| Results of Operations Related to Reportable Segments of the Entity |
The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2022 and 2021:
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Concerts |
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Ticketing |
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Sponsorship
& Advertising |
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Other & Eliminations |
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Corporate |
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Consolidated |
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(in thousands) |
| Three Months Ended June 30, 2022 |
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| Revenue |
$ |
3,597,761 |
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$ |
575,305 |
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$ |
263,786 |
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$ |
(2,678) |
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$ |
— |
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$ |
4,434,174 |
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| Intersegment revenue |
$ |
1,575 |
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$ |
1,646 |
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$ |
— |
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$ |
(3,221) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
122,944 |
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$ |
230,759 |
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$ |
178,304 |
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$ |
(2,027) |
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$ |
(50,381) |
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$ |
479,599 |
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| Three Months Ended June 30, 2021 |
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| Revenue |
$ |
286,958 |
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$ |
244,001 |
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$ |
44,561 |
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$ |
426 |
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$ |
— |
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$ |
575,946 |
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| Intersegment revenue |
$ |
(591) |
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$ |
980 |
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$ |
— |
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$ |
(389) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
(84,049) |
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$ |
99,416 |
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$ |
13,028 |
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$ |
(1,223) |
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$ |
(17,520) |
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$ |
9,652 |
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| Six Months Ended June 30, 2022 |
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| Revenue |
$ |
4,805,586 |
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$ |
1,055,704 |
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$ |
379,475 |
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$ |
(3,783) |
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$ |
— |
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$ |
6,236,982 |
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| Intersegment revenue |
$ |
2,227 |
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$ |
2,912 |
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$ |
— |
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$ |
(5,139) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
73,778 |
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$ |
436,979 |
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$ |
248,004 |
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$ |
(6,407) |
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$ |
(63,716) |
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$ |
688,638 |
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| Six Months Ended June 30, 2021 |
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| Revenue |
$ |
526,374 |
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$ |
272,323 |
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$ |
67,208 |
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$ |
650 |
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$ |
— |
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$ |
866,555 |
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| Intersegment revenue |
$ |
— |
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$ |
980 |
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$ |
— |
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$ |
(980) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
(158,588) |
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$ |
36,664 |
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$ |
16,544 |
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$ |
(3,445) |
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$ |
(33,267) |
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$ |
(142,092) |
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| Reconciliation of AOI to Operating Income (Loss) |
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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
2021 |
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2022 |
2021 |
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(in thousands) |
| AOI |
$ |
479,599 |
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$ |
9,652 |
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$ |
688,638 |
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$ |
(142,092) |
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| Acquisition expenses |
9,543 |
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2,381 |
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21,620 |
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(5,843) |
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| Amortization of non-recoupable ticketing contract advance |
21,865 |
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18,107 |
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40,392 |
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28,728 |
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| Depreciation and amortization |
115,927 |
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103,647 |
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216,396 |
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212,523 |
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| Loss (gain) on sale of operating assets |
1,065 |
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(28) |
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2,730 |
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110 |
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| Stock-based compensation expense |
12,500 |
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12,830 |
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61,741 |
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52,847 |
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| Operating income (loss) |
$ |
318,699 |
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$ |
(127,285) |
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$ |
345,759 |
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$ |
(430,457) |
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