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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On July 27, 2021, there were 218,990,083 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 2,996,862 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION



GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
Ticketmaster
Our ticketing business



Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30,
2021
December 31,
2020
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$4,042,619 $2,537,787 
    Accounts receivable, less allowance of $52,767 and $72,904, respectively
646,705 486,734 
    Prepaid expenses678,375 577,130 
    Restricted cash5,018 8,652 
    Other current assets50,534 39,465 
Total current assets5,423,251 3,649,768 
Property, plant and equipment, net1,046,478 1,101,414 
Operating lease assets1,385,184 1,424,223 
Intangible assets
    Definite-lived intangible assets, net777,502 855,600 
    Indefinite-lived intangible assets369,100 369,058 
Goodwill2,122,704 2,129,203 
Long-term advances657,907 668,756 
Other long-term assets463,530 391,281 
Total assets$12,245,656 $10,589,303 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,304,805 $744,096 
    Accounts payable90,360 86,356 
    Accrued expenses916,161 894,149 
    Deferred revenue2,648,540 1,839,323 
    Current portion of long-term debt, net46,481 53,415 
    Current portion of operating lease liabilities113,576 107,147 
    Other current liabilities45,377 72,083 
Total current liabilities5,165,300 3,796,569 
Long-term debt, net5,295,207 4,855,096 
Long-term operating lease liabilities1,429,303 1,445,674 
Long-term deferred income taxes173,971 170,759 
Other long-term liabilities510,711 182,508 
Commitments and contingent liabilities
Redeemable noncontrolling interests250,767 272,449 
Stockholders' equity
    Common stock2,164 2,145 
    Additional paid-in capital2,433,462 2,386,790 
    Accumulated deficit(3,179,691)(2,676,833)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(161,832)(177,009)
Total Live Nation stockholders' equity(912,762)(471,772)
Noncontrolling interests333,159 338,020 
Total equity(579,603)(133,752)
Total liabilities and equity$12,245,656 $10,589,303 


See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
 (in thousands except share and per share data)
Revenue$575,946 $74,084 $866,555 $1,439,777 
Operating expenses:
Direct operating expenses243,120 194,557 377,086 1,068,377 
Selling, general and administrative expenses328,894 323,352 651,747 837,373 
Depreciation and amortization103,647 122,767 212,523 244,847 
Loss (gain) on disposal of operating assets(28)559 110 689 
Corporate expenses27,598 20,916 55,546 49,228 
Operating loss(127,285)(588,067)(430,457)(760,737)
Interest expense68,909 52,689 139,739 96,688 
Interest income(1,471)(2,429)(2,620)(6,902)
Equity in losses of nonconsolidated affiliates2,998 6,613 2,417 4,041 
Loss (gain) from sale of investments in nonconsolidated affiliates993 35 (52,947)35 
Other expense (income), net9,461 (5,208)7,462 (580)
Loss before income taxes(208,175)(639,767)(524,508)(854,019)
Income tax expense (benefit)2,285 (29,183)8,674 (32,513)
Net loss(210,460)(610,584)(533,182)(821,506)
Net loss attributable to noncontrolling interests(14,795)(43,067)(30,324)(69,205)
Net loss attributable to common stockholders of Live Nation$(195,665)$(567,517)$(502,858)$(752,301)
Basic and diluted net loss per common share available to common stockholders of Live Nation
$(0.90)$(2.67)$(2.34)$(3.62)
Weighted average common shares outstanding:
Basic and diluted215,702,508 211,693,923 215,120,467 211,371,109 
Reconciliation to net loss available to common stockholders of Live Nation:
Net loss attributable to common stockholders of Live Nation
$(195,665)$(567,517)$(502,858)$(752,301)
Accretion of redeemable noncontrolling interests951 1,595 35 (12,945)
Basic and diluted net loss available to common stockholders of Live Nation
$(194,714)$(565,922)$(502,823)$(765,246)

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2021202020212020
 (in thousands)
Net loss$(210,460)$(610,584)$(533,182)$(821,506)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge(5,788)(5,765)9,308 (36,596)
Realized loss on cash flow hedge1,946 1,353 3,862 1,353 
Foreign currency translation adjustments15,226 19,933 2,007 (62,849)
Comprehensive loss(199,076)(595,063)(518,005)(919,598)
Comprehensive loss attributable to noncontrolling interests
(14,795)(43,067)(30,324)(69,205)
Comprehensive loss attributable to common stockholders of Live Nation
$(184,281)$(551,996)$(487,681)$(850,393)

