Live Nation Entertainment Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES

LEASES

6 Months Ended

Jun. 30, 2024

The significant components of operating lease expense are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Operating lease expense	$	66,772	$	76,999	$	132,508	$	142,328
Variable and short-term lease expense	48,717		40,963		73,912		72,305
Sublease income	(1,704)		(2,424)		(3,113)		(4,612)
Net lease expense	$	113,785	$	115,538	$	203,307	$	210,021

Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.

Supplemental cash flow information for our operating leases is as follows:


	Six Months Ended June 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	149,049	$	137,924
Lease assets obtained in exchange for lease obligations, net of terminations	$	54,947	$	87,505

As of June 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $137.1 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from July 2024 to June 2030 with lease terms ranging from 2 to 28 years.