QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated Filer | ¨ | |||||||||||||||
Non-accelerated Filer | ¨ | Smaller Reporting Company | |||||||||||||||
Emerging Growth Company | |||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
5 | ||||||||
PART II—OTHER INFORMATION | ||||||||
GLOSSARY OF KEY TERMS | |||||
AOCI | Accumulated other comprehensive income (loss) | ||||
AOI | Adjusted operating income (loss) | ||||
APF | Ancillary revenue per fan | ||||
Company | Live Nation Entertainment, Inc. and subsidiaries | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | United States Generally Accepted Accounting Principles | ||||
GTV | Gross transaction value | ||||
LIBOR | London Inter-Bank Offered Rate | ||||
Live Nation | Live Nation Entertainment, Inc. and subsidiaries | ||||
SEC | United States Securities and Exchange Commission | ||||
SOFR | Secured Overnight Financing Rate | ||||
Ticketmaster | Our ticketing business | ||||
VIE | Variable interest entities |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance of $ | |||||||||||
Prepaid expenses | |||||||||||
Restricted cash | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Intangible assets | |||||||||||
Definite-lived intangible assets, net | |||||||||||
Indefinite-lived intangible assets, net | |||||||||||
Goodwill | |||||||||||
Long-term advances | |||||||||||
Other long-term assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable, client accounts | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Current portion of long-term debt, net | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt, net | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingent liabilities (see Note 6) | |||||||||||
Redeemable noncontrolling interests | |||||||||||
Stockholders' equity | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Cost of shares held in treasury | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total Live Nation stockholders' equity | ( | ( | |||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands except share and per share data) | |||||||||||
Revenue | $ | $ | |||||||||
Operating expenses: | |||||||||||
Direct operating expenses | |||||||||||
Selling, general and administrative expenses | |||||||||||
Depreciation and amortization | |||||||||||
Loss (gain) on disposal of operating assets | ( | ||||||||||
Corporate expenses | |||||||||||
Operating income (loss) | ( | ||||||||||
Interest expense | |||||||||||
Loss on extinguishment of debt | |||||||||||
Interest income | ( | ( | |||||||||
Equity in earnings of nonconsolidated affiliates | ( | ( | |||||||||
Other expense (income), net | ( | ||||||||||
Income before income taxes | |||||||||||
Income tax expense | |||||||||||
Net income (loss) | ( | ||||||||||
Net income attributable to noncontrolling interests | |||||||||||
Net loss attributable to common stockholders of Live Nation | $ | ( | $ | ( | |||||||
Basic and diluted net loss per common share available to common stockholders of Live Nation | $ | ( | $ | ( | |||||||
Weighted average common shares outstanding: | |||||||||||
Basic and diluted | |||||||||||
Reconciliation to net loss available to common stockholders of Live Nation: | |||||||||||
Net loss attributable to common stockholders of Live Nation | $ | ( | $ | ( | |||||||
Accretion of redeemable noncontrolling interests | ( | ( | |||||||||
Net loss available to common stockholders of Live Nation—basic and diluted | $ | ( | $ | ( | |||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized gain (loss) on cash flow hedge | ( | ||||||||||
Realized gain on cash flow hedge | ( | ( | |||||||||
Foreign currency translation adjustments | |||||||||||
Comprehensive income (loss) | ( | ||||||||||
Comprehensive income attributable to noncontrolling interests | |||||||||||
Comprehensive income (loss) attributable to common stockholders of Live Nation | $ | ( | $ |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Income | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2023 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | ( | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain on cash flow hedge | — | — | — | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | ( | $ | ( | $ | $ | $ | $ |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | ( | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of 2.5% convertible senior notes due 2023 | ( | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Capped call transactions for 3.125% convertible senior notes due 2029 | — | — | ( | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | ( | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | ( | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on cash flow hedge | — | — | — | — | — | ( | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Realized gain on cash flow hedge | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Reconciling items: | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Amortization of non-recoupable ticketing contract advances | |||||||||||
Deferred income tax benefit | ( | ( | |||||||||
Amortization of debt issuance costs and discounts | |||||||||||
Loss on extinguishment of debt | |||||||||||
Stock-based compensation expense | |||||||||||
Unrealized changes in fair value of contingent consideration | |||||||||||
Equity in losses of nonconsolidated affiliates, net of distributions | |||||||||||
Provision for uncollectible accounts receivable | |||||||||||
Gain on mark-to-market of investments in nonconsolidated affiliates | ( | ( | |||||||||
Other, net | ( | ||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Increase in accounts receivable | ( | ( | |||||||||
Increase in prepaid expenses and other assets | ( | ( | |||||||||
Decrease in accounts payable, accrued expenses and other liabilities | ( | ( | |||||||||
Increase in deferred revenue | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Advances of notes receivable | ( | ( | |||||||||
Collections of notes receivable | |||||||||||
Investments made in nonconsolidated affiliates | ( | ( | |||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Cash acquired from acquisitions, net of cash paid | |||||||||||
Purchases of intangible assets | ( | ||||||||||
Other, net | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from long-term debt, net of debt issuance costs | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Contributions from noncontrolling interests | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Purchases of noncontrolling interests, net | ( | ( | |||||||||
