| 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 and nine months ended September 30, 2022 and 2021:
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Concerts |
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Ticketing |
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Sponsorship
& Advertising |
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Other & Eliminations |
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Corporate |
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Consolidated |
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(in thousands) |
| Three Months Ended September 30, 2022 |
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| Revenue |
$ |
5,292,594 |
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$ |
531,570 |
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$ |
343,029 |
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$ |
(13,658) |
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$ |
— |
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$ |
6,153,535 |
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| Intersegment revenue |
$ |
4,408 |
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$ |
9,748 |
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$ |
— |
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$ |
(14,156) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
280,809 |
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$ |
163,176 |
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$ |
226,234 |
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$ |
(3,420) |
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$ |
(46,081) |
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$ |
620,718 |
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| Three Months Ended September 30, 2021 |
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| Revenue |
$ |
2,151,596 |
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$ |
374,237 |
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$ |
174,449 |
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$ |
(1,560) |
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$ |
— |
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$ |
2,698,722 |
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| Intersegment revenue |
$ |
1,473 |
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$ |
630 |
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$ |
— |
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$ |
(2,103) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
59,578 |
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$ |
171,754 |
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$ |
111,211 |
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$ |
(1,179) |
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$ |
(35,684) |
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$ |
305,680 |
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| Nine Months Ended September 30, 2022 |
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| Revenue |
$ |
10,098,180 |
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$ |
1,587,274 |
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$ |
722,504 |
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$ |
(17,441) |
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$ |
— |
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$ |
12,390,517 |
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| Intersegment revenue |
$ |
6,635 |
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$ |
12,660 |
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$ |
— |
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$ |
(19,295) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
354,587 |
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$ |
600,155 |
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$ |
474,238 |
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$ |
(9,827) |
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$ |
(109,797) |
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$ |
1,309,356 |
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| Nine Months Ended September 30, 2021 |
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| Revenue |
$ |
2,677,970 |
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$ |
646,560 |
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$ |
241,657 |
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$ |
(910) |
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$ |
— |
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$ |
3,565,277 |
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| Intersegment revenue |
$ |
1,473 |
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$ |
1,610 |
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$ |
— |
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$ |
(3,083) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
(99,010) |
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$ |
208,418 |
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$ |
127,755 |
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$ |
(4,624) |
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$ |
(68,951) |
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$ |
163,588 |
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| Reconciliation of AOI to Operating Income (Loss) |
The following table sets forth the reconciliation of consolidated AOI to operating income (loss) for the three and nine months ended September 30, 2022 and 2021:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
2021 |
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2022 |
2021 |
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(in thousands) |
| AOI |
$ |
620,718 |
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$ |
305,680 |
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$ |
1,309,356 |
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$ |
163,588 |
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| Acquisition expenses |
7,495 |
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20,644 |
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29,115 |
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14,801 |
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| Amortization of non-recoupable ticketing contract advance |
15,729 |
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20,486 |
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56,121 |
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49,214 |
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| Depreciation and amortization |
102,093 |
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101,235 |
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318,489 |
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313,758 |
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| Gain on sale of operating assets |
(35,285) |
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(1,148) |
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(32,555) |
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(1,038) |
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| Stock-based compensation expense |
24,437 |
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27,318 |
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86,178 |
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80,165 |
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| Operating income (loss) |
$ |
506,249 |
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$ |
137,145 |
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$ |
852,008 |
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$ |
(293,312) |
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