| Quarterly Results of Operations |
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March 31, |
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June 30, |
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September 30, |
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December 31, |
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| |
|
2011 |
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|
2010 |
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|
2011 |
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|
2010 |
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|
2011 |
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|
2010 |
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|
2011 |
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|
2010 |
|
| |
|
(in thousands) |
|
Revenue |
|
$ |
849,409 |
|
|
$ |
723,361 |
|
|
$ |
1,558,882 |
|
|
$ |
1,266,735 |
|
|
$ |
1,790,025 |
|
|
$ |
1,835,806 |
|
|
$ |
1,185,682 |
|
|
$ |
1,237,846 |
|
Operating expenses: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Direct operating expenses |
|
|
547,124 |
|
|
|
484,756 |
|
|
|
1,138,151 |
|
|
|
896,283 |
|
|
|
1,286,304 |
|
|
|
1,388,295 |
|
|
|
817,909 |
|
|
|
888,976 |
|
Selling, general and administrative expenses |
|
|
272,969 |
|
|
|
231,596 |
|
|
|
266,795 |
|
|
|
252,899 |
|
|
|
282,462 |
|
|
|
244,694 |
|
|
|
289,743 |
|
|
|
285,302 |
|
Depreciation and amortization |
|
|
77,481 |
|
|
|
62,633 |
|
|
|
76,927 |
|
|
|
64,308 |
|
|
|
83,341 |
|
|
|
70,249 |
|
|
|
105,269 |
|
|
|
124,476 |
|
Loss (gain) on sale of operating assets |
|
|
1,295 |
|
|
|
4,571 |
|
|
|
(660 |
) |
|
|
(637 |
) |
|
|
231 |
|
|
|
(779 |
) |
|
|
112 |
|
|
|
(2,781 |
) |
Corporate expenses |
|
|
21,036 |
|
|
|
37,124 |
|
|
|
24,590 |
|
|
|
21,882 |
|
|
|
27,385 |
|
|
|
27,660 |
|
|
|
39,146 |
|
|
|
23,586 |
|
Acquisition transaction expenses |
|
|
1,665 |
|
|
|
9,017 |
|
|
|
706 |
|
|
|
6,394 |
|
|
|
5,493 |
|
|
|
2,581 |
|
|
|
187 |
|
|
|
4,363 |
|
Operating income (loss) |
|
|
(72,161 |
) |
|
|
(106,336 |
) |
|
|
52,373 |
|
|
|
25,606 |
|
|
|
104,809 |
|
|
|
103,106 |
|
|
|
(66,684 |
) |
|
|
(86,076 |
) |
Interest expense |
|
|
29,229 |
|
|
|
26,561 |
|
|
|
30,845 |
|
|
|
29,932 |
|
|
|
30,388 |
|
|
|
29,280 |
|
|
|
29,952 |
|
|
|
30,754 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
21,172 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
Interest income |
|
|
(527 |
) |
|
|
(643 |
) |
|
|
(1,298 |
) |
|
|
(791 |
) |
|
|
(1,023 |
) |
|
|
(709 |
) |
|
|
(1,367 |
) |
|
|
(1,628 |
) |
Equity in earnings of nonconsolidated affiliates |
|
|
(994 |
) |
|
|
(547 |
) |
|
|
(1,778 |
) |
|
|
(1,708 |
) |
|
|
(2,777 |
) |
|
|
(629 |
) |
|
|
(2,193 |
) |
|
|
(2,044 |
) |
Other expense (income) - net |
|
|
(585 |
) |
|
|
(1,068 |
) |
|
|
1,331 |
|
|
|
(565 |
) |
|
|
6,461 |
|
|
|
(212 |
) |
|
|
(700 |
) |
|
|
(2,344 |
) |
Income (loss) from continuing operations before income taxes |
|
|
(99,284 |
) |
|
|
(130,639 |
) |
|
|
23,273 |
|
|
|
(22,434 |
) |
|
|
71,760 |
|
|
|
75,376 |
|
|
|
(92,376 |
) |
|
|
(110,957 |
) |
Income tax expense (benefit) |
|
|
(44,942 |
) |
|
|
(7,991 |
) |
|
|
6,659 |
|
|
|
8,408 |
|
|
|
8,739 |
|
|
|
10,338 |
|
|
|
3,320 |
|
|
|
4,399 |
|
Income (loss) from continuing operations |
|
|
(54,342 |
) |
|
|
(122,648 |
) |
|
|
16,614 |
|
|
|
(30,842 |
) |
|
|
63,021 |
|
|
|
65,038 |
|
|
|
(95,696 |
) |
|
|
(115,356 |
) |
Loss from discontinued operations, net of tax |
|
|
- |
|
|
|
(303 |
) |
|
|
- |
|
|
|
(377 |
) |
|
|
- |
|
|
|
(3,213 |
) |
|
|
- |
|
|
|
(335 |
) |
Net income (loss) |
|
|
(54,342 |
) |
|
|
(122,951 |
) |
|
|
16,614 |
|
|
|
(31,219 |
) |
|
|
63,021 |
|
|
|
61,825 |
|
|
|
(95,696 |
) |
|
|
(115,691 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(5,882 |
) |
|
|
(738 |
) |
|
|
3,357 |
|
|
|
1,568 |
|
|
|
11,309 |
|
|
|
10,818 |
|
|
|
3,829 |
|
|
|
8,706 |
|
| |
|
|
|
|
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|
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|
|
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|
|
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|
Net income (loss) attributable to Live Nation Entertainment, Inc. |
|
$ |
(48,460 |
) |
|
$ |
(122,213 |
) |
|
$ |
13,257 |
|
|
$ |
(32,787 |
) |
|
$ |
51,712 |
|
|
$ |
51,007 |
|
|
$ |
(99,525 |
) |
|
$ |
(124,397 |
) |
| |
|
|
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Basic and diluted net income (loss) per common share attributable to common stockholders: |
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to Live Nation Entertainment, Inc. |
|
$ |
(0.27 |
) |
|
$ |
(0.83 |
) |
|
$ |
0.07 |
|
|
$ |
(0.19 |
) |
|
$ |
0.28 |
|
|
$ |
0.32 |
|
|
$ |
(0.53 |
) |
|
$ |
(0.72 |
) |
Loss from discontinued operations attributable to Live Nation Entertainment, Inc. |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.02 |
) |
|
|
- |
|
|
|
- |
|
Net income (loss) attributable to Live Nation Entertainment, Inc. |
|
$ |
(0.27 |
) |
|
$ |
(0.83 |
) |
|
$ |
0.07 |
|
|
$ |
(0.19 |
) |
|
$ |
0.28 |
|
|
$ |
0.30 |
|
|
$ |
(0.53 |
) |
|
$ |
(0.72 |
) |
|