What changed in this filing

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Item 1. Financial Statements

2023-11-02 compared with 2023-07-27 · 80 added, 69 removed, 543 unchanged (22% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30,

2023 December 31,

46 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

5 unchanged sentences

Depreciation and amortization 130,653 102,093 382,352 318,489

Loss (gain) on disposal of operating assets ( 7,013 ) 1,065 ( 6,509 ) 2,730

Gain on disposal of operating assets ( 1,583 ) ( 35,285 ) ( 8,092 ) ( 32,555 )

Corporate expenses 99,802 66,720 244,295 158,377

3 unchanged sentences

Interest income ( 78,107 ) ( 25,809 ) ( 174,872 ) ( 46,565 )

Equity in earnings of nonconsolidated affiliates ( 5,558 ) ( 1,955 ) ( 9,665 ) ( 6,243 )

Other expense (income), net ( 6,599 ) 5,039 4,984 14,438

Equity in losses (earnings) of nonconsolidated affiliates ( 5,382 ) 14,283 ( 15,047 ) 8,040

Other expense, net 19,251 7,960 24,235 22,398

Income before income taxes 596,555 439,301 1,037,572 662,413

20 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

14 unchanged sentences

Live Nation Stockholders’ Equity

Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Income (Loss) Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests

Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Income Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests

(in thousands, except share data) (in thousands)

Balances at March 31, 2023 228,859,789 $ 2,289 $ 2,535,553 $ ( 2,974,398 ) $ ( 6,865 ) $ ( 17,425 ) $ 539,992 $ 79,146 $ 710,350

Balances at June 30, 2023 229,084,194 $ 2,291 $ 2,438,660 $ ( 2,680,716 ) $ ( 6,865 ) $ 59,253 $ 558,806 $ 371,429 $ 753,519

Non-cash and stock-based compensation 58 — 26,537 — — — — 26,537 —

12 unchanged sentences

Foreign currency translation adjustments — — — — — ( 48,672 ) — ( 48,672 ) —

Balances at June 30, 2023 229,084,194 $ 2,291 $ 2,438,660 $ ( 2,680,716 ) $ ( 6,865 ) $ 59,253 $ 558,806 $ 371,429 $ 753,519

Balances at September 30, 2023 229,257,382 $ 2,293 $ 2,411,302 $ ( 2,197,221 ) $ ( 6,865 ) $ 12,242 $ 643,218 $ 864,969 $ 835,768

See Notes to Consolidated Financial Statements

Live Nation Stockholders’ Equity

(in thousands, except share data) (in thousands)

16 unchanged sentences

Foreign currency translation adjustments — — — — — 100,752 — 100,752 —

Balance at June 30, 2023 229,084,194 $ 2,291 $ 2,438,660 $ ( 2,680,716 ) $ ( 6,865 ) $ 59,253 $ 558,806 $ 371,429 $ 753,519

Balance at September 30, 2023 229,257,382 $ 2,293 $ 2,411,302 $ ( 2,197,221 ) $ ( 6,865 ) $ 12,242 $ 643,218 $ 864,969 $ 835,768

See Notes to Consolidated Financial Statements

2 unchanged sentences

(in thousands, except share data) (in thousands)

Balances at March 31, 2022 223,531,301 $ 2,235 $ 2,888,551 $ ( 3,317,397 ) $ ( 6,865 ) $ ( 84,341 ) $ 372,200 $ ( 145,617 ) $ 581,652

Balances at June 30, 2022 225,581,279 $ 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 —

8 unchanged sentences

Comprehensive income (loss):

Net income — — — 187,800 — — 35,477 223,277 5,100

Net income (loss) — — — 361,402 — — 40,555 401,957 ( 4,554 )

Unrealized gain on cash flow hedge — — — — — 18,522 — 18,522 —

Realized loss on cash flow hedge — — — — — 1,247 — 1,247 —

Realized gain on cash flow hedge — — — — — ( 515 ) — ( 515 ) —

Foreign currency translation adjustments — — — — — ( 42,319 ) — ( 42,319 ) ( 151 )

Balances at June 30, 2022 225,581,279 $ 2,256 $ 2,853,613 $ ( 3,129,597 ) $ ( 6,865 ) $ ( 129,571 ) $ 445,162 $ 34,998 $ 565,024

