| QUARTERLY RESULTS OF OPERATIONS (Unaudited) |
NOTE 14—QUARTERLY RESULTS OF OPERATIONS (Unaudited)
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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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2012 |
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2011 |
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|
2012 |
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|
2011 |
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|
2012 |
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|
2011 |
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|
2012 |
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|
2011 |
|
| |
|
(in thousands) |
|
Revenue |
|
$ |
867,997 |
|
|
$ |
849,409 |
|
|
$ |
1,550,677 |
|
|
$ |
1,558,882 |
|
|
$ |
1,963,146 |
|
|
$ |
1,790,025 |
|
|
$ |
1,437,227 |
|
|
$ |
1,185,682 |
|
Operating expenses: |
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|
|
|
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|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
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|
|
Direct operating expenses |
|
|
538,714 |
|
|
|
547,124 |
|
|
|
1,106,869 |
|
|
|
1,138,151 |
|
|
|
1,457,423 |
|
|
|
1,286,304 |
|
|
|
1,048,271 |
|
|
|
817,909 |
|
Selling, general and administrative expenses |
|
|
268,135 |
|
|
|
272,969 |
|
|
|
280,943 |
|
|
|
266,795 |
|
|
|
283,846 |
|
|
|
282,462 |
|
|
|
310,708 |
|
|
|
289,743 |
|
Depreciation and amortization |
|
|
79,713 |
|
|
|
77,481 |
|
|
|
94,259 |
|
|
|
76,927 |
|
|
|
84,684 |
|
|
|
83,341 |
|
|
|
170,901 |
|
|
|
105,269 |
|
Loss (gain) on sale of operating assets |
|
|
(288 |
) |
|
|
1,295 |
|
|
|
93 |
|
|
|
(660 |
) |
|
|
(60 |
) |
|
|
231 |
|
|
|
(259 |
) |
|
|
112 |
|
Corporate expenses |
|
|
23,217 |
|
|
|
21,036 |
|
|
|
27,415 |
|
|
|
24,590 |
|
|
|
30,842 |
|
|
|
27,385 |
|
|
|
31,890 |
|
|
|
39,146 |
|
Acquisition transaction expenses |
|
|
1,309 |
|
|
|
1,665 |
|
|
|
(1,870 |
) |
|
|
706 |
|
|
|
1,896 |
|
|
|
5,493 |
|
|
|
2,035 |
|
|
|
187 |
|
Operating income (loss) |
|
|
(42,803 |
) |
|
|
(72,161 |
) |
|
|
42,968 |
|
|
|
52,373 |
|
|
|
104,515 |
|
|
|
104,809 |
|
|
|
(126,319 |
) |
|
|
(66,684 |
) |
| |
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
29,710 |
|
|
|
29,229 |
|
|
|
29,488 |
|
|
|
30,845 |
|
|
|
35,535 |
|
|
|
30,388 |
|
|
|
29,007 |
|
|
|
29,952 |
|
Gain on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(460 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Interest income |
|
|
(900 |
) |
|
|
(527 |
) |
|
|
(931 |
) |
|
|
(1,298 |
) |
|
|
(994 |
) |
|
|
(1,023 |
) |
|
|
(1,345 |
) |
|
|
(1,367 |
) |
Equity in earnings of nonconsolidated affiliates |
|
|
(3,881 |
) |
|
|
(994 |
) |
|
|
(1,801 |
) |
|
|
(1,778 |
) |
|
|
(3,117 |
) |
|
|
(2,777 |
) |
|
|
(1,122 |
) |
|
|
(2,193 |
) |
Other expense (income), net |
|
|
(1,782 |
) |
|
|
(585 |
) |
|
|
5,424 |
|
|
|
1,331 |
|
|
|
(6,575 |
) |
|
|
6,461 |
|
|
|
4,266 |
|
|
|
(700 |
) |
Income (loss) before income taxes |
|
|
(65,950 |
) |
|
|
(99,284 |
) |
|
|
10,788 |
|
|
|
23,273 |
|
|
|
80,126 |
|
|
|
71,760 |
|
|
|
(157,215 |
) |
|
|
(92,376 |
) |
Income tax expense (benefit) |
|
|
4,278 |
|
|
|
(44,942 |
) |
|
|
5,228 |
|
|
|
6,659 |
|
|
|
11,950 |
|
|
|
8,739 |
|
|
|
8,280 |
|
|
|
3,320 |
|
Net income (loss) |
|
|
(70,228 |
) |
|
|
(54,342 |
) |
|
|
5,560 |
|
|
|
16,614 |
|
|
|
68,176 |
|
|
|
63,021 |
|
|
|
(165,405 |
) |
|
|
(95,696 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(1,078 |
) |
|
|
(5,882 |
) |
|
|
(2,132 |
) |
|
|
3,357 |
|
|
|
10,228 |
|
|
|
11,309 |
|
|
|
(5,688) |
|
|
|
3,829 |
|
Net income (loss) attributable to common stockholders of Live Nation Entertainment, Inc. |
|
$ |
(69,150 |
) |
|
$ |
(48,460 |
) |
|
$ |
7,692 |
|
|
$ |
13,257 |
|
|
$ |
57,948 |
|
|
$ |
51,712 |
|
|
$ |
(159,717 |
) |
|
$ |
(99,525 |
) |
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|
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Basic net income (loss) per common share attributable to common stockholders of Live Nation Entertainment, Inc. |
|
$ |
(0.37 |
) |
|
$ |
(0.27 |
) |
|
$ |
0.04 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
(0.87 |
) |
|
$ |
(0.53 |
) |
| |
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|
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Diluted net income (loss) per common share attributable to common stockholders of Live Nation Entertainment, Inc. |
|
$ |
(0.37 |
) |
|
$ |
(0.27 |
) |
|
$ |
0.04 |
|
|
$ |
0.07 |
|
|
$ |
0.31 |
|
|
$ |
0.27 |
|
|
$ |
(0.87 |
) |
|
$ |
(0.53 |
) |
|