Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

v3.8.0.1
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
 
 
(in thousands)
Revenue
 
$
1,413,181

 
$
1,207,716

 
$
2,818,693

 
$
2,179,258

 
$
3,559,418

 
$
3,170,416

 
$
2,546,156

 
$
1,797,544

Operating income (loss)
 
$
(21,366
)
 
$
(33,290
)
 
$
113,433

 
$
74,159

 
$
201,347

 
$
191,286

 
$
(202,017
)
 
$
(37,215
)
Net income (loss)
 
$
(47,770
)
 
$
(55,954
)
 
$
80,555

 
$
36,461

 
$
148,770

 
$
132,761

 
$
(173,781
)
 
$
(92,971
)
Net income (loss) attributable to common stockholders of Live Nation
 
$
(32,993
)
 
$
(44,518
)
 
$
81,478

 
$
37,741

 
$
136,393

 
$
111,079

 
$
(190,893
)
 
$
(101,360
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per common share available to common stockholders of Live Nation
 
$
(0.22
)
 
$
(0.29
)
 
$
0.31

 
$
0.13

 
$
0.56

 
$
0.51

 
$
(1.12
)
 
$
(0.58
)
Diluted net income (loss) per common share available to common stockholders of Live Nation
 
$
(0.22
)
 
$
(0.29
)
 
$
0.29

 
$
0.13

 
$
0.53

 
$
0.49

 
$
(1.12
)
 
$
(0.58
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


The following summarizes unusual or infrequent items effecting the quarterly results of operations:
2017
The Company accrued $110.0 million in the fourth quarter of 2017 in connection with a legal settlement entered into in January 2018. See Note 6—Commitments and Contingent Liabilities for further discussion of the settlement.
The Company recorded a goodwill impairment of $20.0 million in the fourth quarter of 2017 in connection with its annual impairment test. See Note 2—Long-Lived Assets and Note 5—Fair Value Measurements for further discussion.
The Company recorded a $55.7 million income tax benefit in connection with the 2017 tax reform. See Note 8—Income Taxes for further discussion of the impact of the 2017 tax reform.
The Company recorded net foreign exchange rate gains of $2.7 million and $4.4 million in the first and second quarters of 2017, respectively, and net foreign exchange rate losses of $4.2 million in the fourth quarter of 2017, as a component of other expense (income), net.
2016
In the third quarter of 2016, the Company recorded impairment charges of $15.1 million related to investments in a digital content company and an online merchandise company as a component of equity in losses (earnings) of nonconsolidated affiliates. See Note 5—Fair Value Measurements for further discussion of the inputs used to determine the fair values.
In the fourth quarter of 2016, the Company recorded a $14.0 million loss on extinguishment of debt related to the refinancing of certain of its debt. See Note 3—Long-Term Debt for further discussion.
The Company recorded net foreign exchange rate gains of $7.8 million in the first quarter of 2016 and net foreign exchange rate losses of $6.6 million, $1.9 million and $8.0 million in the second, third and fourth quarters of 2016, respectively, as a component of other expense (income), net.