Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 26, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Live Nation Entertainment, Inc. | |
Entity Central Index Key | 1,335,258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 206,799,926 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 1,801,013 | $ 1,526,591 |
Accounts receivable, less allowance of $31,693 and $29,634, respectively | 991,215 | 568,936 |
Prepaid expenses | 714,176 | 528,250 |
Other current assets | 57,225 | 49,774 |
Total current assets | 3,563,629 | 2,673,551 |
Property, plant and equipment | ||
Land, buildings and improvements | 928,643 | 838,545 |
Computer equipment and capitalized software | 582,445 | 524,571 |
Furniture and other equipment | 297,654 | 256,765 |
Construction in progress | 129,082 | 125,430 |
Property, plant and equipment, gross | 1,937,824 | 1,745,311 |
Less accumulated depreciation | 1,093,010 | 993,775 |
Property, plant and equipment, net | 844,814 | 751,536 |
Intangible assets | ||
Definite-lived intangible assets, net | 756,909 | 812,031 |
Indefinite-lived intangible assets | 369,003 | 368,766 |
Goodwill | 1,764,512 | 1,747,088 |
Other long-term assets | 511,657 | 411,294 |
Total assets | 7,810,524 | 6,764,266 |
Current liabilities | ||
Accounts payable, client accounts | 860,424 | 726,475 |
Accounts payable | 93,043 | 55,030 |
Accrued expenses | 1,227,613 | 781,494 |
Deferred revenue | 909,037 | 804,973 |
Current portion of long-term debt, net | 71,674 | 53,317 |
Other current liabilities | 51,086 | 39,055 |
Total current liabilities | 3,212,877 | 2,460,344 |
Long-term debt, net | 2,240,461 | 2,259,736 |
Deferred income taxes | 202,049 | 197,811 |
Other long-term liabilities | 170,318 | 149,791 |
Commitments and contingent liabilities | ||
Redeemable noncontrolling interests | 370,277 | 347,068 |
Stockholders’ equity | ||
Common stock | 2,060 | 2,034 |
Additional paid-in capital | 2,390,224 | 2,381,011 |
Accumulated deficit | (888,579) | (1,073,457) |
Cost of shares held in treasury | (6,865) | (6,865) |
Accumulated other comprehensive loss | (117,866) | (176,707) |
Total Live Nation stockholders’ equity | 1,378,974 | 1,126,016 |
Noncontrolling interests | 235,568 | 223,500 |
Total equity | 1,614,542 | 1,349,516 |
Total liabilities and equity | $ 7,810,524 | $ 6,764,266 |
CONSOLIDATED BALANCE SHEETS (U3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Allowance for doubtful accounts | $ 31,693 | $ 29,634 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,559,418 | $ 3,170,416 | $ 7,791,292 | $ 6,557,390 |
Operating expenses: | ||||
Direct operating expenses | 2,732,926 | 2,428,003 | 5,801,300 | 4,817,894 |
Selling, general and administrative expenses | 475,864 | 414,412 | 1,293,557 | 1,126,452 |
Depreciation and amortization | 109,352 | 104,862 | 305,817 | 295,241 |
Loss (gain) on disposal of operating assets | 37 | 253 | (507) | (1) |
Corporate expenses | 39,892 | 31,600 | 97,711 | 85,649 |
Operating income (loss) | 201,347 | 191,286 | 293,414 | 232,155 |
Interest expense | 26,627 | 25,249 | 80,564 | 75,965 |
Interest income | (1,471) | (625) | (3,447) | (1,831) |
Equity in losses (earnings) of nonconsolidated affiliates | 816 | 17,471 | (2,060) | 17,184 |
Other expense (income), net | 920 | 2,606 | (5,388) | 1,412 |
Income before income taxes | 174,455 | 146,585 | 223,745 | 139,425 |
Income tax expense | 25,685 | 13,824 | 42,190 | 26,157 |
Net income | 148,770 | 132,761 | 181,555 | 113,268 |
Net income (loss) attributable to noncontrolling interests | 12,377 | 21,682 | (3,323) | 8,966 |
Net income attributable to common stockholders of Live Nation | $ 136,393 | $ 111,079 | $ 184,878 | $ 104,302 |
Basic net income per common share available to common stockholders of Live Nation | $ 0.56 | $ 0.51 | $ 0.65 | $ 0.35 |
Diluted net income per common share available to common stockholders of Live Nation | $ 0.53 | $ 0.49 | $ 0.62 | $ 0.34 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 205,287,843 | 202,118,412 | 204,574,742 | 201,904,305 |
Diluted (in shares) | 223,132,186 | 217,690,217 | 213,886,452 | 208,855,401 |
Reconciliation to net income available to common stockholders of Live Nation: | ||||
Net income attributable to common stockholders of Live Nation | $ 136,393 | $ 111,079 | $ 184,878 | $ 104,302 |
Accretion of redeemable noncontrolling interests | (21,397) | (8,576) | (52,811) | (33,204) |
Net income available to common stockholders of Live Nation—basic | 114,996 | 102,503 | 132,067 | 71,098 |
Convertible debt interest, net of tax | 3,336 | 3,274 | 0 | 0 |
Net income available to common stockholders of Live Nation—diluted | $ 118,332 | $ 105,777 | $ 132,067 | $ 71,098 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 148,770 | $ 132,761 | $ 181,555 | $ 113,268 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | 18,268 | (7,869) | 58,761 | (32,616) |
Other | 0 | 0 | 80 | 0 |
Comprehensive income | 167,038 | 124,892 | 240,396 | 80,652 |
Comprehensive income (loss) attributable to noncontrolling interests | 12,377 | 21,682 | (3,323) | 8,966 |
Comprehensive income attributable to common stockholders of Live Nation | $ 154,661 | $ 103,210 | $ 243,719 | $ 71,686 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 181,555 | $ 113,268 |
Reconciling items: | ||
Depreciation | 107,530 | 104,100 |
Amortization | 198,287 | 191,141 |
Deferred income tax benefit | (9,901) | (14,096) |
Amortization of debt issuance costs, discounts and premium, net | 9,836 | 7,823 |
Non-cash compensation expense | 23,921 | 25,237 |
Unrealized changes in fair value of contingent consideration | 12,198 | (5,844) |
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions | 5,333 | 25,742 |
Provision for uncollectible receivables and advances | 7,226 | 12,743 |
Other, net | 3,158 | (250) |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Increase in accounts receivable | (394,753) | (345,343) |
Increase in prepaid expenses and other assets | (280,241) | (173,683) |
Increase in accounts payable, accrued expenses and other liabilities | 536,944 | 295,025 |
Increase (decrease) in deferred revenue | 16,169 | (116,347) |
Net cash provided by operating activities | 417,262 | 119,516 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Advances of notes receivable | (10,943) | (11,051) |
Investments made in nonconsolidated affiliates | (22,157) | (18,628) |
Purchases of property, plant and equipment | (184,499) | (119,740) |
Cash paid for acquisitions, net of cash acquired | (18,809) | (113,065) |
Other, net | 909 | 2,310 |
Net cash used in investing activities | (235,499) | (260,174) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt, net of debt issuance costs | 59,313 | 6,881 |
Payments on long-term debt | (84,608) | (28,795) |
Distributions to noncontrolling interests | (22,877) | (25,279) |
Purchases and sales of noncontrolling interests, net | (10,730) | (32,266) |
Proceeds from exercise of stock options | 44,746 | 5,676 |
Payments for deferred and contingent consideration | (14,149) | (21,809) |
Other, net | 2,642 | (14,108) |
Net cash used in financing activities | (25,663) | (109,700) |
Effect of exchange rate changes on cash and cash equivalents | 118,322 | (13,061) |
Net increase (decrease) in cash and cash equivalents | 274,422 | (263,419) |
Cash and cash equivalents at beginning of period | 1,526,591 | 1,303,125 |
Cash and cash equivalents at end of period | $ 1,801,013 | $ 1,039,706 |
BASIS OF PRESENTATION AND OTHER
