to noncontrolling interests (188,735) (164,819)
Purchases of noncontrolling interests, net (236,759) (206,112)
Proceeds from exercise of stock options 5,057 3,443
Taxes paid for net share settlement of equity awards (64,111) (86,585)
Payments for deferred and contingent consideration (18,552) (14,399)
Other, net (1,014) (383)
Net cash provided by (used in) financing activities 308,103 (498,452)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (124,361) 409,647
Net increase in cash, cash equivalents and restricted cash 2,064,641 963,491
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 $ 9,171,627 $ 7,069,600