Payments for capped call transactions | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Taxes paid for net share settlement of equity awards | ( | ( | |||||||||
Payments for deferred and contingent consideration | ( | ( | |||||||||
Other, net | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ||||||||||
Net increase in cash, cash equivalents, and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(in thousands) | ||||||||||||||
Land, buildings and improvements | $ | $ | ||||||||||||
Computer equipment and capitalized software | ||||||||||||||
Furniture and other equipment | ||||||||||||||
Construction in progress | ||||||||||||||
Property, plant and equipment, gross | ||||||||||||||
Less: accumulated depreciation | ||||||||||||||
Property, plant and equipment, net | $ | $ |
Revenue- generating contracts | Client / vendor relationships | Venue management and leaseholds | Trademarks and naming rights | Technology and Other (1) | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023: | |||||||||||||||||||||||||||||||||||
Gross carrying amount | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||||||||||
Gross carrying amount: | |||||||||||||||||||||||||||||||||||
Acquisitions and additions—current year | |||||||||||||||||||||||||||||||||||
Acquisitions and additions—prior year | ( | ( | ( | ||||||||||||||||||||||||||||||||
Foreign exchange | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other (2) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Net change | ( | ( | ( | ||||||||||||||||||||||||||||||||
Accumulated amortization: | |||||||||||||||||||||||||||||||||||
Amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Foreign exchange | ( | ||||||||||||||||||||||||||||||||||
Other (2) | |||||||||||||||||||||||||||||||||||
Net change | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2024: | |||||||||||||||||||||||||||||||||||
Gross carrying amount | |||||||||||||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net | $ | $ | $ | $ | $ | $ |
Weighted- Average Life (years) | |||||
Revenue-generating contracts | |||||
Technology | |||||
All categories |
Concerts | Ticketing | Sponsorship & Advertising | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance as of December 31, 2023: | |||||||||||||||||||||||
Goodwill | $ | $ | $ | $ | |||||||||||||||||||
Accumulated impairment losses | ( | ( | |||||||||||||||||||||
Net | |||||||||||||||||||||||
Acquisitions—current year | |||||||||||||||||||||||
Acquisitions—prior year | |||||||||||||||||||||||
Dispositions | |||||||||||||||||||||||
Foreign exchange | ( | ( | |||||||||||||||||||||
Balance as of March 31, 2024: | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Accumulated impairment losses | ( | ( | |||||||||||||||||||||
Net | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Operating lease expense | $ | $ | |||||||||
Variable and short-term lease expense | |||||||||||
Sublease income | ( | ( | |||||||||
Net lease expense | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Lease assets obtained in exchange for lease obligations, net of terminations | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Senior Secured Credit Facility: | ||||||||||||||||||||
Term loan B | ||||||||||||||||||||
Revolving credit facility | ||||||||||||||||||||
6.5% Senior Secured Notes due 2027 | ||||||||||||||||||||
3.75% Senior Secured Notes due 2028 | ||||||||||||||||||||
4.875% Senior Notes due 2024 | ||||||||||||||||||||
5.625% Senior Notes due 2026 | ||||||||||||||||||||
4.75% Senior Notes due 2027 | ||||||||||||||||||||
2.0% Convertible Senior Notes due 2025 | ||||||||||||||||||||
3.125% Convertible Senior Notes due 2029 | ||||||||||||||||||||
Other long-term debt | ||||||||||||||||||||
Total principal amount | ||||||||||||||||||||
Less: unamortized discounts and debt issuance costs | ( | ( | ||||||||||||||||||
Total long-term debt, net of unamortized discounts and debt issuance costs | ||||||||||||||||||||
Less: current portion | ||||||||||||||||||||
Total long-term debt, net | $ | $ | ||||||||||||||||||
(in thousands) | |||||
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Estimated Fair Value | |||||||||||||||||||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||
Estimated Fair Value at | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Level 2 | |||||||||||
(in thousands) | |||||||||||
6.5% Senior Secured Notes due 2027 | $ | $ | |||||||||
3.75% Senior Secured Notes due 2028 | $ | $ | |||||||||
4.875% Senior Notes due 2024 | $ | $ | |||||||||
5.625% Senior Notes due 2026 | $ | $ | |||||||||
4.75% Senior Notes due 2027 | $ | $ | |||||||||
2.0% Convertible Senior Notes due 2025 | $ | $ | |||||||||
3.125% Convertible Senior Notes due 2029 | $ | $ |
Cash Flow Hedge | Foreign Currency Items | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2023 | $ | $ | ( | $ | |||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amount reclassified from AOCI | ( | ( | |||||||||||||||
Net other comprehensive income | |||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Options to purchase shares of common stock | |||||||||||
Restricted stock and deferred stock—unvested | |||||||||||
Conversion shares related to the convertible senior notes | |||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding |
Concerts | Ticketing | Sponsorship & Advertising | Other & Eliminations | Corporate | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
% of Consolidated Revenue | |||||||||||||||||||||||||||||||||||
Intersegment revenue | $ | $ | $ | $ | ( | $ | $ | — | |||||||||||||||||||||||||||
AOI | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
% of Consolidated Revenue | |||||||||||||||||||||||||||||||||||
Intersegment revenue | $ | $ | $ | $ | ( | $ | $ | — | |||||||||||||||||||||||||||
AOI | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(in thousands) | ||||||||
AOI | $ | $ | ||||||
Acquisition expenses | ||||||||
Amortization of non-recoupable ticketing contract advances | ||||||||
Depreciation and amortization | ||||||||
Loss (gain) on disposal of operating assets | ( | |||||||
Astroworld estimated loss contingencies | ||||||||
Stock-based compensation expense | ||||||||
Operating income (loss) | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Concerts | $ | $ | |||||||||
Ticketing | |||||||||||
Sponsorship & Advertising | |||||||||||
$ | $ |
Three Months Ended March 31, | % Change | ||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