BASIS OF PRESENTATION AND OTHER INFORMATION | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND OTHER INFORMATION | 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 the Company’s 2016 Annual Report on Form 10-K filed with the SEC on February 23, 2017 , as amended by the Form 10-K/A filed with the SEC on June 23, 2017. Seasonality Due to the seasonal nature of shows at outdoor amphitheaters and festivals, which primarily occur from May through October, the Concerts and Sponsorship & Advertising segments experience higher revenue during the second and third quarters. The Ticketing segment’s revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by its clients. The Company’s 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. Therefore, the results to date are not necessarily indicative of the results expected for the full year. Cash and Cash Equivalents Included in the September 30, 2017 and December 31, 2016 cash and cash equivalents balance is $639.9 million and $591.0 million , respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges, which amounts are to be remitted to the clients. Acquisitions During the first nine months of 2017 , the Company completed several acquisitions that were accounted for as business combinations under the acquisition method of accounting. These acquisitions were not significant either on an individual basis or in the aggregate. Income Taxes Each reporting period, the Company evaluates the realizability of all of its deferred tax assets in each tax jurisdiction. As of September 30, 2017 , the Company continued to maintain a full valuation allowance against its 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 in those tax jurisdictions for the first nine months of 2017 and 2016 . Accounting Pronouncements - Recently Adopted In March 2016, the FASB issued guidance clarifying that the assessment of whether an embedded contingent put or call option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four-step decision sequence outlined in the guidance for embedded derivatives. The guidance should be applied to existing debt instruments using a modified retrospective method as of the beginning of the period of adoption. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations. In October 2016, the FASB issued guidance that requires a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. The guidance should be applied retrospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations. In December 2016, the FASB issued guidance making technical corrections and improvements, which includes an update clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. The guidance for this specific technical correction should be applied prospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have a material effect on its financial position or results of operations. Accounting Pronouncements - Not Yet Adopted Revenue Recognition In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The FASB continues to issue important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption. To assess the impact of the standard, the Company has dedicated certain of its personnel to lead the implementation effort and has supplemented them with additional external resources. These personnel reviewed the amended guidance and subsequent clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on the Company’s revenue streams. Surveys were sent to and completed by divisional finance managers in order to obtain a more detailed understanding of the contracts within each division and follow-up meetings with these divisions were then conducted. Based on the results of these surveys and meetings, the Company judgmentally selected a sample of contracts based on size and complexity and ensuring all major revenue streams were represented. The Company has completed its review of all the selected contracts and has compiled and summarized the results for its final review and analysis. Based on the procedures performed to date, the Company believes it has identified all material contract types and costs that may be impacted by the new guidance and it is nearing the completion of its assessment. The Concerts segment, representing approximately 70% of the Company’s 2016 consolidated revenue, is not expected to experience a change in its revenue recognition as the Company believes this revenue should continue to be deferred until the event date under the new standard. For the Ticketing segment, representing approximately 22% of 2016 consolidated revenue, the Company has concluded that it will no longer present payments to certain third parties as an expense and will begin reflecting these payments as a reduction of revenue. The Company is reviewing the payments that will be reflected as a reduction of revenue and expects to finalize the impact this change will have on both the Company's consolidated revenue and its Ticketing segment's revenue in the fourth quarter of 2017. The timing of revenue recognition is not expected to change for the Ticketing business. The remaining revenue streams of the Company are not expected to be impacted by the new guidance. The Company will finalize its conclusions in 2017 and ensure that it can produce the data necessary for the required disclosures along with assessing changes to internal controls and processes that may be required to comply with the new revenue recognition and disclosure requirements. The Company will adopt this standard on January 1, 2018, applying it retrospectively to each prior period presented in the financial statements. Other Pronouncements In January 2016, the FASB issued amendments for the recognition, measurement, presentation and disclosure of financial instruments. Among other things, the guidance requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income unless the investments do not have readily determinable fair values. The amendments are effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption is not permitted for most of the amendments. The amendments are to be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption with the exception of equity investments without readily determinable fair values, which will be applied prospectively. The Company will adopt this guidance on January 1, 2018, and does not expect the adoption to have a material impact on its financial position and results of operations. In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company expects to adopt this guidance on January 1, 2019, and is currently evaluating the impact that this guidance will have on its financial position and results of operations. In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. That is a change from current guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company expects to adopt this guidance on January 1, 2018, and the adoption will not impact its financial position or results of operations. In January 2017, the FASB issued guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to any transactions occurring within the period of adoption. The Company expects to adopt this guidance on January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018. In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for annual periods beginning after December 15, 2019 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to goodwill impairment tests performed within the period of adoption. The Company will adopt this guidance effective October 1, 2017 and apply it prospectively to impairment tests beginning in the year of adoption. |
LONG-LIVED ASSETS
LONG-LIVED ASSETS | 9 Months Ended |
Sep. 30, 2017 | |
LONG-LIVED ASSETS [Abstract] | |
