As previously disclosed in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, 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 years ended December 31, 2023 and December 31, 2022 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings. These errors were non-cash items that had no impact to our cash paid for income taxes.

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 effects of the error corrections on our unaudited consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2024, June 30, 2023 and March 31, 2023, as well as for the six months ended June 30, 2024 and June 30, 2023 are presented in the tables below. There were no errors in our previously issued statements of cash flows that impacted net operating, investing and financing activities for the three months ended June 30, 2024 and March 31, 2024. We have disclosed the effects of the error corrections on our previously issued financial statements for the three and nine months ended September 30, 2023 as well as our consolidated balance sheet as of December 31, 2023 in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024. Furthermore, the effects of the error corrections on our consolidated statements of operations, comprehensive income (loss), and cash flows for the years ended December 31, 2023 and December 31, 2022 are also presented in the tables below.

The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2024 and for the six months ended June 30, 2024. There was no revision for the three months ended June 30, 2024.


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Reported		Adjustments		As Revised		As Reported		As Revised
	(unaudited, in thousands except per share data)

Direct operating expenses	$	2,646,457	$	4,883	$	2,651,340	$	4,408,209	$	7,059,549
Operating income (loss)	(36,507)		(4,883)		(41,390)		465,819		424,429
Income (loss) before income taxes	3,197		(4,883)		(1,686)		456,392		454,706
Income tax expense	35,414		5,605		41,019		80,164		121,183
Net income (loss)	(32,217)		(10,488)		(42,705)		376,228		333,523
Net income attributable to noncontrolling interests	14,516		(2,746)		11,770		78,258		90,028
Net income (loss) attributable to common stockholders of Live Nation	(46,733)		(7,742)		(54,475)		297,970		243,495
Basic net income (loss) per common share available to common stockholders of Live Nation	(0.53)		(0.03)		(0.56)		1.05		0.48
Diluted net income (loss) per common share available to common stockholders of Live Nation	(0.53)		(0.03)		(0.56)		1.03		0.48

The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and for the six months ended June 30, 2024. There was no revision for the three months ended June 30, 2024.


	Three Months Ended March 31, 2024						Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
	As Reported		Adjustments		As Revised		As Reported		As Revised
	(unaudited, in thousands)
Net income (loss)	$	(32,217)	$	(10,488)	$	(42,705)	$	376,228	$	333,523
Comprehensive income (loss)	(23,849)		(10,488)		(34,337)		217,654		183,317
Comprehensive income attributable to noncontrolling interests	14,516		(2,746)		11,770		78,258		90,028
Comprehensive income (loss) attributable to common stockholders of Live Nation	(38,365)		(7,742)		(46,107)		139,396		93,289

The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2023, June 30, 2023 and for the six months ended June 30, 2023:


	Three Months Ended March 31, 2023						Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Reported		Adjustments		As Revised		As Reported		Adjustments		As Revised		As Revised
	(unaudited, in thousands except per share data)
Revenue	$	3,127,390	$	(2,831)	$	3,124,559	$	5,630,723	$	(2,209)	$	5,628,514	$	8,753,073
Direct operating expenses	2,115,589		8,793		2,124,382		4,164,778		2,563		4,167,341		6,291,723
Operating income	142,776		(11,624)		131,152		386,371		(4,772)		381,599		512,751
Income before income taxes	68,032		(11,624)		56,408		372,985		(4,772)		368,213		424,621
Income tax expense	23,840		—		23,840		41,648		11,313		52,961		76,801
Net income	44,192		(11,624)		32,568		331,337		(16,085)		315,252		347,820
Net income attributable to noncontrolling interests	47,361		(13,120)		34,241		37,655		7,577		45,232		79,473
Net income (loss) attributable to common stockholders of Live Nation	(3,169)		1,496		(1,673)		293,682		(23,662)		270,020		268,347
Basic net income (loss) per common share available to common stockholders of Live Nation	(0.25)		—		(0.25)		1.04		(0.11)		0.93		0.69
Diluted net income (loss) per common share available to common stockholders of Live Nation	(0.25)		—		(0.25)		1.02		(0.10)		0.92		0.68


