10-Q 1 lyv-20230930.htm 10-Q lyv-20230930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On October 26, 2023, there were 230,325,360 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 1,475,979 shares of unvested restricted stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
5
PART II—OTHER INFORMATION


GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
GTVGross transaction value
LIBORLondon Inter-Bank Offered Rate
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
Ticketmaster
Our ticketing business
VIEVariable interest entities (as defined under GAAP)



PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
2023
December 31,
2022
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$5,948,511 $5,606,457 
    Accounts receivable, less allowance of $71,553 and $63,294, respectively
2,503,135 1,465,383 
    Prepaid expenses1,424,561 949,826 
    Restricted cash6,851 5,917 
    Other current assets123,620 131,939 
Total current assets10,006,678 8,159,522 
Property, plant and equipment, net1,955,906 1,487,663 
Operating lease assets1,594,093 1,571,395 
Intangible assets
    Definite-lived intangible assets, net1,123,151 1,050,622 
    Indefinite-lived intangible assets, net376,964 368,712 
Goodwill2,653,526 2,529,380 
Long-term advances510,633 568,558 
Other long-term assets919,622 724,989 
Total assets$19,140,573 $16,460,841 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,742,004 $1,791,025 
    Accounts payable276,982 180,076 
    Accrued expenses3,315,483 2,368,434 
    Deferred revenue3,083,668 3,134,800 
    Current portion of long-term debt, net50,609 620,032 
    Current portion of operating lease liabilities150,304 140,232 
    Other current liabilities132,471 68,716 
Total current liabilities8,751,521 8,303,315 
Long-term debt, net6,546,061 5,283,467 
Long-term operating lease liabilities1,673,750 1,654,525 
Other long-term liabilities468,504 455,971 
Commitments and contingent liabilities
Redeemable noncontrolling interests835,768 669,766 
Stockholders' equity
    Common stock2,293 2,285 
    Additional paid-in capital2,411,302 2,698,316 
    Accumulated deficit(2,197,221)(2,971,229)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive income (loss)12,242 (90,076)
Total Live Nation stockholders' equity221,751 (367,569)
Noncontrolling interests643,218 461,366 
Total equity864,969 93,797 
Total liabilities and equity$19,140,573 $16,460,841 

See Notes to Consolidated Financial Statements
2

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
 (in thousands except share and per share data)
Revenue$8,152,019 $6,153,535 $16,910,132 $12,390,517 
Operating expenses:
Direct operating expenses6,330,465 4,707,848 12,610,832 9,045,893 
Selling, general and administrative expenses974,150 805,910 2,533,066 2,048,305 
Depreciation and amortization130,653 102,093 382,352 318,489 
Gain on disposal of operating assets(1,583)(35,285)(8,092)(32,555)
Corporate expenses99,802 66,720 244,295 158,377 
Operating income618,532 506,249 1,147,679 852,008 
Interest expense86,215 70,514 257,425 205,722 
Loss on extinguishment of debt  18,366  
Interest income(78,107)(25,809)(174,872)(46,565)
Equity in losses (earnings) of nonconsolidated affiliates(5,382)14,283 (15,047)8,040 
Other expense, net19,251 7,960 24,235 22,398 
Income before income taxes596,555 439,301 1,037,572 662,413 
Income tax expense55,874 41,898 121,362 85,589 
Net income540,681 397,403 916,210 576,824 
Net income attributable to noncontrolling interests57,186 36,001 142,202 77,804 
Net income attributable to common stockholders of Live Nation$483,495 $361,402 $774,008 $499,020 
Basic net income per common share available to common stockholders of Live Nation$1.85 $1.47 $2.63 $1.79 
Diluted net income per common share available to common stockholders of Live Nation$1.78 $1.39 $2.59 $1.73 
Weighted average common shares outstanding:
Basic228,787,263 225,761,777 228,497,712 224,123,130 
Diluted244,163,678 243,686,803 235,146,395 239,617,920 
Reconciliation to net income available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation$483,495 $361,402 $774,008 $499,020 
Accretion of redeemable noncontrolling interests(60,882)(29,915)(172,436)(97,723)
Net income available to common stockholders of Live Nation—basic
$422,613 $331,487 $601,572 $401,297 
Convertible debt interest, net of tax10,877 6,365 7,835 12,124 
Net income available to common stockholders of Live Nation—diluted
$433,490 $337,852 $609,407 $413,421 