As Reported | Currency Impacts | At Constant Currency** | As Reported | As Reported | At Constant Currency** | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 3,799,529 | $ | 7,443 | $ | 3,806,972 | $ | 3,127,390 | 21% | 22% | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Direct operating expenses | 2,646,457 | 2,115,589 | 25% | ||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 981,559 | 690,321 | 42% | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 132,594 | 115,185 | 15% | ||||||||||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | (651) | 504 | * | ||||||||||||||||||||||||||||||||
Corporate expenses | 76,077 | 63,015 | 21% | ||||||||||||||||||||||||||||||||
Operating income (loss) | (36,507) | 12,902 | (23,605) | 142,776 | * | * | |||||||||||||||||||||||||||||
Operating margin | (1.0)% | (0.6) | % | 4.6% | |||||||||||||||||||||||||||||||
Interest expense | 80,691 | 89,215 | |||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | — | 18,366 | |||||||||||||||||||||||||||||||||
Interest income | (43,257) | (40,313) | |||||||||||||||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | (84) | (4,107) | |||||||||||||||||||||||||||||||||
Other expense (income), net | (77,054) | 11,583 | |||||||||||||||||||||||||||||||||
Income before income taxes | 3,197 | 68,032 | |||||||||||||||||||||||||||||||||
Income tax expense | 35,414 | 23,840 | |||||||||||||||||||||||||||||||||
Net income (loss) | (32,217) | 44,192 | |||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 14,516 | 47,361 | |||||||||||||||||||||||||||||||||
Net loss attributable to common stockholders of Live Nation | $ | (46,733) | $ | (3,169) |
* | Percentages are not meaningful. | ||||
** | Constant currency is a non-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. |
Three Months Ended March 31, | ||||||||
2024 | 2023 | |||||||
(in thousands) | ||||||||
Operating income (loss) | $ | (36,507) | $ | 142,776 | ||||
Acquisition expenses | 30,557 | 13,311 | ||||||
Amortization of non-recoupable ticketing contract advances | 24,080 | 20,363 | ||||||
Depreciation and amortization | 132,594 | 115,185 | ||||||
Loss (gain) on disposal of operating assets | (651) | 504 | ||||||
Astroworld estimated loss contingencies | 185,915 | — | ||||||
Stock-based compensation expense | 31,402 | 27,571 | ||||||
AOI | $ | 367,390 | $ | 319,710 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands except estimated events) | |||||||||||
Concerts (1) | |||||||||||
Estimated events: | |||||||||||
North America (2) | 7,177 | 6,309 | |||||||||
International | 4,026 | 3,596 | |||||||||
Total estimated events | 11,203 | 9,905 | |||||||||
Estimated fans: | |||||||||||
North America (2) | 10,891 | 7,658 | |||||||||
International | 12,039 | 11,243 | |||||||||
Total estimated fans | 22,930 | 18,901 | |||||||||
Ticketing (3) | |||||||||||
Estimated number of fee-bearing tickets sold | 76,578 | 72,266 | |||||||||
Estimated number of non-fee-bearing tickets sold | 78,432 | 73,200 | |||||||||
Total estimated tickets sold | 155,010 | 145,466 |
Three Months Ended March 31, | % Change | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenue | $ | 2,879,375 | $ | 2,281,212 | 26% | ||||||||||||
Direct operating expenses | 2,359,491 | 1,838,446 | 28% | ||||||||||||||
Selling, general and administrative expenses | 726,840 | 456,545 | 59% | ||||||||||||||
Depreciation and amortization | 90,363 | 70,528 | 28% | ||||||||||||||
Loss (gain) on disposal of operating assets | (712) | 115 | * | ||||||||||||||
Operating loss | $ | (296,607) | $ | (84,422) | * | ||||||||||||
Operating margin | (10.3) | % | (3.7) | % | |||||||||||||
AOI | $ | 3,072 | $ | 832 | * | ||||||||||||
AOI margin ** | 0.1 | % | — | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Three Months Ended March 31, | % Change | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenue | $ | 723,178 | $ | 677,741 | 7% | ||||||||||||
Direct operating expenses | 253,834 | 238,157 | 7% | ||||||||||||||
Selling, general and administrative expenses | 215,255 | 193,195 | 11% | ||||||||||||||
Depreciation and amortization | 23,514 | 25,084 | (6)% | ||||||||||||||
Loss on disposal of operating assets | 44 | 374 | (88)% | ||||||||||||||
Operating income | $ | 230,531 | $ | 220,931 | 4% | ||||||||||||
Operating margin | 31.9 | % | 32.6 | % | |||||||||||||
AOI | $ | 284,115 | $ | 271,051 | 5% | ||||||||||||
AOI margin ** | 39.3 | % | 40.0 | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Three Months Ended March 31, | % Change | ||||||||||||||||
2024 | 2023 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenue | $ | 211,277 | $ | 170,118 | 24% | ||||||||||||
Direct operating expenses | 45,537 | 40,667 | 12% | ||||||||||||||
Selling, general and administrative expenses | 38,292 | 36,072 | 6% | ||||||||||||||
Depreciation and amortization | 15,740 | 16,242 | (3)% | ||||||||||||||
Loss on sale of operating assets | 17 | — | 100% | ||||||||||||||
Operating income | $ | 111,691 | $ | 77,137 | 45% | ||||||||||||
Operating margin | 52.9 | % | 45.3 | % | |||||||||||||
AOI | $ | 129,975 | $ | 95,531 | 36% | ||||||||||||
AOI margin ** | 61.5 | % | 56.2 | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Revenue generating | $ | 75,474 | $ | 57,428 | |||||||
Maintenance | 22,491 | 8,640 | |||||||||
Total capital expenditures | $ | 97,965 | $ | 66,068 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 988,870 | $ | 1,155,848 | |||||||
Investing activities | $ | (170,699) | $ | (59,789) | |||||||
Financing activities | $ | (478,356) | $ | 225,701 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Program (2) | Maximum Fair Value of Shares that May Yet Be Purchased Under the Program (2) | ||||||||||||||||||||||
January 2024 | 51,479 | $91.81 | ||||||||||||||||||||||||
February 2024 | 47,462 | $93.42 | ||||||||||||||||||||||||
March 2024 | 154,613 | $105.57 | ||||||||||||||||||||||||
253,554 | ||||||||||||||||||||||||||
(1) Represents shares of common stock that employees surrendered as part of the default option to satisfy withholding taxes in connection with the vesting of restricted stock awards under our stock incentive plan. Pursuant to the terms of our stock plan, such shares revert to available shares under the plan. | ||||||||||||||||||||||||||
(2) We do not have a publicly announced program to purchase shares of our common stock. Accordingly, there were no shares purchased as part of a publicly announced program. |
