Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 25, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Live Nation Entertainment, Inc. | |
Entity Central Index Key | 0001335258 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 211,629,280 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,670,538 | $ 2,371,540 |
Accounts receivable, less allowance of $32,548 and $34,225, respectively | 920,035 | 829,320 |
Prepaid expenses | 772,296 | 597,866 |
Restricted cash | 13,654 | 6,663 |
Other current assets | 48,351 | 42,685 |
Total current assets | 4,424,874 | 3,848,074 |
Property, plant and equipment | ||
Land, buildings and improvements | 1,004,205 | 984,558 |
Computer equipment and capitalized software | 788,304 | 742,737 |
Furniture and other equipment | 345,936 | 329,607 |
Construction in progress | 120,282 | 160,028 |
Property, plant and equipment, gross | 2,258,727 | 2,216,930 |
Less accumulated depreciation | 1,315,697 | 1,270,337 |
Property, plant and equipment, net | 943,030 | 946,593 |
Operating lease assets | 1,114,932 | 0 |
Intangible assets | ||
Definite-lived intangible assets, net | 654,812 | 661,451 |
Indefinite-lived intangible assets | 368,922 | 368,854 |
Goodwill | 1,841,234 | 1,822,943 |
Long-term advances | 531,763 | 420,891 |
Other long-term assets | 422,966 | 428,080 |
Total assets | 10,302,533 | 8,496,886 |
Current liabilities | ||
Accounts payable, client accounts | 1,123,959 | 1,037,162 |
Accounts payable | 103,567 | 90,253 |
Accrued expenses | 1,140,215 | 1,245,465 |
Deferred revenue | 2,068,792 | 1,227,797 |
Current portion of long-term debt, net | 80,838 | 82,142 |
Current portion of operating lease liabilities | 112,880 | 0 |
Other current liabilities | 58,631 | 67,047 |
Total current liabilities | 4,688,882 | 3,749,866 |
Long-term debt, net | 2,715,966 | 2,732,878 |
Long-term operating lease liabilities | 1,071,375 | 0 |
Deferred income taxes | 142,710 | 137,067 |
Other long-term liabilities | 100,177 | 204,977 |
Commitments and contingent liabilities | ||
Redeemable noncontrolling interests | 343,029 | 329,355 |
Stockholders’ equity | ||
Common stock | 2,099 | 2,091 |
Additional paid-in capital | 2,267,761 | 2,268,209 |
Accumulated deficit | (1,071,667) | (1,019,223) |
Cost of shares held in treasury | (6,865) | (6,865) |
Accumulated other comprehensive loss | (148,120) | (145,231) |
Total Live Nation stockholders’ equity | 1,043,208 | 1,098,981 |
Noncontrolling interests | 197,186 | 243,762 |
Total equity | 1,240,394 | 1,342,743 |
Total liabilities and equity | $ 10,302,533 | $ 8,496,886 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Allowance for doubtful accounts | $ 32,548 | $ 34,225 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 1,727,828 | $ 1,482,384 |
Operating expenses: | ||
Direct operating expenses | 1,151,604 | 932,084 |
Selling, general and administrative expenses | 464,866 | 434,611 |
Depreciation and amortization | 98,912 | 87,871 |
Loss (gain) on disposal of operating assets | (147) | 38 |
Corporate expenses | 36,456 | 33,810 |
Operating loss | (23,863) | (6,030) |
Interest expense | 36,515 | 32,684 |
Interest income | (2,548) | (1,183) |
Equity in earnings of nonconsolidated affiliates | (3,144) | (3,715) |
Other expense (income), net | (3,403) | 328 |
Loss before income taxes | (51,283) | (34,144) |
Income tax expense | 3,958 | 6,884 |
Net loss | (55,241) | (41,028) |
Net loss attributable to noncontrolling interests | (2,797) | (7,122) |
Net loss attributable to common stockholders of Live Nation | $ (52,444) | $ (33,906) |
Basic and diluted net loss per common share available to common stockholders of Live Nation | $ (0.31) | $ (0.24) |
Weighted average common shares outstanding: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 208,908,323 | 206,728,167 |
Reconciliation to net loss available to common stockholders of Live Nation: | ||
Net loss attributable to common stockholders of Live Nation | $ (52,444) | $ (33,906) |
Accretion of redeemable noncontrolling interests | (12,312) | (16,385) |
Net loss available to common stockholders of Live Nation—basic and diluted | $ (64,756) | $ (50,291) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (55,241) | $ (41,028) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (2,889) | 16,262 |
Comprehensive loss | (58,130) | (24,766) |
Comprehensive loss attributable to noncontrolling interests | (2,797) | (7,122) |
Comprehensive loss attributable to common stockholders of Live Nation | $ (55,333) | $ (17,644) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Cost of Shares Held in Treasury [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests [Member] |
Balances at Dec. 31, 2017 | $ 1,418,144 | $ 2,069 | $ 2,374,006 | $ (1,079,472) | $ (6,865) | $ (108,542) | $ 236,948 | |
Balances (in shares) at Dec. 31, 2017 | 206,877,037 | |||||||
Equity [Roll Forward] | ||||||||
Non-cash and stock-based compensation | 10,870 | 10,870 | ||||||
Common Stock issued under stock plans, net of shares withheld for employee taxes | (7,946) | $ 3 | (7,949) | |||||
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 287,809 | |||||||
Exercise of stock options, net of shares withheld for option cost and employee taxes | 7,922 | $ 4 | 7,918 | |||||
Exercise of stock options (in shares) | 469,216 | |||||||
Fair value of convertible debt conversion feature, net of issuance costs | 62,624 | 62,624 | ||||||
Repurchase of convertible debt conversion feature | (83,416) | (83,416) | ||||||
Acquisitions | 13,449 | 13,449 | ||||||
Purchases of noncontrolling interests | 73 | 566 | (493) | |||||
Redeemable noncontrolling interests fair value adjustments | (16,532) | (16,532) | ||||||
Contributions received | 4,900 | 4,900 | ||||||
Cash distributions | (16,277) | (16,277) | ||||||
Other | 40 | 31 | 9 | |||||
Comprehensive loss: | ||||||||
Net loss | (37,892) | (33,906) | (3,986) | |||||
Foreign currency translation adjustments | 16,262 | 16,262 | ||||||
Balances at Mar. 31, 2018 | 1,372,221 | $ 2,076 | 2,348,118 | (1,113,378) | (6,865) | (92,280) | 234,550 | |
Balances (in shares) at Mar. 31, 2018 | 207,634,062 | |||||||
Balances at Dec. 31, 2017 | $ 244,727 | |||||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||||||
Acquisitions | 10,181 | |||||||
Purchases of noncontrolling interests | (358) | |||||||
Redeemable noncontrolling interests fair value adjustments | 16,532 | |||||||
Contributions received | 0 | |||||||
Cash distributions | (3,246) | |||||||
Other | 0 | |||||||
Comprehensive loss: | ||||||||
Net loss | (3,136) | |||||||
Balances at Mar. 31, 2018 | 264,700 | |||||||
Balances at Dec. 31, 2018 | 1,342,743 | $ 2,091 | 2,268,209 | (1,019,223) | (6,865) | (145,231) | 243,762 | |
Balances (in shares) at Dec. 31, 2018 | 209,135,581 | |||||||
Equity [Roll Forward] | ||||||||
Non-cash and stock-based compensation | 13,238 | 13,238 | ||||||
Common Stock issued under stock plans, net of shares withheld for employee taxes | (9,300) | $ 3 | (9,303) | |||||
Common stock issued under stock plans, net of shares withheld for employee taxes (in shares) | 252,634 | |||||||
Exercise of stock options, net of shares withheld for option cost and employee taxes | 7,672 | $ 5 | 7,667 | |||||
Exercise of stock options (in shares) | 469,601 | |||||||
Acquisitions | 974 | 974 | ||||||
Purchases of noncontrolling interests | 0 | 270 | (270) | |||||
Redeemable noncontrolling interests fair value adjustments | (12,312) | (12,312) | ||||||
Cash distributions | (45,943) | (45,943) | ||||||
Other | (1,192) | (8) | (1,184) | |||||
Comprehensive loss: | ||||||||
Net loss | (52,597) | (52,444) | (153) | |||||
Foreign currency translation adjustments | (2,889) | (2,889) | ||||||
