Annual report pursuant to Section 13 and 15(d)

LONG-LIVED ASSETS

v3.25.0.1
LONG-LIVED ASSETS
 12 Months Ended
Dec. 31, 2024
LONG-LIVED ASSETS [Abstract]  
LONG-LIVED ASSETS LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL
Property, Plant and Equipment, Net
Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.
Property, plant and equipment consisted of the following:
December 31,
2024 2023
(in thousands)
    Land, buildings and improvements $ 2,325,929  $ 2,043,595 
    Computer equipment and capitalized software 867,294  888,065 
    Furniture and other equipment 757,803  646,966 
    Construction in progress 386,880  317,028 
Property, plant and equipment, gross 4,337,906  3,895,654 
    Less: accumulated depreciation 1,896,034  1,794,191 
Property, plant and equipment, net $ 2,441,872  $ 2,101,463 
Definite-lived Intangible Assets
The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the years ended December 31, 2024 and 2023:
Revenue-
generating
contracts		 Client /
vendor
relationships		 Venue management Trademarks
and
naming
rights
Technology and Other (1)
Total
  (in thousands)
Balance as of December 31, 2022:
Gross carrying amount
 $ 824,785  $ 563,210  $ 148,022  $ 188,596  $ 35,736  $ 1,760,349 
Accumulated amortization
 (316,581) (209,518) (58,588) (97,931) (27,109) (709,727)
Net
 508,204  353,692  89,434  90,665  8,627  1,050,622 
Gross carrying amount:
Acquisitions and additions—current year 136,117  46,767  77,329  —  21,789  282,002 
Acquisitions and additions—prior year (1,830) (6,681) (11) —  —  (8,522)
Foreign exchange
 57,797  17,070  3,960  8,151  (104) 86,874 
Other (2)
(91,612) (36,930) (2,512) (13,254) (37,201) (181,509)
Net change
 100,472  20,226  78,766  (5,103) (15,516) 178,845 
Accumulated amortization:
Amortization
(103,756) (75,994) (22,186) (18,390) (17,303) (237,629)
Foreign exchange
 (7,900) (3,019) (1,132) (1,448) (408) (13,907)
Other (2)
91,612  36,882  2,688  13,733  38,775  183,690 
Net change
 (20,044) (42,131) (20,630) (6,105) 21,064  (67,846)
Balance as of December 31, 2023:
Gross carrying amount
 925,257  583,436  226,788  183,493  20,220  1,939,194 
Accumulated amortization
 (336,625) (251,649) (79,218) (104,036) (6,045) (777,573)
Net
 588,632  331,787  147,570  79,457  14,175  1,161,621 
Gross carrying amount:
Acquisitions and additions—current year 68,453  52,406  35,273  7,331  7,551  171,014 
Acquisitions and additions—prior year 826  4,066  3  —  —  4,895 
Foreign exchange
 (96,995) (32,993) (6,954) (14,096) (709) (151,747)
Other (2)
(77,947) (39,343) (23,930) (14,240) (825) (156,285)
Net change
 (105,663) (15,864) 4,392  (21,005) 6,017  (132,123)
Accumulated amortization:
Amortization
(111,711) (86,637) (23,978) (17,791) (9,142) (249,259)
Foreign exchange
 29,331  12,013  2,185  5,096  89  48,714 
Other (2)
79,707  39,892  24,066  11,763  1,432  156,860 
Net change
 (2,673) (34,732) 2,273  (932) (7,621) (43,685)
Balance as of December 31, 2024:
Gross carrying amount
 819,594  567,572  231,180  162,488  26,237  1,807,071 
Accumulated amortization
 (339,298) (286,381) (76,945) (104,968) (13,667) (821,259)
Net
 $ 480,296  $ 281,191  $ 154,235  $ 57,520  $ 12,570  $ 985,812 
___________________
(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
Included in the current year acquisitions amounts above for 2024 are definite-lived intangible assets primarily associated with the acquisitions of certain festival promotion, venue and artist management businesses located in the United States.
Included in the current year acquisitions amounts above for 2023 are definite-lived intangible assets primarily associated with the acquisitions of certain venue and artist management businesses located in the United States, a concert and festival promotion business in Australia, a promotion business in South America, as well as additions for music publishing rights.
The additions to definite-lived intangible assets from acquisitions have weighted-average lives as follows:
  
Weighted-Average Life
2024 2023
(in years)
Revenue-generating contracts 9 5
Client/vendor relationships 5 4
Trademarks and naming rights 6 0
Technology 3 3
Venue management 6 11
All categories 7 8
Amortization of definite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was $249.3 million, $237.6 million and $216.9 million, respectively.
The following table presents our estimate of amortization expense for each of the five succeeding fiscal years for definite-lived intangible assets that exist at December 31, 2024:
 
  (in thousands)
2025 $ 223,347 
2026 $ 187,016 
2027 $ 149,931 
2028 $ 129,323 
2029 $ 109,702 
As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.
Indefinite-lived Intangibles
We have indefinite-lived intangible assets which consist of trade names and cryptocurrency assets. These indefinite-lived intangible assets had a carrying value of $380.6 million and $377.3 million as of December 31, 2024 and 2023, respectively.
Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the years ended December 31, 2024 and 2023:
Concerts Ticketing Sponsorship
& Advertising		 Total
  (in thousands)
Balance as of December 31, 2022:
Goodwill $ 1,349,426  $ 979,742  $ 635,575  $ 2,964,743 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 914,063  979,742  635,575  2,529,380 
Acquisitions—current year 90,298  —  —  90,298 
Acquisitions—prior year 1,657  143  —  1,800 
Dispositions (6,183) —  —  (6,183)
Foreign exchange 4,381  32,645  39,145  76,171 
Balance as of December 31, 2023:
Goodwill 1,439,579  1,012,530  674,720  3,126,829 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net 1,004,216  1,012,530  674,720  2,691,466 
Acquisitions—current year 41,095  507  1,015  42,617 
Acquisitions—prior year 4,136  —  —  4,136 
Foreign exchange (22,708) (48,816) (45,784) (117,308)
Balance as of December 31, 2024:
Goodwill 1,462,102  964,221  629,951  3,056,274 
Accumulated impairment losses (435,363) —  —  (435,363)
                 Net $ 1,026,739  $ 964,221  $ 629,951  $ 2,620,911 
Included in the current year acquisitions amounts above for 2024 is goodwill primarily associated with the acquisitions of an artist management business and certain festival and concert promotion businesses located in the United States.
Included in the current year acquisitions amounts above for 2023 is goodwill primarily associated with the acquisitions of certain venue and festival promotion businesses located in the United States and Europe as well as a promotion business in South America.
We are in various stages of finalizing our acquisition accounting for recent acquisitions, which include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and the allocation between segments.
Investments in Nonconsolidated Affiliates
During the year ended December 31, 2024, 2023 and 2022, there were no significant sales of investments in nonconsolidated affiliates