LONG-LIVED ASSETS | LONG-LIVED ASSETS 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 nine months ended September 30, 2017 : Revenue- generating contracts Client / vendor relationships Trademarks and naming rights Non-compete agreements Technology Venue management and leaseholds Other Total (in thousands) Balance as of December 31, 2016: Gross carrying amount $ 760,398 $ 402,009 $ 94,338 $ 65,992 $ 53,078 $ 54,001 $ 4,014 $ 1,433,830 Accumulated amortization (316,800 ) (213,785 ) (23,724 ) (22,099 ) (13,637 ) (29,664 ) (2,090 ) (621,799 ) Net 443,598 188,224 70,614 43,893 39,441 24,337 1,924 812,031 Gross carrying amount: Acquisitions— current year — 22,635 — — 12,037 820 — 35,492 Acquisitions— prior year (6,724 ) — 35,464 — 1,120 — — 29,860 Foreign exchange 21,823 9,069 1,402 2,229 2,170 2,513 22 39,228 Other (1) (5,027 ) (3,009 ) — (1 ) (305 ) — (247 ) (8,589 ) Net change 10,072 28,695 36,866 2,228 15,022 3,333 (225 ) 95,991 Accumulated amortization: Amortization (63,368 ) (45,688 ) (10,008 ) (10,407 ) (9,860 ) (3,524 ) (540 ) (143,395 ) Foreign exchange (8,966 ) (3,868 ) (499 ) (984 ) (718 ) (1,385 ) (6 ) (16,426 ) Other (1) 5,067 2,969 10 8 312 — 342 8,708 Net change (67,267 ) (46,587 ) (10,497 ) (11,383 ) (10,266 ) (4,909 ) (204 ) (151,113 ) Balance as of September 30, 2017: Gross carrying amount 770,470 430,704 131,204 68,220 68,100 57,334 3,789 1,529,821 Accumulated amortization (384,067 ) (260,372 ) (34,221 ) (33,482 ) (23,903 ) (34,573 ) (2,294 ) (772,912 ) Net $ 386,403 $ 170,332 $ 96,983 $ 34,738 $ 44,197 $ 22,761 $ 1,495 $ 756,909 ______________ (1) Other includes netdowns of fully amortized assets. Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of an artist management business located in the United States, a concert promotion business located in Italy and various ticketing businesses located in the United States and the Czech Republic. Included in the prior year acquisitions amounts above are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia. The 2017 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: Weighted- Average Life (years) Client/vendor relationships 6 Technology 4 Venue management and leaseholds 3 All categories 5 Amortization of definite-lived intangible assets for the three months ended September 30, 2017 and 2016 was $53.4 million and $47.8 million for each respective period, and for the nine months ended September 30, 2017 and 2016 was $143.4 million and $133.0 million , respectively. Amortization related to nonrecoupable ticketing contract advances for the three months ended September 30, 2017 and 2016 was $20.1 million and $20.5 million , respectively, and for the nine months ended September 30, 2017 and 2016 was $54.9 million and $57.0 million , respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization may vary. Goodwill In 2016, the Company’s reportable segments were Concerts, Sponsorship & Advertising, Ticketing and Artist Nation. Beginning in 2017, the Company no longer presents Artist Nation as a reportable segment and now includes the business previously reported in the Artist Nation segment in the Concerts segment. See further discussion of the segment change in Note 6 —Segment Data. The Company’s reporting units reviewed for goodwill impairment remain unchanged. The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the nine months ended September 30, 2017 : Concerts Sponsorship & Advertising Ticketing Total (in thousands) Balance as of December 31, 2016: Goodwill $ 1,017,020 $ 395,826 $ 739,105 $ 2,151,951 Accumulated impairment losses (404,863 ) — — (404,863 ) Net 612,157 395,826 739,105 1,747,088 Acquisitions—current year 8,259 — 11,239 19,498 Acquisitions—prior year (22,095 ) (9,821 ) 882 (31,034 ) Foreign exchange 9,765 9,573 9,622 28,960 Balance as of September 30, 2017: Goodwill 1,012,949 395,578 760,848 2,169,375 Accumulated impairment losses (404,863 ) — — (404,863 ) Net $ 608,086 $ 395,578 $ 760,848 $ 1,764,512 Included in the current year acquisitions amounts above is goodwill associated with the acquisitions of various ticketing businesses located in the United States, an artist management business located in the United States and a concert promotion business located in Italy. Included in the prior year acquisitions amounts above are changes primarily associated with the acquisitions of festival promotion businesses located in the United States and Australia. The Company is in various stages of finalizing its acquisition accounting for recent acquisitions, which 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 its allocation between segments. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The following table shows the fair value of the Company’s significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents: Fair Value Measurements at September 30, 2017 December 31, 2016 Level 1 (in thousands) Assets: Cash equivalents $ 109,722 $ 55,081 The Company has cash equivalents which consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market which are considered to be Level 1 inputs as defined in the FASB guidance. The Company’s outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. The Company’s 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 estimated fair values of the Company’s 5.375% senior notes, 4.875% senior notes and 2.5% convertible senior notes were $260.5 million , $596.4 million and $364.3 million , respectively, at September 30, 2017 . The estimated fair values of the 5.375% senior notes, 4.875% senior notes and 2.5% convertible senior notes were $259.7 million , $578.5 million and $294.6 million , respectively, at December 31, 2016 . The estimated fair value of the Company’s 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. The Company had fixed-rate debt held by noncontrolling interest partners with a face value of $37.5 million and $35.7 million at September 30, 2017 and December 31, 2016 , respectively. The Company is unable to determine a fair value for this debt. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES In December 2015, a company called Songkick filed an antitrust lawsuit against Live Nation and Ticketmaster L.L.C. in the U.S. District Court for the Central District of California. The suit alleged, among other complaints, that the defendants monopolized certain markets and engaged in certain exclusionary and anticompetitive conduct, ultimately causing harm to Songkick in a product market that it refers to as “artist presale ticketing services.” In the spring of 2016, Live Nation and Ticketmaster L.L.C. prevailed in a partial motion to dismiss, and shortly thereafter asserted counterclaims against Songkick, alleging that Songkick tortiously interfered with Ticketmaster’s venue contracts. In February 2017, Songkick filed an amended complaint, adding claims of trade secret misappropriation, statutory violations and related causes of action, arising from certain alleged conduct by a former Songkick employee who had gone to work for Ticketmaster. In October 2017, the Court granted in part Live Nation’s motion to prevent Songkick’s damages expert from testifying, but declined to grant Live Nation’s motion for summary judgement. Following those rulings, Songkick is solely left with an antitrust claim (subject to treble damages) for lost profits, tort claims seeking the same lost profits, and a claim for unjust enrichment damages arising from alleged trade secret misappropriation. Trial has been set for January 2018. While the Company remains confident in its case and does not believe that a loss is probable of occurring at this time, if the Company is ultimately unsuccessful on any or all claims, the amounts at stake could be material. The Company is currently unable to estimate the possible loss or range of loss for this matter because of the uncertainty regarding the outcome of the claims and damages asserted against the Company. |
EQUITY
EQUITY | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
EQUITY | EQUITY The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation, equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the nine months ended September 30, 2017 : Live Nation Stockholders’ Equity Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests (in thousands) (in thousands) Balance at December 31, 2016 $ 1,126,016 $ 223,500 $ 1,349,516 $ 347,068 Non-cash compensation expense 23,921 — 23,921 — Common stock issued under stock plans, net of shares withheld for employee taxes (5,329 ) — (5,329 ) — Exercise of stock options 44,746 — 44,746 — Acquisitions — 6,036 6,036 (1,985 ) Purchases of noncontrolling interests (1,402 ) (1,594 ) (2,996 ) (1,329 ) Redeemable noncontrolling interests fair value adjustments (52,811 ) — (52,811 ) 52,811 Contributions received — 7,971 7,971 — Cash distributions — (8,226 ) (8,226 ) (14,222 ) Other 114 477 591 (1,339 ) Comprehensive income (loss): Net income (loss) 184,878 7,404 192,282 (10,727 ) Foreign currency translation adjustments 58,761 — 58,761 Other 80 — 80 — Balance at September 30, 2017 $ 1,378,974 $ 235,568 $ 1,614,542 $ 370,277 Accumulated Other Comprehensive Loss The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2017 : Foreign Currency Items