Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

v2.4.0.8
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 12 Months Ended
Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
QUARTERLY RESULTS OF OPERATIONS (Unaudited)
 
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
 
(in thousands)
Revenue
 
$
923,698

 
$
867,997

 
$
1,679,513

 
$
1,550,677

 
$
2,262,236

 
$
1,963,146

 
$
1,613,100

 
$
1,437,227

Operating income (loss)
 
$
(33,189
)
 
$
(42,803
)
 
$
97,806

 
$
42,968

 
$
126,037

 
$
104,515

 
$
(50,994
)
 
$
(126,319
)
Net income (loss)
 
$
(64,187
)
 
$
(70,228
)
 
$
59,015

 
$
5,560

 
$
50,418

 
$
68,176

 
$
(81,261
)
 
$
(165,405
)
Net income (loss) attributable to common stockholders of Live Nation Entertainment, Inc.
 
$
(63,239
)
 
$
(69,150
)
 
$
58,130

 
$
7,692

 
$
43,774

 
$
57,948

 
$
(82,043
)
 
$
(159,717
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic and diluted net income (loss) per common share attributable to common stockholders of Live Nation Entertainment, Inc.
 
$
(0.33
)
 
$
(0.37
)
 
$
0.30

 
$
0.04

 
$
0.22

 
$
0.31

 
$
(0.42
)
 
$
(0.85
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


The following summarizes unusual or infrequent items effecting the quarterly results of operation:
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) loss on sale of operating assets related to an amphitheater in New York that sustained damage during Hurricane Sandy in the fourth quarter of 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) loss on sale 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 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.
2012
In the second quarter of 2012, the Company recorded impairment charges related to definite-lived intangible assets of $13.9 million as a component of depreciation and amortization primarily related to intangible assets for revenue-generating contracts and client/vendor relationships in the Concerts segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
In the fourth quarter of 2012, the Company recorded impairment charges of $75.7 million as a component of depreciation and amortization primarily related to client/vendor relationship intangible assets in the Artist Nation segment and client/vendor relationship intangible assets in the Concerts segment. See Note 2—Long-Lived Assets and Note 6—Fair Value Measurements for further discussion.
In the fourth quarter of 2012, the Company accelerated $5.3 million of acquisition compensation expenses related to the Trust Note as a component of corporate expenses in connection with the resignation of a former executive. See Note 8—Certain Relationships and Related-Party Transactions for further discussion.