Live Nation Entertainment Reports Fourth Quarter & Full Year 2022 Results
Live Nation Entertainment (LYV) reported a strong 2022, with revenue up 44% to $16.7 billion and operating income up 125% to $732 million. Concert attendance rose 24%, reaching 121 million fans across 43,600 events. Investment in artists hit $9.6 billion, a 45% increase, supporting their income amidst declining revenue shares from other streams. Ticketing revenue climbed 45% to $2.2 billion, with significant growth in international markets. Looking ahead, 2023 shows have already sold over 50 million tickets, with deferred revenue starting at $2.7 billion. The company remains optimistic about ongoing growth, driven by strong demand for live events.
- Record revenue up 44% to $16.7 billion.
- Operating income increased 125% to $732 million.
- Concert attendance grew 24% to 121 million fans.
- Investment in artists rose 45% to over $9.6 billion.
- Ticketing revenue increased 45% to $2.2 billion.
- Deferred revenue at $2.7 billion, up 125% from 2019.
- Market share has declined since the Ticketmaster merger.
- Regulatory pressures from the Department of Justice regarding ticketing practices.
RESULTS AND OUTLOOK REFLECT STRONG GLOBAL DEMAND FOR LIVE EXPERIENCES
2022 FINANCIAL OVERVIEW (reported FX, vs 2019): Record Results Reflect Incredible
- Revenue Up
44% to$16.7 Billion - Operating Income Up
125% to$732 Million - AOI Up
49% to Over$1.4 Billion - Operating Free Cash Flow Up 3.9x to
$1.8 Billion - Adjusted Free Cash Flow Up
94% to$967 Million 69% of AOI
2022 OPERATIONAL HIGHLIGHTS (vs 2019): Record Attendance, Gross Transaction Value, and Sponsorship Activity
- Investment in Artists Up
45% to Over$9.6 Billion - Highest Live Nation Concert Attendance - Up
24% With Over 121 Million Fans Attending 43,600 Events - Ancillary Per Fan Spending Growth Continues, Up At Least
20% Across All Major Venue Types - Amphitheaters, Festivals, Clubs and Theaters - Ticketing Fee-Bearing Gross Transaction Value Up
54% to$27.5 Billion - Sponsorship Revenue Reaches Roughly
$1 Billion 64%
2023 OUTLOOK (as of mid-February, vs 2022): Positioned For Ongoing Growth, As Fans Continue To Prioritize Concerts
- Event-Related Deferred Revenue Starts Year at
$2.7 Billion $400 Million - Concert Ticket Sales Are Over 50 Million, Up
20% With International Up25% - Ticketing Fee-Bearing Gross Transaction Value Up
33% to$9.8 Billion - 2023 Committed Sponsorship Up Double-Digits, With Over
70% of 2023 Revenue Committed
In 2022, we saw fans around the world continue to prioritize their spending on attending live events, particularly concerts. Our research consistently tells us that concerts are a top priority for discretionary spending, and one of the last experiences fans will cut back on - and we are seeing this play out in both our results for 2022 and early indicators for 2023.
With this strong demand, last year in the concert business we had 121 million fans attend our shows across 45 countries, while in ticketing, we helped connect 550 million fans with their favorite artists, teams and other performers. In both cases, the majority of our growth came from international markets, further reinforcing the global nature of untapped fan demand and the opportunities we have for growth, as we help artists reach more fans with their live music.
Record Attendance at Concerts
In concerts, despite many markets still closed for part of last year, we grew attendance by
We invested
Part of our fan growth continues to come from venues we operate globally - hosting almost 50 million fans in 2022, with international markets again delivering the majority of our growth. At Venue Nation, we continued our focus on elevating the fan experience and providing a range of options for enhanced products and services. As a result, last year we grew our average revenue per fan by over
Performance of Ticketing Reflects Tremendous
In ticketing, our strategy for success is simple: We focus on developing the leading software for venues. To ensure we deliver the best enterprise platform, we invest tens of millions of dollars every year to continue innovating every aspect of ticketing technology and products. Artists are the venue's largest clients, and we are regularly being asked to create new products to help address their ticketing needs.
Amongst our innovations are products such as Verified Fan, designed to help artists cut down resale, and we have seen this used for our 400 tours including recent onsales for
Looking at our 2022 results: We grew our fee-bearing ticket volume by
Sponsorship Reaches Approximately
In our sponsorship business, we have seen that brands are as eager as fans to re-engage with our platforms. In 2022, we had 120 large strategic sponsors globally across our business,
Looking Ahead to 2023
As we now have many of our 2023 shows on sale, we continue to see very strong consumer demand globally, with no sign of any slowdown. We have four key leading indicators at this time of the year, all pointing toward another record year and even greater success in 2023.
