In calculating our income taxes for the three and nine months ended September 30, 2024, we identified errors in our previously issued financial statements for the three and nine months ended September 30, 2023 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings.

We assessed the materiality of these errors, using both quantitative and qualitative factors, in accordance with the SEC Staff Accounting Bulletin (“SAB”) No. 99 “Materiality” and SAB 108 “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements” codified in ASC 250 “Accounting Changes and Error Corrections” and concluded these errors (including when aggregated with other errors discussed below) were immaterial to all of the previously issued consolidated financial statements but, if corrected in the current year, would be material to the current year. Under ASC 250, such prior‑year misstatements which, if corrected in the current year would be material to the current year, must be corrected by adjusting the prior‑year financial statements. Correcting prior‑year financial statements for such immaterial errors does not require previously filed reports to be amended.

In addition to the errors related to the income tax provision as noted above, we recorded other errors to correct prior periods as presented below. These errors were not previously recorded, as we concluded that they were immaterial individually and in aggregate to our previously issued consolidated financial statements.

The condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 have also been revised to reflect the impacts to net earnings and redeemable noncontrolling interests.

The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023:


	December 31, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Accounts receivable	$	2,069,054	$	(44,405)	$	2,024,649
Total current assets	9,577,754		(44,405)		9,533,349
Total assets	19,074,045		(44,405)		19,029,640
Accrued expenses	3,006,281		24,531		3,030,812
Total current liabilities	9,959,903		24,531		9,984,434
Redeemable noncontrolling interests	893,709		(33,779)		859,930
Total Live Nation stockholders' equity	(17,148)		(35,157)		(52,305)
Total equity	587,157		(35,157)		552,000
Total liabilities and equity	19,074,045		(44,405)		19,029,640


	Three Months Ended September 30, 2023
	As Reported		Adjustments		As Revised
	(in thousands except per share data)
Revenue	$	8,152,019	$	2,544	$	8,154,563
Direct operating expenses	6,330,465		(32,582)		6,297,883
Operating income	618,532		35,126		653,658
Income before income taxes	596,555		35,126		631,681
Income tax expense	55,874		(5,605)		50,269
Net income	540,681		40,731		581,412
Net income attributable to noncontrolling interests	57,186		2,746		59,932
Net income attributable to common stockholders of Live Nation	483,495		37,985		521,480
Basic net income per common share available to common stockholders of Live Nation	1.85		0.16		2.01
Diluted net income per common share available to common stockholders of Live Nation	1.78		0.15		1.93

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023:


	Three Months Ended September 30, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	540,681	$	40,731	$	581,412
Comprehensive income	493,670		40,731		534,401
Comprehensive income attributable to noncontrolling interests	57,186		2,746		$	59,932
Comprehensive income attributable to common stockholders of Live Nation	436,484		37,985		474,469


	Nine Months Ended September 30, 2023
	As Reported		Adjustments		As Revised
	(in thousands except per share data)
Revenue	$	16,910,132	$	(2,496)	$	16,907,636
Direct operating expenses	12,610,832		(21,226)		12,589,606
Operating income	1,147,679		18,730		1,166,409
Income before income taxes	1,037,572		18,730		1,056,302
Income tax expense	121,362		5,708		127,070
Net income	916,210		13,022		929,232
Net income attributable to noncontrolling interests	142,202		(2,797)		139,405
Net income attributable to common stockholders of Live Nation	774,008		15,819		789,827
Basic net income per common share available to common stockholders of Live Nation	2.63		0.07		2.70
Diluted net income per common share available to common stockholders of Live Nation	2.59		0.07		2.66

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023:


	Nine Months Ended September 30, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	916,210	$	13,022	$	929,232
Comprehensive income	1,018,528		13,022		1,031,550
Comprehensive income attributable to noncontrolling interests	142,202		(2,797)		139,405
Comprehensive income attributable to common stockholders of Live Nation	876,326		15,819		892,145


	Nine Months Ended September 30, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	916,210	$	13,022	$	929,232
Increase in accounts receivable	(1,014,739)		(15,714)		(1,030,453)
Increase in accounts payable, accrued expenses and other liabilities	916,619		(13,022)		903,597
Decrease in deferred revenue	(150,487)		7,894		(142,593)
Net cash provided by operating activities	762,441		(7,820)		754,621
Net increase in cash, cash equivalents and restricted cash	342,988		(7,820)		335,168
Cash, cash equivalents and restricted cash at beginning of period	5,612,374		7,820		5,620,194