Live Nation Entertainment Reports First Quarter 2025 Results
"2025 is shaping up to be a historic year for live music, with a strong start having us on track to deliver double-digit growth in operating income and AOI this year. As more artists tour the world, fan demand is reaching new heights across ticket sales, show attendance, and on-site spending. Ticket sales are pacing well ahead of last year, with deferred revenue for both concerts and ticketing at record levels. To support even more fans seeing their favorite artists, we're continuing to expand our global venue network, adding 20 major venues through 2026. As the global experience economy grows, the live music industry is leading the way, and we're positioned to compound growth by double-digits over many years." –Michael Rapino, President and CEO
RECORD-LEVEL OF DEFERRED REVENUE REFLECTS ROBUST GLOBAL CONSUMER DEMAND
- Q1 delivered strong results driven by growing artist supply and fan demand
- Operating income of
$115 million - Adjusted operating income of
$341 million and$361 million at constant currency
- Operating income of
- Q1 deferred revenue at record levels for both Concerts and Ticketmaster
- Concerts event-related deferred revenue of
$5.4 billion , up 24% compared to last year - Ticketmaster deferred revenue of
$270 million , up 13% compared to last year
- Concerts event-related deferred revenue of
LIVE MUSIC MOMENTUM BUILDING INTO 2025 RECORD SUMMER CONCERTS SEASON
(through mid-April vs same period last year unless otherwise noted)
- 2025 global stadium pipeline up 60%
- 95 million tickets sold for
Live Nation concerts, up double-digits led by stadium ticket sales up over 80% - On sales continue to see strong demand, with sell-through rates in the first week for shows at major venues consistent with last year
- On-site spend remains resilient with sales globally across our theaters and clubs at or above prior year levels
- Ticketmaster primary ticketing volume for all genres of 2025 events up 5% and Gross Transaction Value (GTV) up 10%
- Q2 off to a very strong start: Ticketmaster transacted ticket sales for concerts up 25% and GTV up 45% for the first two weeks of April
- 85% of expected 2025 sponsorship committed, up double-digits
GLOBAL ACTIVITY FUELS BEST EVER Q1 FOR CONCERTS (VS 1Q24)
- Revenue of
$2.5 billion - Record AOI of
$7 million , up from($2) million driven by substantial growth in international markets, most notablyLatin America andAsia Pacific - 22.3 million fans across 11,300 events, consistent with last year
- Demand for emerging artists remains strong with fans at theaters and clubs up 8%
- Fans across
Latin America up over 25%
KEY METRICS INDICATE ANOTHER RECORD SUMMER FOR CONCERTS
(through mid-April vs same period last year)
- Q1 ended with record event-related deferred revenue of
$5.4 billion , up$2 billion from last quarter and up 24% vs Q1 last year - Global artist pipeline continues to grow: relative to 2019, non-English speaking artists now account for twice as many of the top 50 tours, as ticket sales have nearly tripled
- High demand for major global festivals including fully sold-out EDC Vegas, Lollapalooza Chicago, Lowlands, Electric Picnic, and Isle of Wight
- Concerts continue to offer one of the widest price ranges in entertainment, with strong demand for budget-friendly get-in prices as well as bucket-list up front experiences:
- Implementing more pricing tiers across the venue is keeping back-of-house seats more affordable, with 2025 get-in prices for the
U.S. averaging below last year and pacing 10 percentage points below the rate of inflation since 2019 $40 average get-in price across all venue types$60 average get-in price across stadiums, 8% below 2024 levels
- Implementing more pricing tiers across the venue is keeping back-of-house seats more affordable, with 2025 get-in prices for the
- Full-year AOI margins expected to be consistent with last year
- Based on our current assessment, minimal impact from tariffs expected to our supply chain or touring logistics for the year
VENUE NATION CONTINUES TO EXPAND HOSPITALITY OFFERINGS (VS 1Q24)
- Approximately 10 million fans attended shows in our operated venues in Q1, up double-digits
- Continuing to enhance hospitality offerings to meet fan demand
- Food and beverage spend globally at theaters and clubs at or above last year levels
- Ancillary per fan spend at Estadio GNP up over 30% after refurbishment, driven by increased on-site and premium experience spending
SCALING VENUE EXPANSION TO UNLOCK GLOBAL DEMAND
- Fans attending shows in our operated venues expected to be up double-digits this year
- Plan to open at least 20 large venues (stadiums, arenas, amphitheaters, and large theaters) globally through 2026, creating capacity for approximately seven million incremental fans on a run-rate basis and delivering average investment returns of 20%+
STRONG CONCERTS ACTIVITY DRIVES TICKETMASTER RESULTS (VS 1Q24)
- Revenue of
$695 million - AOI of
$253 million - Concerts primary GTV up 9%, reflecting strong consumer demand for live music
- Fee-bearing tickets of 78 million, consistent with last year
- Concerts tickets up 4% and comprised 60% of volume
- Non-concerts tickets down 9% and comprised 40% of volume
Q2 STARTS STRONG WITH CONCERTS SEASON GAINING MOMENTUM
- Ticketmaster ended Q1 with record deferred revenue of
$270 million , up 13%, indicating a strong year ahead with AOI growth accelerating into 2H - Ticketmaster transacted ticket sales for concerts up 25% and GTV up 45% for 1H April
- 9.5 million net new enterprise tickets signed, with approximately 70% from international markets
- Full-year AOI margin expected to be in the high 30s, consistent with prior years
GLOBAL REACH CONTINUES TO ATTRACT BRAND PARTNERS AND FUEL GROWTH IN Q1
- Revenue of
$216 million - AOI of
$136 million - Brand partnerships continue to leverage the power of our on-site and online global platforms
