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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 September 30, 2024
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 November 5, 2024, there were 232,353,685 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 1,754,415 shares of unvested restricted stock awards and excluding 408,024 shares held in treasury.



LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
5
PART II—OTHER INFORMATION

(1)    Prior period financial statements were restated as further discussed in Part I — Financial Information—Item 1.—Financial Statements—Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.

GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
CompanyLive Nation Entertainment, Inc. and subsidiaries
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
GTVGross transaction value
LIBORLondon Inter-Bank Offered Rate
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
Ticketmaster
Our ticketing business
VIEVariable interest entities (as defined under GAAP)


Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, 2024
December 31, 2023
As Revised
ASSETS(in thousands)
Current assets
    Cash and cash equivalents$5,489,919 $6,231,866 
    Accounts receivable, less allowance of $87,122 and $82,350, respectively
2,693,998 2,024,649 
    Prepaid expenses1,446,397 1,147,581 
    Restricted cash10,884 7,090 
    Other current assets133,956 122,163 
Total current assets9,775,154 9,533,349 
Property, plant and equipment, net2,375,868 2,101,463 
Operating lease assets1,642,298 1,606,389 
Intangible assets
    Definite-lived intangible assets, net1,047,987 1,161,621 
    Indefinite-lived intangible assets, net380,458 377,349 
Goodwill2,670,008 2,691,466 
Long-term advances577,229 623,154 
Other long-term assets1,278,068 934,849 
Total assets$19,747,070 $19,029,640 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$2,081,034 $1,866,864 
    Accounts payable294,765 267,493 
    Accrued expenses3,454,183 3,030,812 
    Deferred revenue3,034,514 3,398,028 
    Current portion of long-term debt, net582,088 1,134,386 
    Current portion of operating lease liabilities167,035 158,421 
    Other current liabilities66,959 128,430 
Total current liabilities9,680,578 9,984,434 
Long-term debt, net5,672,804 5,459,026 
Long-term operating lease liabilities1,766,897 1,686,091 
Other long-term liabilities673,141 488,159 
Commitments and contingent liabilities (see Note 6)
Redeemable noncontrolling interests1,023,907 859,930 
Stockholders' equity
    Common stock2,310 2,298 
    Additional paid-in capital2,214,938 2,367,918 
    Accumulated deficit(1,747,806)(2,443,106)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive income (loss)(174,611)27,450 
Total Live Nation stockholders' equity287,966 (52,305)
Noncontrolling interests641,777 604,305 
Total equity929,743 552,000 
Total liabilities and equity$19,747,070 $19,029,640 
See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
As RevisedAs Revised
 (in thousands except share and per share data)
Revenue$7,651,087 $8,154,563 $17,474,032 $16,907,636 
Operating expenses:
Direct operating expenses5,780,188 6,297,883 12,839,737 12,589,606 
Selling, general and administrative expenses1,005,418 974,150 2,913,199 2,533,066 
Depreciation and amortization137,001 130,653 407,324 382,352 
Gain on disposal of operating assets(3,968)(1,583)(5,398)(8,092)
Corporate expenses92,923 99,802 255,216 244,295 
Operating income639,525 653,658 1,063,954 1,166,409 
Interest expense87,961 86,215 248,622 257,425 
Loss on extinguishment of debt— — — 18,366 
Interest income(36,067)(78,107)(123,749)(174,872)
Equity in losses (earnings) of nonconsolidated affiliates13,987 (5,382)8,527 (15,047)
Other expense (income), net(12,268)19,251 (110,064)24,235 
Income before income taxes585,912 631,681 1,040,618 1,056,302 
Income tax expense70,229 50,269 191,412 127,070 
Net income515,683 581,412 849,206 929,232 
Net income attributable to noncontrolling interests63,878 59,932 153,906 139,405 
Net income attributable to common stockholders of Live Nation$451,805 $521,480 $695,300 $789,827 
Basic net income per common share available to common stockholders of Live Nation$1.72 $2.01 $2.21 $2.70 
Diluted net income per common share available to common stockholders of Live Nation$1.66 $1.93 $2.18 $2.66 
Weighted average common shares outstanding:
Basic230,374,307 228,787,263 229,923,989 228,497,712 
Diluted245,319,968 244,163,678 235,928,752 235,146,395 
Reconciliation to net income available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation$451,805 $521,480 $695,300 $789,827 
Accretion of redeemable noncontrolling interests(54,536)(60,882)(186,970)(172,436)
Net income available to common stockholders of Live Nation—basic
$397,269 $460,598 $508,330 $617,391 
Convertible debt interest, net of tax10,790 10,877 6,971 7,835 
Net income available to common stockholders of Live Nation—diluted
$408,059 $471,475 $515,301 $625,226 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2024202320242023
As RevisedAs Revised
 (in thousands)
Net income$515,683 $581,412 $849,206 $929,232 
Other comprehensive income, net of tax:
Unrealized gain (loss) on cash flow hedge(8,062)6,293 3,320 14,002 
Realized gain on cash flow hedge(4,878)(4,632)(14,370)(12,436)
Foreign currency translation adjustments(38,915)(48,672)(191,011)100,752 
Comprehensive income463,828 534,401 647,145 1,031,550 
Comprehensive income attributable to noncontrolling interests
63,878 59,932 153,906 139,405 
Comprehensive income attributable to common stockholders of Live Nation
$399,950 $474,469 $493,239 $892,145 