Balances at Mar. 31, 2019 | 1,240,394 | $ 2,099 | $ 2,267,761 | $ (1,071,667) | $ (6,865) | $ (148,120) | $ 197,186 | |
Balances (in shares) at Mar. 31, 2019 | 209,857,816 | |||||||
Balances at Dec. 31, 2018 | 329,355 | 329,355 | ||||||
Redeemable Noncontrolling Interests [Roll Forward] | ||||||||
Acquisitions | 6,981 | |||||||
Purchases of noncontrolling interests | (1,459) | |||||||
Redeemable noncontrolling interests fair value adjustments | 12,312 | |||||||
Cash distributions | (3,941) | |||||||
Other | 2,425 | |||||||
Comprehensive loss: | ||||||||
Net loss | (2,644) | |||||||
Balances at Mar. 31, 2019 | $ 343,029 | $ 343,029 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (55,241) | $ (41,028) |
Reconciling items: | ||
Depreciation | 51,672 | 42,137 |
Amortization | 47,240 | 45,734 |
Amortization of non-recoupable ticketing contract advances | 17,237 | 19,945 |
Non-cash compensation expense | 13,205 | 10,870 |
Other, net | 3,150 | 6,166 |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | ||
Increase in accounts receivable | (90,637) | (53,080) |
Increase in prepaid expenses and other assets | (312,032) | (405,036) |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (44,915) | 52,318 |
Increase in deferred revenue | 839,371 | 1,097,472 |
Net cash provided by operating activities | 469,050 | 775,498 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | (57,136) | (45,125) |
Cash paid for acquisitions, net of cash acquired | (9,882) | (20,222) |
Purchases of intangible assets | (9,000) | (25,914) |
Other, net | (8,852) | 2,535 |
Net cash used in investing activities | (84,870) | (88,726) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from long-term debt, net of debt issuance costs | 557 | 856,660 |
Payments on long-term debt | (13,573) | (321,850) |
Distributions to noncontrolling interests | (49,884) | (19,523) |
Purchases and sales of noncontrolling interests, net | (1,463) | (104,233) |
Payments for deferred and contingent consideration | (5,500) | (11,780) |
Other, net | (1,628) | 4,876 |
Net cash provided by (used in) financing activities | (71,491) | 404,150 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6,700) | 29,039 |
Net increase in cash, cash equivalents and restricted cash | 305,989 | 1,119,961 |
Cash, cash equivalents and restricted cash at beginning of period | 2,378,203 | 1,828,822 |
Cash, cash equivalents and restricted cash at end of period | $ 2,684,192 | $ 2,948,783 |
BASIS OF PRESENTATION AND OTHER
BASIS OF PRESENTATION AND OTHER INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
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 our 2018 Annual Report on Form 10-K filed with the SEC on February 28, 2019 . 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. 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. Therefore, the results to date are not necessarily indicative of the results expected for the full year. Cash, Cash Equivalents and Restricted Cash Included in the March 31, 2019 and December 31, 2018 cash and cash equivalents balance is $847.6 million and $859.1 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 these clients. Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement. Acquisitions During the first three months of 2019 , we 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, we evaluate the realizability of all of our deferred tax assets in each tax jurisdiction. As of March 31, 2019 , 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 2019 and 2018 . Accounting Pronouncements - Recently Adopted Lease Accounting In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and asset, and to disclose key information about leasing arrangements. The guidance should be applied on a modified retrospective basis. We adopted this standard on January 1, 2019, applying the transitional provisions of the standard to the beginning of the period of adoption and elected the package of practical expedients available under the transition guidance within the new guidance, which among other things, allowed us to carry forward the historical lease classification. We also made an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet, recognizing those lease payments in our statements of operations on a straight-line basis over the term of the lease. We have implemented third-party lease software, and corresponding internal controls, to account for our leases and facilitate compliance with the new guidance. The new guidance had a material impact on our balance sheets, but did not have a material impact on our statements of operations. The new guidance did not have an impact on our compliance with the debt covenant requirements under our senior secured credit facility and other debt arrangements. Upon adoption, we recognized operating leases assets and liabilities of $1.1 billion and $1.2 billion , respectively. The initial operating lease assets and liabilities were based on the present value of the remaining minimum lease payments, discounted using our secured incremental borrowing rate which varies based on geographical region and term of the underlying lease. The operating lease assets were also reduced $85.3 million for prepaid rent, straight-line rent accruals and lease incentives. Accounting Pronouncements - Not Yet Adopted Other Pronouncements In August 2018, the FASB issued guidance that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amortization period of these implementation costs would include periods covered under renewal options that are reasonably certain to be exercised. The expense related to the capitalized implementation costs also would be presented in the same financial statement line item as the hosting fees. 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 either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We expect to adopt this guidance on January 1, 2020, and are currently assessing which implementation method we will apply and the impact that adoption will have on our financial position and results of operations. |
LONG-LIVED ASSETS
LONG-LIVED ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 : Revenue- generating contracts Client / vendor relationships Trademarks and naming rights Technology Other (1) Total (in thousands) Balance as of December 31, 2018: Gross carrying amount $ 692,963 $ 393,772 $ 123,707 $ 85,411 $ 120,163 $ 1,416,016 Accumulated amortization (391,002 ) (213,599 ) (41,808 ) (38,826 ) (69,330 ) (754,565 ) Net 301,961 180,173 81,899 46,585 50,833 661,451 Gross carrying amount: Acquisitions—current year 13,432 7,801 1,632 1,466 16,120 40,451 Foreign exchange 516 (271 ) 241 425 299 1,210 Other (2) (13,109 ) (13,000 ) — (605 ) — (26,714 ) Net change 839 (5,470 ) 1,873 1,286 16,419 14,947 Accumulated amortization: Amortization (17,909 ) (15,237 ) (3,406 ) (5,867 ) (4,821 ) (47,240 ) Foreign exchange (478 ) (7 ) (37 ) (239 ) (233 ) (994 ) Other (2) 13,064 13,000 (51 ) 606 29 26,648 Net change (5,323 ) (2,244 ) (3,494 ) (5,500 ) (5,025 ) (21,586 ) Balance as of March 31, 2019: Gross carrying amount 693,802 388,302 125,580 86,697 136,582 1,430,963 Accumulated amortization (396,325 ) (215,843 ) (45,302 ) (44,326 ) (74,355 ) (776,151 ) Net $ 297,477 $ 172,459 $ 80,278 $ 42,371 $ 62,227 $ 654,812 ______________ (1) Other primarily includes intangible assets for non-compete, venue management and leasehold agreements. (2) Other primarily includes netdowns of fully amortized assets. Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisition of a ticketing business located in Australia and controlling interests in a concert promotion business located in Canada and a festival promotion business located in Finland. The 2019 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: Weighted- Average Life (years) Revenue-generating contracts 5 Client/vendor relationships 3 Trademarks and naming rights 3 Technology 3 Other 8 All categories 5 Amortization of definite-lived intangible assets for the three months ended March 31, 2019 and 2018 was $47.2 million and $45.7 million , respectively. 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, 2019 : Concerts Ticketing Sponsorship & Advertising Total (in thousands) Balance as of December 31, 2018: Goodwill $ 1,094,604 $ 762,953 $ 400,749 $ 2,258,306 Accumulated impairment losses (435,363 ) — — (435,363 ) Net 659,241 762,953 400,749 1,822,943 Acquisitions—current year 10,895 3,810 — 14,705 Acquisitions—prior year 2,914 — — 2,914 Foreign exchange (81 ) (1,030 ) 1,783 672 Balance as of March 31, 2019: Goodwill 1,108,332 765,733 402,532 2,276,597 Accumulated impairment losses (435,363 ) — — (435,363 ) Net $ 672,969 $ 765,733 $ 402,532 $ 1,841,234 Included in the current year acquisitions amount above is goodwill primarily associated with the acquisitions of controlling interests in a concert promotion business located in Canada and a festival promotion business located in Finland. 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. |
LEASES LEASES
LEASES LEASES | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
LEASES | LEASES We lease office space, many of our concert venues, festival sites and certain equipment. We do not recognize an operating lease asset or liability on our consolidated balance sheet for leases with an initial term of twelve months or less, including multi-year festival site leases where the sum of the non-consecutive periods of rental time is less than twelve months. Rent expense for these short-term leases is generally recognized on a straight-line basis over the lease term. Some of our lease agreements contain annual rental escalation clauses, as well as provisions for us to pay the related utilities and maintenance. We have elected to account for the lease components (i.e., fixed payments including rent, parking and real estate taxes) and nonlease components (i.e., common-area maintenance costs) as a single lease component. Many of our lease agreements contain renewal options that can extend the lease for additional terms typically ranging from one to ten years. Renewal options at the discretion of the lessor are included in the lease term while renewal options at our discretion are generally not included in the lease term unless they are reasonably certain to be exercised. In addition to fixed rental payments, many of our leases contain contingent rental payments based on a percentage of revenue, tickets sold or other variables while others include periodic adjustments to rental payments based on the prevailing inflationary index or market rental rates. Our leases do not contain any material residual value guarantees or restrictive covenants. We measure our lease assets and liabilities using an incremental borrowing rate which varies from lease to lease depending on geographical location and length of the lease. The significant components of operating lease expense are as follows: Three Months Ended (in thousands) Operating lease cost $ 46,729 Variable and short-term lease cost 13,765 Sublease income (3,741 ) Net lease cost $ 56,753 Supplemental cash flow information for our operating leases is as follows: Three Months Ended (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 48,940 Lease assets obtained in exchange for lease obligations $ 27,872 Future maturities of our operating lease liabilities at March 31, 2019 are as follows: (in thousands) April 1 - December 31, 2019 $ 120,219 2020 168,770 2021 147,980 2022 145,247 2023 137,072 Thereafter 1,052,820 Total lease payments 1,772,108 Less: Interest 587,976 Present value of lease liabilities $ 1,184,132 The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: March 31, 2019 Weighted average remaining lease term (in years) 13.5 Weighted average discount rate 5.76 % As of March 31, 2019, we have additional operating leases that have not yet commenced with total lease payments of $190.5 million . These operating leases, which are not included on our consolidated balance sheet, have commencement dates ranging from April 2019 to December 2020 with lease terms ranging from 3 to 23 years. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS 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. Estimated Fair Value at March 31, 2019 December 31, 2018 Level 1 (in thousands) Assets: Cash equivalents $ 232,081 $ 86,046 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 notes and convertible senior notes: Estimated Fair Value at March 31, 2019 December 31, 2018 Level 2 (in thousands) 4.875% Senior Notes due 2024 $ 578,939 $ 552,368 5.625% Senior Notes due 2026 $ 308,616 $ 302,097 5.375% Senior Notes due 2022 $ 253,600 $ 251,390 2.5% Convertible Senior Notes due 2023 $ 636,625 $ 561,699 2.5% Convertible Senior Notes due 2019 $ 52,472 $ 40,710 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. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation Consumer Class Actions The following class action lawsuits were filed against Live Nation and/or Ticketmaster LLC in the United States and Canada: Vaccaro v. Ticketmaster LLC (Northern District of Illinois, filed September 2018); Ameri v. Ticketmaster LLC (Northern District of California, filed September 2018); Lee v. Ticketmaster LLC, et al. (Northern District of California, filed September 2018); Thompson-Marcial 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); Gaetano v. Live Nation Entertainment, Inc., et al. (Northern District of New York, filed October 2018); Dickey v. Ticketmaster LLC, et al. (Central District of California, filed October 2018); Gomel v. Live Nation Entertainment, Inc., et al. (Supreme Court of British Columbia, Vancouver Registry, filed October 2018); Smith v. Live Nation Entertainment, Inc., et al. (Ontario Superior Court of Justice, filed October 2018); Messing v. Ticketmaster LLC, et al. (Central District of California, filed November 2018); and Niedbalski v. Ticketmaster LLC, et al. (Central District of California, filed December 2018). The Gaetano lawsuit was voluntarily dismissed with prejudice by the plaintiff in April 2019. The remaining lawsuits make similar factual allegations that Live Nation and/or Ticketmaster LLC 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 state/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 complaints seek a variety of remedies, including unspecified compensatory damages, punitive damages, restitution, injunctive relief and attorneys’ fees and costs. Based on information presently known to management, we do not believe that a loss is probable of occurring at this time, and believe that the potential liability, if any, will not have a material adverse effect on our financial condition, 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 intend to vigorously defend these actions. |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
