Quarterly report pursuant to Section 13 or 15(d)

SEGMENT DATA

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SEGMENT DATA
 9 Months Ended
Sep. 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 nine months ended September 30, 2022 and 2021:
Concerts Ticketing Sponsorship
& Advertising		 Other & Eliminations Corporate Consolidated
(in thousands)
Three Months Ended September 30, 2022
Revenue $ 5,292,594  $ 531,570  $ 343,029  $ (13,658) $ —  $ 6,153,535 
Intersegment revenue $ 4,408  $ 9,748  $ —  $ (14,156) $ —  $ — 
AOI $ 280,809  $ 163,176  $ 226,234  $ (3,420) $ (46,081) $ 620,718 
Three Months Ended September 30, 2021
Revenue $ 2,151,596  $ 374,237  $ 174,449  $ (1,560) $ —  $ 2,698,722 
Intersegment revenue $ 1,473  $ 630  $ —  $ (2,103) $ —  $ — 
AOI $ 59,578  $ 171,754  $ 111,211  $ (1,179) $ (35,684) $ 305,680 
Nine Months Ended September 30, 2022
Revenue $ 10,098,180  $ 1,587,274  $ 722,504  $ (17,441) $ —  $ 12,390,517 
Intersegment revenue $ 6,635  $ 12,660  $ —  $ (19,295) $ —  $ — 
AOI $ 354,587  $ 600,155  $ 474,238  $ (9,827) $ (109,797) $ 1,309,356 
Nine Months Ended September 30, 2021
Revenue $ 2,677,970  $ 646,560  $ 241,657  $ (910) $ —  $ 3,565,277 
Intersegment revenue $ 1,473  $ 1,610  $ —  $ (3,083) $ —  $ — 
AOI $ (99,010) $ 208,418  $ 127,755  $ (4,624) $ (68,951) $ 163,588 

The following table sets forth the reconciliation of consolidated AOI to operating income (loss) for the three and nine months ended September 30, 2022 and 2021:
Three Months Ended September 30, Nine Months Ended September 30,
2022 2021 2022 2021
(in thousands)
AOI $ 620,718  $ 305,680  $ 1,309,356  $ 163,588 
Acquisition expenses 7,495  20,644  29,115  14,801 
Amortization of non-recoupable ticketing contract advance 15,729  20,486  56,121  49,214 
Depreciation and amortization 102,093  101,235  318,489  313,758 
Gain on sale of operating assets (35,285) (1,148) (32,555) (1,038)
Stock-based compensation expense 24,437  27,318  86,178  80,165 
Operating income (loss) $ 506,249  $ 137,145  $ 852,008  $ (293,312)