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)
Revised Balances at June 30, 2024230,711,943 $2,307 $2,240,759 $(2,199,611)$(6,865)$(122,756)$594,240 $508,074 $970,574 
Non-cash and stock-based compensation— — 23,829 — — — — 23,829 — 
Common stock issued under stock plans, net of shares withheld for employee taxes30,770 — (2,322)— — — — (2,322)— 
Exercise of stock options250,641 3 6,520 — — — — 6,523 — 
Acquisitions— — — — — — 17,216 17,216 9,606 
Purchases of noncontrolling interests— — (363)— — — — (363)(21,283)
Redeemable noncontrolling interests fair value adjustments— — (53,485)— — — — (53,485)53,549 
Contributions received— — — — — — 3,000 3,000 (28)
Cash distributions— — — — — — (21,827)(21,827)(6,099)
Other— — — — — — 4,420 4,420 (1,562)
Comprehensive income (loss):
Net income— — — 451,805 — — 44,728 496,533 19,150 
Unrealized loss on cash flow hedge— — — — — (8,062)— (8,062)— 
Realized gain on cash flow hedge— — — — — (4,878)— (4,878)— 
Foreign currency translation adjustments— — — — — (38,915)— (38,915)— 
Balances at September 30, 2024230,993,354 $2,310 $2,214,938 $(1,747,806)$(6,865)$(174,611)$641,777 $929,743 $1,023,907 




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 Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Revised Balances at December 31, 2023229,785,241 $2,298 $2,367,918 $(2,443,106)$(6,865)$27,450 $604,305 $552,000 $859,930 
Non-cash and stock-based compensation— — 86,969 — — — — 86,969 — 
Common stock issued under stock plans, net of shares withheld for employee taxes530,107 5 (40,878)— — — — (40,873)— 
Exercise of stock options678,006 7 19,335 — — — — 19,342 — 
Acquisitions— — — — — — 54,594 54,594 45,378 
Purchases of noncontrolling interests— — (29,692)— — — (15,264)(44,956)(32,296)
Redeemable noncontrolling interests fair value adjustments— — (188,714)— — — — (188,714)189,366 
Contributions received— — — — — — 3,000 3,000 — 
Cash distributions— — — — — (126,054)(126,054)(73,780)
Other— — — — — — 5,182 5,182 (2,583)
Comprehensive income (loss):
Net income— — — 695,300 — — 116,014 811,314 37,892 
Unrealized gain on cash flow hedge— — — — — 3,320 — 3,320 — 
Realized gain on cash flow hedge— — — — — (14,370)— (14,370)— 
Foreign currency translation adjustments— — — — — (191,011)— (191,011)— 
Balances at September 30, 2024230,993,354 $2,310 $2,214,938 $(1,747,806)$(6,865)$(174,611)$641,777 $929,743 $1,023,907 