Other Total (in thousands) Balance at December 31, 2016 $ (176,246 ) $ (461 ) $ (176,707 ) Other comprehensive income before reclassifications 58,761 80 58,841 Net other comprehensive income 58,761 80 58,841 Balance at September 30, 2017 $ (117,485 ) $ (381 ) $ (117,866 ) Earnings Per Share Basic net income (loss) per common share is computed by dividing the net income (loss) available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted stock awards and the assumed conversion of the convertible senior notes where dilutive. The following table sets forth the computation of weighted average common shares outstanding: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average common shares—basic 205,287,843 202,118,412 204,574,742 201,904,305 Effect of dilutive securities: Stock options and restricted stock 9,914,361 7,641,823 9,311,710 6,951,096 Convertible senior notes 7,929,982 7,929,982 — — Weighted average common shares—diluted 223,132,186 217,690,217 213,886,452 208,855,401 The following table shows securities excluded from the calculation of diluted net income (loss) per common share because such securities are anti-dilutive: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Options to purchase shares of common stock 8,000 1,726,732 810,796 5,309,138 Restricted stock awards—unvested 196,484 316,810 219,084 319,310 Conversion shares related to the convertible senior notes — — 7,929,982 7,929,982 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 204,484 2,043,542 8,959,862 13,558,430 |
SEGMENT DATA
SEGMENT DATA | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA The Company’s reportable segments are Concerts, Sponsorship & Advertising and Ticketing. Prior to 2017, the Company reported an Artist Nation segment, which is now included in its Concerts segment based on the Company’s belief that the strategy behind artist management is to provide a full range of services related to concert promotion and to expand the Concerts line of business. In connection with this, there has been a change in the way the chief operating decision maker, as defined in the FASB guidance, makes decisions around allocations of resources and management responsibilities for this business. The Concerts segment involves the promotion of live music events globally in the Company’s owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation of associated content and the provision of management and other services to artists. The Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and the placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related original content, and ads across the Company’s distribution network of venues, events and websites. The Ticketing segment involves the management of the Company’s global ticketing operations, including providing ticketing software and services to clients, ticket resale services and online access for customers relating to ticket and event information, and is responsible for the Company’s primary ticketing website, www.ticketmaster.com . Revenue and expenses earned and charged between segments are eliminated in consolidation. The Company’s 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 or replacements funded by insurance proceeds. The Company manages its working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, the Company’s management to allocate resources to or assess performance of the segments, and therefore, total segment assets have not been presented. The following table presents the results of operations for the Company’s reportable segments for the three and nine months ended September 30, 2017 and 2016 : Concerts Sponsorship Ticketing Other Corporate Eliminations Consolidated (in thousands) Three Months Ended September 30, 2017 Revenue $ 2,939,387 $ 157,981 $ 532,285 $ 6,545 $ — $ (76,780 ) $ 3,559,418 Direct operating expenses 2,497,234 23,371 283,236 4,477 — (75,392 ) 2,732,926 Selling, general and administrative expenses 305,494 21,320 144,622 4,428 — — 475,864 Depreciation and amortization 52,344 6,601 50,318 115 1,362 (1,388 ) 109,352 Loss (gain) on disposal of operating assets (21 ) — 58 — — — 37 Corporate expenses — — — — 39,892 — 39,892 Operating income (loss) $ 84,336 $ 106,689 $ 54,051 $ (2,475 ) $ (41,254 ) $ — $ 201,347 Intersegment revenue $ 73,494 $ — $ 3,286 $ — $ — $ (76,780 ) $ — Three Months Ended September 30, 2016 Revenue $ 2,644,151 $ 136,087 $ 456,443 $ 2,138 $ — $ (68,403 ) $ 3,170,416 Direct operating expenses 2,247,976 15,510 231,979 149 — (67,611 ) 2,428,003 Selling, general and administrative expenses 265,638 20,667 124,007 4,100 — — 414,412 Depreciation and amortization 52,188 4,448 47,113 1,153 752 (792 ) 104,862 Loss (gain) on disposal of operating assets 241 — 13 — (1 ) — 253 Corporate expenses — — — — 31,600 — 31,600 Operating income (loss) $ 78,108 $ 95,462 $ 53,331 $ (3,264 ) $ (32,351 ) $ — $ 191,286 Intersegment revenue $ 64,676 $ — $ 3,727 $ — $ — $ (68,403 ) $ — Nine Months Ended September 30, 2017 Revenue $ 6,052,515 $ 346,532 $ 1,510,574 $ 13,259 $ — $ (131,588 ) $ 7,791,292 Direct operating expenses 5,057,567 60,516 805,964 5,759 — (128,506 ) 5,801,300 Selling, general and administrative expenses 804,562 62,989 411,336 14,670 — — 1,293,557 Concerts Sponsorship Ticketing Other Corporate Eliminations Consolidated (in thousands) Depreciation and amortization 144,917 19,512 140,881 327 3,262 (3,082 ) 305,817 Loss (gain) on disposal of operating assets (609 ) — 65 — 37 — (507 ) Corporate expenses — — — — 97,711 — 97,711 Operating income (loss) $ 46,078 $ 203,515 $ 152,328 $ (7,497 ) $ (101,010 ) $ — $ 293,414 Intersegment revenue $ 122,455 $ — $ 9,133 $ — $ — $ (131,588 ) $ — Capital expenditures $ 83,612 $ 4,753 $ 69,667 $ 66 $ 26,195 $ — $ 184,293 Nine Months Ended September 30, 2016 Revenue $ 5,080,877 $ 288,923 $ 1,305,577 $ 4,485 $ — $ (122,472 ) $ 6,557,390 Direct operating expenses 4,219,599 44,711 673,990 149 — (120,555 ) 4,817,894 Selling, general and administrative expenses 701,093 50,540 363,336 11,483 — — 1,126,452 Depreciation and amortization 146,013 13,777 132,789 2,053 2,526 (1,917 ) 295,241 Loss (gain) on disposal of operating assets (162 ) — 44 — 117 — (1 ) Corporate expenses — — — — 85,649 — 85,649 Operating income (loss) $ 14,334 $ 179,895 $ 135,418 $ (9,200 ) $ (88,292 ) $ — $ 232,155 Intersegment revenue $ 115,762 $ — $ 6,710 $ — $ — $ (122,472 ) $ — Capital expenditures $ 51,353 $ 1,318 $ 64,513 $ 777 $ 5,454 $ — $ 123,415 |
BASIS OF PRESENTATION AND OTH13
BASIS OF PRESENTATION AND OTHER INFORMATION Basis of Presentation and Other Information (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Accounting Pronouncements - Recently Adopted In March 2016, the FASB issued guidance clarifying that the assessment of whether an embedded contingent put or call option is clearly and closely related to the debt instrument only requires an analysis pursuant to the four-step decision sequence outlined in the guidance for embedded derivatives. The guidance should be applied to existing debt instruments using a modified retrospective method as of the beginning of the period of adoption. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations. In October 2016, the FASB issued guidance that requires a single decision maker evaluating whether it is the primary beneficiary of a variable interest entity to consider its indirect interests held by related parties that are under common control on a proportionate basis as opposed to considering those interests in their entirety as required by current guidance. The guidance should be applied retrospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have an impact on its financial position or results of operations. In December 2016, the FASB issued guidance making technical corrections and improvements, which includes an update clarifying how to account for arrangements that include a license to use internal-use software acquired from third parties. The guidance for this specific technical correction should be applied prospectively. The Company adopted this guidance on January 1, 2017, and the adoption did not have a material effect on its financial position or results of operations. Accounting Pronouncements - Not Yet Adopted Revenue Recognition In May 2014, the FASB issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The new standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle of the guidance is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The FASB continues to issue important guidance clarifying certain guidelines of the standard including (1) reframing the indicators in the principal versus agent guidance to focus on evidence that a company is acting as a principal rather than agent and (2) identifying performance obligations and licensing. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption of the standard is only permitted for annual periods beginning after December 15, 2016 and interim periods within that year. The guidance should be applied retrospectively, either to each prior period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative-effect adjustment as of the date of adoption. To assess the impact of the standard, the Company has dedicated certain of its personnel to lead the implementation effort and has supplemented them with additional external resources. These personnel reviewed the amended guidance and subsequent clarifications and attended multiple training sessions in order to understand the potential impact the new standard could have on the Company’s revenue streams. Surveys were sent to and completed by divisional finance managers in order to obtain a more detailed understanding of the contracts within each division and follow-up meetings with these divisions were then conducted. Based on the results of these surveys and meetings, the Company judgmentally selected a sample of contracts based on size and complexity and ensuring all major revenue streams were represented. The Company has completed its review of all the selected contracts and has compiled and summarized the results for its final review and analysis. Based on the procedures performed to date, the Company believes it has identified all material contract types and costs that may be impacted by the new guidance and it is nearing the completion of its assessment. The Concerts segment, representing approximately 70% of the Company’s 2016 consolidated revenue, is not expected to experience a change in its revenue recognition as the Company believes this revenue should continue to be deferred until the event date under the new standard. For the Ticketing segment, representing approximately 22% of 2016 consolidated revenue, the Company has concluded that it will no longer present payments to certain third parties as an expense and will begin reflecting these payments as a reduction of revenue. The Company is reviewing the payments that will be reflected as a reduction of revenue and expects to finalize the impact this change will have on both the Company's consolidated revenue and its Ticketing segment's revenue in the fourth quarter of 2017. The timing of revenue recognition is not expected to change for the Ticketing business. The remaining revenue streams of the Company are not expected to be impacted by the new guidance. The Company will finalize its conclusions in 2017 and ensure that it can produce the data necessary for the required disclosures along with assessing changes to internal controls and processes that may be required to comply with the new revenue recognition and disclosure requirements. The Company will adopt this standard on January 1, 2018, applying it retrospectively to each prior period presented in the financial statements. Other Pronouncements In January 2016, the FASB issued amendments for the recognition, measurement, presentation and disclosure of financial instruments. Among other things, the guidance requires equity investments that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with any change in fair value recognized in net income unless the investments do not have readily determinable fair values. The amendments are effective for annual periods beginning after December 15, 2017 and interim periods within that year. Early adoption is not permitted for most of the amendments. The amendments are to be applied through a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption with the exception of equity investments without readily determinable fair values, which will be applied prospectively. The Company will adopt this guidance on January 1, 2018, and does not expect the adoption to have a material impact on its financial position and results of operations. In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and a right-of-use asset, and to disclose key information about leasing arrangements. The guidance is effective for annual periods beginning after December 15, 2018 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company expects to adopt this guidance on January 1, 2019, and is currently evaluating the impact that this guidance will have on its financial position and results of operations. In October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than inventory, in the period in which the transfer occurs. That is a change from current guidance which requires companies to defer the income tax effects of intercompany transfers of assets until the asset has been sold to an outside party or otherwise recognized. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied on a modified retrospective basis. The Company expects to adopt this guidance on January 1, 2018, and the adoption will not impact its financial position or results of operations. In January 2017, the FASB issued guidance that changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. The guidance is effective for annual periods beginning after December 15, 2017 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to any transactions occurring within the period of adoption. The Company expects to adopt this guidance on January 1, 2018, and will apply it prospectively to acquisitions occurring on or after January 1, 2018. In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. The guidance is effective for annual periods beginning after December 15, 2019 and interim periods within that year, and early adoption is permitted. The guidance should be applied prospectively to goodwill impairment tests performed within the period of adoption. The Company will adopt this guidance effective October 1, 2017 and apply it prospectively to impairment tests beginning in the year of adoption. |
LONG-LIVED ASSETS Long-Lived As
LONG-LIVED ASSETS Long-Lived Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
LONG-LIVED ASSETS [Abstract] | |
Changes in 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 nine months ended September 30, 2017 : Revenue- generating contracts Client / vendor relationships Trademarks and naming rights Non-compete agreements Technology Venue management and leaseholds Other Total (in thousands) Balance as of December 31, 2016: Gross carrying amount $ 760,398 $ 402,009 $ 94,338 $ 65,992 $ 53,078 $ 54,001 $ 4,014 $ 1,433,830 Accumulated amortization (316,800 ) (213,785 ) (23,724 ) (22,099 ) (13,637 ) (29,664 ) (2,090 ) (621,799 ) Net 443,598 188,224 70,614 43,893 39,441 24,337 1,924 812,031 Gross carrying amount: Acquisitions— current year — 22,635 — — 12,037 820 — 35,492 Acquisitions— prior year (6,724 ) — 35,464 — 1,120 — — 29,860 Foreign exchange 21,823 9,069 1,402 2,229 2,170 2,513 22 39,228 Other (1) (5,027 ) (3,009 ) — (1 ) (305 ) — (247 ) (8,589 ) Net change 10,072 28,695 36,866 2,228 15,022 3,333 (225 ) 95,991 Accumulated amortization: Amortization (63,368 ) (45,688 ) (10,008 ) (10,407 ) (9,860 ) (3,524 ) (540 ) (143,395 ) Foreign exchange (8,966 ) (3,868 ) (499 ) (984 ) (718 ) (1,385 ) (6 ) (16,426 ) Other (1) 5,067 2,969 10 8 312 — 342 8,708 Net change (67,267 ) (46,587 ) (10,497 ) (11,383 ) (10,266 ) (4,909 ) (204 ) (151,113 ) Balance as of September 30, 2017: Gross carrying amount 770,470 430,704 131,204 68,220 68,100 57,334 3,789 1,529,821 Accumulated amortization (384,067 ) (260,372 ) (34,221 ) (33,482 ) (23,903 ) (34,573 ) (2,294 ) (772,912 ) Net $ 386,403 $ 170,332 $ 96,983 $ 34,738 $ 44,197 $ 22,761 $ 1,495 $ 756,909 ______________ (1) Other includes netdowns of fully amortized assets. |