	Three Months Ended March 31, 2023						Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Reported		Adjustments		As Revised		As Reported		Adjustments		As Revised		As Revised
	(unaudited, in thousands)
Net income	$	44,192	$	(11,624)	$	32,568	$	331,337	$	(16,085)	$	315,252	$	347,820
Comprehensive income	116,843		(11,624)		105,219		408,015		(16,085)		391,930		497,149
Comprehensive income attributable to noncontrolling interests	47,361		(13,120)		34,241		37,655		7,577		45,232		79,473
Comprehensive income attributable to common stockholders of Live Nation	69,482		1,496		70,978		370,360		(23,662)		346,698		417,676

The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the year ended December 31, 2023:


	Year Ended December 31, 2023
	As Reported		Adjustments		As Revised
	(in thousands except per share data)
Revenue	$	22,749,073	$	(22,756)	$	22,726,317
Direct operating expenses	17,292,016		(41,486)		17,250,530
Operating income	1,066,203		18,730		1,084,933
Income before income taxes	894,544		18,730		913,274
Income tax expense	160,227		49,249		209,476
Net income	734,317		(30,519)		703,798
Net income attributable to noncontrolling interests	171,037		(24,132)		146,905
Net income attributable to common stockholders of Live Nation	563,280		(6,387)		556,893
Basic net income per common share available to common stockholders of Live Nation	1.38		(0.03)		1.35
Diluted net income per common share available to common stockholders of Live Nation	1.37		(0.03)		1.34


	Year ended December 31, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	734,317	$	(30,519)	$	703,798
Comprehensive income	851,843		(30,519)		821,324
Comprehensive income attributable to noncontrolling interests	171,037		(24,132)		146,905
Comprehensive income attributable to common stockholders of Live Nation	680,806		(6,387)		674,419

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the year ended December 31, 2023:


	Year Ended December 31, 2023
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	734,317	$	(30,519)	$	703,798
Increase in accounts receivable	(550,670)		24,931		(525,739)
Increase in accounts payable, accrued expenses and other liabilities	460,496		(10,126)		450,370
Increase in deferred revenue	133,023		7,894		140,917
Net cash provided by operating activities	1,370,794		(7,820)		1,362,974
Net increase in cash, cash equivalents and restricted cash	626,582		(7,820)		618,762
Cash, cash equivalents and restricted cash at beginning of period	5,612,374		7,820		5,620,194

The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the year ended December 31, 2022:


	Year Ended December 31, 2022
	As Reported		Adjustments		As Revised
	(in thousands except per share data)
Direct operating expenses	$	12,337,524	$	10,087	$	12,347,611
Operating income	732,118		(10,087)		722,031
Other expense, net	36,379		4,836		41,215
Income before income taxes	505,447		(14,923)		490,524
Income tax expense	96,254		19,687		115,941
Net income	409,193		(34,610)		374,583
Net income attributable to noncontrolling interests	113,207		(5,064)		108,143
Net income attributable to common stockholders of Live Nation	295,986		(29,546)		266,440
Basic net income per common share available to common stockholders of Live Nation	0.66		(0.13)		0.53
Diluted net income per common share available to common stockholders of Live Nation	0.64		(0.12)		0.52


	Year Ended December 31, 2022
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	409,193	$	(34,610)	$	374,583
Other comprehensive income, net of tax, foreign currency translation adjustments	8,047		4,836		12,883
Comprehensive income	467,081		(29,774)		437,307
Comprehensive income attributable to noncontrolling interests	113,207		(5,064)		108,143
Comprehensive income attributable to common stockholders of Live Nation	353,874		(24,710)		329,164

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the for the year ended December 31, 2022:


	Year Ended December 31, 2022
	As Reported		Adjustments		As Revised
	(in thousands)
Net income	$	409,193	$	(34,610)	$	374,583
Increase in accounts receivable	(463,977)		19,474		(444,503)
Increase in accounts payable, accrued expenses and other liabilities	1,002,158		26,014		1,028,172
Increase in deferred revenue	367,617		(7,894)		359,723
Net cash provided by operating activities	1,832,063		2,984		1,835,047
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(179,450)		4,836		(174,614)
Net increase in cash, cash equivalents and restricted cash	724,582		7,820		732,402
Cash, cash equivalents and restricted cash at end of period	5,612,374		7,820		5,620,194