Balances at September 30, 2022 227,137,581 $ 2,271 $ 2,852,112 $ ( 2,768,195 ) $ ( 6,865 ) $ ( 153,883 ) $ 473,116 $ 398,556 $ 598,981

See Notes to Consolidated Financial Statements

19 unchanged sentences

Foreign currency translation adjustments — — — — — ( 58,731 ) — ( 58,731 ) ( 151 )

Balances at June 30, 2022 225,581,279 $ 2,256 $ 2,853,613 $ ( 3,129,597 ) $ ( 6,865 ) $ ( 129,571 ) $ 445,162 $ 34,998 $ 565,024

Balances at September 30, 2022 227,137,581 $ 2,271 $ 2,852,112 $ ( 2,768,195 ) $ ( 6,865 ) $ ( 153,883 ) $ 473,116 $ 398,556 $ 598,981

See Notes to Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

Nine Months Ended

September 30,

(in thousands)

5 unchanged sentences

Amortization of non-recoupable ticketing contract advances 58,518 56,121

Deferred income tax benefit ( 10,419 ) ( 155 )

Amortization of debt issuance costs and discounts 13,707 12,333

4 unchanged sentences

Provision for uncollectible accounts receivable 35,707 40,736

Loss (gain) on mark-to-market of equity investments ( 26,408 ) 5,657

Gain on mark-to-market of equity investments ( 46,720 ) ( 6,757 )

Other, net ( 12,249 ) ( 4,077 )

3 unchanged sentences

Increase in accounts payable, accrued expenses and other liabilities 916,619 1,536,196

Increase in deferred revenue 1,801,097 1,053,178

Decrease in deferred revenue ( 150,487 ) ( 435,701 )

Net cash provided by operating activities 762,441 928,357

53 unchanged sentences

We have certain rights and obligations related to our involvement in the VIEs, including the requirement to provide operational cash flow funding.

As of June 30, 2023 and December 31, 2022, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 882 million and $ 514 million of assets and $ 625 million and $ 427 million of liabilities, respectively, related to VIEs included in our balance sheets.

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 June 30, 2023 and December 31, 2022 cash and cash equivalents balance is $ 1.4 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.

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.

1 unchanged sentence

Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction.

As of June 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 six months of 2023.

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.

12 unchanged sentences

Property, plant and equipment, net, consisted of the following:

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

(in thousands)

7 unchanged sentences

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 six months ended June 30, 2023:

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:

relationships Revenue-

21 unchanged sentences

Net change ( 42,540 ) ( 21,092 ) ( 14,783 ) ( 577 ) 22,989 ( 56,003 )

Balance as of June 30, 2023:

Balance as of September 30, 2023:

Gross carrying amount

5 unchanged sentences

(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 management businesses located in the United States as well as additions for music publishing rights.

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.

The 2023 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:

6 unchanged sentences

(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 June 30, 2023 and 2022 was $ 55.2 million and $ 52.6 million, respectively, and for the six months ended June 30, 2023 and 2022 was $ 112.7 million and $ 102.3 million, respectively.

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.

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the six months ended June 30, 2023:

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:

Concerts Ticketing Sponsorship

9 unchanged sentences

Foreign exchange ( 1,444 ) 22,127 18,505 39,188

Balance as of June 30, 2023:

Balance as of September 30, 2023:

Goodwill 1,432,797 1,002,012 654,080 3,088,889

1 unchanged sentence

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 management businesses located in the United States.

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 June 30, 2023 and December 31, 2022, we had investments in nonconsolidated affiliates of $ 410.5 million and $ 408.8 million, respectively, included in other long-term assets on our consolidated balance sheets.

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.

NOTE 3— LEASES

1 unchanged sentence

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

4 unchanged sentences

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, while others include periodic adjustments to rent obligations based on the prevailing inflationary index or market rental rates.

Contingent rent obligations 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.

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:

Six Months Ended

Nine Months Ended

September 30,

(in thousands)

1 unchanged sentence

Lease assets obtained in exchange for lease obligations, net of terminations $ 148,960 $ 289,977

As of June 30, 2023, we have additional operating leases that have not yet commenced, with total lease payments of $ 146.7 million.

These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from July 2023 to June 2030 due to certain offices and venues under construction with lease terms ranging from 2 to 30 years.

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.