Exhibit Description | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit No. | Form | File No. | Exhibit No. | Filing Date | ||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Schema Document. | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) | X |
LIVE NATION ENTERTAINMENT, INC. | |||||
By: | /s/ Brian Capo | ||||
Brian Capo | |||||
Chief Accounting Officer (Duly Authorized Officer) |
Date: May 2, 2024 | |||||
By: | /s/ Michael Rapino | ||||
Michael Rapino | |||||
President and Chief Executive Officer |
Date: May 2, 2024 | |||||
By: | /s/ Joe Berchtold | ||||
Joe Berchtold | |||||
President and Chief Financial Officer |
Date: | May 2, 2024 | |||||||
By: | /s/ Michael Rapino | |||||||
Michael Rapino | ||||||||
President and Chief Executive Officer |
Date: | May 2, 2024 | |||||||
By: | /s/ Joe Berchtold | |||||||
Joe Berchtold | ||||||||
President and Chief Financial Officer |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Current assets | ||
Allowance for doubtful accounts | $ 73,157 | $ 82,350 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (32,217) | $ 44,192 |
Other comprehensive income (loss), net of tax: | ||
Unrealized gain (loss) on cash flow hedge | 8,369 | (3,949) |
Realized gain on cash flow hedge | (4,730) | (3,548) |
Foreign currency translation adjustments | 4,729 | 80,148 |
Comprehensive income (loss) | (23,849) | 116,843 |
Comprehensive income attributable to noncontrolling interests | 14,516 | 47,361 |
Comprehensive income (loss) attributable to common stockholders of Live Nation | $ (38,365) | $ 69,482 |
BASIS OF PRESENTATION AND OTHER INFORMATION |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND OTHER INFORMATION | Preparation of Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. Seasonality Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients. Cash flows from our Concerts segment typically have a slightly different seasonality as partial payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year. We expect our seasonality trends to evolve as we continue to expand our global operations. Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding. As of March 31, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $928 million and $940 million of assets and $590 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis. Cash and Cash Equivalents Included in the March 31, 2024 and December 31, 2023 cash and cash equivalents balance is $1.4 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts. Income Taxes Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of March 31, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first three months of 2024. Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.
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LONG-LIVED ASSETS |
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LONG-LIVED ASSETS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-LIVED ASSETS | Property, Plant and Equipment, Net Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices. Property, plant and equipment, net, consisted of the following:
Definite-lived Intangible Assets The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the three months ended March 31, 2024:
(1) Other primarily includes intangible assets for non-compete agreements. (2) Other primarily includes netdowns of fully amortized or impaired assets. Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisition of a festival promotion business in the United States. The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
Amortization of definite-lived intangible assets for the three months ended March 31, 2024 and 2023 was $62.0 million and $57.5 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary. Goodwill The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2024:
We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments. Investments in Nonconsolidated Affiliates At March 31, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $513.1 million and $447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | The significant components of operating lease expense are as follows:
Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved. Supplemental cash flow information for our operating leases is as follows:
As of March 31, 2024, we have additional operating leases that have not yet commenced with total lease payments of $113.8 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2024 to June 2030 with lease terms ranging from 2 to 30 years.
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | Long-term debt, which includes finance leases, consisted of the following:
Future maturities of long-term debt at March 31, 2024 are as follows:
All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our long-term debt. Other Long-term Debt As of March 31, 2024, other long-term debt includes $275.0 million for a note due in 2026 related to an acquisition of a venue management business during the first quarter of 2023 in the United States and $124.4 million for a Euro denominated note due in 2024.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | Recurring The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.
Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors. Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance. The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs. Non-recurring For the three months ended March 31, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million as well as a gain related to a warrant on the same investment in a nonconsolidated affiliate of $32.6 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $52.6 million using an option pricing model. For the three months ended March 31, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.3 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.2 million using the income approach method. The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.
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Fair Value Measurement and Measurement Inputs, Nonrecurring | For the three months ended March 31, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million as well as a gain related to a warrant on the same investment in a nonconsolidated affiliate of $32.6 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $52.6 million using an option pricing model. For the three months ended March 31, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.3 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.2 million using the income approach method. The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.