- Increased penetration in key categories such as retail including a festival partnership with
7-Eleven , and beverages through new multi-year deals withAthletic Brewing Company , Four Loko, and others - Expanding relationships across our venue portfolio with new name-in-title sponsorships including Citizens Live at The Wylie and
Synovus Bank Amphitheater atChastain Park
- Increased penetration in key categories such as retail including a festival partnership with
CONTINUED BRAND ENGAGEMENT TO DRIVE ANOTHER RECORD YEAR
(through mid-April vs same period last year)
- Over 80% of our 2025 revenue is comprised of committed strategic deals (>
$1 million )- Number of committed strategic deals are up double-digits
- Revenue generated from these clients is also up double-digits
- Full-year AOI margin expected to be in the low 60s, consistent with prior years
STRONG BALANCE SHEET TO SUPPORT STRATEGIC VENUE EXPANSION
- Full-year AOI to free cash flow—adjusted conversion rate expected to be consistent with historical levels
- 2025 capital expenditures estimated to be
$900 million to $1 billion- Of this,
$700 to$800 million is related to venue expansion and enhancement plans, which are expected to yield IRRs averaging 20%+ - Approximately
$200 to$250 million of funding from joint-venture partners, sponsorship agreements, and other sources, reducing cash flow requirements - Maintenance capex spend remains consistent with historical levels
- Of this,
- Over 90% of our debt is at fixed rates with a weighted average cost of debt of approximately 4.4% with no remaining debt maturities this year
ADDITIONAL FINANCIAL INFORMATION
- Foreign exchange impacted operating income and AOI by 11% and 5%, respectively, in Q1 largely due to exposure to the Mexican Peso and other Latin American currencies. Based on current projected rates, the impact of foreign exchange is expected to be low-single digits to revenue, operating income, and AOI for Q2
- Full year depreciation and amortization expected to increase by approximately
$75 million compared to last year - Full year accretion is expected to be
$125 million higher than last year, largely driven by continued growth of OCESA profitability - Non-controlling interest and taxes are expected to increase in line with our AOI growth
- 2025 share count not expected to change materially from 2024
Compare Our Operating Results To Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-results
The company will webcast a teleconference today,
Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Quarterly Report on Form 10-Q for the quarter ended
About
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FINANCIAL HIGHLIGHTS – FIRST QUARTER (unaudited; $ in millions) |
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Q1 2025 |
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Q1 2024 Reported |
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Change |
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Q1 2025 |
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Q1 2025 at |
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Change at |
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Revenue |
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Concerts |
$ 2,484.1 |
|
$ 2,879.4 |
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(14) % |
|
$ 84.9 |
|
$ 2,569.0 |
|
(11) % |
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Ticketing |
694.7 |
|
723.2 |
|
(4) % |
|
19.6 |
|
714.3 |
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(1) % |
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Sponsorship & Advertising |
216.1 |
|
211.3 |
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2 % |
|
13.2 |
|
229.3 |
|
9 % |
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Other and Eliminations |
(12.8) |
|
(14.4) |
|
* |
|
0.1 |
|
(12.7) |
|
* |
|
|
$ 3,382.1 |
|
$ 3,799.5 |
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(11) % |
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$ 117.8 |
|
$ 3,499.9 |
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(8) % |
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Consolidated Operating Income (Loss) |
$ 114.8 |
|
$ (41.4) |
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* |
|
$ 14.7 |
|
$ 129.5 |
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* |
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Adjusted Operating Income (Loss) |
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Concerts |
$ 6.6 |
|
$ (1.8) |
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* |
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$ (0.5) |
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$ 6.1 |
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* |
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Ticketing |
253.1 |
|
284.1 |
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(11) % |
|
12.0 |
|
265.1 |
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(7) % |
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Sponsorship & Advertising |
136.0 |
|
130.0 |
|
5 % |
|
8.3 |
|
144.3 |
|
11 % |
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Other and Eliminations |
(5.9) |
|
(7.2) |
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* |
|
0.0 |
|
(5.9) |
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* |
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Corporate |
(48.7) |
|
(42.6) |
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(14) % |
|
0.0 |
|
(48.7) |
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(14) % |
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|
$ 341.1 |
|
$ 362.5 |
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(6) % |
|
$ 19.8 |
|
$ 360.9 |
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(0.5) % |
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* Percentages are not meaningful |
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Reconciliation of Operating Income (Loss) to Adjusted Operating Income (unaudited; $ in millions) |