NOTE 4— LONG-TERM DEBT

Long-term debt, which includes finance leases, consisted of the following:

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

(in thousands)

16 unchanged sentences

Total long-term debt, net $ 6,546,061 $ 5,283,467

Future maturities of long-term debt at June 30, 2023 are as follows:

Future maturities of long-term debt at September 30, 2023 are as follows:

(in thousands)

13 unchanged sentences

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 June 30, 2023.

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.

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.

1 unchanged sentence

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 June 30, 2023, the remaining period for the unamortized debt issuance costs balance of $ 14.3 million was approximately six 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 June 30, 2023, the effective interest rate on the notes was 3.4 %.

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 a $ 75.5 million impact to additional paid-in capital.

The cost of the capped call transactions was $ 75.5 million and was charged to additional paid-in capital.

Debt Extinguishment

6 unchanged sentences

Other Long-term Debt

As of June 30, 2023, other long-term debt includes $ 270.7 million for debt due in 2026 acquired as part of an acquisition of a venue management business during the first quarter of 2023 in the United States.

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.

NOTE 5— FAIR VALUE MEASUREMENTS

1 unchanged sentence

Estimated Fair Value

June 30, 2023

September 30, 2023

December 31, 2022

10 unchanged sentences

Estimated Fair Value at

June 30, 2023 December 31, 2022

September 30, 2023 December 31, 2022

(in thousands)

33 unchanged sentences

The Court of Appeal also allowed plaintiff’s cross-appeal in part and returned the issue of whether the plaintiff’s Competition Act and Unjust Enrichment claims should be certified to the motion judge for reconsideration.

In September 2023, Ticketmaster and Live Nation filed an application for leave to appeal the Court of Appeal decision to the Supreme Court of Canada.

The court in the Watch matter issued its class certification ruling in November 2022.

1 unchanged sentence

In December 2022, the parties filed cross-notices of appeal of the court’s ruling.

A hearing on the parties’ motions for leave to appeal took place in March 2023 and the parties await the court’s ruling.

A hearing on the parties’ motions for leave to appeal took place in March 2023, and in July 2023, the court granted leave to appeal to both parties.

Ticketmaster and Live Nation filed a notice of appeal to the Court of Appeal of Saskatchewan in August 2023.

The class certification hearing in the Thompson-Marcial matter has been scheduled for December 2023.

3 unchanged sentences

We continue to vigorously defend these actions.

Astroworld Litigation and Related Investigation

Astroworld Litigation

On November 5, 2021, the Astroworld music festival was held in Houston, Texas.

3 unchanged sentences

Pursuant to a February 2022 order of the state Multidistrict Litigation Panel, matter 21-1033, the civil cases have been assigned to Judge Kristen Hawkins of the 11th District Court of Harris County, Texas, for oversight of pretrial matters under Texas’s rules governing multidistrict litigation.

Discovery is underway.

Confidential settlements were reached with the families of three of the deceased plaintiffs in August through December 2022.

Discovery is underway in the remaining cases, and the first trial is scheduled to begin in May 2024.

In June 2023, the Houston Police Department concluded its investigation, and a Grand Jury was empaneled to determine whether criminal charges should be brought against any persons or entities involved in the festival.

13 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the six months ended June 30, 2023:

The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2023:

Cash Flow Hedge Foreign Currency Items Total

4 unchanged sentences

Amount reclassified from AOCI ( 12,436 ) — ( 12,436 )

Net other comprehensive income (loss) ( 95 ) 149,424 149,329

Balance at June 30, 2023 $ 41,188 $ 18,065 $ 59,253

Net other comprehensive income 1,566 100,752 102,318

Balance at September 30, 2023 $ 42,849 $ ( 30,607 ) $ 12,242

Earnings Per Share

3 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

6 unchanged sentences

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

4 unchanged sentences

NOTE 8— SEGMENTS AND REVENUE RECOGNITION

For the six months ended June 30, 2023 and 2022, our reportable segments are Concerts, Ticketing and Sponsorship & Advertising.

For the nine months ended September 30, 2023 and 2022, our reportable segments are Concerts, Ticketing and Sponsorship & Advertising.

We use AOI to evaluate the performance of our operating segments and define AOI as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation) .

1 unchanged sentence

Revenue and expenses earned and charged between segments are eliminated in consolidation.

Our capital expenditures below include accruals for amounts incurred but not yet paid for, but are not reduced by reimbursements received from outside parties such as landlords and noncontrolling interest partners or replacements funded by insurance proceeds.

We manage our working capital on a consolidated basis.

