Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

v2.4.1.9
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
 
(in thousands)
Revenue
 
$
1,127,316

 
$
923,698

 
$
1,665,785

 
$
1,679,513

 
$
2,502,008

 
$
2,262,236

 
$
1,571,855

 
$
1,613,100

Operating income (loss)
 
$
(12,308
)
 
$
(33,189
)
 
$
55,686

 
$
97,806

 
$
150,604

 
$
126,037

 
$
(186,818
)
 
$
(50,994
)
Net income (loss)
 
$
(30,097
)
 
$
(64,187
)
 
$
25,822

 
$
59,015

 
$
115,827

 
$
50,418

 
$
(216,002
)
 
$
(81,261
)
Net income (loss) attributable to common stockholders of Live Nation
 
$
(32,448
)
 
$
(63,239
)
 
$
22,934

 
$
58,130

 
$
105,163

 
$
43,774

 
$
(186,456
)
 
$
(82,043
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per common share attributable to common stockholders of Live Nation
 
$
(0.17
)
 
$
(0.34
)
 
$
0.11

 
$
0.30

 
$
0.52

 
$
0.22

 
$
(0.94
)
 
$
(0.42
)
Diluted net income (loss) per common share attributable to common stockholders of Live Nation
 
$
(0.17
)
 
$
(0.34
)
 
$
0.11

 
$
0.30

 
$
0.49

 
$
0.22

 
$
(0.94
)
 
$
(0.42
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


The following summarizes unusual or infrequent items effecting the quarterly results of operations:
2014
The Company recorded an impairment charge related to indefinite-lived intangible assets of $6.0 million in the third quarter of 2014 as a component of depreciation and amortization. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
The Company recorded impairment charges related to definite-lived intangible assets of $9.3 million in the fourth quarter of 2014 as a component of depreciation and amortization primarily related to intangible assets for client/vendor relationships in the Artist Nation segment and technology in the Ticketing segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
The Company recorded goodwill impairments of $135.0 million in the fourth quarter of 2014 in connection with its annual impairment tests. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
The Company received the final insurance recovery in the second quarter of 2014, related to an amphitheater in New York that sustained damage during Hurricane Sandy in 2012 and recorded a gain of $3.6 million, as a component of gain on disposal of operating assets. See Note 2—Long-Lived Assets for further discussion.
The Company recorded a gain of $17.1 million in the fourth quarter of 2014 as a component of other expense, net in connection with the consolidation of an artist management business that had been previously accounted for as an equity investment, due to a change in the governing agreements.
The Company recorded net foreign exchange currency losses of $12.3 million and $14.3 million in the third and fourth quarters of 2014, respectively, as a component of other expense, net.
2013
The Company received insurance recoveries and recorded gains of $3.1 million, $9.4 million and $2.0 million in the first, second and third quarters of 2013, respectively, as a component of gain on disposal of operating assets related to an amphitheater in New York that sustained damage during Hurricane Sandy in 2012. See Note 2—Long-Lived Assets for further discussion.
In May 2013, the Company completed the sale of a theater in New York and recorded a gain of $21.9 million and $7.0 million in the second and third quarters, respectively, and a loss of $4.1 million in the fourth quarter as a component of gain on disposal of operating assets. See Note 2—Long-Lived Assets for further discussion.
The Company recorded $4.9 million, $4.1 million and $1.5 million in the second, third and fourth quarters of 2013, respectively, for acceleration of amortization as a component of depreciation and amortization primarily related to changes in estimates of the useful lives for certain venue management and leasehold intangible assets in the Concerts segment. See Note 2—Long-Lived Assets for further discussion.
The Company recorded impairment charges related to definite-lived intangible assets of $9.2 million in the fourth quarter of 2013 as a component of depreciation and amortization primarily related to intangible assets for venue management and leasehold intangible assets in the Concerts segment and client/vendor relationship intangible assets in the Artist Nation segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
In the third quarter of 2013, the Company recorded a $36.3 million loss on extinguishment of debt related to the refinancing of certain of its debt. See Note 4—Long-Term Debt for further discussion.
In the third quarter of 2013, the Company recorded impairment charges of $4.2 million primarily related to an investment in a concert promoter and recorded a $5.0 million impairment charge in the fourth quarter of 2013 related to an investment in an ecommerce business as a component of equity in earnings of nonconsolidated affiliates. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.