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at March 31, 2021216,027,546 $2,160 $2,431,387 $(2,984,026)$(6,865)$(173,216)$336,446 $(394,114)$264,384 
Non-cash and stock-based compensation— — 12,830 — — — — 12,830 — 
Common stock issued under stock plans, net of shares withheld for employee taxes95,264 2 (121)— — — — (119)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes265,667 2 (15,860)— — — — (15,858)— 
Acquisitions— — — — — —   598 
Divestitures— — — — — —   — 
Purchases of noncontrolling interests— — 4,275 — — — (2,577)1,698 (1,698)
Redeemable noncontrolling interests fair value adjustments— — 951 — — — — 951 (951)
Contributions received— — — — — — 13,471 13,471 95 
Cash distributions— — — — — — (8,034)(8,034)(892)
Other— —  — — — (2,121)(2,121) 
Comprehensive loss:
Net loss— — — (195,665)— — (4,026)(199,691)(10,769)
Unrealized loss on cash flow hedge— — — — — (5,788)— (5,788)— 
Realized loss on cash flow hedge— — — — — 1,946 — 1,946 — 
Foreign currency translation adjustments— — — — — 15,226 — 15,226 — 
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 




See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 52,847 — — — — 52,847 — 
Common stock issued under stock plans, net of shares withheld for employee taxes661,549 7 (20,070)— — — — (20,063)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes1,259,940 12 9,924 — — — — 9,936 — 
Acquisitions— — — — — —   598 
Divestitures— — — — — —   — 
Purchases of noncontrolling interests— — 3,775 — — — (2,577)1,198 (1,698)
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — 35 — — — — 35 (35)
Contributions received— — — — — — 15,193 15,193 95 
Cash distributions— — — — — — (12,511)(12,511)(2,031)
Other— —  — — — (2,121)(2,121) 
Comprehensive loss:
Net loss— — — (502,858)— — (11,713)(514,571)(18,611)
Unrealized gain on cash flow hedge— — — — — 9,308 — 9,308 — 
Realized loss on cash flow hedge— — — — — 3,862 — 3,862 — 
Foreign currency translation adjustments— — — — — 2,007 — 2,007 — 
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 

See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at March 31, 2020211,834,739 $2,118 $2,260,509 $(1,137,082)$(6,865)$(259,326)$371,478 $1,230,832 $443,606 
Non-cash and stock-based compensation— — 38,538 — — — — 38,538 — 
Common stock issued under stock plans, net of shares withheld for employee taxes79,079 1 (217)— — — — (216)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes609,329 6 (4,734)— — — — (4,728)— 
Fair value of convertible debt conversion feature, net of issuance cost— — 17 — — — — 17 — 
Acquisitions— — — — — — 4,157 4,157 751 
Divestitures— — — — — — 593 593 — 
Purchases of noncontrolling interests— — (454)— — —  (454)(89,779)
Redeemable noncontrolling interests fair value adjustments— — 1,595 — — — — 1,595 (1,595)
Contributions received— — — — — — 1,391 1,391  
Cash distributions— — — — — — (7,915)(7,915)(3,287)
Other— — (185)— — — (501)(686)1 
Comprehensive loss:
Net loss— — — (567,517)— — (27,598)(595,115)(15,469)
Unrealized loss on cash flow hedge— — — — — (5,765)— (5,765)— 
Realized loss on cash flow hedge— — — — — 1,353 — 1,353 — 
Foreign currency translation adjustments— — — — — 19,933 — 19,933 — 
Balances at June 30, 2020212,523,147 $2,125 $2,295,069 $(1,704,599)$(6,865)$(243,805)$341,605 $683,530 $334,228 