See Notes to Consolidated Financial Statements
3

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
 (in thousands)
Net income$540,681 $397,403 $916,210 $576,824 
Other comprehensive income, net of tax:
Unrealized gain on cash flow hedge6,293 18,522 14,002 50,178 
Realized loss (gain) on cash flow hedge(4,632)(515)(12,436)2,634 
Foreign currency translation adjustments(48,672)(42,319)100,752 (58,731)
Comprehensive income493,670 373,091 1,018,528 570,905 
Comprehensive income attributable to noncontrolling interests
57,186 36,001 142,202 77,804 
Comprehensive income attributable to common stockholders of Live Nation
$436,484 $337,090 $876,326 $493,101 

See Notes to Consolidated Financial Statements
4


LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2023229,084,194 $2,291 $2,438,660 $(2,680,716)$(6,865)$59,253 $558,806 $371,429 $753,519 
Non-cash and stock-based compensation58 — 26,537 — — — — 26,537 — 
Common stock issued under stock plans, net of shares withheld for employee taxes11,905  (537)— — — — (537)— 
Exercise of stock options161,225 2 3,342 — — — — 3,344 — 
Acquisitions— — — — — — 49,387 49,387 20,411 
Purchases of noncontrolling interests— — 3,927 — — —  3,927 (5,498)
Redeemable noncontrolling interests fair value adjustments— — (60,627)— — — — (60,627)60,627 
Contributions received— — — — — — 772 772  
Cash distributions— — — — — — (13,489)(13,489)(2,691)
Other— —  — — — 2,164 2,164 (2,208)
Comprehensive income (loss):
Net income— — — 483,495 — — 45,578 529,073 11,608 
Unrealized gain on cash flow hedge— — — — — 6,293 — 6,293 — 
Realized gain on cash flow hedge— — — — — (4,632)— (4,632)— 
Foreign currency translation adjustments— — — — — (48,672)— (48,672) 
Balances at September 30, 2023229,257,382 $2,293 $2,411,302 $(2,197,221)$(6,865)$12,242 $643,218 $864,969 $835,768 




See Notes to Consolidated Financial Statements
5





Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2022228,498,102 $2,285 $2,698,316 $(2,971,229)$(6,865)$(90,076)$461,366 $93,797 $669,766 
Non-cash and stock-based compensation58 — 81,871 — — — — 81,871 — 
Common stock issued under stock plans, net of shares withheld for employee taxes229,406 2 (9,003)— — — — (9,001)— 
Exercise of stock options373,066 4 8,339 — — — — 8,343 — 
Repurchase of 2.5% convertible senior notes due 2023156,750 2 (27,327)— — — — (27,325)— 
Capped call transactions for 3.125% convertible senior notes due 2029— — (75,500)— — — — (75,500)— 
Acquisitions— — — — — — 116,630 116,630 46,707 
Purchases of noncontrolling interests— — (93,721)— — — (27,090)(120,811)(4,839)
Redeemable noncontrolling interests fair value adjustments— — (171,673)— — — — (171,673)171,673 
Contributions received— — — — — — 15,403 15,403 85 
Cash distributions— — — — — (88,182)(88,182)(65,607)
Other— —  — — — 56,484 56,484 (15,612)
Comprehensive income (loss):
Net income— — — 774,008 — — 108,607 882,615 33,595 
Unrealized gain on cash flow hedge— — — — — 14,002 — 14,002 — 
Realized gain on cash flow hedge— — — — — (12,436)— (12,436)— 
Foreign currency translation adjustments— — — — — 100,752  100,752  
Balance at September 30, 2023229,257,382 $2,293 $2,411,302 $(2,197,221)$(6,865)$12,242 $643,218 $864,969 $835,768 







