| Schedule of Segment Reporting Information, by Segment |
The following table presents the results of operations for our reportable segments for the three months ended March 31, 2024 and 2023:
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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) |
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| Three Months Ended March 31, 2024 |
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| Revenue |
$ |
2,879,375 |
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$ |
723,178 |
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$ |
211,277 |
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$ |
(14,301) |
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$ |
— |
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$ |
3,799,529 |
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| % of Consolidated Revenue |
75.8% |
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19.0% |
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5.6% |
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(0.4)% |
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| Intersegment revenue |
$ |
10,125 |
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$ |
4,133 |
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$ |
43 |
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$ |
(14,301) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
3,072 |
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$ |
284,115 |
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$ |
129,975 |
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$ |
(7,209) |
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$ |
(42,563) |
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$ |
367,390 |
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| Three Months Ended March 31, 2023 |
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| Revenue |
$ |
2,281,212 |
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$ |
677,741 |
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$ |
170,118 |
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$ |
(1,681) |
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$ |
— |
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$ |
3,127,390 |
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| % of Consolidated Revenue |
72.9% |
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21.7% |
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5.4% |
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—% |
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| Intersegment revenue |
$ |
898 |
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$ |
783 |
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$ |
— |
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$ |
(1,681) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
832 |
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$ |
271,051 |
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$ |
95,531 |
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$ |
(7,939) |
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$ |
(39,765) |
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$ |
319,710 |
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| Reconciliation of AOI to Operating Income (Loss) |
The following table sets forth the reconciliation of consolidated AOI to operating income for the three months ended March 31, 2024 and 2023:
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Three Months Ended March 31, |
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2024 |
2023 |
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(in thousands) |
| AOI |
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$ |
367,390 |
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$ |
319,710 |
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| Acquisition expenses |
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30,557 |
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13,311 |
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| Amortization of non-recoupable ticketing contract advances |
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24,080 |
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20,363 |
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| Depreciation and amortization |
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132,594 |
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115,185 |
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| Loss (gain) on disposal of operating assets |
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(651) |
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504 |
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| Astroworld estimated loss contingencies |
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185,915 |
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— |
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| Stock-based compensation expense |
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31,402 |
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27,571 |
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| Operating income (loss) |
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$ |
(36,507) |
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$ |
142,776 |
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| Contract with Customer, Asset and Liability |
Deferred Revenue
The majority of our deferred revenue is typically 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.
The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three months ended March 31, 2024 and 2023:
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Three Months Ended
March 31, |
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2024 |
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2023 |
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(in thousands) |
| Concerts |
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$ |
657,150 |
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$ |
681,380 |
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| Ticketing |
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54,809 |
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34,600 |
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| Sponsorship & Advertising |
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46,487 |
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50,680 |
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$ |
758,446 |
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$ |
766,660 |
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