First, our deferred revenue at the end of 2022 was
Regulatory Environment and Reforms
On the regulatory front: The ticketing industry is more competitive than ever, and our market share has gone down, not up, since the Ticketmaster merger. Because of the competitive bidding process, venues regularly take more of the economics on every renewal, as they set and keep a majority of the service fees. Since signing the extended consent decree related to the Ticketmaster merger, we remain in constant conversation with the
On ticketing reforms: We believe that greater transparency on the entire ticketing ecosystem will improve the industry, and we have been engaging with policymakers to advocate for reforms. The biggest challenge facing the industry is chaos at the onsale, where fans cannot get the tickets at the price the artist sets, yet they see pages of secondary sites with tickets 5 times face value because of scalpers. This has been a big topic in the industry and conversations at the Pollstar Live conference this week focused on how to protect the connection between artists and their fans.
To help drive progress, we have launched the FAIR Ticketing Act, which says:
- Artists should decide resale rules in order to protect their ability to use face-value exchanges and limited transfer to keep pricing lower for fans, and prevent scalpers from exploiting fans.
- Selling speculative tickets should be illegal so scalpers cannot use deceptive tactics to trick fans into spending more or buying tickets the seller does not actually have.
- The scope of the BOTS Act needs to be expanded and enforced to deter those who break the law, cheating artists and fans in the process.
- And there needs to be industry-wide all-in pricing so fans see the full cost they are paying up front.
Artists create their music and their concerts. It's only fair that they create their ticketing rules, too. We will always be on the side of the artist, who are the best advocates for their careers and their fan base.
President and Chief Executive Officer
The company will webcast a teleconference today at
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 Annual Report on Form 10-K filed with the
About
FINANCIAL HIGHLIGHTS – FOURTH QUARTER | |||||||||
Q4 2022 | Q4 2021 | Growth | Q4 2022 | Growth at | |||||
Revenue | |||||||||
Concerts | $ 3,395.9 | $ 2,044.2 | 66 % | $ 3,545.2 | 73 % | ||||
Ticketing | 651.3 | 487.7 | 34 % | 669.8 | 37 % | ||||
Sponsorship & Advertising | 245.6 | 170.3 | 44 % | 251.5 | 48 % | ||||
Other and Eliminations | (2.2) | 1.0 | * | (2.2) | * | ||||
$ 4,290.6 | $ 2,703.2 | 59 % | $ 4,464.3 | 65 % | |||||
Consolidated Operating Income (Loss) | $ (119.9) | $ (124.5) | 4 % | $ (116.0) | 7 % | ||||
Adjusted Operating Income (Loss) | |||||||||
Concerts | $ (184.8) | $ (122.3) | (51 %) | $ (180.7) | (48 %) | ||||
Ticketing | 227.7 | 212.1 | 7 % | 228.9 | 8 % | ||||
Sponsorship & Advertising | 117.7 | 114.5 | 3 % | 122.5 | 7 % | ||||
Other and Eliminations | (4.7) | (2.3) | * | (4.7) | * | ||||
Corporate | (58.1) | (41.7) | (39) % | (58.1) | (39) % | ||||
$ 97.8 | $ 160.3 | (39 %) | $ 107.9 | (33 %) | |||||
* Percentages are not meaningful |
FINANCIAL HIGHLIGHTS – 12 MONTHS | |||||||||
12 Months | 12 Months | Growth | 12 Months | Growth at | |||||
Revenue | |||||||||
Concerts | $ 13,494.1 | $ 4,722.2 | * | $ 14,020.2 | * | ||||
Ticketing | 2,238.6 | 1,134.3 | 97 % | 2,291.9 | * | ||||
Sponsorship & Advertising | 968.1 | 411.9 | * | 999.4 | * | ||||
Other and Eliminations | (19.6) | 0.1 | * | (19.6) | * | ||||
$ 16,681.2 | $ 6,268.5 | * | $ 17,291.9 | * | |||||
Consolidated Operating Income (Loss) | $ 732.1 | $ (417.9) | * | $ 772.0 | * | ||||
Adjusted Operating Income (Loss) | |||||||||
Concerts | $ 169.7 | $ (221.3) | * | $ 191.7 | * | ||||
Ticketing | 827.9 | 420.5 | 97 % | 839.0 | 100 % | ||||
Sponsorship & Advertising | 592.0 | 242.2 | * | 616.1 | * | ||||
Other and Eliminations | (14.5) | (6.9) | * | (14.5) | * | ||||
Corporate | (167.9) | (110.6) | (52) % | (167.9) | (52) % | ||||
$ 1,407.2 | $ 323.9 | * | $ 1,464.4 | * | |||||
* Percentages are not meaningful |
