Annual report pursuant to Section 13 and 15(d)

CORRECTION OF ERRORS (Tables)

v3.25.0.1
CORRECTION OF ERRORS (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]        
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2024 and for the six months ended June 30, 2024. There was no revision for the three months ended June 30, 2024.
Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
As Reported Adjustments As Revised As Reported As Revised
(unaudited, in thousands except per share data)
Direct operating expenses $ 2,646,457  $ 4,883  $ 2,651,340  $ 4,408,209  $ 7,059,549 
Operating income (loss) (36,507) (4,883) (41,390) 465,819  424,429 
Income (loss) before income taxes 3,197  (4,883) (1,686) 456,392  454,706 
Income tax expense 35,414  5,605  41,019  80,164  121,183 
Net income (loss) (32,217) (10,488) (42,705) 376,228  333,523 
Net income attributable to noncontrolling interests 14,516  (2,746) 11,770  78,258  90,028 
Net income (loss) attributable to common stockholders of Live Nation (46,733) (7,742) (54,475) 297,970  243,495 
Basic net income (loss) per common share available to common stockholders of Live Nation (0.53) (0.03) (0.56) 1.05  0.48 
Diluted net income (loss) per common share available to common stockholders of Live Nation (0.53) (0.03) (0.56) 1.03  0.48 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and for the six months ended June 30, 2024. There was no revision for the three months ended June 30, 2024.
Three Months Ended March 31, 2024 Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
As Reported Adjustments As Revised As Reported As Revised
(unaudited, in thousands)
Net income (loss) $ (32,217) $ (10,488) $ (42,705) $ 376,228  $ 333,523 
Comprehensive income (loss) (23,849) (10,488) (34,337) 217,654  183,317 
Comprehensive income attributable to noncontrolling interests 14,516  (2,746) 11,770  78,258  90,028 
Comprehensive income (loss) attributable to common stockholders of Live Nation (38,365) (7,742) (46,107) 139,396  93,289 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2023, June 30, 2023 and for the six months ended June 30, 2023:
Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023
As Reported Adjustments As Revised As Reported Adjustments As Revised As Revised
(unaudited, in thousands except per share data)
Revenue $ 3,127,390  $ (2,831) $ 3,124,559  $ 5,630,723  $ (2,209) $ 5,628,514  $ 8,753,073 
Direct operating expenses 2,115,589  8,793  2,124,382  4,164,778  2,563  4,167,341  6,291,723 
Operating income 142,776  (11,624) 131,152  386,371  (4,772) 381,599  512,751 
Income before income taxes 68,032  (11,624) 56,408  372,985  (4,772) 368,213  424,621 
Income tax expense 23,840  —  23,840  41,648  11,313  52,961  76,801 
Net income 44,192  (11,624) 32,568  331,337  (16,085) 315,252  347,820 
Net income attributable to noncontrolling interests 47,361  (13,120) 34,241  37,655  7,577  45,232  79,473 
Net income (loss) attributable to common stockholders of Live Nation (3,169) 1,496  (1,673) 293,682  (23,662) 270,020  268,347 
Basic net income (loss) per common share available to common stockholders of Live Nation (0.25) —  (0.25) 1.04  (0.11) 0.93  0.69 
Diluted net income (loss) per common share available to common stockholders of Live Nation (0.25) —  (0.25) 1.02  (0.10) 0.92  0.68 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income for the three months ended March 31, 2023, June 30, 2023 and for the six months ended June 30, 2023:
Three Months Ended March 31, 2023 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023
As Reported Adjustments As Revised As Reported Adjustments As Revised As Revised
(unaudited, in thousands)
Net income $ 44,192  $ (11,624) $ 32,568  $ 331,337  $ (16,085) $ 315,252  $ 347,820 
Comprehensive income 116,843  (11,624) 105,219  408,015  (16,085) 391,930  497,149 
Comprehensive income attributable to noncontrolling interests 47,361  (13,120) 34,241  37,655  7,577  45,232  79,473 
Comprehensive income attributable to common stockholders of Live Nation 69,482  1,496  70,978  370,360  (23,662) 346,698  417,676 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the year ended December 31, 2023:
Year Ended December 31, 2023
As Reported Adjustments As Revised
(in thousands except per share data)
Revenue $ 22,749,073  $ (22,756) $ 22,726,317 
Direct operating expenses 17,292,016  (41,486) 17,250,530 
Operating income 1,066,203  18,730  1,084,933 
Income before income taxes 894,544  18,730  913,274 
Income tax expense 160,227  49,249  209,476 
Net income 734,317  (30,519) 703,798 
Net income attributable to noncontrolling interests 171,037  (24,132) 146,905 
Net income attributable to common stockholders of Live Nation 563,280  (6,387) 556,893 
Basic net income per common share available to common stockholders of Live Nation 1.38  (0.03) 1.35 
Diluted net income per common share available to common stockholders of Live Nation 1.37  (0.03) 1.34 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income for the year ended December 31, 2023:
Year ended December 31, 2023
As Reported Adjustments As Revised
(in thousands)
Net income $ 734,317  $ (30,519) $ 703,798 
Comprehensive income 851,843  (30,519) 821,324 
Comprehensive income attributable to noncontrolling interests 171,037  (24,132) 146,905 
Comprehensive income attributable to common stockholders of Live Nation 680,806  (6,387) 674,419 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the year ended December 31, 2023:
Year Ended December 31, 2023
As Reported Adjustments As Revised
(in thousands)
Net income $ 734,317  $ (30,519) $ 703,798 
Increase in accounts receivable (550,670) 24,931  (525,739)
Increase in accounts payable, accrued expenses and other liabilities 460,496  (10,126) 450,370 
Increase in deferred revenue 133,023  7,894  140,917 
Net cash provided by operating activities 1,370,794  (7,820) 1,362,974 
Net increase in cash, cash equivalents and restricted cash 626,582  (7,820) 618,762 
Cash, cash equivalents and restricted cash at beginning of period 5,612,374  7,820  5,620,194 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the year ended December 31, 2022:
Year Ended December 31, 2022
As Reported Adjustments As Revised
(in thousands except per share data)
Direct operating expenses $ 12,337,524  $ 10,087  $ 12,347,611 
Operating income 732,118  (10,087) 722,031 
Other expense, net 36,379  4,836  41,215 
Income before income taxes 505,447  (14,923) 490,524 
Income tax expense 96,254  19,687  115,941 
Net income 409,193  (34,610) 374,583 
Net income attributable to noncontrolling interests 113,207  (5,064) 108,143 
Net income attributable to common stockholders of Live Nation 295,986  (29,546) 266,440 
Basic net income per common share available to common stockholders of Live Nation 0.66  (0.13) 0.53 
Diluted net income per common share available to common stockholders of Live Nation 0.64  (0.12) 0.52 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income for the year ended December 31, 2022:
Year Ended December 31, 2022
As Reported Adjustments As Revised
(in thousands)
Net income $ 409,193  $ (34,610) $ 374,583 
Other comprehensive income, net of tax, foreign currency translation adjustments 8,047  4,836  12,883 
Comprehensive income 467,081  (29,774) 437,307 
Comprehensive income attributable to noncontrolling interests 113,207  (5,064) 108,143 
Comprehensive income attributable to common stockholders of Live Nation 353,874  (24,710) 329,164 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the for the year ended December 31, 2022:
Year Ended December 31, 2022
As Reported Adjustments As Revised
(in thousands)
Net income $ 409,193  $ (34,610) $ 374,583 
Increase in accounts receivable (463,977) 19,474  (444,503)
Increase in accounts payable, accrued expenses and other liabilities 1,002,158  26,014  1,028,172 
Increase in deferred revenue 367,617  (7,894) 359,723 
Net cash provided by operating activities 1,832,063  2,984  1,835,047 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (179,450) 4,836  (174,614)
Net increase in cash, cash equivalents and restricted cash 724,582  7,820  732,402 
Cash, cash equivalents and restricted cash at end of period 5,612,374  7,820  5,620,194