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COMMITMENTS AND CONTINGENT LIABILITIES |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | Litigation Consumer Class Actions The following putative class action lawsuits were filed against Live Nation and/or Ticketmaster in Canada: Thompson-Marcial and Smith v. Ticketmaster Canada Holdings ULC (Ontario Superior Court of Justice, filed September 2018); McPhee v. Live Nation Entertainment, Inc., et al. (Superior Court of Quebec, District of Montreal, filed September 2018); Crystal Watch v. Live Nation Entertainment, Inc., et al. (Court of Queen’s Bench for Saskatchewan, by amendments filed September 2018); and Gomel v. Live Nation Entertainment, Inc., et al. (Supreme Court of British Columbia, Vancouver Registry, filed October 2018). Similar putative class actions were filed in the United States during the same time period, but as of November 2020, each of the lawsuits filed in the United States has been dismissed with prejudice. The Canadian lawsuits make similar factual allegations that Live Nation and/or Ticketmaster engage in conduct that is intended to encourage the resale of tickets on secondary ticket exchanges at elevated prices. Based on these allegations, each plaintiff asserts violations of different provincial and federal laws. Each plaintiff also seeks to represent a class of individuals who purchased tickets on a secondary ticket exchange, as defined in each plaintiff’s complaint. The Watch complaint also makes claims related to Ticketmaster’s fee display practices on the primary market. The complaints seek a variety of remedies, including unspecified compensatory damages, punitive damages, restitution, injunctive relief and attorneys’ fees and costs. In April 2021, the court in the Gomel lawsuit declined to certify all claims other than those pled under British Columbia’s Business Practices and Consumer Protection Act and claims for punitive damages. The court did certify a class of British Columbia residents who purchased tickets to an event in Canada on any secondary market exchange from June 2015 through April 2021 that were initially purchased on Ticketmaster.ca. In May 2021, Ticketmaster and Live Nation filed a notice of appeal of the class certification ruling, and the plaintiff filed a cross-appeal shortly thereafter. The appeals were heard in early February 2023. In July 2023, the Court of Appeal for British Columbia issued its ruling, finding that the trial court erred by certifying common issues related to damages in the absence of any evidence supporting a plausible methodology to determine damages on a class-wide basis and remitted the matter back to the motion judge to reconsider his ruling. The Court of Appeal also allowed plaintiff’s cross-appeal in part, certified plaintiff’s proposed common issue regarding restoration, and remitted the plaintiff’s proposed common issues regarding his Competition Act and Unjust Enrichment claims to the motion judge for reconsideration. In September 2023, Ticketmaster and Live Nation filed an application for leave to appeal the Court of Appeal decision to the Supreme Court of Canada. The Court declined to hear the appeal. The matter will now return to the trial court for reconsideration, where plaintiff must demonstrate a plausible methodology to determine damages on a class-wide basis and some basis in fact for the common issues related to the Competition Act and Unjust Enrichment claims. The court in the Watch matter issued its class certification ruling in November 2022. The court declined to certify and dismissed all claims other than those pled under provincial consumer protection statutes relating to drip pricing and certified a class of consumers who purchased tickets between September 2015 and June 2018 from Ticketmaster.ca on the primary market. In December 2022, the parties filed cross-motions with the Court of Appeal for Saskatchewan, seeking leave to appeal the court’s ruling. A hearing on the parties’ motions for leave to appeal took place in March 2023, and in July 2023, the Court of Appeal granted leave to appeal to both parties. The appeals are fully briefed. The class certification hearing in the Thompson-Marcial matter took place in March 2024. In April 2024, the court certified common issues in relation to the claims for breach of contract, breach of ticketing legislation, unlawful means conspiracy, negligence and unjust enrichment, but dismissed the claims under the Competition Act and consumer protection legislation. The McPhee matter is stayed pending the outcome of the Watch matter. Based on information presently known to management, we do not believe that a loss is probable of occurring at this time, and we believe that the potential liability, if any, will not have a material adverse effect on our financial position, cash flows or results of operations. Further, we do not currently believe that the claims asserted in these lawsuits have merit, and considerable uncertainty exists regarding any monetary damages that will be asserted against us. We continue to vigorously defend these actions. Astroworld Litigation On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas’s rules governing multidistrict litigation. In June 2023, the Houston Police Department concluded its investigation, and a Grand Jury was empaneled to determine whether criminal charges should be brought against any persons or entities involved in the festival. The Grand Jury returned no indictments, and the criminal matter is now complete. During the three-month period ending, and subsequent to, March 31, 2024, we settled certain lawsuits and began settlement discussions in earnest with certain remaining parties. As a result, we have recognized $186 million in the first quarter within selling, general and administrative expenses for the estimated probable losses in excess of our expected probable insurance recoveries. Our assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, are based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions or recognize additional losses. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. Other Litigation From time to time, we are involved in other legal proceedings arising in the ordinary course of our business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause us to incur significant expenses. We have also been the subject of personal injury and wrongful death claims relating to accidents at our venues in connection with our operations. As required, we have accrued our estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings.
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EQUITY |
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Equity | Accumulated Other Comprehensive Income (Loss) The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2024:
Earnings Per Share Basic net income per common share is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive. For the three months ended March 31, 2024 and 2023 there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net loss per common share. The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:
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SEGMENTS AND REVENUE RECOGNITION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS AND REVENUE RECOGNITION | Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain acquisition expenses (including transaction costs, 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, which involved multiple fatalities and injury claims. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. 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. Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds. We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented. The following table presents the results of operations for our reportable segments for the three months ended March 31, 2024 and 2023:
The following table sets forth the reconciliation of consolidated AOI to operating income for the three months ended March 31, 2024 and 2023:
Contract Advances At March 31, 2024 and December 31, 2023, we had ticketing contract advances of $115.1 million and $143.9 million, respectively, recorded in prepaid expenses and $127.6 million and $135.6 million, respectively, recorded in long-term advances on the consolidated balance sheets. Sponsorship Agreements At March 31, 2024, we had contracted sponsorship agreements with terms greater than one year that had approximately $1.6 billion of revenue related to future benefits to be provided by us. We expect to recognize, based on current projections, approximately 32%, 28%, 21% and 19% of this revenue in the remainder of 2024, 2025, 2026 and thereafter, respectively. Deferred Revenue The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets. The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three months ended March 31, 2024 and 2023:
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BASIS OF PRESENTATION AND OTHER INFORMATION (Basis of Presentation and Other Information) (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation, Variable Interest Entity, Policy | Variable Interest Entities In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding. As of March 31, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $928 million and $940 million of assets and $590 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis.