Reconciliation of Adjusted Operating Income to Operating Income (Loss) (Unaudited) | |||||
Q4 2022 | Q4 2021 | 12 Months | 12 Months | ||
(in millions) | |||||
Adjusted Operating Income | $ 97.8 | $ 160.3 | $ 1,407.2 | $ 323.9 | |
Acquisition expenses | 38.9 | 28.1 | 68.2 | 43.0 | |
Amortization of non-recoupable ticketing contract advance | 22.9 | 25.2 | 79.0 | 74.4 | |
Depreciation and amortization | 131.5 | 102.5 | 450.0 | 416.3 | |
Gain on sale of operating assets | 0.5 | (0.2) | (32.1) | (1.2) | |
Stock-based compensation expense | 23.9 | 129.2 | 110.0 | 209.3 | |
Operating income (loss) | $ (119.9) | $ (124.5) | $ 732.1 | $ (417.9) | |
KEY OPERATING METRICS | |||||
2022 | 2021 | 2020 | |||
(in thousands except estimated events) | |||||
Concerts (1) | |||||
Estimated events: | |||||
29,169 | 12,004 | 5,270 | |||
International | 14,475 | 5,408 | 2,847 | ||
Total estimated events | 43,644 | 17,412 | 8,117 | ||
Estimated fans: | |||||
69,693 | 26,330 | 6,075 | |||
International | 51,459 | 8,935 | 5,067 | ||
Total estimated fans | 121,152 | 35,265 | 11,142 | ||
Ticketing (2) | |||||
Estimated number of fee-bearing tickets | 280,861 | 131,685 | 31,101 | ||
Estimated number of non-fee-bearing tickets | 269,814 | 145,047 | 88,823 | ||
Total estimated tickets sold | 550,675 | 276,732 | 119,924 | ||
(1) | Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter. | ||||||
(2) | The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing which are reported when the events occur. The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients' box offices, along with tickets sold on our "do it yourself" platform. These ticket metrics are net of any refunds requested and any cancellations that occurred during the period, which may result in a negative number. Fee-bearing tickets sold above are net of refunds of 19.7 million and 21.0 million for years ended | ||||||
Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities | |||
($ in millions) | Q4 2022 | Q4 2021 | |
Net cash provided by operating activities | $ 903.7 | $ 755.9 | |
Less: Changes in operating assets and liabilities (working capital) | (844.3) | (682.2) | |
Free cash flow from earnings | $ 59.4 | $ 73.7 | |
Less: Maintenance capital expenditures | (70.2) | (30.9) | |
Distributions to noncontrolling interests | (18.8) | (26.8) | |
Free cash flow — adjusted | $ (29.6) | $ 16.0 | |
Net cash used in investing activities | $ (425.0) | $ (455.2) | |
Net cash provided by (used in) financing activities | $ 31.9 | $ (51.0) | |
($ in millions) | 2022 | 2021 | |
Net cash provided by operating activities | $ 1,832.1 | $ 1,780.6 | |
Less: Changes in operating assets and liabilities (working capital) | (637.9) | (1,774.0) | |
Free cash flow from earnings | $ 1,194.2 | $ 6.6 | |
Less: Maintenance capital expenditures | (127.0) | (68.1) | |
Distributions to noncontrolling interests | (100.7) | (52.4) | |
Free cash flow — adjusted | $ 966.5 | $ (113.9) | |
Net cash used in investing activities | $ (784.7) | $ (567.0) | |
Net cash provided by (used in) financing activities | $ (143.3) | $ 1,171.3 | |
Reconciliation of Free Cash to Cash and Cash Equivalents | |
($ in millions) |
|
Cash and cash equivalents | $ 5,606.5 |
Client cash | (1,532.8) |
Deferred revenue — event-related | (2,731.8) |
Accrued artist fees | (129.7) |
Collections on behalf of others | (53.9) |
Prepaid expenses — event-related | 606.2 |
Free cash | $ 1,764.5 |
- As of
December 31, 2022 , total cash and cash equivalents were$5.6 billion $1.5 billion $1.8 billion $565.9 million $2.3 billion - The company expects capital expenditures to be approximately
$450 million
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 the regarding company's position for ongoing growth, the global nature of untapped fan demand and the opportunities the company has for growth; the strength of consumer demand globally for concerts with no indications of any slowdown; the company's belief that greater transparency on the entire ticketing ecosystem will reinforce the positive roles
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 stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). 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.