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


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 June 30, 2023229,084,194 $2,291 $2,438,660 $(2,731,652)$(6,865)$59,253 $558,806 $320,493 $738,329 
Non-cash and stock-based compensation58 — 26,537 — — — — 26,537 — 
Common stock issued under stock plans, net of shares withheld for employee taxes11,905 — (537)— — — — (537)— 
Exercise of stock options161,225 2 3,342 — — — — 3,344 — 
Acquisitions— — — — — — 49,387 49,387 20,411 
Purchases of noncontrolling interests— — 3,927 — — — — 3,927 (5,498)
Redeemable noncontrolling interests fair value adjustments— — (60,627)— — — — (60,627)60,627 
Contributions received— — — — — — 772 772 — 
Cash distributions— — — — — — (13,489)(13,489)(2,691)
Other— — — — — — 2,164 2,164 (2,208)
Comprehensive income (loss):
Net income— — — 521,480 — — 45,578 567,058 14,354 
Unrealized gain on cash flow hedge— — — — — 6,293 — 6,293 — 
Realized gain on cash flow hedge— — — — — (4,632)— (4,632)— 
Foreign currency translation adjustments— — — — — (48,672)— (48,672)— 
Balances at September 30, 2023229,257,382 $2,293 $2,411,302 $(2,210,172)$(6,865)$12,242 $643,218 $852,018 $823,324 

