Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

v3.21.2
SEGMENT DATA
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT DATA SEGMENT DATA
Our reportable segments are Concerts, Ticketing and Sponsorship & Advertising. Our Concerts segment involves the promotion of live music events globally in our owned or operated venues and in rented third-party venues, the production of music festivals, the operation and management of music venues, the creation or streaming of associated content and the provision of management and other services to artists. Our Ticketing segment involves the management of our global ticketing operations, including providing ticketing software and services to clients, and consumers with a marketplace, both online and mobile, for tickets and event information, and is responsible for our primary ticketing website, www.ticketmaster.com. Our Sponsorship & Advertising segment manages the development of strategic sponsorship programs in addition to the sale of international, national and local sponsorships and placement of advertising such as signage, promotional programs, rich media offerings, including advertising associated with live streaming and music-related content, and ads across our distribution network of venues, events and websites.
Revenue and expenses earned and charged between segments are eliminated in consolidation. Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds.
We manage our working capital on a consolidated basis. Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets have not been presented.
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2021 and 2020:
Concerts Ticketing Sponsorship
& Advertising		 Other Corporate Eliminations Consolidated
(in thousands)
Three Months Ended June 30, 2021
Revenue $ 286,958  $ 244,001  $ 44,561  $ 815  $ —  $ (389) $ 575,946 
Direct operating expenses 172,176  59,301  12,032  —  —  (389) 243,120 
Selling, general and administrative expenses 202,697  105,987  19,696  514  —  —  328,894 
Depreciation and amortization 58,450  34,888  7,507  11  2,791  —  103,647 
Gain on disposal of operating assets (28) —  —  —  —  —  (28)
Corporate expenses —  —  —  —  27,598  —  27,598 
Operating income (loss) $ (146,337) $ 43,825  $ 5,326  $ 290  $ (30,389) $ —  $ (127,285)
Intersegment revenue $ (591) $ 980  $ —  $ —  $ —  $ (389) $ — 
Concerts Ticketing Sponsorship
& Advertising		 Other Corporate Eliminations Consolidated
(in thousands)
Three Months Ended June 30, 2020
Revenue $ 141,823  $ (87,019) $ 18,372  $ 805  $ —  $ 103  $ 74,084 
Direct operating expenses 182,217  8,051  4,186  —  —  103  194,557 
Selling, general and administrative expenses 174,554  127,811  17,783  3,204  —  —  323,352 
Depreciation and amortization 64,342  44,313  7,620  4,385  2,107  —  122,767 
Loss (gain) on disposal of operating assets 561  (1) —  (1) —  —  559 
Corporate expenses —  —  —  —  20,916  —  20,916 
Operating loss $ (279,851) $ (267,193) $ (11,217) $ (6,783) $ (23,023) $ —  $ (588,067)
Intersegment revenue $ (136) $ 33  $ —  $ —  $ —  $ 103  $ — 
Six Months Ended June 30, 2021
Revenue $ 526,374  $ 272,323  $ 67,208  $ 1,630  $ —  $ (980) $ 866,555 
Direct operating expenses 286,080  77,133  14,853  —  —  (980) 377,086 
Selling, general and administrative expenses 410,544  200,655  38,799  1,749  —  —  651,747 
Depreciation and amortization 121,336  71,366  14,671  22  5,128  —  212,523 
Loss on disposal of operating assets 110  —  —  —  —  —  110 
Corporate expenses —  —  —  —  55,546  —  55,546 
Operating loss $ (291,696) $ (76,831) $ (1,115) $ (141) $ (60,674) $ —  $ (430,457)
Intersegment revenue $ —  $ 980  $ —  $ —  $ —  $ (980) $ — 
Capital expenditures $ 30,021  $ 18,472  $ 2,485  $ —  $ 3,887  $ —  $ 54,865 
Six Months Ended June 30, 2020
Revenue $ 1,135,216  $ 197,258  $ 108,633  $ 1,601  $ —  $ (2,931) $ 1,439,777 
Direct operating expenses 933,122  112,464  25,722  —  —  (2,931) 1,068,377 
Selling, general and administrative expenses 505,830  285,357  40,770  5,416  —  —  837,373 
Depreciation and amortization 136,558  82,489  15,132  4,438  6,230  —  244,847 
Loss on disposal of operating assets 688  1  —  —  —  —  689 
Corporate expenses —  —  —  —  49,228  —  49,228 
Operating income (loss) $ (440,982) $ (283,053) $ 27,009  $ (8,253) $ (55,458) $ —  $ (760,737)
Intersegment revenue $ 1,097  $ 1,834  $ —  $ —  $ —  $ (2,931) $ — 
Capital expenditures $ 83,485  $ 39,237  $ 2,679  $ —  $ 5,542  $ —  $ 130,943