EQUITY | EQUITY Accumulated Other Comprehensive Loss The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2019 : Total (Foreign Currency Items) (in thousands) Balance at December 31, 2018 $ (145,231 ) Other comprehensive loss before reclassifications (2,889 ) Net other comprehensive loss (2,889 ) Balance at March 31, 2019 $ (148,120 ) 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 and the assumed conversion of the convertible senior notes where dilutive. For the three months ended March 31, 2019 and 2018 , there were no reconciling items to the weighted average common shares outstanding in the calculation of 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 2019 2018 Options to purchase shares of common stock 11,800,771 14,016,157 Restricted and deferred stock—unvested 3,866,613 4,088,759 Conversion shares related to the convertible senior notes 8,911,890 9,575,650 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 24,579,274 27,680,566 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Concerts Concerts revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Concert Revenue $ 1,318,117 $ 1,038,921 Percentage of consolidated revenue 76.3 % 70.1 % Our Concerts segment generates revenue from the promotion or production of live music events and festivals in our owned or operated venues and in rented third-party venues, artist management commissions and the sale of merchandise for music artists at events. As a promoter and venue operator, we earn revenue primarily from the sale of tickets, concessions, merchandise, parking, ticket rebates or service charges on tickets sold by Ticketmaster or third-party ticketing agreements, and rental of our owned or operated venues. As an artist manager, we earn commissions on the earnings of the artists and other clients we represent, primarily derived from clients’ earnings for concert tours. Over 95% of Concerts’ revenue, whether related to promotion, venue operations, artist management or artist event merchandising, is recognized on the day of the related event. The majority of consideration for our Concerts segment is collected in advance of or on the day of the event. Consideration received in advance of the event is recorded as deferred revenue. Any consideration not collected by the day of the event is typically received within three months after the event date. Ticketing Ticketing revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Ticketing Revenue $ 337,642 $ 372,373 Percentage of consolidated revenue 19.5 % 25.1 % Ticket fee revenue is generated from convenience and order processing fees, or service charges, charged at the time a ticket for an event is sold in either the primary or secondary markets. Our Ticketing segment is primarily an agency business that sells tickets for events on behalf of its clients, which include venues, concert promoters, professional sports franchises and leagues, college sports teams, theater producers and museums. Our Ticketing segment is acting as an agent on behalf of its clients and records revenue arising from convenience and order processing fees, regardless of whether these fees are related to tickets sold in the primary or secondary market, and regardless of whether these fees are associated with our concert events or third-party clients’ concert events. Our Ticketing segment does not record the face value of the tickets as revenue. Ticket fee revenue is recognized when the ticket is sold for third-party clients and secondary market sales, as we have no further obligation to our client’s customers following the sale of the ticket. For our concert events, where our concert promoters control ticketing, ticket fee revenue is recognized when the event occurs because we also have the obligation to deliver the event to the fan. The delivery of the ticket to the fan is not considered a distinct performance obligation for our concert events because the fan cannot receive the benefits of the ticket unless we also fulfill our obligation to deliver the event. The majority of ticket fee revenue is collected within the month of the ticket sale. Revenue received from the sale of tickets in advance of our concert events is recorded as deferred revenue. Ticketing contract advances, which can be either recoupable or non-recoupable, represent amounts paid in advance to our clients pursuant to ticketing agreements and are reflected in prepaid expenses or in long-term advances if the amount is expected to be recouped or recognized over a period of more than twelve months. Recoupable ticketing contract advances are generally recoupable against future royalties earned by the client, based on the contract terms, over the life of the contract. Royalties are typically earned by the client when tickets are sold. Royalties paid to clients are recorded as a reduction to revenue when the tickets are sold and the corresponding service charge revenue is recognized. Non-recoupable ticketing contract advances, excluding those amounts paid to support clients’ advertising costs, are fixed additional incentives occasionally paid by us to certain clients to secure the contract and are typically amortized over the life of the contract on a straight-line basis as a reduction to revenue. At March 31, 2019 and December 31, 2018 , we had ticketing contract advances of $76.7 million and $75.5 million , respectively, in prepaid expenses and $90.9 million and $78.5 million , respectively, in other long-term assets. We amortized $17.2 million and $19.9 million for the three months ended March 31, 2019 and 2018 , respectively, related to non-recoupable ticketing contract advances. Sponsorship & Advertising Sponsorship & Advertising revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Sponsorship & Advertising Revenue $ 75,078 $ 74,558 Percentage of consolidated revenue 4.3 % 5.0 % Our Sponsorship & Advertising segment generates revenue from sponsorship and marketing programs that provide its sponsors with strategic, international, national and local opportunities to reach customers through our venue, artist relationship and ticketing assets, including advertising on our websites. These programs can also include custom events or programs for the sponsors’ specific brands, which are typically experienced exclusively by the sponsors’ customers. Sponsorship agreements may contain multiple elements, which provide several distinct benefits to the sponsor over the term of the agreement, and can be for a single or multi-year term. We also earn revenue from exclusive access rights provided to sponsors in various categories such as ticket pre-sales, beverage pouring rights, venue naming rights, media campaigns, signage within our venues, and advertising on our websites. Revenue from sponsorship agreements is allocated to the multiple elements based on the relative stand-alone selling price of each separate element, which are determined using vendor-specific evidence, third-party evidence or our best estimate of the fair value. Revenue is recognized over the term of the agreement or operating season as the benefits are provided to the sponsor unless the revenue is associated with a specific event, in which case it is recognized when the event occurs. Revenue is collected in installment payments during the year, typically in advance of providing the benefit or the event. Revenue received in advance of the event or the sponsor receiving the benefit is recorded as deferred revenue. At March 31, 2019 , we had contracted sponsorship agreements with terms greater than one year that had approximately $764.3 million of revenue related to future benefits to be provided by us. We expect to recognize approximately 29% , 26% , 20% and 25% of this revenue in the remainder of 2019, 2020, 2021 and thereafter, respectively. Deferred Revenue The majority of our deferred revenue is 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. We had current deferred revenue of $1.2 billion and $925.2 million at December 31, 2018 and 2017 , respectively. The table below summarizes the amount of deferred revenue recognized during the three months ended March 31, 2019 and 2018 : Three Months Ended 2019 2018 (in thousands) Concerts $ 286,925 $ 330,760 Ticketing 19,395 13,791 Sponsorship & Advertising 10,798 14,213 Other & Corporate 1,735 962 $ 318,853 $ 359,726 |