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


Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2022228,498,102 $2,285 $2,698,316 $(2,999,999)$(6,865)$(90,076)$461,366 $65,027 $660,119 
Non-cash and stock-based compensation58 — 81,871 — — — — 81,871 — 
Common stock issued under stock plans, net of shares withheld for employee taxes229,406 2 (9,003)— — — — (9,001)— 
Exercise of stock options373,066 4 8,339 — — — — 8,343 — 
Repurchase of 2.5% convertible senior notes due 2023156,750 2 (27,327)— — — — (27,325)— 
Capped call transactions for 3.125% convertible senior notes due 2029— — (75,500)— — — — (75,500)— 
Acquisitions— — — — — — 116,630 116,630 46,707 
Purchases of noncontrolling interests— — (93,721)— — — (27,090)(120,811)(4,839)
Redeemable noncontrolling interests fair value adjustments— — (171,673)— — — — (171,673)171,673 
Contributions received— — — — — — 15,403 15,403 85 
Cash distributions— — — — — (88,182)(88,182)(65,607)
Other— — — — — — 56,484 56,484 (15,612)
Comprehensive income (loss):
Net income— — — 789,827 — — 108,607 898,434 30,798 
Unrealized gain on cash flow hedge— — — — — 14,002 — 14,002 — 
Realized gain on cash flow hedge— — — — — (12,436)— (12,436)— 
Foreign currency translation adjustments— — — — — 100,752 — 100,752 — 
Balances at September 30, 2023229,257,382 $2,293 $2,411,302 $(2,210,172)$(6,865)$12,242 $643,218 $852,018 $823,324 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
September 30,
 20242023
As Revised
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$849,206 $929,232 
Reconciling items:
Depreciation221,841 193,654 
Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss185,483 188,698 
Amortization of non-recoupable ticketing contract advances62,237 58,518 
Deferred income tax benefit(14,059)(10,419)
Amortization of debt issuance costs and discounts13,168 13,707 
Loss on extinguishment of debt— 18,366 
Stock-based compensation expense85,450 85,905 
Unrealized changes in fair value of contingent consideration(22,453)42,092 
Equity in losses of nonconsolidated affiliates, net of distributions20,586 7,013 
Provision for uncollectible accounts receivable(1,101)35,707 
Gain on mark-to-market of investments in nonconsolidated affiliates(100,048)(46,720)
Other, net(11,618)(12,249)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable(565,093)(1,030,453)
Increase in prepaid expenses and other assets(341,941)(479,434)
Increase in accounts payable, accrued expenses and other liabilities586,960 903,597 
Decrease in deferred revenue(288,566)(142,593)
Net cash provided by operating activities680,052 754,621 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(92,895)(129,532)
Collections of notes receivable22,789 9,550 
Investments made in nonconsolidated affiliates(34,479)(45,439)
Purchases of property, plant and equipment(491,750)(304,882)
Cash acquired from (paid for) acquisitions, net of cash paid (acquired)(49,456)29,151 
Purchases of intangible assets(8,390)(36,653)
Other, net11,383 13,841 
Net cash used in investing activities(642,798)(463,964)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs2,038 988,310 
Payments on long-term debt(384,567)(625,659)
Contributions from noncontrolling interests3,000 15,488 
Distributions to noncontrolling interests(199,834)(153,789)
Purchases of noncontrolling interests, net(69,935)(89,819)
Payments for capped call transactions— (75,500)
Proceeds from exercise of stock options19,342 8,343 
Taxes paid for net share settlement of equity awards(40,873)(9,001)
Payments for deferred and contingent consideration(21,581)(13,690)
Other, net(50)249 
Net cash provided by (used in) financing activities(692,460)44,932 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(82,947)(421)
Net increase (decrease) in cash, cash equivalents and restricted cash(738,153)335,168 
Cash, cash equivalents and restricted cash at beginning of period6,238,956 5,620,194 
Cash, cash equivalents and restricted cash at end of period$5,500,803 $5,955,362 
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 2023 Annual Report on Form 10-K filed with the SEC on February 22, 2024.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing 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 partial 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 in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. 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.
We expect our seasonality trends to evolve as we continue to expand our global operations.
Variable Interest Entities
In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding.
As of September 30, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $855 million and $940 million of assets and $580 million and $592 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis.
Cash and Cash Equivalents
Included in the September 30, 2024 and December 31, 2023 cash and cash equivalents balance is $1.6 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our 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 due to our clients are included in accounts payable, client accounts.
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Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of September 30, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions, including the United States, due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for any losses incurred in those tax jurisdictions for the first nine months of 2024.
Accounting Pronouncements
In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. We adopted this guidance on January 1, 2024. The adoption did not and is not expected to have a material impact on our consolidated financial statements.
In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss. This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance.
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NOTE 2—LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL
Property, Plant and Equipment, Net
Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements along with the renewal and improvement of existing venues and technology systems, web development and administrative offices.
Property, plant and equipment, net, consisted of the following:
September 30, 2024December 31, 2023
(in thousands)
Land, buildings and improvements$2,243,158 $2,043,595 
Computer equipment and capitalized software926,193 888,065 
Furniture and other equipment744,635 646,966 
Construction in progress399,353 317,028 
Property, plant and equipment, gross4,313,339 3,895,654 
Less: accumulated depreciation1,937,471 1,794,191 
Property, plant and equipment, net$2,375,868 $2,101,463 
Definite-lived Intangible Assets
The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2024:
Revenue-
generating
contracts		Client /
vendor
relationships		Venue managementTrademarks
and
naming
rights
Technology and Other (1)
Total
(in thousands)
Balance as of December 31, 2023:
Gross carrying amount
$925,257 $583,436 $226,788 $183,493 $20,220 $1,939,194 
Accumulated amortization
(336,625)(251,649)(79,218)(104,036)(6,045)(777,573)
Net588,632 331,787 147,570 79,457 14,175 1,161,621 
Gross carrying amount:
Acquisitions and additions—current year
68,453 48,937 1,256 3,000 7,939 129,585 
Acquisitions and additions—prior year
826 4,066 453 (2)— 5,343 
Foreign exchange(58,063)(16,985)(2,191)(8,810)(94)(86,143)
Other (2)
(15,575)(20,132)(23,930)(3,213)(823)(63,673)
Net change(4,359)15,886 (24,412)(9,025)7,022 (14,888)
Accumulated amortization:
Amortization
(82,677)(64,266)(17,887)(13,585)(6,535)(184,950)
Foreign exchange15,438 4,612 107 2,521 (12)22,666 
Other (2)
15,575 20,132 24,032 2,863 936 63,538 
Net change(51,664)(39,522)6,252 (8,201)(5,611)(98,746)
Balance as of September 30, 2024:
Gross carrying amount
920,898 599,322 202,376 174,468 27,242 1,924,306 
Accumulated amortization
(388,289)(291,171)(72,966)(112,237)(11,656)(876,319)
Net$532,609 $308,151 $129,410 $62,231 $15,586 $1,047,987 

