v3.25.0.1
CORRECTION OF ERRORS (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]        
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]
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, 2024Three Months Ended June 30, 2024Six Months Ended June 30, 2024
As ReportedAdjustmentsAs RevisedAs ReportedAs Revised
(unaudited, in thousands except per share data)
Direct operating expenses$2,646,457 $4,883 $2,651,340 $4,408,209 $7,059,549 
Operating income (loss)(36,507)(4,883)(41,390)465,819 424,429 
Income (loss) before income taxes3,197 (4,883)(1,686)456,392 454,706 
Income tax expense35,414 5,605 41,019 80,164 121,183 
Net income (loss)(32,217)(10,488)(42,705)376,228 333,523 
Net income attributable to noncontrolling interests14,516 (2,746)11,770 78,258 90,028 
Net income (loss) attributable to common stockholders of Live Nation(46,733)(7,742)(54,475)297,970 243,495 
Basic net income (loss) per common share available to common stockholders of Live Nation(0.53)(0.03)(0.56)1.05 0.48 
Diluted net income (loss) per common share available to common stockholders of Live Nation(0.53)(0.03)(0.56)1.03 0.48 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and for the six months ended June 30, 2024. There was no revision for the three months ended June 30, 2024.
Three Months Ended March 31, 2024Three Months Ended June 30, 2024Six Months Ended June 30, 2024
As ReportedAdjustmentsAs RevisedAs ReportedAs Revised
(unaudited, in thousands)
Net income (loss)$(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 interests14,516 (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, 2023Three Months Ended June 30, 2023Six Months Ended June 30, 2023
As ReportedAdjustmentsAs RevisedAs ReportedAdjustmentsAs RevisedAs 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 expenses2,115,589 8,793 2,124,382 4,164,778 2,563 4,167,341 6,291,723 
Operating income142,776 (11,624)131,152 386,371 (4,772)381,599 512,751 
Income before income taxes68,032 (11,624)56,408 372,985 (4,772)368,213 424,621 
Income tax expense23,840 — 23,840 41,648 11,313 52,961 76,801 
Net income44,192 (11,624)32,568 331,337 (16,085)315,252 347,820 
Net income attributable to noncontrolling interests47,361 (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 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income 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, 2023Three Months Ended June 30, 2023Six Months Ended June 30, 2023
As ReportedAdjustmentsAs RevisedAs ReportedAdjustmentsAs RevisedAs Revised
(unaudited, in thousands)
Net income$44,192 $(11,624)$32,568 $331,337 $(16,085)$315,252 $347,820 
Comprehensive income116,843 (11,624)105,219 408,015 (16,085)391,930 497,149 
Comprehensive income attributable to noncontrolling interests47,361 (13,120)34,241 37,655 7,577 45,232 79,473 
Comprehensive income attributable to common stockholders of Live Nation69,482 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 ReportedAdjustmentsAs Revised
(in thousands except per share data)
Revenue$22,749,073 $(22,756)$22,726,317 
Direct operating expenses17,292,016 (41,486)17,250,530 
Operating income1,066,203 18,730 1,084,933 
Income before income taxes894,544 18,730 913,274 
Income tax expense160,227 49,249 209,476 
Net income734,317 (30,519)703,798 
Net income attributable to noncontrolling interests171,037 (24,132)146,905 
Net income attributable to common stockholders of Live Nation563,280 (6,387)556,893 
Basic net income per common share available to common stockholders of Live Nation1.38 (0.03)1.35 
Diluted net income per common share available to common stockholders of Live Nation1.37 (0.03)1.34 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income for the year ended December 31, 2023:
Year ended December 31, 2023
As ReportedAdjustmentsAs Revised
(in thousands)
Net income$734,317 $(30,519)$703,798 
Comprehensive income851,843 (30,519)821,324 
Comprehensive income attributable to noncontrolling interests171,037 (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 ReportedAdjustmentsAs 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 liabilities460,496 (10,126)450,370 
Increase in deferred revenue133,023 7,894 140,917 
Net cash provided by operating activities1,370,794 (7,820)1,362,974 
Net increase in cash, cash equivalents and restricted cash626,582 (7,820)618,762 
Cash, cash equivalents and restricted cash at beginning of period5,612,374 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 ReportedAdjustmentsAs Revised
(in thousands except per share data)
Direct operating expenses$12,337,524 $10,087 $12,347,611 
Operating income732,118 (10,087)722,031 
Other expense, net36,379 4,836 41,215 
Income before income taxes505,447 (14,923)490,524 
Income tax expense96,254 19,687 115,941 
Net income409,193 (34,610)374,583 
Net income attributable to noncontrolling interests113,207 (5,064)108,143 
Net income attributable to common stockholders of Live Nation295,986 (29,546)266,440 
Basic net income per common share available to common stockholders of Live Nation0.66 (0.13)0.53 
Diluted net income per common share available to common stockholders of Live Nation0.64 (0.12)0.52 
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of comprehensive income for the year ended December 31, 2022:
Year Ended December 31, 2022
As ReportedAdjustmentsAs Revised
(in thousands)
Net income$409,193 $(34,610)$374,583 
Other comprehensive income, net of tax, foreign currency translation adjustments8,047 4,836 12,883 
Comprehensive income467,081 (29,774)437,307 
Comprehensive income attributable to noncontrolling interests113,207 (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 ReportedAdjustmentsAs 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 liabilities1,002,158 26,014 1,028,172 
Increase in deferred revenue367,617 (7,894)359,723 
Net cash provided by operating activities1,832,063 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 cash724,582 7,820 732,402 
Cash, cash equivalents and restricted cash at end of period5,612,374 7,820 5,620,194