Quarterly report [Sections 13 or 15(d)]

SEGMENTS AND REVENUE RECOGNITION (Tables)

v3.25.1
SEGMENTS AND REVENUE RECOGNITION (Tables)
3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
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, 2025 and 2024:
Concerts Ticketing Sponsorship
& Advertising
Other & Eliminations Corporate Consolidated
(in thousands)
Three Months Ended March 31, 2025
Revenue $ 2,484,076  $ 694,672  $ 216,066  $ (12,697) $ —  $ 3,382,117 
% of Consolidated Revenue 73.4% 20.5% 6.4% (0.3)%
Other Segment Items $ 2,477,505  $ 441,613  $ 80,102  $ (6,807) $ 48,653  $ 3,041,066 
AOI $ 6,571  $ 253,059  $ 135,964  $ (5,890) $ (48,653) $ 341,051 
Intersegment revenue $ 8,207  $ 4,243  $ 247  $ (12,697) $ —  $ — 
Three Months Ended March 31, 2024
Revenue $ 2,879,375  $ 723,178  $ 211,277  $ (14,301) $ —  $ 3,799,529 
% of Consolidated Revenue 75.8% 19.0% 5.6% (0.4)%
Other Segment Items $ 2,881,186  $ 439,063  $ 81,302  $ (7,092) $ 42,563  $ 3,437,022 
AOI $ (1,811) $ 284,115  $ 129,975  $ (7,209) $ (42,563) $ 362,507 
Intersegment revenue $ 10,125  $ 4,133  $ 43  $ (14,301) $ $
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, 2025 and 2024:
Three Months Ended March 31,
2025 2024
(in thousands)
AOI $ 341,051  $ 362,507 
Acquisition expenses 29,757  30,557 
Amortization of non-recoupable ticketing contract advances 24,722  24,080 
Depreciation and amortization 149,455  132,594 
Gain on sale of operating assets (2,202) (651)
Astroworld estimated loss contingencies —  185,915 
Stock-based compensation expense 24,550  31,402 
Operating income (loss) $ 114,769  $ (41,390)
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, 2025 and 2024:
Three Months Ended
March 31,
2025 2024
(in thousands)
Concerts $ 681,850  $ 657,150 
Ticketing 65,937  54,809 
Sponsorship & Advertising 56,249  46,487 
$ 804,036  $ 758,446