EXHIBIT 99.2
2008 QUARTERLY SEGMENT FINANCIAL INFORMATION
The following is provided to reclassify the financial information of Live Nation, Inc. (the “Company”) to conform to the current segment presentation. Beginning in the first quarter of 2009, the Company reorganized its business units and the way in which these businesses are assessed and therefore changed its reportable segments to North American Music, International Music and Ticketing. Prior to 2009, the Company reported an Artist Nation segment, which is now reported in the North American Music and International Music segments. This change has been made to be consistent with the way the Company is now managing its business. The Company’s business formerly reported as Artist Nation includes the promotion and/or production of global tours and also provides other services to artists. These artist relationships tend to be long-term and typically involve multiple revenue streams for an artist. The Company enters into these relationships in order to fill the distribution platform of its businesses with recurring events, both domestically and internationally. This is not a separate part of these businesses but is just one more facet of the North American Music and International Music segments. Therefore, the Company is now allocating these activities based on where the profits for service to these artists are being generated.
| North American Music |
International Music |
Ticketing | Other | Corporate | Consolidated | |||||||||||||||||||
| (in thousands) | ||||||||||||||||||||||||
| Three Months Ended March 31, 2008 |
||||||||||||||||||||||||
| Revenue |
$ | 335,025 | $ | 162,155 | $ | 5,718 | $ | 29,791 | $ | — | $ | 532,689 | ||||||||||||
| Direct operating expenses |
265,757 | 123,233 | 2,084 | 11,237 | — | 402,311 | ||||||||||||||||||
| Selling, general and administrative expenses |
94,785 | 40,117 | 7,172 | 12,323 | — | 154,397 | ||||||||||||||||||
| Depreciation and amortization |
19,985 | 10,571 | 401 | 2,180 | 1,092 | 34,229 | ||||||||||||||||||
| Loss (gain) on sale of operating assets |
(5 | ) | 49 | — | (64 | ) | 469 | 449 | ||||||||||||||||
| Corporate expenses |
— | — | — | — | 11,641 | 11,641 | ||||||||||||||||||
| Operating income (loss) |
$ | (45,497 | ) | $ | (11,815 | ) | $ | (3,939 | ) | $ | 4,115 | $ | (13,202 | ) | $ | (70,338 | ) | |||||||
| Three Months Ended June 30, 2008 |
||||||||||||||||||||||||
| Revenue |
$ | 691,799 | $ | 409,704 | $ | 7,307 | $ | 20,925 | $ | — | $ | 1,129,735 | ||||||||||||
| Direct operating expenses |
541,121 | 340,577 | 3,423 | 6,595 | — | 891,716 | ||||||||||||||||||
| Selling, general and administrative expenses |
104,031 | 45,559 | 6,557 | 10,522 | — | 166,669 | ||||||||||||||||||
| Depreciation and amortization |
21,031 | 7,638 | 1,618 | 2,024 | 731 | 33,042 | ||||||||||||||||||
| Loss (gain) on sale of operating assets |
(110 | ) | (6 | ) | — | (19 | ) | 135 | — | |||||||||||||||
| Corporate expenses |
— | — | — | — | 10,474 | 10,474 | ||||||||||||||||||
| Operating income (loss) |
$ | 25,726 | $ | 15,936 | $ | (4,291 | ) | $ | 1,803 | $ | (11,340 | ) | $ | 27,834 | ||||||||||
| Three Months Ended September 30, 2008 |
||||||||||||||||||||||||
| Revenue |
$ | 962,299 | $ | 603,131 | $ | 6,734 | $ | 16,298 | $ | — | $ | 1,588,462 | ||||||||||||
| Direct operating expenses |
779,192 | 509,457 | 3,151 | 3,616 | — | 1,295,416 | ||||||||||||||||||
| Selling, general and administrative expenses |
108,452 | 46,779 | 8,752 | 10,262 | — | 174,245 | ||||||||||||||||||
| Depreciation and amortization |
18,697 | 8,341 | 1,319 | 2,180 | 953 | 31,490 | ||||||||||||||||||
| Gain on sale of operating assets |
(668 | ) | (2 | ) | — | (105 | ) | (455 | ) | (1,230 | ) | |||||||||||||
| Corporate expenses |
— | — | — | — | 13,062 | 13,062 | ||||||||||||||||||
| Operating income (loss) |
$ | 56,626 | $ | 38,556 | $ | (6,488 | ) | $ | 345 | $ | (13,560 | ) | $ | 75,479 | ||||||||||
| Three Months Ended December 31, 2008 |
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| Revenue |
$ | 689,186 | $ | 203,114 | $ | 2,634 | $ | 21,018 | $ | — | $ | 915,952 | ||||||||||||
| Direct operating expenses |
575,049 | 153,968 | 712 | 4,767 | 733 | 735,229 | ||||||||||||||||||
| Selling, general and administrative expenses |
100,799 | 40,149 | 10,851 | 8,241 | — | 160,040 | ||||||||||||||||||
| Depreciation and amortization |
39,860 | 3,868 | 2,231 | 1,577 | 1,170 | 48,706 | ||||||||||||||||||
| Goodwill impairment |
269,902 | — | — | — | — | 269,902 | ||||||||||||||||||
| Loss on sale of operating assets |
802 | 162 | — | 250 | 675 | 1,889 | ||||||||||||||||||
| Corporate expenses |
— | — | — | — | 17,321 | 17,321 | ||||||||||||||||||
| Operating income (loss) |
$ | (297,226 | ) | $ | 4,967 | $ | (11,160 | ) | $ | 6,183 | $ | (19,899 | ) | $ | (317,135 | ) | ||||||||
| Year Ended December 31, 2008 |
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| Revenue |
$ | 2,678,309 | $ | 1,378,104 | $ | 22,393 | $ | 88,032 | $ | — | $ | 4,166,838 | ||||||||||||
| Direct operating expenses |
2,161,119 | 1,127,235 | 9,370 | 26,215 | 733 | 3,324,672 | ||||||||||||||||||
| Selling, general and administrative expenses |
408,067 | 172,604 | 33,332 | 41,348 | — | 655,351 | ||||||||||||||||||
| Depreciation and amortization |
99,573 | 30,418 | 5,569 | 7,961 | 3,946 | 147,467 | ||||||||||||||||||
| Goodwill impairment |
269,902 | — | — | — | — | 269,902 | ||||||||||||||||||
| Loss on sale of operating assets |
19 | 203 | — | 62 | 824 | 1,108 | ||||||||||||||||||
| Corporate expenses |
— | — | — | — | 52,498 | 52,498 | ||||||||||||||||||
| Operating income (loss) |
$ | (260,371 | ) | $ | 47,644 | $ | (25,878 | ) | $ | 12,446 | $ | (58,001 | ) | $ | (284,160 | ) | ||||||||