v3.24.3
SEGMENTS AND REVENUE RECOGNITION (Tables)
 9 Months Ended
Sep. 30, 2024
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 and nine months ended September 30, 2024 and 2023:
ConcertsTicketingSponsorship
& Advertising		Other & EliminationsCorporateConsolidated
(in thousands)
Three Months Ended September 30, 2024
Revenue$6,580,595$693,704$390,345$(13,557)$— $7,651,087 
% of Consolidated Revenue86.0%9.1%5.1%(0.2)%
Intersegment revenue$7,268$6,289$—$(13,557)$— $— 
AOI$474,053$235,704$275,329$(7,073)$(68,182)$909,831 
Three Months Ended September 30, 2023
Revenue (1)
$6,971,830$837,624$366,822$(21,713)$— $8,154,563 
% of Consolidated Revenue85.5%10.3%4.5%(0.3)%
Intersegment revenue$5,698$9,501$—$(15,199)$— $— 
AOI (2)
$340,904$351,574$250,265$(6,818)$(64,736)$871,189 
Nine Months Ended September 30, 2024
Revenue$14,447,009$2,147,559$913,856$(34,392)$— $17,474,032 
% of Consolidated Revenue82.7%12.3%5.2%(0.2)%
Intersegment revenue$19,671$14,546$175$(34,392)$— $— 
AOI$742,936$812,352$627,926$(22,453)$(172,192)$1,988,569 
Nine Months Ended September 30, 2023
Revenue (1)
$13,886,333$2,219,667$839,799$(38,163)$— $16,907,636 
% of Consolidated Revenue82.1%13.1%5.0%(0.2)%
Intersegment revenue$9,896$12,681$—$(22,577)$— $— 
AOI (2)
$504,694$904,014$548,935$(32,899)$(160,544)$1,764,200 
(1) Prior period revenue was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the three and nine months ended September 30, 2023, the restatement decreased our Concerts segment revenue by $2.5 million and $2.5 million, respectively. For the three months ended September 30, 2023, the restatement increased our Ticketing segment revenue by $5.0 million.
(2) Prior period AOI was restated as further discussed in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements. For the nine months ended September 30, 2023, the restatement decreased our Concerts segment AOI by $5.1 million. For the three and nine months ended September 30, 2023, the restatement increased our Ticketing segment AOI by $35.1 million and $23.8 million, respectively.
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, 2024 and 2023:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands)
AOI (1)
$909,831 $871,189 $1,988,569 $1,764,200 
Acquisition expenses94,565 40,968 95,087 79,108 
Amortization of non-recoupable ticketing contract advances16,996 16,921 62,237 58,518 
Depreciation and amortization137,001 130,653 407,324 382,352 
Gain on sale of operating assets(3,968)(1,583)(5,398)(8,092)
Astroworld estimated loss contingencies— — 279,915 — 
Stock-based compensation expense25,712 30,572 85,450 85,905 
Operating income (1)
$639,525 $653,658 $1,063,954 $1,166,409 
(1) For the three and nine months ended September 30, 2023, the restatement increased our AOI and operating income by $35.1 million and $18.7 million, respectively. See further discussion in Note 9 – Correction of Errors in Previously Reported Consolidated Financial Statements.
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.
The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and nine months ended September 30, 2024 and 2023:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(in thousands)
Concerts$1,032,868 $814,504 $2,885,696 $2,629,546 
Ticketing50,140 37,124 165,463 133,365 
Sponsorship & Advertising6,626 17,432 93,300 125,359 
$1,089,634 $869,060 $3,144,459 $2,888,270