Weighted Average Lives of Additions to Definite-Lived Intangible Assets | The 2017 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: Weighted- Average Life (years) Client/vendor relationships 6 Technology 4 Venue management and leaseholds 3 All categories 5 |
Changes in Goodwill by Segment | The following table presents the changes in the carrying amount of goodwill in each of the Company’s reportable segments for the nine months ended September 30, 2017 : Concerts Sponsorship & Advertising Ticketing Total (in thousands) Balance as of December 31, 2016: Goodwill $ 1,017,020 $ 395,826 $ 739,105 $ 2,151,951 Accumulated impairment losses (404,863 ) — — (404,863 ) Net 612,157 395,826 739,105 1,747,088 Acquisitions—current year 8,259 — 11,239 19,498 Acquisitions—prior year (22,095 ) (9,821 ) 882 (31,034 ) Foreign exchange 9,765 9,573 9,622 28,960 Balance as of September 30, 2017: Goodwill 1,012,949 395,578 760,848 2,169,375 Accumulated impairment losses (404,863 ) — — (404,863 ) Net $ 608,086 $ 395,578 $ 760,848 $ 1,764,512 |
FAIR VALUE MEASUREMENTS Fair Va
FAIR VALUE MEASUREMENTS Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets Measured on a Recurring Basis | The following table shows the fair value of the Company’s significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the balance sheets as cash and cash equivalents: Fair Value Measurements at September 30, 2017 December 31, 2016 Level 1 (in thousands) Assets: Cash equivalents $ 109,722 $ 55,081 |
EQUITY Equity (Tables)
EQUITY Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Reconciliation of Carrying Amount of Equity and Redeemable Noncontrolling Interests | The following table shows the reconciliation of the carrying amount of stockholders’ equity attributable to Live Nation, equity attributable to noncontrolling interests, total equity and also redeemable noncontrolling interests for the nine months ended September 30, 2017 : Live Nation Stockholders’ Equity Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests (in thousands) (in thousands) Balance at December 31, 2016 $ 1,126,016 $ 223,500 $ 1,349,516 $ 347,068 Non-cash compensation expense 23,921 — 23,921 — Common stock issued under stock plans, net of shares withheld for employee taxes (5,329 ) — (5,329 ) — Exercise of stock options 44,746 — 44,746 — Acquisitions — 6,036 6,036 (1,985 ) Purchases of noncontrolling interests (1,402 ) (1,594 ) (2,996 ) (1,329 ) Redeemable noncontrolling interests fair value adjustments (52,811 ) — (52,811 ) 52,811 Contributions received — 7,971 7,971 — Cash distributions — (8,226 ) (8,226 ) (14,222 ) Other 114 477 591 (1,339 ) Comprehensive income (loss): Net income (loss) 184,878 7,404 192,282 (10,727 ) Foreign currency translation adjustments 58,761 — 58,761 Other 80 — 80 — Balance at September 30, 2017 $ 1,378,974 $ 235,568 $ 1,614,542 $ 370,277 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2017 : Foreign Currency Items Other Total (in thousands) Balance at December 31, 2016 $ (176,246 ) $ (461 ) $ (176,707 ) Other comprehensive income before reclassifications 58,761 80 58,841 Net other comprehensive income 58,761 80 58,841 Balance at September 30, 2017 $ (117,485 ) $ (381 ) $ (117,866 ) |
Weighted Average Number of Shares Outstanding | The following table sets forth the computation of weighted average common shares outstanding: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average common shares—basic 205,287,843 202,118,412 204,574,742 201,904,305 Effect of dilutive securities: Stock options and restricted stock 9,914,361 7,641,823 9,311,710 6,951,096 Convertible senior notes 7,929,982 7,929,982 — — Weighted average common shares—diluted 223,132,186 217,690,217 213,886,452 208,855,401 |
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 (loss) per common share because such securities are anti-dilutive: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Options to purchase shares of common stock 8,000 1,726,732 810,796 5,309,138 Restricted stock awards—unvested 196,484 316,810 219,084 319,310 Conversion shares related to the convertible senior notes — — 7,929,982 7,929,982 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 204,484 2,043,542 8,959,862 13,558,430 |
SEGMENT DATA Segment Data (Tabl
SEGMENT DATA Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Results of Operations Related to Reportable Segments of the Entity | The following table presents the results of operations for the Company’s reportable segments for the three and nine months ended September 30, 2017 and 2016 : Concerts Sponsorship Ticketing Other Corporate Eliminations Consolidated (in thousands) Three Months Ended September 30, 2017 Revenue $ 2,939,387 $ 157,981 $ 532,285 $ 6,545 $ — $ (76,780 ) $ 3,559,418 Direct operating expenses 2,497,234 23,371 283,236 4,477 — (75,392 ) 2,732,926 Selling, general and administrative expenses 305,494 21,320 144,622 4,428 — — 475,864 Depreciation and amortization 52,344 6,601 50,318 115 1,362 (1,388 ) 109,352 Loss (gain) on disposal of operating assets (21 ) — 58 — — — 37 Corporate expenses — — — — 39,892 — 39,892 Operating income (loss) $ 84,336 $ 106,689 $ 54,051 $ (2,475 ) $ (41,254 ) $ — $ 201,347 Intersegment revenue $ 73,494 $ — $ 3,286 $ — $ — $ (76,780 ) $ — Three Months Ended September 30, 2016 Revenue $ 2,644,151 $ 136,087 $ 456,443 $ 2,138 $ — $ (68,403 ) $ 3,170,416 Direct operating expenses 2,247,976 15,510 231,979 149 — (67,611 ) 2,428,003 Selling, general and administrative expenses 265,638 20,667 124,007 4,100 — — 414,412 Depreciation and amortization 52,188 4,448 47,113 1,153 752 (792 ) 104,862 Loss (gain) on disposal of operating assets 241 — 13 — (1 ) — 253 Corporate expenses — — — — 31,600 — 31,600 Operating income (loss) $ 78,108 $ 95,462 $ 53,331 $ (3,264 ) $ (32,351 ) $ — $ 191,286 Intersegment revenue $ 64,676 $ — $ 3,727 $ — $ — $ (68,403 ) $ — Nine Months Ended September 30, 2017 Revenue $ 6,052,515 $ 346,532 $ 1,510,574 $ 13,259 $ — $ (131,588 ) $ 7,791,292 Direct operating expenses 5,057,567 60,516 805,964 5,759 — (128,506 ) 5,801,300 Selling, general and administrative expenses 804,562 62,989 411,336 14,670 — — 1,293,557 Concerts Sponsorship Ticketing Other Corporate Eliminations Consolidated (in thousands) Depreciation and amortization 144,917 19,512 140,881 327 3,262 (3,082 ) 305,817 Loss (gain) on disposal of operating assets (609 ) — 65 — 37 — (507 ) Corporate expenses — — — — 97,711 — 97,711 Operating income (loss) $ 46,078 $ 203,515 $ 152,328 $ (7,497 ) $ (101,010 ) $ — $ 293,414 Intersegment revenue $ 122,455 $ — $ 9,133 $ — $ — $ (131,588 ) $ — Capital expenditures $ 83,612 $ 4,753 $ 69,667 $ 66 $ 26,195 $ — $ 184,293 Nine Months Ended September 30, 2016 Revenue $ 5,080,877 $ 288,923 $ 1,305,577 $ 4,485 $ — $ (122,472 ) $ 6,557,390 Direct operating expenses 4,219,599 44,711 673,990 149 — (120,555 ) 4,817,894 Selling, general and administrative expenses 701,093 50,540 363,336 11,483 — — 1,126,452 Depreciation and amortization 146,013 13,777 132,789 2,053 2,526 (1,917 ) 295,241 Loss (gain) on disposal of operating assets (162 ) — 44 — 117 — (1 ) Corporate expenses — — — — 85,649 — 85,649 Operating income (loss) $ 14,334 $ 179,895 $ 135,418 $ (9,200 ) $ (88,292 ) $ — $ 232,155 Intersegment revenue $ 115,762 $ — $ 6,710 $ — $ — $ (122,472 ) $ — Capital expenditures $ 51,353 $ 1,318 $ 64,513 $ 777 $ 5,454 $ — $ 123,415 |
BASIS OF PRESENTATION AND OTH18
BASIS OF PRESENTATION AND OTHER INFORMATION Basis of Presentation and Other Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges | $ 639,900,000 | $ 591,000,000 | |
Tax Benefit Recognized For Losses Incurred | $ 0 | $ 0 | |
Percentage of Concert segment revenue to total revenue | 70.00% | ||
Percentage of Ticketing segment revenue to total revenue | 22.00% |
LONG-LIVED ASSETS (Definite-liv
LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | $ 1,433,830 | |||
Accumulated amortization | (621,799) | |||
Net | 812,031 | |||