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Q1 2025 |
Q1 2024 |
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Operating Income (Loss) |
$ 114.8 |
$ (41.4) |
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Acquisition expenses |
29.7 |
30.6 |
|
Amortization of non-recoupable ticketing contract advances |
24.7 |
24.1 |
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Depreciation and amortization |
149.5 |
132.6 |
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Gain on sale of operating assets |
(2.2) |
(0.7) |
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Astroworld estimated loss contingencies |
— |
185.9 |
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Stock-based compensation expense |
24.6 |
31.4 |
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Adjusted Operating Income |
$ 341.1 |
$ 362.5 |
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Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (unaudited; $ in millions)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities |
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($ in millions) |
Q1 2025 |
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Q1 2024 |
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Net cash provided by operating activities |
$ 1,321.3 |
|
$ 988.9 |
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Changes in operating assets and liabilities (working capital) (1) |
(1,056.6) |
|
(927.9) |
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Changes in accrued liabilities for Astroworld estimated loss contingencies |
— |
|
185.9 |
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Free cash flow from earnings |
$ 264.7 |
|
$ 246.9 |
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Less: Maintenance capital expenditures |
(14.9) |
|
(22.5) |
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Distributions to noncontrolling interests |
(33.7) |
|
(56.2) |
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Free cash flow — adjusted |
$ 216.1 |
|
$ 168.2 |
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|
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Net cash used in investing activities |
$ (217.4) |
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$ (170.7) |
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Net cash used in financing activities |
$ (173.2) |
|
$ (478.4) |
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Reconciliation of Free Cash to Cash and Cash Equivalents |
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($ in millions) |
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Cash and cash equivalents |
$ 7,158.7 |
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Short-term investments |
64.5 |
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Client cash |
(1,559.9) |
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Deferred revenue — event-related |
(5,395.9) |
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Accrued artist fees |
(125.5) |
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Collections on behalf of others |
(140.5) |
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Prepaid expenses — event-related |
1,117.5 |
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Free cash |
$ 1,118.9 |
Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:
Certain statements in this press release, including the Supplemental Information that follows, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding expectations that 2025 will be a historic year for live music, with the company on track to deliver a record year with double-digit growth in operating income and adjusted operating income for the year; fan demand across ticket sales, fan attendance, and on-site spending; the company's positioning to compound growth by double-digits over many years; momentum building into an expected record summer concerts season; the company's expectation that full-year 2025 adjusted operating income margin in its Concerts segment will be consistent with those in 2024; current expectations that there will be minimal impact to the company's supply chain or touring logistics from tariffs for the year; expectations that fans attending shows in the company's operated venues will be up double-digits in 2025 compared to 2024; the company's plans to open at least 20 large venues globally through 2026, creating capacity for approximately seven million incremental fans on a run-rate basis and expected to deliver average investment returns of 20%+; the company' belief that its Ticketing segment will have a strong year ahead, with adjusted operating income growth expected to accelerate into the second half of the year; the company's expectation that full-year 2025 adjusted operating income margin in its Ticketing segment will be in the high 30s, consistent with prior years; the company's expectation that full-year 2025 adjusted operating income margin in its Sponsorship and Advertising segment will be in the low 60s, consistent with prior years; current expectations for the company's capital expenditures in 2025, including spend related to venue expansion and enhancement plans (which are expected to yield double-digit IRRs), as well as the expected amount of funding from joint-venture partners, sponsorship agreements, and other sources, and the anticipated maintenance spend; expectations that the full-year 2025 adjusted operating income to free cash flow—adjusted conversion rate will be consistent with historical levels; the expected impact of foreign exchange on the company's revenue, operating income, and adjusted operating income in the second quarter of 2025, based on current projected rates; expectations for full-year 2025 depreciation and amortization, accretion, and share count; and the expectation that non-controlling interest and taxes will increase in line with the company's adjusted operating income growth.