See Notes to Consolidated Financial Statements
6






Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2022225,581,279 $2,256 $2,853,613 $(3,129,597)$(6,865)$(129,571)$445,162 $34,998 $565,024 
Non-cash and stock-based compensation— — 23,929 — — — — 23,929 — 
Common stock issued under stock plans, net of shares withheld for employee taxes519,012 5 (5,227)— — — — (5,222)— 
Exercise of stock options1,037,290 10 9,637 — — — — 9,647 — 
Acquisitions— — — — — —   9,729 
Purchases of noncontrolling interests— — (2,405)— — — 19 (2,386) 
Redeemable noncontrolling interests fair value adjustments— — (29,840)— — — — (29,840)30,140 
Contributions received— — — — — — 1,317 1,317  
Cash distributions— — — — — — (14,712)(14,712)(1,026)
Other— — 2,405 — — — 775 3,180 (181)
Comprehensive income (loss):
Net income (loss)— — — 361,402 — — 40,555 401,957 (4,554)
Unrealized gain on cash flow hedge— — — — — 18,522 — 18,522 — 
Realized gain on cash flow hedge— — — — — (515)— (515)— 
Foreign currency translation adjustments— — — — — (42,319)— (42,319)(151)
Balances at September 30, 2022227,137,581 $2,271 $2,852,112 $(2,768,195)$(6,865)$(153,883)$473,116 $398,556 $598,981 

See Notes to Consolidated Financial Statements
7





Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2021221,964,734 $2,220 $2,897,695 $(3,327,737)$(6,865)$(147,964)$394,197 $(188,454)$551,921 
Cumulative effect of change in accounting principle— — (95,986)60,522 — — — (35,464)— 
Non-cash and stock-based compensation— — 198,740 — — — — 198,740 — 
Common stock issued under stock plans, net of shares withheld for employee taxes1,616,274 16 (46,969)— — — — (46,953)— 
Exercise of stock options3,556,573 35 35,663 — — — — 35,698 — 
Acquisitions— — — — — — 5,181 5,181 18,406 
Purchases of noncontrolling interests— — (38,492)— — — (7,653)(46,145)(1,457)
Sales of noncontrolling interests— —  — — — (336)(336)— 
Redeemable noncontrolling interests fair value adjustments— — (98,574)— — — — (98,574)98,414 
Contributions received— — — — — — 16,719 16,719 25 
Cash distributions— — — — — — (64,682)(64,682)(17,170)
Other— — 35 — — — 49,007 49,042 (48,128)
Comprehensive income (loss):
Net income— — — 499,020 — — 80,683 579,703 (2,879)
Unrealized gain on cash flow hedge— — — — — 50,178 — 50,178 — 
Realized loss on cash flow hedge— — — — — 2,634 — 2,634 
Foreign currency translation adjustments— — — — — (58,731)— (58,731)(151)
Balances at September 30, 2022227,137,581 $2,271 $2,852,112 $(2,768,195)$(6,865)$(153,883)$473,116 $398,556 $598,981 

See Notes to Consolidated Financial Statements
8

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
September 30,
 20232022
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$916,210 $576,824 
Reconciling items:
Depreciation193,654 162,943 
Amortization188,698 155,546 
Amortization of non-recoupable ticketing contract advances58,518 56,121 
Deferred income tax benefit(10,419)(155)
Amortization of debt issuance costs and discounts13,707 12,333 
Loss on extinguishment of debt18,366  
Stock-based compensation expense85,905 86,178 
Unrealized changes in fair value of contingent consideration42,092 23,601 
Equity in losses of nonconsolidated affiliates, net of distributions7,013 31,420 
Provision for uncollectible accounts receivable35,707 40,736 
Gain on mark-to-market of equity investments(46,720)(6,757)
Other, net(12,249)(4,077)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable(1,014,739)(1,009,472)
Increase in prepaid expenses and other assets(479,434)(297,379)
Increase in accounts payable, accrued expenses and other liabilities916,619 1,536,196 
Decrease in deferred revenue(150,487)(435,701)
Net cash provided by operating activities762,441 928,357 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(129,532)(58,307)
Collections of notes receivable9,550 16,473 
Investments made in nonconsolidated affiliates(45,439)(73,335)
Purchases of property, plant and equipment(304,882)(205,987)
Cash acquired from (paid for) acquisitions, net of cash paid (acquired)29,151 (38,770)
Purchases of intangible assets(36,653)(6,764)
Other, net13,841 6,962 
Net cash used in investing activities(463,964)(359,728)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs988,310 5,750 
Payments on long-term debt(625,659)(29,462)
Contributions from noncontrolling interests15,488 14,340 
Distributions to noncontrolling interests(153,789)(81,852)
Purchases and sales of noncontrolling interests, net(89,819)(27,104)
Payments for capped call transactions(75,500) 
Proceeds from exercise of stock options8,343 35,698 
Taxes paid for net share settlement of equity awards(9,001)(46,953)
Payments for deferred and contingent consideration(13,690)(45,164)
Other, net249 (472)
Net cash provided by (used in) financing activities44,932 (175,219)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(421)(325,011)
Net increase in cash, cash equivalents, and restricted cash342,988 68,399 
Cash, cash equivalents and restricted cash at beginning of period5,612,374 4,887,792 
Cash, cash equivalents and restricted cash at end of period$5,955,362 $4,956,191 
See Notes to Consolidated Financial Statements
9

LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2022 Annual Report on Form 10-K filed with the SEC on February 23, 2023.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as partial payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
We expect our seasonality trends to evolve as we continue to expand our global operations.
Variable Interest Entities
In the normal course of business, we enter into joint ventures or make investments in companies that will allow us to expand our core business and enter new markets. In certain instances, such ventures or investments may be considered a VIE because the equity owners or the equity holders, as a group, lack the characteristics of a controlling financial interest. In determining whether we are the primary beneficiary of a VIE, we assess whether we have the power to direct activities that most significantly impact the economic performance of the entity and have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. The activities we believe most significantly impact the economic performance of our VIEs include the unilateral ability to approve the annual budget, to terminate key management and to approve entering into agreements with artists, among others. We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding. As of September 30, 2023 and December 31, 2022, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $920 million and $514 million of assets and $570 million and $427 million of liabilities, respectively, related to VIEs included in our balance sheets. None of our VIEs are significant on an individual basis.
Cash and Cash Equivalents
Included in the September 30, 2023 and December 31, 2022 cash and cash equivalents balance is $1.3 billion and $1.5 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts.
10

Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of September 30, 2023, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first nine months of 2023.
In August 2022, the Inflation Reduction Act (IRA) was enacted in the United States, which includes health care, clean energy, and income tax provisions. The income tax provisions amend the Internal Revenue Code to include among other things a corporate alternative minimum tax starting in the 2023 tax year. The Company is still assessing the impact due to a lack of United States Treasury regulations on this matter; however, the IRA is not expected to have a material impact on the Company's financial statements due to net operating losses and full valuation allowances for the United States, which is our most significant jurisdiction. We will continue to monitor to ensure our financial results and related tax disclosures are in compliance with the IRA tax legislation.
Accounting Pronouncements - Adopted
In October 2021, the FASB issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. This ASU should be applied prospectively to acquisitions occurring on or after the effective date of December 15, 2022, and early adoption is permitted. We adopted this guidance on January 1, 2023. The adoption is not expected to have a material impact on our consolidated financial statements.
11

NOTE 2—LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL
Property, Plant and Equipment, Net
Property, plant and equipment, net, consisted of the following:
September 30, 2023December 31, 2022
(in thousands)
Land, buildings and improvements$1,987,508 $1,648,488 
Computer equipment and capitalized software870,881 910,793 
Furniture and other equipment573,239 535,719 
Construction in progress281,862 244,618 
Property, plant and equipment, gross3,713,490 3,339,618 
Less: accumulated depreciation1,757,584 1,851,955 
Property, plant and equipment, net$1,955,906 $1,487,663 
Definite-lived Intangible Assets
The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the nine months ended September 30, 2023:
Client /
vendor
relationships
Revenue-
generating
contracts
Venue management and leaseholdsTrademarks
and
naming
rights
Technology and Other (1)
Total
(in thousands)
Balance as of December 31, 2022:
Gross carrying amount
$563,210 $824,785 $148,022 $188,596 $35,736 $1,760,349 
Accumulated amortization
(209,518)(316,581)(58,588)(97,931)(27,109)(709,727)
Net353,692 508,204 89,434 90,665 8,627 1,050,622 
Gross carrying amount:
Acquisitions and additions—current year
47,478 51,369 77,074  21,789 197,710 
Acquisitions and additions—prior year
619 (1,830)(11)  (1,222)
Foreign exchange8,582 38,841 1,166 5,560 (429)53,720 
Other (2)
(16,527)(53,926)(583)(13,625)(37,015)(121,676)
Net change40,152 34,454 77,646 (8,065)(15,655)128,532 
Accumulated amortization:
Amortization
(59,064)(73,939)(15,540)(13,912)(13,680)(176,135)
Foreign exchange223 (1,079)107 (446)(368)(1,563)
Other (2)
16,301 53,926 650 13,781 37,037 121,695 
Net change(42,540)(21,092)(14,783)(577)22,989 (56,003)
Balance as of September 30, 2023:
Gross carrying amount
603,362 859,239 225,668 180,531 20,081 1,888,881 
Accumulated amortization
(252,058)(337,673)(73,371)(98,508)(4,120)(765,730)
Net$351,304 $521,566 $152,297 $82,023 $15,961 $1,123,151 

