Quarterly report pursuant to Section 13 or 15(d)

SEGMENTS AND REVENUE RECOGNITION (Tables)

v3.23.1
SEGMENTS AND REVENUE RECOGNITION (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table presents the results of operations for our reportable segments for the three months ended March 31, 2023 and 2022:
Concerts Ticketing Sponsorship
& Advertising		 Other & Eliminations Corporate Consolidated
(in thousands)
Three Months Ended March 31, 2023
Revenue $ 2,281,212 $ 677,741 $ 170,118 $ (1,681) $ —  $ 3,127,390 
% of Consolidated Revenue 72.9% 21.7% 5.4% —%
Intersegment revenue $ 898 $ 783 $ — $ (1,681) $ —  $ — 
AOI $ 832 $ 271,051 $ 95,531 $ (7,939) $ (39,765) $ 319,710 
Three Months Ended March 31, 2022
Revenue $ 1,207,825 $ 480,399 $ 115,689 $ (1,105) $ —  $ 1,802,808 
% of Consolidated Revenue 67.0% 26.6% 6.4% —%
Intersegment revenue $ 652 $ 1,266 $ — $ (1,918) $ —  $ — 
AOI $ (49,166) $ 206,220 $ 69,700 $ (4,380) $ (13,335) $ 209,039 
.
Reconciliation of AOI to Operating Income (Loss)
The following table sets forth the reconciliation of consolidated AOI to operating income for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
2023 2022
(in thousands)
AOI $ 319,710  $ 209,039 
Acquisition expenses 13,311  12,077 
Amortization of non-recoupable ticketing contract advances 20,363  18,527 
Depreciation and amortization 115,185  100,469 
Loss on disposal of operating assets 504  1,665 
Stock-based compensation expense 27,571  49,241 
Operating income $ 142,776  $ 27,060 
Contract with Customer, Asset and Liability
Deferred Revenue
The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. Deferred revenue that is not expected to be recognized within the next twelve months is classified as long-term and reflected in other long-term liabilities on the consolidated balance sheets. We had current deferred revenue of $3.1 billion and $2.8 billion at December 31, 2022 and 2021, respectively.
The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
2023 2022
(in thousands)
Concerts $ 681,380  $ 278,546 
Ticketing 34,600  23,043 
Sponsorship & Advertising 50,680  34,239 
$ 766,660  $ 335,828