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.
AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin as presented herein may not be comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period's currency exchange rates and the comparable prior period's currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.
Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.
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CONSOLIDATED BALANCE SHEETS (unaudited) |
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(in thousands) |
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ASSETS |
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Current assets |
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Cash and cash equivalents |
$ 7,158,680 |
|
$ 6,095,424 |
|
Accounts receivable, less allowance of |
1,850,779 |
|
1,747,316 |
|
Prepaid expenses |
1,724,956 |
|
1,247,184 |
|
Restricted cash |
9,566 |
|
10,685 |
|
Other current assets |
325,209 |
|
189,528 |
|
Total current assets |
11,069,190 |
|
9,290,137 |
|
Property, plant and equipment, net |
2,687,760 |
|
2,441,872 |
|
Operating lease assets |
1,681,617 |
|
1,618,033 |
|
Intangible assets |
|
|
|
|
Definite-lived intangible assets, net |
1,039,009 |
|
985,812 |
|
Indefinite-lived intangible assets, net |
368,898 |
|
380,558 |
|
|
2,703,132 |
|
2,620,911 |
|
Long-term advances |
562,273 |
|
520,482 |
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Other long-term assets |
1,715,239 |
|
1,780,966 |
|
Total assets |
$ 21,827,118 |
|
$ 19,638,771 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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Accounts payable, client accounts |
$ 1,973,881 |
|
$ 1,859,678 |
|
Accounts payable |
310,056 |
|
242,978 |
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Accrued expenses |
2,445,784 |
|
3,057,334 |
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Deferred revenue |
6,076,509 |
|
3,721,092 |
|
Current portion of long-term debt, net |
479,897 |
|
260,901 |
|
Current portion of operating lease liabilities |
151,579 |
|
153,406 |
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Other current liabilities |
79,886 |
|
62,890 |
|
Total current liabilities |
11,517,592 |
|
9,358,279 |
|
Long-term debt, net |
5,928,524 |
|
6,177,168 |
|
Long-term operating lease liabilities |
1,734,376 |
|
1,680,266 |
|
Other long-term liabilities |
537,266 |
|
477,763 |
|
Commitments and contingent liabilities |
|
|
|
|
Redeemable noncontrolling interests |
1,311,555 |
|
1,126,302 |
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Stockholders' equity |
|
|
|
|
Common stock |
2,322 |
|
2,313 |
|
Additional paid-in capital |
1,906,145 |
|
2,059,746 |
|
Accumulated deficit |
(1,514,747) |
|
(1,546,819) |
|
Cost of shares held in treasury |
(6,865) |
|
(6,865) |
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Accumulated other comprehensive loss |
(280,860) |
|
(335,112) |
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Total |
105,995 |
|
173,263 |
|
Noncontrolling interests |
691,810 |
|
645,730 |
|
Total equity |
797,805 |
|
818,993 |
|
Total liabilities and equity |
$ 21,827,118 |
|
$ 19,638,771 |
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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
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Three Months Ended |
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2025 |
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2024 |
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(in thousands except share and per share data) |
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Revenue |
$ 3,382,117 |
|
$ 3,799,529 |
|
Operating expenses: |
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|
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|
Direct operating expenses |
2,254,937 |
|
2,651,340 |
|
Selling, general and administrative expenses |
778,922 |
|
981,559 |
|
Depreciation and amortization |
149,455 |
|
132,594 |
|
Gain on disposal of operating assets |
(2,202) |
|
(651) |
|
Corporate expenses |
86,236 |
|
76,077 |
|
Operating income (loss) |
114,769 |
|
(41,390) |
|
Interest expense |
80,343 |
|
80,691 |
|
Interest income |
(34,061) |
|
(43,257) |
|
Equity in earnings of nonconsolidated affiliates |
(479) |
|
(84) |
|
Other expense (income), net |
2,953 |
|
(77,054) |
|
Income (loss) before income taxes |
66,013 |
|
(1,686) |
|
Income tax expense |
19,711 |
|
