Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

v3.22.2
SEGMENT DATA
 6 Months Ended
Jun. 30, 2022
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.
We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results.
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 and related depreciation and amortization 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, 2022 and 2021:
Concerts Ticketing Sponsorship
& Advertising		 Other & Eliminations Corporate Consolidated
(in thousands)
Three Months Ended June 30, 2022
Revenue $ 3,597,761  $ 575,305  $ 263,786  $ (2,678) $ —  $ 4,434,174 
Intersegment revenue $ 1,575  $ 1,646  $ —  $ (3,221) $ —  $ — 
AOI $ 122,944  $ 230,759  $ 178,304  $ (2,027) $ (50,381) $ 479,599 
Three Months Ended June 30, 2021
Revenue $ 286,958  $ 244,001  $ 44,561  $ 426  $ —  $ 575,946 
Intersegment revenue $ (591) $ 980  $ —  $ (389) $ —  $ — 
AOI $ (84,049) $ 99,416  $ 13,028  $ (1,223) $ (17,520) $ 9,652 
Six Months Ended June 30, 2022
Revenue $ 4,805,586  $ 1,055,704  $ 379,475  $ (3,783) $ —  $ 6,236,982 
Intersegment revenue $ 2,227  $ 2,912  $ —  $ (5,139) $ —  $ — 
AOI $ 73,778  $ 436,979  $ 248,004  $ (6,407) $ (63,716) $ 688,638 
Six Months Ended June 30, 2021
Revenue $ 526,374  $ 272,323  $ 67,208  $ 650  $ —  $ 866,555 
Intersegment revenue $ —  $ 980  $ —  $ (980) $ —  $ — 
AOI $ (158,588) $ 36,664  $ 16,544  $ (3,445) $ (33,267) $ (142,092)

The following table sets forth the reconciliation of consolidated AOI to operating income (loss) for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
(in thousands)
AOI $ 479,599  $ 9,652  $ 688,638  $ (142,092)
Acquisition expenses 9,543  2,381  21,620  (5,843)
Amortization of non-recoupable ticketing contract advance 21,865  18,107  40,392  28,728 
Depreciation and amortization 115,927  103,647  216,396  212,523 
Loss (gain) on sale of operating assets 1,065  (28) 2,730  110 
Stock-based compensation expense 12,500  12,830  61,741  52,847 
Operating income (loss) $ 318,699  $ (127,285) $ 345,759  $ (430,457)