See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2019211,262,062 $2,113 $2,245,619 $(949,334)$(6,865)$(145,713)$318,134 $1,463,954 $449,498 
Cumulative effect of change in accounting principle— — — (2,964)— — — (2,964)— 
Non-cash and stock-based compensation— — 50,270 — — — — 50,270 — 
Common stock issued under stock plans, net of shares withheld for employee taxes341,249 3 (7,665)— — — — (7,662)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes919,836 9 1,719 — — — — 1,728 — 
Fair value of convertible debt conversion feature, net of issuance cost— — 33,347 — — — — 33,347 — 
Acquisitions— — — — — — 35,322 35,322 11,899 
Divestitures— — — — — — 593 593 — 
Purchases of noncontrolling interests— — (6,939)— — — (1,032)(7,971)(96,190)
Sales of noncontrolling interests— — (8,161)— — — 39,161 31,000 — 
Redeemable noncontrolling interests fair value adjustments— — (12,945)— — — — (12,945)12,945 
Contributions received— — — — — — 1,467 1,467  
Cash distributions— — — — — — (12,683)(12,683)(13,632)
Other— — (176)— — — (445)(621)1 
Comprehensive loss:
Net loss— — — (752,301)— — (38,912)(791,213)(30,293)
Unrealized loss on cash flow hedge— — — — — (36,596)— (36,596)— 
Realized loss on cash flow hedge— — — — — 1,353 — 1,353 
Foreign currency translation adjustments— — — — — (62,849)— (62,849)— 
Balances at June 30, 2020212,523,147 $2,125 $2,295,069 $(1,704,599)$(6,865)$(243,805)$341,605 $683,530 $334,228 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended
June 30,
 20212020
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(533,182)$(821,506)
Reconciling items:
Depreciation111,864 122,825 
Amortization100,457 122,022 
Amortization of non-recoupable ticketing contract advances28,728 32,126 
Deferred income tax expense (benefit)6,149 (12,316)
Amortization of debt issuance costs and discounts18,373 14,856 
Non-cash compensation expense52,847 50,270 
Unrealized changes in fair value of contingent consideration(8,040)(24,789)
Provision for uncollectible accounts receivable(16,563)25,764 
Loss (gain) on sale of investments in nonconsolidated affiliates(52,947)35 
Other, net13,700 (2,644)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable(143,343)363,079 
Increase in prepaid expenses and other assets(102,554)(50,493)
Increase (decrease) in accounts payable, accrued expenses and other liabilities518,810 (807,552)
Increase in deferred revenue1,175,690 597,963 
Net cash provided by (used in) operating activities1,169,989 (390,360)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(12,830)(11,457)
Collections of notes receivable10,618 12,782 
Investments made in nonconsolidated affiliates(33,729)(8,150)
Purchases of property, plant and equipment(58,066)(142,509)
Cash paid for acquisitions, net of cash acquired(7,627)(37,471)
Purchases of intangible assets(11,191)(5,594)
Proceeds from sale of investments in nonconsolidated affiliates61,618 105 
Other, net912 1,653 
Net cash used in investing activities(50,295)(190,641)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs511,068 1,602,097 
Payments on long-term debt(85,125)(11,087)
Contributions from noncontrolling interests15,288 1,467 
Distributions to noncontrolling interests(14,542)(26,315)
Purchases and sales of noncontrolling interests, net(3,273)(88,191)
Proceeds from exercise of stock options28,083 11,406 
Taxes paid for net share settlement of equity awards(38,209)(17,339)
Payments for deferred and contingent consideration(11,926)(9,940)
Other, net105  
Net cash provided by financing activities401,469 1,462,098 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(19,965)(54,974)
Net increase in cash, cash equivalents, and restricted cash1,501,198 826,123 
Cash, cash equivalents and restricted cash at beginning of period2,546,439 2,474,242 
Cash, cash equivalents and restricted cash at end of period$4,047,637 $3,300,365 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on March 1, 2021.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venues and festivals are primarily used in or occur from May through October. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales at our owned or operated venues and festivals in advance of when the event occurs. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
Due to the unprecedented global stoppage of our concert and other events beginning in mid-March 2020 resulting from the global COVID-19 pandemic, we did not experience our typical seasonality trends in 2020 and do not expect 2021 will follow our typical seasonality trends.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.
Included in the June 30, 2021 and December 31, 2020 cash and cash equivalents balance is $1.1 billion and $673.5 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts are included in accounts payable, client accounts.
Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement.
Nonconsolidated Affiliates
In general, nonconsolidated investments in which we own more than 20% of the common stock or otherwise exercise significant influence over an affiliate are accounted for under the equity method. We review the value of equity method investments and record impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If we obtain control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, we remeasure our investment to fair value first and then apply the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations. At June 30, 2021 and December 31, 2020, we had investments in nonconsolidated affiliates of $208.1 million and $170.5 million, respectively, included in other long-term assets on our consolidated balance sheets.
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Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of June 30, 2021, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first six months of 2021 and 2020.
Accounting Pronouncements - Not Yet Adopted
In August 2020, the FASB issued guidance that simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. The guidance is effective for annual periods beginning after December 15, 2021 and interim periods within that year. Early adoption is permitted for annual periods beginning after December 15, 2020 and interim periods within that year. The guidance should be applied using either a modified retrospective method or a full retrospective method. We will adopt this guidance on January 1, 2022, and are currently assessing which implementation method we will apply and the impact that adoption will have on our financial position and results of operations.

NOTE 2—IMPACT OF THE GLOBAL COVID-19 PANDEMIC
The unprecedented and rapid spread of COVID-19 and the related government restrictions and social distancing measures implemented throughout the world have significantly impacted our business. Beginning in March 2020, large public events were cancelled, governmental authorities began imposing restrictions on non-essential activities, and businesses suspended activities around the world. As the impact of the global COVID-19 pandemic became clearer, we ceased all Live Nation tours and closed our venues in mid-March 2020 to support global efforts at social distancing and mitigating the virus, and to comply with restrictions put in place by various governmental entities, which has had a materially negative impact on our revenue and financial position. We are beginning to see the positive impacts of successful vaccination rollouts in many of our key markets with social distancing restrictions easing and live events resuming late in the second quarter.
Operating Results
Our second quarter and six month results were materially impacted by these necessary actions when compared to periods prior to the global COVID-19 pandemic. Our overall revenue for the quarter increased by $501.9 million to $