Live Nation Entertainment Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

LEASES

LEASES

9 Months Ended

Sep. 30, 2024

The significant components of operating lease expense are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Operating lease expense	$	64,543	$	63,954	$	197,051	$	206,282
Variable and short-term lease expense	74,936		85,148		148,848		157,453
Sublease income	(1,447)		(1,865)		(4,560)		(6,477)
Net lease expense	$	138,032	$	147,237	$	341,339	$	357,258

Many of our leases contain contingent rent obligations based on revenue, tickets sold or other variables. Contingent rent obligations, including those related to subsequent changes in the prevailing index or market rate after lease inception, are not included in the initial measurement of the lease asset or liability and are recorded as rent expense in the period that the contingency is resolved.

Supplemental cash flow information for our operating leases is as follows:


	Nine Months Ended September 30,
	2024		2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities	$	212,983	$	195,945
Lease assets obtained in exchange for lease obligations, net of terminations	$	200,039	$	148,960

As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $207.0 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.