(1) Other primarily includes intangible assets for non-compete agreements.
(2) Other primarily includes netdowns of fully amortized or impaired assets.
Included in the current year acquisitions and additions amounts above are definite-lived intangible assets primarily associated with the acquisitions of certain venue and artist management businesses located in the United States, a promoter business in South America, as well as additions for music publishing rights.


12

The 2023 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:
Weighted-
Average
Life (years)
Revenue-generating contracts6
Client/vendor relationships5
Venue management and leaseholds13
Technology (1)
3
All categories8
_____________________
(1) The weighted average life of technology intangibles does not include purchased software licenses that are typically amortized over 1 to 3 years.
Amortization of definite-lived intangible assets for the three months ended September 30, 2023 and 2022 was $63.4 million and $48.1 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $176.1 million and $150.4 million, respectively. As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization will vary.
Goodwill
The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the nine months ended September 30, 2023:
ConcertsTicketingSponsorship
& Advertising
Total
(in thousands)
Balance as of December 31, 2022:
Goodwill $1,349,426 $979,742 $635,575 $2,964,743 
Accumulated impairment losses(435,363)  (435,363)
                 Net914,063 979,742 635,575 2,529,380 
Acquisitions—current year90,765   90,765 
Acquisitions—prior year233 143  376 
Dispositions(6,183)  (6,183)
Foreign exchange(1,444)22,127 18,505 39,188 
Balance as of September 30, 2023:
Goodwill1,432,797 1,002,012 654,080 3,088,889 
Accumulated impairment losses(435,363)  (435,363)
                 Net$997,434 $1,002,012 $654,080 $2,653,526 
Included in the current year acquisitions amounts above is goodwill primarily associated with the acquisitions of certain venue and artist management businesses located in the United States and Europe as well as a promoter business in South America.
We are in various stages of finalizing our acquisition accounting for recent acquisitions, which may include the use of external valuation consultants, and the completion of this accounting could result in a change to the associated purchase price allocations, including goodwill and our allocation between segments.
Investments in Nonconsolidated Affiliates
At September 30, 2023 and December 31, 2022, we had investments in nonconsolidated affiliates of $427.9 million and $408.8 million, respectively, included in other long-term assets on our consolidated balance sheets.

13

NOTE 3—LEASES
The significant components of operating lease expense are as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2023202220232022
(in thousands)
Operating lease expense$63,954 $60,003 $206,282 $195,514 
Variable and short-term lease expense85,148 64,548 157,453 117,441 
Sublease income(1,865)(1,627)(6,477)(3,901)
Net lease expense$147,237 $122,924 $357,258 $309,054 
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,
20232022
(in thousands)
Cash paid for amounts included in the measurement of lease liabilities$195,945 $177,847 
Lease assets obtained in exchange for lease obligations, net of terminations$148,960 $289,977 
As of September 30, 2023, we have additional operating leases that have not yet commenced, with total lease payments of $122.9 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2023 to June 2030 due to certain offices and venues under construction, with lease terms ranging from 2 to 30 years.