(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.

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Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.
The 2024 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
Weighted-
Average
Life (years)
Revenue-generating contracts9
Client/vendor relationships5
Trademarks and naming rights10
Venue management3
Technology3
All categories7
Amortization of definite-lived intangible assets for the three months ended September 30, 2024 and 2023 was $61.3 million and $63.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $185.0 million and $176.1 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.
Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2024:
ConcertsTicketingSponsorship
& Advertising		Total
(in thousands)
Balance as of December 31, 2023:
Goodwill $1,439,579 $1,012,530 $674,720 $3,126,829 
Accumulated impairment losses(435,363)— — (435,363)
                 Net1,004,216 1,012,530 674,720 2,691,466 
Acquisitions—current year25,797 507 1,015 27,319 
Acquisitions—prior year4,136 — — 4,136 
Foreign exchange911 (31,056)(22,768)(52,913)
Balance as of September 30, 2024:
Goodwill1,470,423 981,981 652,967 3,105,371 
Accumulated impairment losses(435,363)— — (435,363)
                 Net$1,035,060 $981,981 $652,967 $2,670,008 
Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.
We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.
Investments in Nonconsolidated Affiliates
At September 30, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $514.9 million and $447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.

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NOTE 3—LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands)
Operating lease expense$64,543 $63,954 $197,051 $206,282 
Variable and short-term lease expense74,936 85,148 148,848 157,453 
Sublease income(1,447)(1,865)(4,560)(6,477)
Net lease expense$138,032 $147,237 $341,339 $357,258 
Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.
Supplemental cash flow information for our operating leases is as follows:
Nine Months Ended
September 30,
20242023
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities$212,983 $195,945 
Lease assets obtained in exchange for lease obligations, net of terminations$200,039 $148,960 
As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $207.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.

NOTE 4—LONG-TERM DEBT
Long-term debt, which includes finance leases, consisted of the following:
September 30, 2024December 31, 2023
(in thousands)
Senior Secured Credit Facility:
Term loan B$830,348 $836,903 
Revolving credit facility— 370,000 
6.5% Senior Secured Notes due 20271,200,000 1,200,000 
3.75% Senior Secured Notes due 2028500,000 500,000 
4.875% Senior Notes due 2024575,000 575,000 
5.625% Senior Notes due 2026300,000 300,000 
4.75% Senior Notes due 2027950,000 950,000 
2.0% Convertible Senior Notes due 2025400,000 400,000 
3.125% Convertible Senior Notes due 20291,000,000 1,000,000 
Other debt538,824 511,210 
Total principal amount6,294,172 6,643,113 
Less: unamortized discounts and debt issuance costs(39,280)(49,701)
Total debt, net of unamortized discounts and debt issuance costs6,254,892 6,593,412 
Less: current portion582,088 1,134,386 
Total long-term debt, net$5,672,804 $5,459,026 
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Future maturities of debt at September 30, 2024 are as follows:
(in thousands)
Remainder of 2024$550,365 
202556,977 
20261,398,179 
20272,153,854 
20282,091,490 
Thereafter43,307 
Total$6,294,172 
All debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our debt.
Other Debt
As of September 30, 2024, other debt includes $275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $129.2 million for a Euro-denominated note due in 2024 related to a venue located in Europe.
Subsequent Event
On October 31, 2024, we drew down $585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $575 million principal amount plus accrued interest on our 4.875% senior notes. As a result of this drawdown, the 4.875% senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below.
On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No. 12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No. 12, the “Credit Agreement” and as amended by Amendment No. 12, the “Amended Credit Agreement”). The Amendment added a venue expansion revolving credit facility of $400 million, which resulted in a total available borrowing capacity of $1.7 billion.
The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75x to 5.25x, with the first step down of 0.50x occurring on March 31, 2026 and additional step downs of 0.50x occurring annually thereafter.
The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $500.0 million, then the maturity date of the new revolving credit facility will instead be such date.
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NOTE 5—FAIR VALUE MEASUREMENTS
Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.