SEGMENT DATA
SEGMENT DATA | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. Our Concerts segment involves the promotion of live music events globally in our 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. Our Ticketing segment involves the management of our global ticketing operations, including providing ticketing software and services to clients, and consumers with a marketplace, both online and mobile, for tickets and event information, and is responsible for our primary ticketing website, www.ticketmaster.com . Our Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and 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 our distribution network of venues, events and websites. 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 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 the segments, and therefore, total segment assets have not been presented. The following table presents the results of operations for our reportable segments for the three months ended March 31, 2019 and 2018 : Concerts Ticketing Sponsorship Other Corporate Eliminations Consolidated (in thousands) Three Months Ended March 31, 2019 Revenue $ 1,318,117 $ 337,642 $ 75,078 $ 791 $ — $ (3,800 ) $ 1,727,828 Direct operating expenses 1,030,269 111,749 13,386 — — (3,800 ) 1,151,604 Selling, general and administrative expenses 295,765 145,890 22,437 774 — — 464,866 Depreciation and amortization 51,361 37,390 7,074 121 2,966 — 98,912 Gain on disposal of operating assets (145 ) (2 ) — — — — (147 ) Corporate expenses — — — — 36,456 — 36,456 Operating income (loss) $ (59,133 ) $ 42,615 $ 32,181 $ (104 ) $ (39,422 ) $ — $ (23,863 ) Intersegment revenue $ 809 $ 2,991 $ — $ — $ — $ (3,800 ) $ — Capital expenditures $ 33,593 $ 23,655 $ 1,185 $ — $ 4,333 $ — $ 62,766 Three Months Ended March 31, 2018 Revenue $ 1,038,921 $ 372,373 $ 74,558 $ 777 $ — $ (4,245 ) $ 1,482,384 Direct operating expenses 796,165 124,284 15,751 129 — (4,245 ) 932,084 Selling, general and administrative expenses 261,091 149,583 20,095 3,842 — — 434,611 Depreciation and amortization 45,535 33,633 7,610 209 884 — 87,871 Loss on disposal of operating assets 21 17 — — — — 38 Corporate expenses — — — — 33,810 — 33,810 Operating income (loss) $ (63,891 ) $ 64,856 $ 31,102 $ (3,403 ) $ (34,694 ) $ — $ (6,030 ) Intersegment revenue $ 249 $ 3,996 $ — $ — $ — $ (4,245 ) $ — Capital expenditures $ 19,613 $ 20,305 $ 382 $ 12 $ 854 $ — $ 41,166 |
BASIS OF PRESENTATION AND OTH_2
BASIS OF PRESENTATION AND OTHER INFORMATION Basis of Presentation and Other Information (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Accounting Pronouncements - Recently Adopted Lease Accounting In February 2016, the FASB issued guidance that requires lessees to recognize most leases on their balance sheet as a lease liability and asset, and to disclose key information about leasing arrangements. The guidance should be applied on a modified retrospective basis. We adopted this standard on January 1, 2019, applying the transitional provisions of the standard to the beginning of the period of adoption and elected the package of practical expedients available under the transition guidance within the new guidance, which among other things, allowed us to carry forward the historical lease classification. We also made an accounting policy election to keep leases with an initial term of twelve months or less off the balance sheet, recognizing those lease payments in our statements of operations on a straight-line basis over the term of the lease. We have implemented third-party lease software, and corresponding internal controls, to account for our leases and facilitate compliance with the new guidance. The new guidance had a material impact on our balance sheets, but did not have a material impact on our statements of operations. The new guidance did not have an impact on our compliance with the debt covenant requirements under our senior secured credit facility and other debt arrangements. Upon adoption, we recognized operating leases assets and liabilities of $1.1 billion and $1.2 billion , respectively. The initial operating lease assets and liabilities were based on the present value of the remaining minimum lease payments, discounted using our secured incremental borrowing rate which varies based on geographical region and term of the underlying lease. The operating lease assets were also reduced $85.3 million for prepaid rent, straight-line rent accruals and lease incentives. Accounting Pronouncements - Not Yet Adopted Other Pronouncements In August 2018, the FASB issued guidance that aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amortization period of these implementation costs would include periods covered under renewal options that are reasonably certain to be exercised. The expense related to the capitalized implementation costs also would be presented in the same financial statement line item as the hosting fees. 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 either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We expect to adopt this guidance on January 1, 2020, and are currently assessing which implementation method we will apply and the impact that adoption will have on our financial position and results of operations. |
LEASES Leases (Policies)
LEASES Leases (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | We lease office space, many of our concert venues, festival sites and certain equipment. We do not recognize an operating lease asset or liability on our consolidated balance sheet for leases with an initial term of twelve months or less, including multi-year festival site leases where the sum of the non-consecutive periods of rental time is less than twelve months. Rent expense for these short-term leases is generally recognized on a straight-line basis over the lease term. Some of our lease agreements contain annual rental escalation clauses, as well as provisions for us to pay the related utilities and maintenance. We have elected to account for the lease components (i.e., fixed payments including rent, parking and real estate taxes) and nonlease components (i.e., common-area maintenance costs) as a single lease component. Many of our lease agreements contain renewal options that can extend the lease for additional terms typically ranging from one to ten years. Renewal options at the discretion of the lessor are included in the lease term while renewal options at our discretion are generally not included in the lease term unless they are reasonably certain to be exercised. In addition to fixed rental payments, many of our leases contain contingent rental payments based on a percentage of revenue, tickets sold or other variables while others include periodic adjustments to rental payments based on the prevailing inflationary index or market rental rates. Our leases do not contain any material residual value guarantees or restrictive covenants. We measure our lease assets and liabilities using an incremental borrowing rate which varies from lease to lease depending on geographical location and length of the lease. |
LONG-LIVED ASSETS Long-Lived As