Acquisitions— current year | 35,492 | |||
Acquisitions— prior year | 29,860 | |||
Foreign exchange | 39,228 | |||
Other1 | (8,589) | |||
Net change | 95,991 | |||
Amortization | $ (53,400) | $ (47,800) | (143,395) | $ (133,000) |
Foreign exchange | (16,426) | |||
Other1 | 8,708 | |||
Net change | (151,113) | |||
Gross carrying amount | 1,529,821 | 1,529,821 | ||
Accumulated amortization | (772,912) | (772,912) | ||
Net | 756,909 | $ 756,909 | ||
Weighted-average lives of definite-lived intangible assets | 5 years | |||
Revenue-generating contracts [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | $ 760,398 | |||
Accumulated amortization | (316,800) | |||
Net | 443,598 | |||
Acquisitions— current year | 0 | |||
Acquisitions— prior year | (6,724) | |||
Foreign exchange | 21,823 | |||
Other1 | (5,027) | |||
Net change | 10,072 | |||
Amortization | (63,368) | |||
Foreign exchange | (8,966) | |||
Other1 | 5,067 | |||
Net change | (67,267) | |||
Gross carrying amount | 770,470 | 770,470 | ||
Accumulated amortization | (384,067) | (384,067) | ||
Net | 386,403 | 386,403 | ||
Client/vendor relationships [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | 402,009 | |||
Accumulated amortization | (213,785) | |||
Net | 188,224 | |||
Acquisitions— current year | 22,635 | |||
Acquisitions— prior year | 0 | |||
Foreign exchange | 9,069 | |||
Other1 | (3,009) | |||
Net change | 28,695 | |||
Amortization | (45,688) | |||
Foreign exchange | (3,868) | |||
Other1 | 2,969 | |||
Net change | (46,587) | |||
Gross carrying amount | 430,704 | 430,704 | ||
Accumulated amortization | (260,372) | (260,372) | ||
Net | 170,332 | $ 170,332 | ||
Weighted-average lives of definite-lived intangible assets | 6 years | |||
Trademarks and naming rights [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | $ 94,338 | |||
Accumulated amortization | (23,724) | |||
Net | 70,614 | |||
Acquisitions— current year | 0 | |||
Acquisitions— prior year | 35,464 | |||
Foreign exchange | 1,402 | |||
Other1 | 0 | |||
Net change | 36,866 | |||
Amortization | (10,008) | |||
Foreign exchange | (499) | |||
Other1 | 10 | |||
Net change | (10,497) | |||
Gross carrying amount | 131,204 | 131,204 | ||
Accumulated amortization | (34,221) | (34,221) | ||
Net | 96,983 | 96,983 | ||
Noncompete Agreements [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | 65,992 | |||
Accumulated amortization | (22,099) | |||
Net | 43,893 | |||
Acquisitions— current year | 0 | |||
Acquisitions— prior year | 0 | |||
Foreign exchange | 2,229 | |||
Other1 | (1) | |||
Net change | 2,228 | |||
Amortization | (10,407) | |||
Foreign exchange | (984) | |||
Other1 | 8 | |||
Net change | (11,383) | |||
Gross carrying amount | 68,220 | 68,220 | ||
Accumulated amortization | (33,482) | (33,482) | ||
Net | 34,738 | 34,738 | ||
Technology [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | 53,078 | |||
Accumulated amortization | (13,637) | |||
Net | 39,441 | |||
Acquisitions— current year | 12,037 | |||
Acquisitions— prior year | 1,120 | |||
Foreign exchange | 2,170 | |||
Other1 | (305) | |||
Net change | 15,022 | |||
Amortization | (9,860) | |||
Foreign exchange | (718) | |||
Other1 | 312 | |||
Net change | (10,266) | |||
Gross carrying amount | 68,100 | 68,100 | ||
Accumulated amortization | (23,903) | (23,903) | ||
Net | 44,197 | $ 44,197 | ||
Weighted-average lives of definite-lived intangible assets | 4 years | |||
Venue management and leaseholds [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | $ 54,001 | |||
Accumulated amortization | (29,664) | |||
Net | 24,337 | |||
Acquisitions— current year | 820 | |||
Acquisitions— prior year | 0 | |||
Foreign exchange | 2,513 | |||
Other1 | 0 | |||
Net change | 3,333 | |||
Amortization | (3,524) | |||
Foreign exchange | (1,385) | |||
Other1 | 0 | |||
Net change | (4,909) | |||
Gross carrying amount | 57,334 | 57,334 | ||
Accumulated amortization | (34,573) | (34,573) | ||
Net | 22,761 | $ 22,761 | ||
Weighted-average lives of definite-lived intangible assets | 3 years | |||
Other Intangible Assets [Member] | ||||
Finite-lived Intangibles Asset [Roll Forward] | ||||
Gross carrying amount | $ 4,014 | |||
Accumulated amortization | (2,090) | |||
Net | 1,924 | |||
Acquisitions— current year | 0 | |||
Acquisitions— prior year | 0 | |||
Foreign exchange | 22 | |||
Other1 | (247) | |||
Net change | (225) | |||
Amortization | (540) | |||
Foreign exchange | (6) | |||
Other1 | 342 | |||
Net change | (204) | |||
Gross carrying amount | 3,789 | 3,789 | ||
Accumulated amortization | (2,294) | (2,294) | ||
Net | $ 1,495 | $ 1,495 |
LONG-LIVED ASSETS (Definite-l20
LONG-LIVED ASSETS (Definite-lived Intangibles Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of definite-lived intangible assets | $ 53,400 | $ 47,800 | $ 143,395 | $ 133,000 |
Amortization expense related to nonrecoupable ticketing contract advances | $ 20,100 | $ 20,500 | $ 54,900 | $ 57,000 |
LONG-LIVED ASSETS (Goodwill) (D
LONG-LIVED ASSETS (Goodwill) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | $ 2,151,951 |
Accumulated impairment losses | (404,863) |
Net | 1,747,088 |
Acquisitions—current year | 19,498 |
Acquisitions—prior year | (31,034) |
Foreign exchange | 28,960 |
Goodwill | 2,169,375 |
Accumulated impairment losses | (404,863) |
Net | 1,764,512 |
Concerts [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 1,017,020 |
Accumulated impairment losses | (404,863) |
Net | 612,157 |
Acquisitions—current year | 8,259 |
Acquisitions—prior year | (22,095) |
Foreign exchange | 9,765 |
Goodwill | 1,012,949 |
Accumulated impairment losses | (404,863) |
Net | 608,086 |
Sponsorship & Advertising [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 395,826 |
Accumulated impairment losses | 0 |
Net | 395,826 |
Acquisitions—current year | 0 |
Acquisitions—prior year | (9,821) |
Foreign exchange | 9,573 |
Goodwill | 395,578 |
Accumulated impairment losses | 0 |
Net | 395,578 |
Ticketing [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 739,105 |
Accumulated impairment losses | 0 |
Net | 739,105 |
Acquisitions—current year | 11,239 |
Acquisitions—prior year | 882 |
Foreign exchange | 9,622 |
Goodwill | 760,848 |
Accumulated impairment losses | 0 |
Net | $ 760,848 |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Level 1 [Member] | Recurring [Member] | ||
Assets: | ||
Cash equivalents | $ 109,722 | $ 55,081 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value of Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Fixed Rate Debt With Noncontrolling Interest Partner [Member] | ||
Estimate of fair value not practicable [Abstract] | ||
Face amount of debt | $ 37.5 | $ 35.7 |
Level 2 [Member] | 5.375% Senior Notes due 2022 [Member] | ||
Debt Fair Value [Line Items] | ||
Interest rate, stated percentage | 5.375% | 5.375% |
Estimated fair values of senior notes | $ 260.5 | $ 259.7 |
Level 2 [Member] | 4.875% Senior Notes Due 2024 [Member] | ||
Debt Fair Value [Line Items] | ||
Interest rate, stated percentage | 4.875% | 4.875% |
Estimated fair values of senior notes | $ 596.4 | $ 578.5 |
Level 2 [Member] | 2.5% Convertible Senior Notes Due 2019 [Member] | ||
Debt Fair Value [Line Items] | ||
Interest rate, stated percentage | 2.50% | 2.50% |
Estimated fair values of convertible senior notes | $ 364.3 | $ 294.6 |
EQUITY (Equity and Redeemable N
EQUITY (Equity and Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Equity [Roll Forward] | ||||
Balance at December 31, 2016 | $ 1,349,516 | |||
Non-cash compensation expense | 23,921 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | (5,329) | |||
Exercise of stock options | 44,746 | |||
Acquisitions | 6,036 | |||
Purchases of noncontrolling interests | (2,996) | |||
Redeemable noncontrolling interests fair value adjustments | (52,811) | |||
Contributions received | 7,971 | |||
Cash distributions | (8,226) | |||
Other | 591 | |||
Comprehensive income (loss): | ||||
Net income (loss) | 192,282 | |||
Foreign currency translation adjustments | $ 18,268 | $ (7,869) | 58,761 | $ (32,616) |
Other | 0 | $ 0 | 80 | $ 0 |
Balance at September 30, 2017 | 1,614,542 | 1,614,542 | ||