Estimated Fair Value
September 30, 2024
December 31, 2023
Level 1Level 2TotalLevel 1Level 2Total
(in thousands)
Assets:
Cash equivalents$597,215 $— $597,215 $580,126 $— $580,126 
Interest rate swaps$— $23,109 $23,109 $— $39,232 $39,232 

Cash equivalents consist of money market funds. Fair values for cash equivalents are based on quoted prices in an active market. The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors.
Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance.
The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes:
Estimated Fair Value at
September 30, 2024December 31, 2023
Level 2
(in thousands)
6.5% Senior Secured Notes due 2027$1,224,780 $1,222,608 
3.75% Senior Secured Notes due 2028$481,570 $469,515 
4.875% Senior Notes due 2024$574,402 $570,412 
5.625% Senior Notes due 2026$299,790 $297,606 
4.75% Senior Notes due 2027$937,432 $913,653 
2.0% Convertible Senior Notes due 2025$435,424 $423,668 
3.125% Convertible Senior Notes due 2029$1,230,620 $1,136,160 
The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.
Non-recurring
For the nine months ended September 30, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $31.8 million, as well as, a gain related to a warrant in a nonconsolidated affiliate of $38.5 million, as a component of other income, net. To calculate the gain on the investment, we remeasured the investment to fair value of $142.2 million using an observable price from orderly transactions for a similar investment of the same issuer. We remeasured the warrant to fair value of $62.2 million using an option pricing model.
For the nine months ended September 30, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $24.4 million, as a component of other income, net. The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment. To calculate the gain, we remeasured the investment to fair value of $35.9 million using the income approach method.
The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.
For the nine months ended September 30, 2023, there were no significant non-recurring fair value measurements.

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NOTE 6—COMMITMENTS AND CONTINGENT LIABILITIES
Litigation
Astroworld Litigation
On November 5, 2021, the Astroworld music festival was held in Houston, Texas. During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries. Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc. and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages. Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas’s rules governing multidistrict litigation.
During the nine months ended September 30, 2024, all remaining wrongful death lawsuits were settled, and we began settlement discussions in earnest with certain remaining parties with injury claims. As a result, we have recognized $280 million for the nine months ended September 30, 2024 within selling, general and administrative expenses for the estimated probable losses in excess of our expected insurance recoveries. The amounts recorded as of September 30, 2024 represent our best estimate of the ultimate loss associated with all remaining lawsuits and claims.
Our assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, is based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions or recognize additional losses.
Department of Justice Complaint
In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the “Complaint”) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief. Certain states also seek unspecified damages for their citizens. The Company believes it has substantial defenses to the lawsuit and will vigorously defend itself.
The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit. The Company filed a motion to dismiss certain claims in the Amended Complaint in September 2024.
Antitrust Litigation
The Company is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023. The Ninth Circuit subsequently affirmed the District Court’s ruling in October 2024. The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.