LONG-LIVED ASSETS Long-Lived Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 three months ended March 31, 2019 : Revenue- generating contracts Client / vendor relationships Trademarks and naming rights Technology Other (1) Total (in thousands) Balance as of December 31, 2018: Gross carrying amount $ 692,963 $ 393,772 $ 123,707 $ 85,411 $ 120,163 $ 1,416,016 Accumulated amortization (391,002 ) (213,599 ) (41,808 ) (38,826 ) (69,330 ) (754,565 ) Net 301,961 180,173 81,899 46,585 50,833 661,451 Gross carrying amount: Acquisitions—current year 13,432 7,801 1,632 1,466 16,120 40,451 Foreign exchange 516 (271 ) 241 425 299 1,210 Other (2) (13,109 ) (13,000 ) — (605 ) — (26,714 ) Net change 839 (5,470 ) 1,873 1,286 16,419 14,947 Accumulated amortization: Amortization (17,909 ) (15,237 ) (3,406 ) (5,867 ) (4,821 ) (47,240 ) Foreign exchange (478 ) (7 ) (37 ) (239 ) (233 ) (994 ) Other (2) 13,064 13,000 (51 ) 606 29 26,648 Net change (5,323 ) (2,244 ) (3,494 ) (5,500 ) (5,025 ) (21,586 ) Balance as of March 31, 2019: Gross carrying amount 693,802 388,302 125,580 86,697 136,582 1,430,963 Accumulated amortization (396,325 ) (215,843 ) (45,302 ) (44,326 ) (74,355 ) (776,151 ) Net $ 297,477 $ 172,459 $ 80,278 $ 42,371 $ 62,227 $ 654,812 ______________ (1) Other primarily includes intangible assets for non-compete, venue management and leasehold agreements. (2) Other primarily includes netdowns of fully amortized assets. |
Weighted Average Lives of Additions to Definite-Lived Intangible Assets | The 2019 additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows: Weighted- Average Life (years) Revenue-generating contracts 5 Client/vendor relationships 3 Trademarks and naming rights 3 Technology 3 Other 8 All categories 5 |
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, 2019 : Concerts Ticketing Sponsorship & Advertising Total (in thousands) Balance as of December 31, 2018: Goodwill $ 1,094,604 $ 762,953 $ 400,749 $ 2,258,306 Accumulated impairment losses (435,363 ) — — (435,363 ) Net 659,241 762,953 400,749 1,822,943 Acquisitions—current year 10,895 3,810 — 14,705 Acquisitions—prior year 2,914 — — 2,914 Foreign exchange (81 ) (1,030 ) 1,783 672 Balance as of March 31, 2019: Goodwill 1,108,332 765,733 402,532 2,276,597 Accumulated impairment losses (435,363 ) — — (435,363 ) Net $ 672,969 $ 765,733 $ 402,532 $ 1,841,234 |
LEASES Leases (Tables)
LEASES Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Significant Components of Operating Lease Expense | The significant components of operating lease expense are as follows: Three Months Ended (in thousands) Operating lease cost $ 46,729 Variable and short-term lease cost 13,765 Sublease income (3,741 ) Net lease cost $ 56,753 |
Supplemental Cash Flow Information for Operating Leases | Supplemental cash flow information for our operating leases is as follows: Three Months Ended (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 48,940 Lease assets obtained in exchange for lease obligations $ 27,872 |
Future Maturities of Operating Leases | Future maturities of our operating lease liabilities at March 31, 2019 are as follows: (in thousands) April 1 - December 31, 2019 $ 120,219 2020 168,770 2021 147,980 2022 145,247 2023 137,072 Thereafter 1,052,820 Total lease payments 1,772,108 Less: Interest 587,976 Present value of lease liabilities $ 1,184,132 |
Operating Leases Weighted Average Remaining Lease Term and Discount Rate | The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows: March 31, 2019 Weighted average remaining lease term (in years) 13.5 Weighted average discount rate 5.76 % |
FAIR VALUE MEASUREMENTS Fair Va
FAIR VALUE MEASUREMENTS Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets 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. Estimated Fair Value at March 31, 2019 December 31, 2018 Level 1 (in thousands) Assets: Cash equivalents $ 232,081 $ 86,046 |
Estimated Fair Values of Debt | The following table presents the estimated fair values of our senior notes and convertible senior notes: Estimated Fair Value at March 31, 2019 December 31, 2018 Level 2 (in thousands) 4.875% Senior Notes due 2024 $ 578,939 $ 552,368 5.625% Senior Notes due 2026 $ 308,616 $ 302,097 5.375% Senior Notes due 2022 $ 253,600 $ 251,390 2.5% Convertible Senior Notes due 2023 $ 636,625 $ 561,699 2.5% Convertible Senior Notes due 2019 $ 52,472 $ 40,710 |
EQUITY Equity (Tables)
EQUITY Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 : Total (Foreign Currency Items) (in thousands) Balance at December 31, 2018 $ (145,231 ) Other comprehensive loss before reclassifications (2,889 ) Net other comprehensive loss (2,889 ) Balance at March 31, 2019 $ (148,120 ) |
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 2019 2018 Options to purchase shares of common stock 11,800,771 14,016,157 Restricted and deferred stock—unvested 3,866,613 4,088,759 Conversion shares related to the convertible senior notes 8,911,890 9,575,650 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 24,579,274 27,680,566 |
REVENUE RECOGNITION Revenue Rec
REVENUE RECOGNITION Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Concerts Revenue | Concerts revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Concert Revenue $ 1,318,117 $ 1,038,921 Percentage of consolidated revenue 76.3 % 70.1 % |
Disaggregation Of Ticketing Revenue | Ticketing revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Ticketing Revenue $ 337,642 $ 372,373 Percentage of consolidated revenue 19.5 % 25.1 % |
Disaggregation Of Sponsorship & Advertising Revenue | Sponsorship & Advertising revenue, including intersegment revenue, for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended 2019 2018 (in thousands) Total Sponsorship & Advertising Revenue $ 75,078 $ 74,558 Percentage of consolidated revenue 4.3 % 5.0 % |
Contract with Customer, Asset and Liability | The table below summarizes the amount of deferred revenue recognized during the three months ended March 31, 2019 and 2018 : Three Months Ended 2019 2018 (in thousands) Concerts $ 286,925 $ 330,760 Ticketing 19,395 13,791 Sponsorship & Advertising 10,798 14,213 Other & Corporate 1,735 962 $ 318,853 $ 359,726 |
SEGMENT DATA Segment Data (Tabl
SEGMENT DATA Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Results of Operations Related to Reportable Segments of the Entity | The following table presents the results of operations for our reportable segments for the three months ended March 31, 2019 and 2018 : Concerts Ticketing Sponsorship Other Corporate Eliminations Consolidated (in thousands) Three Months Ended March 31, 2019 Revenue $ 1,318,117 $ 337,642 $ 75,078 $ 791 $ — $ (3,800 ) $ 1,727,828 Direct operating expenses 1,030,269 111,749 13,386 — — (3,800 ) 1,151,604 Selling, general and administrative expenses 295,765 145,890 22,437 774 — — 464,866 Depreciation and amortization 51,361 37,390 7,074 121 2,966 — 98,912 Gain on disposal of operating assets (145 ) (2 ) — — — — (147 ) Corporate expenses — — — — 36,456 — 36,456 Operating income (loss) $ (59,133 ) $ 42,615 $ 32,181 $ (104 ) $ (39,422 ) $ — $ (23,863 ) Intersegment revenue $ 809 $ 2,991 $ — $ — $ — $ (3,800 ) $ — Capital expenditures $ 33,593 $ 23,655 $ 1,185 $ — $ 4,333 $ — $ 62,766 Three Months Ended March 31, 2018 Revenue $ 1,038,921 $ 372,373 $ 74,558 $ 777 $ — $ (4,245 ) $ 1,482,384 Direct operating expenses 796,165 124,284 15,751 129 — (4,245 ) 932,084 Selling, general and administrative expenses 261,091 149,583 20,095 3,842 — — 434,611 Depreciation and amortization 45,535 33,633 7,610 209 884 — 87,871 Loss on disposal of operating assets 21 17 — — — — 38 Corporate expenses — — — — 33,810 — 33,810 Operating income (loss) $ (63,891 ) $ 64,856 $ 31,102 $ (3,403 ) $ (34,694 ) $ — $ (6,030 ) Intersegment revenue $ 249 $ 3,996 $ — $ — $ — $ (4,245 ) $ — Capital expenditures $ 19,613 $ 20,305 $ 382 $ 12 $ 854 $ — $ 41,166 |
BASIS OF PRESENTATION AND OTH_3
BASIS OF PRESENTATION AND OTHER INFORMATION Basis of Presentation and Other Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges | $ 847,600,000 | $ 859,100,000 | |
