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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income from continuing operations $ (290,681) $ 588,273
Adjustments to reconcile net (loss) income to net cash provided by operating activities of continuing operations:    
Depreciation and amortization 416,556 171,715
Amortization and write-off of original issue discount and deferred financing cost 13,237 13,961
Amortization of content costs 35,105 32,752
Impairment charges 0 28,196
Net loss (gain) on sale/disposal and impairment of assets 115,650 (1,103)
Gain on business divestiture (807) (750,398)
Equity-based compensation expense 162,559 200,984
Change in fair value of contingent liabilities (544) (163)
Change in fair value of equity investments with and without readily determinable fair value 666 (812)
Change in fair value of financial instruments (42,530) (47,022)
Equity losses of affiliates 10,315 22,291
Net provision for allowance for doubtful accounts (14,488) (5,236)
Net gain on foreign currency transactions (13,774) (11,819)
Distributions from affiliates 8,161 3,977
Tax receivable agreement liability adjustment 2,460 7,779
Income taxes (134,084) 170,225
Other, net (270) 2,855
Changes in operating assets and liabilities - net of acquisitions and divestitures:    
Increase in receivables (193,979) (54,101)
Decrease/(increase) in other current assets 46,823 (69,830)
Increase in other assets (231,848) (21,497)
Decrease/(increase) in deferred costs 366,457 (190,769)
(Decrease)/increase in deferred revenue (305,150) 15,226
Increase in accounts payable and accrued liabilities 553,394 65,009
Decrease in tax receivable agreement liability (93,637) (12,559)
Increase in other liabilities 116,561 73,608
Net cash provided by operating activities from continuing operations 526,152 231,542
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisitions, net of cash acquired 0 3,500
Purchases of property and equipment (146,020) (138,272)
Proceeds from infrastructure improvement incentives 11,000 0
Proceeds from business divestiture, net of cash sold 1,500 1,076,737
Proceeds from sale of assets 16,695 9,515
Investments in affiliates (47,846) (103,827)
Other, net 1,327 1,405
Net cash (used in) provided by investing activities from continuing operations (163,344) 849,058
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from borrowings 521,500 73,163
Payments on borrowings and finance leases (343,462) (173,794)
Payments under tax receivable agreement (62,518) (37,534)
Contributions 6,387 0
Distributions (41,183) (59,555)
Repurchase of Class A common stock, including payment of equity forward contract 0 (200,000)
Dividends (80,561) (27,407)
Taxes paid related to net settlement upon vesting of equity awards (5,657) 0
Redemption payments related to pre-IPO units 0 (1,500)
Acquisition of non-controlling interests (316,840) (43,804)
Payments of contingent and deferred consideration related to acquisitions (17,321) (18,953)
Other, net (642) (438)
Net cash used in financing activities from continuing operations (340,297) (489,822)
DISCONTINUED OPERATIONS:    
Net cash (used in) provided by operating activities (90,845) 56,299
Net cash used in investing activities (36,401) (45,748)
Net cash used in financing activities (13,710) 0
Net cash flows (used in) provided by discontinued operations (140,956) 10,551
Change in cash, cash equivalents and restricted cash balances held for sale 0 4,062
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,739 (3,052)
(Decrease) increase in cash, cash equivalents and restricted cash (115,706) 602,339
Cash, cash equivalents and restricted cash at beginning of year 1,444,982 1,045,993
Cash, cash equivalents and restricted cash at end of period $ 1,329,276 $ 1,648,332