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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(in thousands, except share data) | |||
ASSETS | |||
Current assets | |||
Cash and cash equivalents | $ 5,606,457 | $ 4,884,729 | |
Accounts receivable, less allowance of | 1,465,383 | 1,066,573 | |
Prepaid expenses | 949,826 | 654,894 | |
Restricted cash | 5,917 | 3,063 | |
Other current assets | 131,939 | 74,834 | |
Total current assets | 8,159,522 | 6,684,093 | |
Property, plant and equipment, net | 1,487,663 | 1,091,929 | |
Operating lease assets | 1,571,395 | 1,538,911 | |
Intangible assets | |||
Definite-lived intangible assets, net | 1,050,622 | 1,026,338 | |
Indefinite-lived intangible assets, net | 368,712 | 369,028 | |
2,529,380 | 2,590,869 | ||
Long-term advances | 568,558 | 552,697 | |
Other long-term assets | 724,989 | 548,453 | |
Total assets | $ 16,460,841 | $ 14,402,318 | |
LIABILITIES AND EQUITY | |||
Current liabilities | |||
Accounts payable, client accounts | $ 1,791,025 | $ 1,532,345 | |
Accounts payable | 180,076 | 110,623 | |
Accrued expenses | 2,368,434 | 1,645,906 | |
Deferred revenue | 3,134,800 | 2,774,792 | |
Current portion of long-term debt, net | 620,032 | 585,254 | |
Current portion of operating lease liabilities | 140,232 | 123,715 | |
Other current liabilities | 68,716 | 83,087 | |
Total current liabilities | 8,303,315 | 6,855,722 | |
Long-term debt, net | 5,283,467 | 5,145,484 | |
Long-term operating lease liabilities | 1,654,525 | 1,606,064 | |
Other long-term liabilities | 455,971 | 431,581 | |
Commitments and contingent liabilities | |||
Redeemable noncontrolling interests | 669,766 | 551,921 | |
Stockholders' equity | |||
Preferred stock—Series A Junior Participating, | — | — | |
Preferred stock, | — | — | |
Common stock, | 2,285 | 2,220 | |
Additional paid-in capital | 2,698,316 | 2,897,695 | |
Accumulated deficit | (2,971,229) | (3,327,737) | |
Cost of shares held in treasury | (6,865) | (6,865) | |
Accumulated other comprehensive loss | (90,076) | (147,964) | |
Total | (367,569) | (582,651) | |
Noncontrolling interests | 461,366 | 394,197 | |
Total equity | 93,797 | (188,454) | |
Total liabilities and equity | $ 16,460,841 | $ 14,402,318 | |
| |||||
Year Ended | |||||
2022 | 2021 | 2020 | |||
(in thousands, except share and per share data) | |||||
Revenue | $ 16,681,254 | $ 6,268,447 | $ 1,861,178 | ||
Operating expenses: | |||||
Direct operating expenses | 12,337,524 | 4,355,989 | 1,402,400 | ||
Selling, general and administrative expenses | 2,955,884 | 1,754,822 | 1,524,342 | ||
Depreciation and amortization | 449,976 | 416,277 | 485,025 | ||
Loss (gain) on disposal of operating assets | (32,082) | (1,211) | 503 | ||
Corporate expenses | 237,834 | 160,428 | 102,100 | ||
Operating income (loss) | 732,118 | (417,858) | (1,653,192) | ||
Interest expense | 278,483 | 282,440 | 226,832 | ||
Interest income | (77,620) | (6,625) | (11,737) | ||
Equity in losses (earnings) of nonconsolidated affiliates | (10,571) | (2,520) | 5,458 | ||
Loss (gain) from sale of investments in nonconsolidated affiliates | (448) | (83,578) | 1,727 | ||
Other expense (income), net | 36,827 | 3,692 | (18,807) | ||
Income (loss) before income taxes | 505,447 | (611,267) | (1,856,665) | ||
Income tax expense (benefit) | 96,254 | (2,481) | (28,875) | ||
Net income (loss) | 409,193 | (608,786) | (1,827,790) | ||
Net income (loss) attributable to noncontrolling interests | 113,207 | 42,118 | (103,255) | ||
Net income (loss) attributable to common stockholders of | $ 295,986 | $ (650,904) | $ (1,724,535) | ||
Basic net income (loss) per common share available to common stockholders of | $ 0.66 | $ (3.09) | $ (8.12) | ||
Diluted net income (loss) per common share available to common stockholders of | $ 0.64 | $ (3.09) | $ (8.12) | ||
Weighted average common shares outstanding: | |||||
Basic | 224,809,558 | 217,190,862 | 212,270,944 | ||
Diluted | 231,556,866 | 217,190,862 | 212,270,944 | ||
