Results of Operations Related to Reportable Segments of the Entity |
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Concerts | | Ticketing | | Sponsorship & Advertising | | Other & Eliminations | | Corporate | | | Consolidated | | (in thousands) | Three Months Ended June 30, 2022 | | | | | | | Revenue | $ | 3,597,761 | | | $ | 575,305 | | | $ | 263,786 | | | $ | (2,678) | | | $ | — | | | | $ | 4,434,174 | | Intersegment revenue | $ | 1,575 | | | $ | 1,646 | | | $ | — | | | $ | (3,221) | | | $ | — | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AOI | $ | 122,944 | | | $ | 230,759 | | | $ | 178,304 | | | $ | (2,027) | | | $ | (50,381) | | | | $ | 479,599 | | | | | | | | | | | | | | | Three Months Ended June 30, 2021 | | | | | | | Revenue | $ | 286,958 | | | $ | 244,001 | | | $ | 44,561 | | | $ | 426 | | | $ | — | | | | $ | 575,946 | | Intersegment revenue | $ | (591) | | | $ | 980 | | | $ | — | | | $ | (389) | | | $ | — | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AOI | $ | (84,049) | | | $ | 99,416 | | | $ | 13,028 | | | $ | (1,223) | | | $ | (17,520) | | | | $ | 9,652 | | | | | | | | | | | | | | | Six Months Ended June 30, 2022 | | | | | | | Revenue | $ | 4,805,586 | | | $ | 1,055,704 | | | $ | 379,475 | | | $ | (3,783) | | | $ | — | | | | $ | 6,236,982 | | Intersegment revenue | $ | 2,227 | | | $ | 2,912 | | | $ | — | | | $ | (5,139) | | | $ | — | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AOI | $ | 73,778 | | | $ | 436,979 | | | $ | 248,004 | | | $ | (6,407) | | | $ | (63,716) | | | | $ | 688,638 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2021 | | | | | | | Revenue | $ | 526,374 | | | $ | 272,323 | | | $ | 67,208 | | | $ | 650 | | | $ | — | | | | $ | 866,555 | | Intersegment revenue | $ | — | | | $ | 980 | | | $ | — | | | $ | (980) | | | $ | — | | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | AOI | $ | (158,588) | | | $ | 36,664 | | | $ | 16,544 | | | $ | (3,445) | | | $ | (33,267) | | | | $ | (142,092) | | | | | | | | | | | | | | |
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Reconciliation of AOI to Operating Income (Loss) |
The following table sets forth the reconciliation of consolidated AOI to operating income (loss) for the three and six months ended June 30, 2022 and 2021: | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2022 | 2021 | | 2022 | 2021 | | (in thousands) | AOI | $ | 479,599 | | $ | 9,652 | | | $ | 688,638 | | $ | (142,092) | | Acquisition expenses | 9,543 | | 2,381 | | | 21,620 | | (5,843) | | Amortization of non-recoupable ticketing contract advance | 21,865 | | 18,107 | | | 40,392 | | 28,728 | | Depreciation and amortization | 115,927 | | 103,647 | | | 216,396 | | 212,523 | | Loss (gain) on sale of operating assets | 1,065 | | (28) | | | 2,730 | | 110 | | Stock-based compensation expense | 12,500 | | 12,830 | | | 61,741 | | 52,847 | | Operating income (loss) | $ | 318,699 | | $ | (127,285) | | | $ | 345,759 | | $ | (430,457) | |
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