Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

v3.21.2
SEGMENT DATA
 9 Months Ended
Sep. 30, 2021
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 or streaming 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 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 and noncontrolling interest partners or replacements funded by insurance proceeds.
We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets have not been presented.
The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2021 and 2020:
Concerts Ticketing Sponsorship
& Advertising		 Other Corporate Eliminations Consolidated
(in thousands)
Three Months Ended September 30, 2021
Revenue $ 2,151,596  $ 374,237  $ 174,449  $ 543  $ —  $ (2,103) $ 2,698,722 
Direct operating expenses 1,822,537  111,197  38,281  —  —  (2,103) 1,969,912 
Selling, general and administrative expenses 303,378  116,796  26,247  508  —  —  446,929 
Concerts Ticketing Sponsorship
& Advertising		 Other Corporate Eliminations Consolidated
(in thousands)
Depreciation and amortization 59,541  32,040  7,166  10  2,478  —  101,235 
Loss (gain) on disposal of operating assets (1,098) (66) —  —  16  —  (1,148)
Corporate expenses —  —  —  —  44,649  —  44,649 
Operating income (loss) $ (32,762) $ 114,270  $ 102,755  $ 25  $ (47,143) $ —  $ 137,145 
Intersegment revenue $ 1,473  $ 630  $ —  $ —  $ —  $ (2,103) $ — 
Three Months Ended September 30, 2020
Revenue $ 154,791  $ (19,822) $ 47,927  $ 806  $ —  $ 316  $ 184,018 
Direct operating expenses 113,283  8,503  8,647  —  —  316  130,749 
Selling, general and administrative expenses 257,131  126,518  18,891  3,394  —  —  405,934 
Depreciation and amortization 65,794  42,565  6,634  2,192  2,753  —  119,938 
Loss (gain) on disposal of operating assets 208  (1) —  1  —  —  208 
Corporate expenses —  —  —  —  31,630  —  31,630 
Operating income (loss) $ (281,625) $ (197,407) $ 13,755  $ (4,781) $ (34,383) $ —  $ (504,441)
Intersegment revenue $ (286) $ (30) $ —  $ —  $ —  $ 316  $ — 
Nine Months Ended September 30, 2021
Revenue $ 2,677,970  $ 646,560  $ 241,657  $ 2,173  $ —  $ (3,083) $ 3,565,277 
Direct operating expenses 2,108,617  188,330  53,134  —  —  (3,083) 2,346,998 
Selling, general and administrative expenses 713,922  317,451  65,046  2,257  —  —  1,098,676 
Depreciation and amortization 180,877  103,406  21,837  32  7,606  —  313,758 
Loss (gain) on disposal of operating assets (988) (66) —  —  16  —  (1,038)
Corporate expenses —  —  —  —  100,195  —  100,195 
Operating income (loss) $ (324,458) $ 37,439  $ 101,640  $ (116) $ (107,817) $ —  $ (293,312)
Intersegment revenue $ 1,473  $ 1,610  $ —  $ —  $ —  $ (3,083) $ — 
Capital expenditures $ 59,367  $ 30,627  $ 4,930  $ —  $ 15,315  $ —  $ 110,239 
Nine Months Ended September 30, 2020
Revenue $ 1,290,007  $ 177,436  $ 156,560  $ 2,407  $ —  $ (2,615) $ 1,623,795 
Direct operating expenses 1,046,405  120,967  34,369  —  —  (2,615) 1,199,126 
Selling, general and administrative expenses 762,961  411,875  59,661  8,810  —  —  1,243,307 
Depreciation and amortization 202,352  125,054  21,766  6,630  8,983  —  364,785 
Loss on disposal of operating assets 896  —  —  1  —  —  897 
Corporate expenses —  —  —  —  80,858  —  80,858 
Operating income (loss) $ (722,607) $ (480,460) $ 40,764  $ (13,034) $ (89,841) $ —  $ (1,265,178)
Intersegment revenue $ 811  $ 1,804  $ —  $ —  $ —  $ (2,615) $ — 
Capital expenditures $ 98,790  $ 58,515  $ 4,709  $ —  $ 6,239  $ —  $ 168,253