Tax benefit recognized for losses incurred | $ 0 | $ 0 |
BASIS OF PRESENTATION AND OTH_4
BASIS OF PRESENTATION AND OTHER INFORMATION Impact of Adoption of Lease Accounting Standard (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets | $ 1,114,932 | $ 0 | |
Total operating lease liabilities | $ 1,184,132 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets | $ 1,100,000 | ||
Total operating lease liabilities | 1,200,000 | ||
Reduction Of Operating Lease Assets Upon Adoption Lease Guidance | $ 85,300 |
LONG-LIVED ASSETS (Definite-liv
LONG-LIVED ASSETS (Definite-lived Intangibles) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 1,416,016 | |
Accumulated amortization | (754,565) | |
Net | 661,451 | |
Acquisitions—current year | 40,451 | |
Foreign exchange | 1,210 | |
Other | (26,714) | |
Net change | 14,947 | |
Amortization | (47,240) | $ (45,700) |
Foreign exchange | (994) | |
Other | 26,648 | |
Net change | (21,586) | |
Gross carrying amount | 1,430,963 | |
Accumulated amortization | (776,151) | |
Net | $ 654,812 | |
Weighted-average lives of definite-lived intangible assets | 5 years | |
Revenue-generating contracts [Member] | ||
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 692,963 | |
Accumulated amortization | (391,002) | |
Net | 301,961 | |
Acquisitions—current year | 13,432 | |
Foreign exchange | 516 | |
Other | (13,109) | |
Net change | 839 | |
Amortization | (17,909) | |
Foreign exchange | (478) | |
Other | 13,064 | |
Net change | (5,323) | |
Gross carrying amount | 693,802 | |
Accumulated amortization | (396,325) | |
Net | $ 297,477 | |
Weighted-average lives of definite-lived intangible assets | 5 years | |
Client/vendor relationships [Member] | ||
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 393,772 | |
Accumulated amortization | (213,599) | |
Net | 180,173 | |
Acquisitions—current year | 7,801 | |
Foreign exchange | (271) | |
Other | (13,000) | |
Net change | (5,470) | |
Amortization | (15,237) | |
Foreign exchange | (7) | |
Other | 13,000 | |
Net change | (2,244) | |
Gross carrying amount | 388,302 | |
Accumulated amortization | (215,843) | |
Net | $ 172,459 | |
Weighted-average lives of definite-lived intangible assets | 3 years | |
Trademarks and naming rights [Member] | ||
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 123,707 | |
Accumulated amortization | (41,808) | |
Net | 81,899 | |
Acquisitions—current year | 1,632 | |
Foreign exchange | 241 | |
Other | 0 | |
Net change | 1,873 | |
Amortization | (3,406) | |
Foreign exchange | (37) | |
Other | (51) | |
Net change | (3,494) | |
Gross carrying amount | 125,580 | |
Accumulated amortization | (45,302) | |
Net | $ 80,278 | |
Weighted-average lives of definite-lived intangible assets | 3 years | |
Technology [Member] | ||
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 85,411 | |
Accumulated amortization | (38,826) | |
Net | 46,585 | |
Acquisitions—current year | 1,466 | |
Foreign exchange | 425 | |
Other | (605) | |
Net change | 1,286 | |
Amortization | (5,867) | |
Foreign exchange | (239) | |
Other | 606 | |
Net change | (5,500) | |
Gross carrying amount | 86,697 | |
Accumulated amortization | (44,326) | |
Net | $ 42,371 | |
Weighted-average lives of definite-lived intangible assets | 3 years | |
Other Intangible Assets [Member] | ||
Finite-lived Intangibles Asset [Roll Forward] | ||
Gross carrying amount | $ 120,163 | |
Accumulated amortization | (69,330) | |
Net | 50,833 | |
Acquisitions—current year | 16,120 | |
Foreign exchange | 299 | |
Other | 0 | |
Net change | 16,419 | |
Amortization | (4,821) | |
Foreign exchange | (233) | |
Other | 29 | |
Net change | (5,025) | |
Gross carrying amount | 136,582 | |
Accumulated amortization | (74,355) | |
Net | $ 62,227 | |
Weighted-average lives of definite-lived intangible assets | 8 years |
LONG-LIVED ASSETS (Definite-l_2
LONG-LIVED ASSETS (Definite-lived Intangibles Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of definite-lived intangible assets | $ 47,240 | $ 45,700 |
LONG-LIVED ASSETS (Goodwill) (D
LONG-LIVED ASSETS (Goodwill) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | $ 2,258,306 |
Accumulated impairment losses | (435,363) |
Net | 1,822,943 |
Acquisitions—current year | 14,705 |
Acquisitions—prior year | 2,914 |
Foreign exchange | 672 |
Goodwill | 2,276,597 |
Accumulated impairment losses | (435,363) |
Net | 1,841,234 |
Concerts [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 1,094,604 |
Accumulated impairment losses | (435,363) |
Net | 659,241 |
Acquisitions—current year | 10,895 |
Acquisitions—prior year | 2,914 |
Foreign exchange | (81) |
Goodwill | 1,108,332 |
Accumulated impairment losses | (435,363) |
Net | 672,969 |
Ticketing [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 762,953 |
Accumulated impairment losses | 0 |
Net | 762,953 |
Acquisitions—current year | 3,810 |
Acquisitions—prior year | 0 |
Foreign exchange | (1,030) |
Goodwill | 765,733 |
Accumulated impairment losses | 0 |
Net | 765,733 |
Sponsorship & Advertising [Member] | |
Changes in carrying amount of goodwill [Roll Forward] | |
Goodwill | 400,749 |
Accumulated impairment losses | 0 |
Net | 400,749 |
Acquisitions—current year | 0 |
Acquisitions—prior year | 0 |
Foreign exchange | 1,783 |
Goodwill | 402,532 |
Accumulated impairment losses | 0 |
Net | $ 402,532 |
LEASES Lease Narrative (Details
LEASES Lease Narrative (Details) | Mar. 31, 2019 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Renewal term range for operating leases | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Renewal term range for operating leases | 10 years |
LEASES Significant Components O
LEASES Significant Components Of Operating Lease Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 46,729 |
Variable and short-term lease cost | 13,765 |
Sublease income | (3,741) |
Net lease cost | $ 56,753 |
LEASES Supplemental Cash Flow I
LEASES Supplemental Cash Flow Information For Operating Leases (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities | $ 48,940 |
Lease assets obtained in exchange for operating lease obligations | $ 27,872 |
LEASES Future Maturities of Ope
LEASES Future Maturities of Operating Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
April 1 - December 31, 2019 | $ 120,219 |
2020 | 168,770 |
2021 | 147,980 |
2022 | 145,247 |
2023 | 137,072 |
Thereafter | 1,052,820 |
Total lease payments | 1,772,108 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 587,976 |
Total operating lease liabilities | $ 1,184,132 |
LEASES Weighted Average Remaini
LEASES Weighted Average Remaining Lease Term and Discount Rate for Operating Leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Weighted average remaining lease term (in years) | 13 years 6 months |
Weighted average discount rate | 5.76% |
Total lease payments due under operating leases that have not yet commenced | $ 190.5 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease term for operating leases that have not yet commenced | 3 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lease term for operating leases that have not yet commenced | 23 years |
FAIR VALUE MEASUREMENTS (Assets
FAIR VALUE MEASUREMENTS (Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 232,081 | $ 86,046 |
FAIR VALUE MEASUREMENTS (Fair V
FAIR VALUE MEASUREMENTS (Fair Value of Debt) (Details) - Level 2 [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
4.875% Senior Notes Due 2024 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | $ 578,939 | $ 552,368 |
5.625% Senior Notes Due 2026 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 308,616 | 302,097 |