Reconciliation to net income (loss) available to common stockholders of | |||||
Net income (loss) attributable to common stockholders of | $ 295,986 | $ (650,904) | $ (1,724,535) | ||
Accretion of redeemable noncontrolling interests | (146,770) | (19,771) | 1,180 | ||
Net income (loss) available to common stockholders of Live Nation—basic and diluted | $ 149,216 | $ (670,675) | $ (1,723,355) | ||
| |||||
Year Ended | |||||
2022 | 2021 | 2020 | |||
(in thousands) | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ 409,193 | $ (608,786) | $ (1,827,790) | ||
Reconciling items: | |||||
Depreciation | 225,770 | 222,840 | 245,713 | ||
Amortization | 224,206 | 193,437 | 239,312 | ||
Amortization of non-recoupable ticketing contract advances | 79,043 | 74,406 | 47,971 | ||
Deferred income tax benefit | 7,199 | (9,639) | (37,877) | ||
Amortization of debt issuance costs and discounts | 16,448 | 37,260 | 32,774 | ||
Provision for uncollectible accounts receivable | 68,612 | (17,826) | 43,076 | ||
Stock-based compensation expense | 110,049 | 209,337 | 116,889 | ||
Unrealized changes in fair value of contingent consideration | 56,704 | (6,732) | (24,448) | ||
Equity in losses of nonconsolidated affiliates, net of distributions | 14,912 | 11,189 | 18,280 | ||
Loss (gain) on sale of investments in nonconsolidated affiliates | 1,357 | (83,578) | 1,727 | ||
Other, net | (19,283) | (15,333) | (18,472) | ||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||
Decrease (increase) in accounts receivable | (463,977) | (485,211) | 490,588 | ||
Decrease (increase) in prepaid expenses and other assets | (267,945) | 95,533 | 141,631 | ||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 1,002,158 | 1,315,722 | (1,379,461) | ||
Increase in deferred revenue | 367,617 | 847,949 | 826,699 | ||
Net cash provided by (used in) operating activities | 1,832,063 | 1,780,568 | (1,083,388) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Advances of notes receivable | (115,992) | (28,899) | (56,957) | ||
Collections of notes receivable | 20,527 | 23,835 | 80,963 | ||
Investments made in nonconsolidated affiliates | (91,186) | (110,589) | (11,242) | ||
Purchases of property, plant and equipment | (347,206) | (152,734) | (213,746) | ||
Cash paid for acquisitions, net of cash acquired | (257,191) | (384,251) | (41,083) | ||
Purchases of intangible assets | (6,080) | (7,100) | (8,863) | ||
Proceeds from sale of investments in nonconsolidated affiliates | 3,863 | 90,432 | 19,003 | ||
Other, net | 8,574 | 2,344 | 7,863 | ||
Net cash used in investing activities | (784,691) | (566,962) | (224,062) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Proceeds from long-term debt, net of debt issuance costs | 122,251 | 903,827 | 1,607,365 | ||
Payments on long-term debt | (45,792) | (109,705) | (30,987) | ||
Contributions from noncontrolling interests | 15,021 | 22,026 | 5,418 | ||
Distributions to noncontrolling interests | (100,660) | (52,368) | (41,624) | ||
Purchases and sales of noncontrolling interests, net | (48,306) | (9,638) | (106,242) | ||
Proceeds from sale of common stock, net of issuance costs | — | 449,630 | — | ||
Proceeds from exercise of stock options | 35,775 | 30,618 | 30,647 | ||
Taxes paid for net share settlement of equity awards | (76,925) | (45,845) | (47,539) | ||
Payments for deferred and contingent consideration | (44,220) | (17,319) | (66,992) | ||
Other, net | (484) | 106 | 36 | ||
Net cash provided by (used in) financing activities | (143,340) | 1,171,332 | 1,350,082 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (179,450) | (43,585) | 29,565 | ||
Net increase in cash, cash equivalents, and restricted cash | 724,582 | 2,341,353 | 72,197 | ||
Cash, cash equivalents and restricted cash at beginning of period | 4,887,792 | 2,546,439 | 2,474,242 | ||
Cash, cash equivalents and restricted cash at end of period | $ 5,612,374 | $ 4,887,792 | $ 2,546,439 | ||
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