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Cash and Cash Equivalents | Cash and Cash Equivalents Included in the March 31, 2024 and December 31, 2023 cash and cash equivalents balance is $1.4 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts.
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Income Taxes | Income Taxes Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of March 31, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first three months of 2024.
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Recent Accounting Pronouncements | Accounting Pronouncements In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements. In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.
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Fair Value Measures and Disclosures (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Nonrecurring | For the three months ended March 31, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million as well as a gain related to a warrant on the same investment in a nonconsolidated affiliate of $32.6 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $52.6 million using an option pricing model. For the three months ended March 31, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.3 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.2 million using the income approach method. The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.
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LONG-LIVED ASSETS (Long-Lived Assets) (Tables) |
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LONG-LIVED ASSETS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property, plant and equipment, net, consisted of the following:
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Gross Carrying Amount and Accumulated Amortization of Definite-Lived Intangible Assets | The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the three months ended March 31, 2024:
(1) Other primarily includes intangible assets for non-compete agreements. (2) Other primarily includes netdowns of fully amortized or impaired assets.
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Weighted Average Lives of Additions to Definite-Lived Intangible Assets | The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
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Changes in Goodwill by Segment | The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2024:
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LEASES (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Components of Operating Lease Expense | The significant components of operating lease expense are as follows:
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Supplemental Cash Flow Information for Operating Leases | Supplemental cash flow information for our operating leases is as follows:
As of March 31, 2024, we have additional operating leases that have not yet commenced with total lease payments of $113.8 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2024 to June 2030 with lease terms ranging from 2 to 30 years.
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LONG-TERM DEBT (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt, which includes finance leases, consisted of the following:
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Schedule of Maturities of Long-term Debt [Table Text Block] | Future maturities of long-term debt at March 31, 2024 are as follows:
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FAIR VALUE MEASUREMENTS Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.
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Estimated Fair Values of Debt | The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
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EQUITY Equity (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2024:
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Potentially Dilutive Securities Excluded From Diluted Net Income (Loss) Per Common Share | The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:
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SEGMENTS AND REVENUE RECOGNITION (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table presents the results of operations for our reportable segments for the three months ended March 31, 2024 and 2023:
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Reconciliation of AOI to Operating Income (Loss) | The following table sets forth the reconciliation of consolidated AOI to operating income for the three months ended March 31, 2024 and 2023:
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Contract with Customer, Asset and Liability | Deferred Revenue The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets. The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three months ended March 31, 2024 and 2023:
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BASIS OF PRESENTATION AND OTHER INFORMATION (Basis of Presentation and Other Information) (Details) - USD ($) |
3 Months Ended | |
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Mar. 31, 2024 |
Dec. 31, 2023 |
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Variable Interest Entity [Line Items] | ||
Total assets | $ 20,030,189,000 | $ 19,074,045,000 |
Cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges. | 1,400,000,000 | 1,500,000,000 |
Tax benefit recognized for losses incurred | 0 | |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 928,000,000 | 940,000,000 |
Liabilities | $ 590,000,000 | $ 592,000,000 |
LONG-LIVED ASSETS (Property, Plant and Equipment) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
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LONG-LIVED ASSETS [Abstract] | ||
Land, buildings and improvements | $ 2,085,796 | $ 2,043,595 |
Computer equipment and capitalized software | 903,837 | 888,065 |
Furniture and other equipment | 651,519 | 646,966 |
Construction in progress | 318,633 | 317,028 |
Property, plant and equipment, gross | 3,959,785 | 3,895,654 |
Less: accumulated depreciation | 1,843,153 | 1,794,191 |
Property, plant and equipment, net | $ 2,116,632 | $ 2,101,463 |
LONG-LIVED ASSETS (Definite-lived Intangibles Amortization) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Finite-Lived Intangible Assets [Line Items] | ||
Amortization of definite-lived intangible assets | $ 62,005 | $ 57,475 |
LONG-LIVED ASSETS (Goodwill) (Details) $ in Thousands |
3 Months Ended |
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Mar. 31, 2024
USD ($)
| |
Changes in carrying amount of goodwill [Roll Forward] | |
Gross goodwill, beginning of period | $ 3,126,829 |
Accumulated impairment losses | (435,363) |