5.375% Senior Notes due 2022 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of senior notes | 253,600 | 251,390 |
2.5% Convertible Senior Notes Due 2023 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of convertible senior notes | 636,625 | 561,699 |
2.5% Convertible Senior Notes Due 2019 [Member] | ||
Debt Fair Value [Line Items] | ||
Estimated fair values of convertible senior notes | $ 52,472 | $ 40,710 |
EQUITY (Accumulated Other Compr
EQUITY (Accumulated Other Comprehensive Loss) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2018 | $ (145,231) |
Balance at March 31, 2019 | (148,120) |
Foreign Currency Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |
Balance at December 31, 2018 | (145,231) |
Other comprehensive loss before reclassifications | (2,889) |
Net other comprehensive loss | (2,889) |
Balance at March 31, 2019 | $ (148,120) |
EQUITY (Antidilutive Securities
EQUITY (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 24,579,274 | 27,680,566 |
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 | 11,800,771 | 14,016,157 |
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 | 3,866,613 | 4,088,759 |
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 | 8,911,890 | 9,575,650 |
REVENUE RECOGNITION (Concerts R
REVENUE RECOGNITION (Concerts Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,727,828 | $ 1,482,384 |
Operating Segments [Member] | Concerts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,318,117 | $ 1,038,921 |
Percentage of Concert revenue to consolidated revenue | 76.30% | 70.10% |
Percentage of concerts revenue from events and festivals | 95.00% |
REVENUE RECOGNITION (Ticketing
REVENUE RECOGNITION (Ticketing Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,727,828 | $ 1,482,384 |
Operating Segments [Member] | Ticketing [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 337,642 | $ 372,373 |
Percentage of ticketing revenue to consolidated revenue | 19.50% | 25.10% |
REVENUE RECOGNITION (Ticketin_2
REVENUE RECOGNITION (Ticketing Contract Advances) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Capitalized Contract Cost [Line Items] | |||
Amortization of non-recoupable ticketing contract advances | $ 17,237 | $ 19,945 | |
Ticketing [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Amortization of non-recoupable ticketing contract advances | 17,237 | $ 19,945 | |
Prepaid Expenses [Member] | Ticketing [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Ticketing contract advances | 76,700 | $ 75,500 | |
Other Noncurrent Assets [Member] | Ticketing [Member] | |||
Capitalized Contract Cost [Line Items] | |||
Ticketing contract advances | $ 90,900 | $ 78,500 |
REVENUE RECOGNITION (Sponsorshi
REVENUE RECOGNITION (Sponsorship & Advertising Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 1,727,828 | $ 1,482,384 |
Operating Segments [Member] | Sponsorship & Advertising [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 75,078 | $ 74,558 |
Percentage of Sponsorship & Advertising revenue to consolidated revenue | 4.30% | 5.00% |
REVENUE RECOGNITION (Performanc
REVENUE RECOGNITION (Performance Obligation) (Details) - Sponsorship & Advertising [Member] $ in Millions | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue related to future benefits to be provided by the Company | $ 764.3 |
Percentage of revenue on contracts to be recognized during remainder of 2019 | 29.00% |
Percentage of revenue on contracts to be recognized in 2020 | 26.00% |
Percentage of revenue on contracts to be recognized in 2021 | 20.00% |
Percentage of revenue to be recognized on contracts after 2021 | 25.00% |
REVENUE RECOGNITION (Deferred R
REVENUE RECOGNITION (Deferred Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | ||||
Deferred revenue | $ 2,068,792 | $ 1,227,797 | $ 925,200 | |
Recognition of Deferred Revenue | 318,853 | $ 359,726 | ||
Concerts [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Recognition of Deferred Revenue | 286,925 | 330,760 | ||
Ticketing [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Recognition of Deferred Revenue | 19,395 | 13,791 | ||
Sponsorship & Advertising [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Recognition of Deferred Revenue | 10,798 | 14,213 | ||
Other and Corporate [Member] | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Recognition of Deferred Revenue | $ 1,735 | $ 962 |
SEGMENT DATA Segment Data (Deta
SEGMENT DATA Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,727,828 | $ 1,482,384 |
Direct operating expenses | 1,151,604 | 932,084 |
Selling, general and administrative expenses | 464,866 | 434,611 |
Depreciation and amortization | 98,912 | 87,871 |
Loss (gain) on disposal of operating assets | (147) | 38 |
Corporate expenses | 36,456 | 33,810 |
Operating income (loss) | (23,863) | (6,030) |
Capital expenditures | 62,766 | 41,166 |
Operating Segments [Member] | Concerts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,318,117 | 1,038,921 |
Direct operating expenses | 1,030,269 | 796,165 |
Selling, general and administrative expenses | 295,765 | 261,091 |
Depreciation and amortization | 51,361 | 45,535 |
Loss (gain) on disposal of operating assets | (145) | 21 |
Corporate expenses | 0 | 0 |
Operating income (loss) | (59,133) | (63,891) |
Capital expenditures | 33,593 | 19,613 |
Operating Segments [Member] | Ticketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 337,642 | 372,373 |
Direct operating expenses | 111,749 | 124,284 |
Selling, general and administrative expenses | 145,890 | 149,583 |
Depreciation and amortization | 37,390 | 33,633 |
Loss (gain) on disposal of operating assets | (2) | 17 |
Corporate expenses | 0 | 0 |
Operating income (loss) | 42,615 | 64,856 |
Capital expenditures | 23,655 | 20,305 |
Operating Segments [Member] | Sponsorship & Advertising [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 75,078 | 74,558 |
Direct operating expenses | 13,386 | 15,751 |
Selling, general and administrative expenses | 22,437 | 20,095 |
Depreciation and amortization | 7,074 | 7,610 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 0 | 0 |
Operating income (loss) | 32,181 | 31,102 |
Capital expenditures | 1,185 | 382 |
Operating Segments [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 791 | 777 |
Direct operating expenses | 0 | 129 |
Selling, general and administrative expenses | 774 | 3,842 |
Depreciation and amortization | 121 | 209 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 0 | 0 |
Operating income (loss) | (104) | (3,403) |
Capital expenditures | 0 | 12 |
Operating Segments [Member] | Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Direct operating expenses | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization | 2,966 | 884 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 36,456 | 33,810 |
Operating income (loss) | (39,422) | (34,694) |
Capital expenditures | 4,333 | 854 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | (3,800) | (4,245) |
Direct operating expenses | (3,800) | (4,245) |
Selling, general and administrative expenses | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Loss (gain) on disposal of operating assets | 0 | 0 |
Corporate expenses | 0 | 0 |
Operating income (loss) | 0 | 0 |
Capital expenditures | 0 | 0 |
Intersegment Eliminations [Member] | Concerts [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 809 | 249 |
Intersegment Eliminations [Member] | Ticketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,991 | 3,996 |
Intersegment Eliminations [Member] | Sponsorship & Advertising [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 0 |
Intersegment Eliminations [Member] | Corporate [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 0 |