14

NOTE 4—LONG-TERM DEBT
Long-term debt, which includes finance leases, consisted of the following:
September 30, 2023December 31, 2022
(in thousands)
Senior Secured Credit Facility:
Term loan A$367,500 $382,500 
Term loan B839,089 845,644 
6.5% Senior Secured Notes due 20271,200,000 1,200,000 
3.75% Senior Secured Notes due 2028500,000 500,000 
4.875% Senior Notes due 2024575,000 575,000 
5.625% Senior Notes due 2026300,000 300,000 
4.75% Senior Notes due 2027950,000 950,000 
2.5% Convertible Senior Notes due 2023 550,000 
2.0% Convertible Senior Notes due 2025400,000 400,000 
3.125% Convertible Senior Notes due 20291,000,000  
Other long-term debt520,506 252,199 
Total principal amount6,652,095 5,955,343 
Less: unamortized discounts and debt issuance costs(55,425)(51,844)
Total long-term debt, net of unamortized discounts and debt issuance costs6,596,670 5,903,499 
Less: current portion50,609 620,032 
Total long-term debt, net$6,546,061 $5,283,467 
Future maturities of long-term debt at September 30, 2023 are as follows:
(in thousands)
Remainder of 2023$24,581 
20241,473,511 
202549,320 
20261,394,829 
20272,153,779 
Thereafter1,556,075 
Total$6,652,095 
All long-term debt without a stated maturity date is considered current and is reflected as maturing in the earliest period shown in the table above. See Note 5 – Fair Value Measurements for discussion of the fair value measurement of our long-term debt.
3.125% Convertible Senior Notes due 2029
In January 2023, we issued $1.0 billion principal amount of 3.125% convertible senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually in arrears on January 15 and July 15, beginning July 15, 2023, at a rate of 3.125% per annum. The notes will mature on January 15, 2029. The notes will be convertible, under certain circumstances, until October 15, 2028, and on or after such date without condition, at an initial conversion rate of 9.2259 shares of our common stock per $1,000 principal amount of notes, subject to adjustment, which represents a 50% conversion premium based on the last reported sale price for our common stock of $72.26 on January 9, 2023 prior to issuing the debt. Upon conversion, the notes may be settled in, at our election, shares of common stock or cash or a combination of cash and shares of common stock. Assuming we fully settle the notes in shares, the maximum number of shares that could be issued to satisfy the conversion is 13.8 million as of September 30, 2023.
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We may redeem for cash all or any portion of the notes, at our option, on or after January 21, 2026 and before the 41st scheduled trading day before the maturity date, if the sales price of our common stock reaches specified targets as defined in the indenture. The redemption price will equal 100% of the principal amount of the notes plus accrued interest, if any.
If we experience a fundamental change, as defined in the indenture governing the notes, the holders of the 2029 Notes may require us to purchase for cash all or a portion of their notes, subject to specified exceptions, at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest, if any.
As of September 30, 2023, the remaining period for the unamortized debt issuance costs balance of $14.0 million was approximately five years and the value of the notes, if converted and fully settled in shares, did not exceed the principal amount of the notes. As of September 30, 2023, the effective interest rate on the notes was 3.4%.
In connection with the issuance of the 2029 Notes, we entered into privately negotiated capped call transactions with several counterparties. The cap price of the capped call transactions is initially $144.52, which represents a premium of 100% over the last reported sale price of the Company’s common stock on January 9, 2023. The cost of the capped call transactions was $75.5 million and was charged to additional paid-in capital.
Debt Extinguishment
In conjunction with the issuance of the 2029 Notes, we used approximately $485.8 million of the net proceeds to repurchase $440.0 million aggregate principal amount of the 2.5% convertible senior notes due 2023 resulting in a loss on debt repurchase of $18.4 million and a charge to additional paid-in capital for the induced conversion of $27.3 million. On March 15, 2023, we redeemed the remaining $110.0 million aggregate principal amount of the 2.5% convertible senior notes and issued 156,750 common shares of stock.
Senior Secured Facility Amendment
In February 2023, we amended our senior secured credit facility. The amendments provide for, among other things: (i) replacement of the benchmark reference rate of the Eurodollar Rate (as defined in the Credit Agreement) with the Term SOFR Rate for borrowings denominated in United States Dollars and for each Alternative Currency (as defined in the Credit Agreement), a corresponding reference rate, as set forth in the Amended Credit Agreement, (ii) deletion of the provisions regarding Canadian bankers’ acceptances, and (iii) the addition of the Company’s ability to draw letters of credit in Canadian Dollars.
Other Long-term Debt
As of September 30, 2023, other long-term debt includes $271.0 million for debt due in 2026 acquired as part of an acquisition of a venue management business in the United States during the first quarter of 2023.

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NOTE 5—FAIR VALUE MEASUREMENTS
Recurring

The following table shows the fair value of our significant financial assets that are required to be measured at fair value on a recurring basis, which are classified on the consolidated balance sheets as cash and cash equivalents.

Estimated Fair Value