Net goodwill, beginning of period | 2,691,466 |
Acquisition—current year | 2,334 |
Acquisitions—prior year | 8,772 |
Dispositions | 88 |
Foreign exchange | (3,180) |
Gross goodwill, end of period | 3,134,843 |
Accumulated impairment losses | (435,363) |
Net goodwill, end of period | 2,699,480 |
Concerts [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Gross goodwill, beginning of period | 1,439,579 |
Accumulated impairment losses | (435,363) |
Net goodwill, beginning of period | 1,004,216 |
Acquisition—current year | 2,334 |
Acquisitions—prior year | 8,772 |
Dispositions | 88 |
Foreign exchange | (10,091) |
Gross goodwill, end of period | 1,440,682 |
Accumulated impairment losses | (435,363) |
Net goodwill, end of period | 1,005,319 |
Ticketing [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Gross goodwill, beginning of period | 1,012,530 |
Accumulated impairment losses | 0 |
Net goodwill, beginning of period | 1,012,530 |
Acquisition—current year | 0 |
Acquisitions—prior year | 0 |
Dispositions | 0 |
Foreign exchange | 3,082 |
Gross goodwill, end of period | 1,015,612 |
Accumulated impairment losses | 0 |
Net goodwill, end of period | 1,015,612 |
Sponsorship and Advertising [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Gross goodwill, beginning of period | 674,720 |
Accumulated impairment losses | 0 |
Net goodwill, beginning of period | 674,720 |
Acquisition—current year | 0 |
Acquisitions—prior year | 0 |
Dispositions | 0 |
Foreign exchange | 3,829 |
Gross goodwill, end of period | 678,549 |
Accumulated impairment losses | 0 |
Net goodwill, end of period | $ 678,549 |
LONG-LIVED ASSETS (Investments in Nonconsolidated Affiliates) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Investments [Abstract] | ||
Investments in nonconsolidated affiliates | $ 513.1 | $ 447.5 |
LEASES (Significant Components Of Operating Lease Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Leases [Abstract] | ||
Operating lease expense | $ 65,736 | $ 65,329 |
Variable and short-term lease expense | 25,195 | 31,342 |
Sublease income | (1,409) | (2,188) |
Net lease expense | $ 89,522 | $ 94,483 |
LEASES (Supplemental Cash Flow Information For Operating Leases) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
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Leases [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities | $ 79,177 | $ 73,489 |
Lease assets obtained in exchange for lease obligations, net of terminations | $ 10,950 | $ 43,636 |
LEASES (Weighted Average Remaining Lease Term and Discount Rate for Operating Leases) (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Total lease payments due under operating leases that have not yet commenced | $ 113.8 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease term for operating leases that have not yet commenced | 2 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease term for operating leases that have not yet commenced | 30 years |
LONG-TERM DEBT (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Total principal amount | $ 6,265,698 | $ 6,643,113 |
Less: unamortized discounts and debt issuance costs | (46,225) | (49,701) |
Total long-term debt, net of unamortized discounts and debt issuance costs | 6,219,473 | 6,593,412 |
Current portion of long-term debt, net | 1,137,262 | 1,134,386 |
Long-term debt, net | 5,082,211 | 5,459,026 |
Senior Secured Credit Facility Term loan B [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 834,718 | 836,903 |
Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total principal amount | 0 | 370,000 |
6.5% Senior Secured Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 1,200,000 | 1,200,000 |
3.75% Senior Secured Notes Due 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 500,000 | 500,000 |
4.875% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 575,000 | 575,000 |
5.625% Senior Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 300,000 | 300,000 |
4.75% Senior Notes due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 950,000 | 950,000 |
2.0% Convertible Senior Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | 400,000 | 400,000 |
3.125% Convertible Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Total principal amount | 1,000,000 | 1,000,000 |
Other Long Term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total principal amount | $ 505,980 | $ 511,210 |
LONG-TERM DEBT (Future of Maturities of Long-Term Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Maturities of Long-term Debt [Abstract] | ||
Remainder of 2024 | $ 1,128,810 | |
2025 | 25,700 | |
2026 | 1,398,192 | |
2027 | 2,153,870 | |
2028 | 1,515,542 | |
Thereafter | 43,584 | |
Total | $ 6,265,698 | $ 6,643,113 |
LONG-TERM DEBT (Other Long Term Debt) (Details) - Other Long Term Debt [Member] $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
United States Venue Management Acquisition | |
Debt Instrument [Line Items] | |
Other Long-Term Debt | $ 275,000 |
Europe Asset Acquisition [Member] | |
Debt Instrument [Line Items] | |
Other Long-Term Debt | $ 124,400 |
FAIR VALUE MEASUREMENTS (Assets and Liabilities Measured On A Recurring Basis) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Cash equivalents | $ 608,161 | $ 580,126 |
Recurring [Member] | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Interest Rate Derivative Assets, at Fair Value | 45,076 | 39,232 |
Level 1 [Member] | Recurring [Member] | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Cash equivalents | 608,161 | 580,126 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Level 2 [Member] | Recurring [Member] | ||
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Cash equivalents | 0 | 0 |
Interest Rate Derivative Assets, at Fair Value | $ 45,076 | $ 39,232 |
FAIR VALUE MEASUREMENTS (Fair Value of Debt) (Details) - Level 2 [Member] - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
6.5% Senior Secured Notes Due 2027 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | $ 1,214,040 | $ 1,222,608 |
3.75% Senior Secured Notes Due 2028 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 464,685 | 469,515 |
4.875% Senior Notes Due 2024 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 572,177 | 570,412 |
5.625% Senior Notes Due 2026 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 297,102 | 297,606 |
4.75% Senior Notes due 2027 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 908,210 | 913,653 |
2.0% Convertible Senior Notes Due 2025 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of convertible senior notes | 445,020 | 423,668 |
3.125% Convertible Senior Notes Due 2029 | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of convertible senior notes | $ 1,203,590 | $ 1,136,160 |
FAIR VALUE MEASUREMENTS (Fair Value Measured On A Non-Recurring Basis) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Sponsorship and Advertising [Member] | Cost Investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other Nonrecurring Gain | $ (31,800) |
Sponsorship and Advertising [Member] | Cost Investments | Warrant [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other Nonrecurring Gain | (32,600) |
Concerts [Member] | Equity Method Investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Other Nonrecurring Gain | (24,300) |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Sponsorship and Advertising [Member] | Cost Investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | 142,200 |
Investments in Nonconsolidated Affiliates, Warrant Fair Value | 52,600 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Concerts [Member] | Equity Method Investments | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure | $ 35,200 |
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - Astroworld Festival $ in Thousands |
Mar. 31, 2024
USD ($)
numberOfClaims
|
Mar. 31, 2023
USD ($)
|
Nov. 05, 2021 |
---|---|---|---|
Loss Contingencies [Line Items] | |||
Astroworld Fatal Injuries | 10 | ||
Loss Contingency, Pending Claims, Number | numberOfClaims | 450 | ||
Astroworld estimated loss contingencies | $ | $ 185,915 | $ 0 |
EQUITY (Accumulated Other Comprehensive Loss) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2023 | $ 27,450 |
Other comprehensive income before reclassifications | 13,098 |
Amount reclassified from AOCI | (4,730) |
Net other comprehensive income | 8,368 |
Balance at March 31, 2024 | 35,818 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2023 | 29,350 |
Other comprehensive income before reclassifications | 8,369 |
Amount reclassified from AOCI | (4,730) |
Net other comprehensive income | 3,639 |
Balance at March 31, 2024 | 32,989 |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2023 | (1,900) |
Other comprehensive income before reclassifications | 4,729 |
Amount reclassified from AOCI | 0 |
Net other comprehensive income | 4,729 |
Balance at March 31, 2024 | $ 2,829 |
EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 19,466,172 | 19,835,291 |
Options to purchase shares of common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 2,301,848 | 3,237,229 |
Restricted and deferred stock awards—unvested [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 4,159,664 | 3,593,402 |
Conversion shares related to the convertible senior notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 13,004,660 | 13,004,660 |
SEGMENTS AND REVENUE RECOGNITION Segment Results of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,799,529 | $ 3,127,390 |
AOI | 367,390 | 319,710 |
Operating Segments [Member] | Concerts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,879,375 | $ 2,281,212 |
Percentage of Concert revenue to consolidated revenue | 75.80% | 72.90% |
AOI | $ 3,072 | $ 832 |
Operating Segments [Member] | Ticketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 723,178 | $ 677,741 |
Percentage of Ticketing revenue to consolidated revenue | 19.00% | 21.70% |
AOI | $ 284,115 | $ 271,051 |
Operating Segments [Member] | Sponsorship and Advertising [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 211,277 | $ 170,118 |
Percentage of Sponsorship & Advertising revenue to consolidated revenue | 5.60% | 5.40% |
AOI | $ 129,975 | $ 95,531 |
Operating Segments [Member] | Other and Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
AOI | (7,939) | |
Operating Segments [Member] | Corporate Segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
AOI | (42,563) | (39,765) |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | (14,301) | (1,681) |
Intersegment Eliminations [Member] | Concerts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 10,125 | 898 |
Intersegment Eliminations [Member] | Ticketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 4,133 | 783 |
Intersegment Eliminations [Member] | Sponsorship and Advertising [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 43 | 0 |
Intersegment Eliminations [Member] | Other and Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (14,301) | $ (1,681) |
Percentage of Other and Eliminations to Total Revenue | (0.4) | — |
AOI | $ (7,209) | |
Intersegment Eliminations [Member] | Corporate Segment | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 0 |
SEGMENTS AND REVENUE RECOGNITION Reconciliation of AOI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reconciliation of AOI [Line Items] | ||
AOI | $ 367,390 | $ 319,710 |
Acquisition expenses | 30,557 | 13,311 |
Amortization of non-recoupable ticketing contract advances | 24,080 | 20,363 |
Depreciation and amortization | 132,594 | 115,185 |
Loss (gain) on disposal of operating assets | (651) | 504 |
Stock-based compensation expense | 31,402 | 27,571 |
Operating income (loss) | (36,507) | 142,776 |
Astroworld Festival | ||
Reconciliation of AOI [Line Items] | ||
Astroworld estimated loss contingencies | $ 185,915 | $ 0 |
SEGMENTS AND REVENUE RECOGNITION Ticketing Contract Advances (Details) - Ticketing [Member] - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Prepaid Expenses [Member] | ||
Capitalized Contract Cost [Line Items] | ||
Ticketing contract advances | $ 115.1 | $ 143.9 |
Other Noncurrent Assets [Member] | ||
Capitalized Contract Cost [Line Items] | ||
Ticketing contract advances | $ 127.6 | $ 135.6 |
SEGMENTS AND REVENUE RECOGNITION Performance Obligation (Details) - Sponsorship and Advertising [Member] $ in Billions |
Mar. 31, 2024
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue related to future benefits to be provided by the Company | $ 1.6 |
Percentage of revenue on contracts to be recognized during the remainder of current year | 32.00% |
Percentage of revenue on contracts to be recognized next year | 28.00% |
Percentage of revenue on contracts to be recognized in two years | 21.00% |
Percentage of revenue to be recognized on contracts thereafter | 19.00% |
SEGMENTS AND REVENUE RECOGNITION Deferred Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Deferred revenue, current | $ 5,025,357 | $ 3,398,028 | |
Recognition of deferred revenue | 758,446 | $ 766,660 | |
Concerts [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Recognition of deferred revenue | 657,150 | 681,380 | |
Ticketing [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Recognition of deferred revenue | 54,809 | 34,600 | |
Sponsorship and Advertising [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Recognition of deferred revenue | $ 46,487 | $ 50,680 |
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