Redeemable Noncontrolling Interests [Roll Forward] | ||||
Balance at December 31, 2016 | 347,068 | |||
Comprehensive income (loss): | ||||
Balance at September 30, 2017 | 370,277 | 370,277 | ||
Live Nation Entertainment, Inc. Stockholders' Equity [Member] | ||||
Equity [Roll Forward] | ||||
Balance at December 31, 2016 | 1,126,016 | |||
Non-cash compensation expense | 23,921 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | (5,329) | |||
Exercise of stock options | 44,746 | |||
Acquisitions | 0 | |||
Purchases of noncontrolling interests | (1,402) | |||
Redeemable noncontrolling interests fair value adjustments | (52,811) | |||
Contributions received | 0 | |||
Cash distributions | 0 | |||
Other | 114 | |||
Comprehensive income (loss): | ||||
Net income (loss) | 184,878 | |||
Foreign currency translation adjustments | 58,761 | |||
Other | 80 | |||
Balance at September 30, 2017 | 1,378,974 | 1,378,974 | ||
Noncontrolling Interests [Member] | ||||
Equity [Roll Forward] | ||||
Balance at December 31, 2016 | 223,500 | |||
Non-cash compensation expense | 0 | |||
Common stock issued under stock plans, net of shares withheld for employee taxes | 0 | |||
Exercise of stock options | 0 | |||
Acquisitions | 6,036 | |||
Purchases of noncontrolling interests | (1,594) | |||
Redeemable noncontrolling interests fair value adjustments | 0 | |||
Contributions received | 7,971 | |||
Cash distributions | (8,226) | |||
Other | 477 | |||
Comprehensive income (loss): | ||||
Net income (loss) | 7,404 | |||
Foreign currency translation adjustments | 0 | |||
Other | 0 | |||
Balance at September 30, 2017 | 235,568 | 235,568 | ||
Redeemable Noncontrolling Interests [Member] | ||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||
Balance at December 31, 2016 | 347,068 | |||
Acquisitions | (1,985) | |||
Purchases of noncontrolling interests | (1,329) | |||
Redeemable noncontrolling interests fair value adjustments | 52,811 | |||
Cash distributions | (14,222) | |||
Other | (1,339) | |||
Comprehensive income (loss): | ||||
Net income (loss) | (10,727) | |||
Balance at September 30, 2017 | $ 370,277 | $ 370,277 |
EQUITY (Accumulated Other Compr
EQUITY (Accumulated Other Comprehensive Loss) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2016 | $ (176,707) |
Other comprehensive income before reclassifications | 58,841 |
Net other comprehensive income | 58,841 |
Balance at September 30, 2017 | (117,866) |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2016 | (176,246) |
Other comprehensive income before reclassifications | 58,761 |
Net other comprehensive income | 58,761 |
Balance at September 30, 2017 | (117,485) |
Other [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2016 | (461) |
Other comprehensive income before reclassifications | 80 |
Net other comprehensive income | 80 |
Balance at September 30, 2017 | $ (381) |
EQUITY (Earnings Per Share) (De
EQUITY (Earnings Per Share) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reconciliation of weighted average common shares outstanding | ||||
Weighted average common shares—basic | 205,287,843 | 202,118,412 | 204,574,742 | 201,904,305 |
Effect of dilutive securities: | ||||
Stock options and restricted stock (in shares) | 9,914,361 | 7,641,823 | 9,311,710 | 6,951,096 |
Convertible senior notes (in shares) | 7,929,982 | 7,929,982 | 0 | 0 |
Weighted average common shares—diluted | 223,132,186 | 217,690,217 | 213,886,452 | 208,855,401 |
EQUITY (Antidilutive Securities
EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 204,484 | 2,043,542 | 8,959,862 | 13,558,430 |
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 | 8,000 | 1,726,732 | 810,796 | 5,309,138 |
Restricted 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 | 196,484 | 316,810 | 219,084 | 319,310 |
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 | 0 | 0 | 7,929,982 | 7,929,982 |
SEGMENT DATA Segment Data (Deta
SEGMENT DATA Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,559,418 | $ 3,170,416 | $ 7,791,292 | $ 6,557,390 |
Direct operating expenses | 2,732,926 | 2,428,003 | 5,801,300 | 4,817,894 |
Selling, general and administrative expenses | 475,864 | 414,412 | 1,293,557 | 1,126,452 |
Depreciation and amortization | 109,352 | 104,862 | 305,817 | 295,241 |
Loss (gain) on disposal of operating assets | 37 | 253 | (507) | (1) |
Corporate expenses | 39,892 | 31,600 | 97,711 | 85,649 |
Operating income (loss) | 201,347 | 191,286 | 293,414 | 232,155 |
Capital expenditures | 184,293 | 123,415 | ||
Operating Segments [Member] | Concerts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,939,387 | 2,644,151 | 6,052,515 | 5,080,877 |
Direct operating expenses | 2,497,234 | 2,247,976 | 5,057,567 | 4,219,599 |
Selling, general and administrative expenses | 305,494 | 265,638 | 804,562 | 701,093 |
Depreciation and amortization | 52,344 | 52,188 | 144,917 | 146,013 |
Loss (gain) on disposal of operating assets | (21) | 241 | (609) | (162) |
Corporate expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 84,336 | 78,108 | 46,078 | 14,334 |
Capital expenditures | 83,612 | 51,353 | ||
Operating Segments [Member] | Sponsorship & Advertising [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 157,981 | 136,087 | 346,532 | 288,923 |
Direct operating expenses | 23,371 | 15,510 | 60,516 | 44,711 |
Selling, general and administrative expenses | 21,320 | 20,667 | 62,989 | 50,540 |
Depreciation and amortization | 6,601 | 4,448 | 19,512 | 13,777 |
Loss (gain) on disposal of operating assets | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 106,689 | 95,462 | 203,515 | 179,895 |
Capital expenditures | 4,753 | 1,318 | ||
Operating Segments [Member] | Ticketing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 532,285 | 456,443 | 1,510,574 | 1,305,577 |
Direct operating expenses | 283,236 | 231,979 | 805,964 | 673,990 |
Selling, general and administrative expenses | 144,622 | 124,007 | 411,336 | 363,336 |
Depreciation and amortization | 50,318 | 47,113 | 140,881 | 132,789 |
Loss (gain) on disposal of operating assets | 58 | 13 | 65 | 44 |
Corporate expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 54,051 | 53,331 | 152,328 | 135,418 |
Capital expenditures | 69,667 | 64,513 | ||
Operating Segments [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,545 | 2,138 | 13,259 | 4,485 |
Direct operating expenses | 4,477 | 149 | 5,759 | 149 |
Selling, general and administrative expenses | 4,428 | 4,100 | 14,670 | 11,483 |
Depreciation and amortization | 115 | 1,153 | 327 | 2,053 |
Loss (gain) on disposal of operating assets | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | (2,475) | (3,264) | (7,497) | (9,200) |
Capital expenditures | 66 | 777 | ||
Operating Segments [Member] | Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Direct operating expenses | 0 | 0 | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | 1,362 | 752 | 3,262 | 2,526 |
Loss (gain) on disposal of operating assets | 0 | (1) | 37 | 117 |
Corporate expenses | 39,892 | 31,600 | 97,711 | 85,649 |
Operating income (loss) | (41,254) | (32,351) | (101,010) | (88,292) |
Capital expenditures | 26,195 | 5,454 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (76,780) | (68,403) | (131,588) | (122,472) |
Direct operating expenses | (75,392) | (67,611) | (128,506) | (120,555) |
Selling, general and administrative expenses | 0 | 0 | 0 | 0 |
Depreciation and amortization | (1,388) | (792) | (3,082) | (1,917) |
Loss (gain) on disposal of operating assets | 0 | 0 | 0 | 0 |
Corporate expenses | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | ||
Intersegment Eliminations [Member] | Concerts [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 73,494 | 64,676 | 122,455 | 115,762 |
Intersegment Eliminations [Member] | Sponsorship & Advertising [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Ticketing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,286 | 3,727 | 9,133 | 6,710 |
Intersegment Eliminations [Member] | Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Intersegment Eliminations [Member] | Corporate [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |