| Schedule of Segment Reporting Information, by Segment |
The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2023 and 2022:
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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 September 30, 2023 |
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| Revenue |
$ |
6,974,326 |
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$ |
832,584 |
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$ |
366,822 |
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$ |
(21,713) |
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$ |
— |
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$ |
8,152,019 |
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| % of Consolidated Revenue |
85.6% |
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10.2% |
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4.5% |
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(0.3)% |
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| Intersegment revenue |
$ |
5,698 |
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$ |
9,501 |
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$ |
— |
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$ |
(15,199) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
340,904 |
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$ |
316,448 |
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$ |
250,265 |
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$ |
(6,818) |
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$ |
(64,736) |
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$ |
836,063 |
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| Three Months Ended September 30, 2022 |
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| Revenue |
$ |
5,292,594 |
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$ |
531,570 |
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$ |
343,029 |
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$ |
(13,658) |
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$ |
— |
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$ |
6,153,535 |
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| % of Consolidated Revenue |
86.0% |
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8.6% |
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5.6% |
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(0.2)% |
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| Intersegment revenue |
$ |
4,408 |
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$ |
9,748 |
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$ |
— |
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$ |
(14,156) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
280,809 |
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$ |
163,176 |
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$ |
226,234 |
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$ |
(3,420) |
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$ |
(46,081) |
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$ |
620,718 |
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| Nine Months Ended September 30, 2023 |
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| Revenue |
$ |
13,888,829 |
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$ |
2,219,667 |
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$ |
839,799 |
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$ |
(38,163) |
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$ |
— |
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$ |
16,910,132 |
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| % of Consolidated Revenue |
82.1% |
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13.1% |
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5.0% |
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(0.2)% |
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| Intersegment revenue |
$ |
9,896 |
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$ |
12,681 |
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$ |
— |
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$ |
(22,577) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
509,794 |
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$ |
880,184 |
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$ |
548,935 |
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$ |
(32,899) |
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$ |
(160,544) |
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$ |
1,745,470 |
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| Nine Months Ended September 30, 2022 |
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| Revenue |
$ |
10,098,180 |
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$ |
1,587,274 |
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$ |
722,504 |
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$ |
(17,441) |
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$ |
— |
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$ |
12,390,517 |
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| % of Consolidated Revenue |
81.5% |
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12.8% |
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5.8% |
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(0.1)% |
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| Intersegment revenue |
$ |
6,635 |
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$ |
12,660 |
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$ |
— |
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$ |
(19,295) |
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$ |
— |
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$ |
— |
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| AOI |
$ |
354,587 |
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$ |
600,155 |
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$ |
474,238 |
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$ |
(9,827) |
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$ |
(109,797) |
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$ |
1,309,356 |
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| Reconciliation of AOI to Operating Income (Loss) |
The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2023 and 2022:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
2022 |
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2023 |
2022 |
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(in thousands) |
| AOI |
$ |
836,063 |
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$ |
620,718 |
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$ |
1,745,470 |
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$ |
1,309,356 |
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| Acquisition expenses |
40,968 |
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7,495 |
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79,108 |
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29,115 |
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| Amortization of non-recoupable ticketing contract advances |
16,921 |
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15,729 |
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58,518 |
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56,121 |
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| Depreciation and amortization |
130,653 |
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102,093 |
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382,352 |
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318,489 |
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| Gain on disposal of operating assets |
(1,583) |
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(35,285) |
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(8,092) |
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(32,555) |
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| Stock-based compensation expense |
30,572 |
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24,437 |
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85,905 |
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86,178 |
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| Operating income |
$ |
618,532 |
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$ |
506,249 |
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$ |
1,147,679 |
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$ |
852,008 |
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| 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 and nine months ended September 30, 2023 and 2022:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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(in thousands) |
| Concerts |
$ |
814,504 |
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$ |
825,573 |
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$ |
2,629,546 |
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$ |
2,135,814 |
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| Ticketing |
37,124 |
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40,803 |
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133,365 |
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120,543 |
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| Sponsorship & Advertising |
17,432 |
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36,703 |
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125,359 |
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128,035 |
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$ |
869,060 |
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$ |
903,079 |
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$ |
2,888,270 |
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$ |
2,384,392 |
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