Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

v3.3.1.900
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
 
 
(in thousands)
Revenue
 
$
1,120,312

 
$
1,127,316

 
$
1,765,777

 
$
1,665,785

 
$
2,622,917

 
$
2,502,008

 
$
1,736,725

 
$
1,571,855

Operating income (loss)
 
$
(23,935
)
 
$
(12,308
)
 
$
42,245

 
$
55,686

 
$
153,510

 
$
150,604

 
$
(40,448
)
 
$
(186,818
)
Net income (loss)
 
$
(66,526
)
 
$
(30,097
)
 
$
20,212

 
$
25,822

 
$
104,382

 
$
115,827

 
$
(73,837
)
 
$
(216,002
)
Net income (loss) attributable to common stockholders of Live Nation
 
$
(58,279
)
 
$
(32,448
)
 
$
15,056

 
$
22,934

 
$
89,049

 
$
105,163

 
$
(78,334
)
 
$
(186,456
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income (loss) per common share available to common stockholders of Live Nation
 
$
(0.31
)
 
$
(0.17
)
 
$
0.06

 
$
0.11

 
$
0.39

 
$
0.52

 
$
(0.47
)
 
$
(0.94
)
Diluted net income (loss) per common share available to common stockholders of Live Nation
 
$
(0.31
)
 
$
(0.17
)
 
$
0.06

 
$
0.11

 
$
0.38

 
$
0.49

 
$
(0.47
)
 
$
(0.94
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


The following summarizes unusual or infrequent items effecting the quarterly results of operations:
2015
The Company recorded remeasurement gains of $10.0 million in the second quarter of 2015 as a component of other expense, net in connection with the consolidation of a festival promotion business and a ticketing company that were previously accounted for as equity investments. See Note 5—Fair Value Measurements for further discussion.
The Company recorded net foreign exchange rate losses of $20.8 million, $10.6 million and $4.1 million in the first, third and fourth quarters of 2015, respectively, as a component of other expense, net.
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 5—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 5—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 5—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 rate 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.