41,019 |
|
Net income (loss) |
46,302 |
|
(42,705) |
|
Net income attributable to noncontrolling interests |
23,099 |
|
11,770 |
|
Net income (loss) attributable to common stockholders of |
$ 23,203 |
|
$ (54,475) |
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Basic and diluted net loss per common share available to common stockholders of |
$ (0.32) |
|
$ (0.56) |
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Weighted average common shares outstanding: |
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Basic and diluted |
231,220,841 |
|
229,471,184 |
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Reconciliation to net income (loss) available to common stockholders of |
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Net income (loss) attributable to common stockholders of |
$ 23,203 |
|
$ (54,475) |
|
Accretion of redeemable noncontrolling interests |
(98,094) |
|
(75,109) |
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Net loss available to common stockholders of Live Nation—basic and diluted |
$ (74,891) |
|
$ (129,584) |
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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
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Three Months Ended |
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|
2025 |
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2024 |
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(in thousands) |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net income (loss) |
$ 46,302 |
|
$ (42,705) |
|
Reconciling items: |
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|
|
Depreciation |
89,462 |
|
70,589 |
|
Amortization of definite-lived intangibles |
59,993 |
|
62,005 |
|
Amortization of non-recoupable ticketing contract advances |
24,722 |
|
24,080 |
|
Deferred income taxes |
4,271 |
|
(5,729) |
|
Amortization of debt issuance costs and discounts |
3,684 |
|
3,943 |
|
Stock-based compensation expense |
24,550 |
|
31,402 |
|
Unrealized changes in fair value of contingent consideration |
1,169 |
|
12,807 |
|
Equity in losses of nonconsolidated affiliates, net of distributions |
3,480 |
|
3,571 |
|
Provision for uncollectible accounts receivable |
3,574 |
|
1,248 |
|
Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets |
(5,467) |
|
(89,840) |
|
Other, net |
8,876 |
|
(10,386) |
|
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
|
|
|
|
Increase in accounts receivable |
(70,535) |
|
(247,337) |
|
Increase in prepaid expenses and other assets |
(592,946) |
|
(360,997) |
|
Decrease in accounts payable, accrued expenses and other liabilities |
(545,945) |
|
(145,212) |
|
Increase in deferred revenue |
2,266,061 |
|
1,681,431 |
|
Net cash provided by operating activities |
1,321,251 |
|
988,870 |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Advances of notes receivable |
(6,403) |
|
(31,495) |
|
Collections of notes receivable |
9,375 |
|
2,639 |
|
Investments made in nonconsolidated affiliates |
(3,887) |
|
(12,392) |
|
Purchases of property, plant and equipment |
(170,791) |
|
(134,053) |
|
Cash paid for acquisition of right-of-use assets |
(20,800) |
|
— |
|
Cash acquired from (paid for) acquisitions, net of cash paid (acquired) |
(31,346) |
|
10,010 |
|
Purchases of intangible assets |
(5) |
|
(11,673) |
|
Other, net |
6,462 |
|
6,265 |
|
Net cash used in investing activities |
(217,395) |
|
(170,699) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Proceeds from long-term debt, net of debt issuance costs |
11,059 |
|
562 |
|
Payments on long-term debt including extinguishment costs |
(86,828) |
|
(373,253) |
|
Contributions from noncontrolling interests |
4,612 |
|
28 |
|
Distributions to noncontrolling interests |
(33,742) |
|
(56,162) |
|
Purchases of noncontrolling interests, net |
(4,496) |
|
(8,795) |
|
Proceeds from exercise of stock options |
2,606 |
|
1,787 |
|
Taxes paid for net share settlement of equity awards |
(65,009) |
|
(25,483) |
|
Payments for deferred and contingent consideration |
(1,242) |
|
(16,421) |
|
Other, net |
(150) |
|
(619) |
|
Net cash used in financing activities |
(173,190) |
|
(478,356) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
131,471 |
|
(69,422) |
|
Net increase in cash, cash equivalents and restricted cash |
1,062,137 |
|
270,393 |
|
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 |
$ 7,168,246 |
|
$ 6,509,349 |
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