Accordingly, segment assets are not reported to, or used by, our management to allocate resources to or assess performance of our segments, and therefore, total segment assets and related depreciation and amortization have not been presented.

The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2023 and 2022:

The following table presents the results of operations for our reportable segments for the three and nine months ended September 30, 2023 and 2022:

Concerts Ticketing Sponsorship

1 unchanged sentence

(in thousands)

Three Months Ended June 30, 2023

Three Months Ended September 30, 2023

Revenue $ 6,974,326 $ 832,584 $ 366,822 $ ( 21,713 ) $ — $ 8,152,019

2 unchanged sentences

AOI $ 340,904 $ 316,448 $ 250,265 $ ( 6,818 ) $ ( 64,736 ) $ 836,063

Three Months Ended June 30, 2022

Three Months Ended September 30, 2022

Revenue $ 5,292,594 $ 531,570 $ 343,029 $ ( 13,658 ) $ — $ 6,153,535

2 unchanged sentences

AOI $ 280,809 $ 163,176 $ 226,234 $ ( 3,420 ) $ ( 46,081 ) $ 620,718

Six Months Ended June 30, 2023

Nine Months Ended September 30, 2023

Revenue $ 13,888,829 $ 2,219,667 $ 839,799 $ ( 38,163 ) $ — $ 16,910,132

2 unchanged sentences

AOI $ 509,794 $ 880,184 $ 548,935 $ ( 32,899 ) $ ( 160,544 ) $ 1,745,470

Six Months Ended June 30, 2022

Nine Months Ended September 30, 2022

Revenue $ 10,098,180 $ 1,587,274 $ 722,504 $ ( 17,441 ) $ — $ 12,390,517

2 unchanged sentences

AOI $ 354,587 $ 600,155 $ 474,238 $ ( 9,827 ) $ ( 109,797 ) $ 1,309,356

The following table sets forth the reconciliation of consolidated AOI to operating income for the three and six months ended June 30, 2023 and 2022:

Three Months Ended June 30, Six Months Ended June 30,

The following table sets forth the reconciliation of consolidated AOI to operating income for the three and nine months ended September 30, 2023 and 2022:

Three Months Ended September 30, Nine Months Ended September 30,

2023 2022 2023 2022

4 unchanged sentences

Depreciation and amortization 130,653 102,093 382,352 318,489

Loss (gain) on disposal of operating assets ( 7,013 ) 1,065 ( 6,509 ) 2,730

Gain on disposal of operating assets ( 1,583 ) ( 35,285 ) ( 8,092 ) ( 32,555 )

Stock-based compensation expense 30,572 24,437 85,905 86,178

1 unchanged sentence

Contract Advances

At June 30, 2023 and December 31, 2022, we had ticketing contract advances of $ 97.5 million and $ 106.5 million, respectively, recorded in prepaid expenses and $ 128.1 million and $ 105.0 million, respectively, recorded in long-term advances on the consolidated balance sheets.

We amortized $ 21.2 million and $ 21.9 million for the three months ended June 30, 2023 and 2022, respectively, and $ 41.6 million and $ 40.4 million for the six months ended June 30, 2023 and 2022, respectively, related to non-recoupable ticketing contract advances.

At September 30, 2023 and December 31, 2022, we had ticketing contract advances of $ 152.1 million and $ 106.5 million, respectively, recorded in prepaid expenses and $ 126.4 million and $ 105.0 million, respectively, recorded in long-term advances on the consolidated balance sheets.

We amortized $ 16.9 million and $ 15.7 million for the three months ended September 30, 2023 and 2022, respectively, and $ 58.5 million and $ 56.1 million for the nine months ended September 30, 2023 and 2022, respectively, related to non-recoupable ticketing contract advances.

Sponsorship Agreements

At June 30, 2023, we had contracted sponsorship agreements with terms greater than one year that had approximately $ 1.6 billion of revenue related to future benefits to be provided by us.

At September 30, 2023, we had contracted sponsorship agreements with terms greater than one year that had approximately $ 1.4 billion of revenue related to future benefits to be provided by us.

We expect to recognize, based on current projections, approximately 9 %, 35 %, 25 % and 31 % of this revenue in the remainder of 2023, 2024, 2025 and thereafter, respectively.

3 unchanged sentences

We had current deferred revenue of $ 3.1 billion and $ 2.8 billion at December 31, 2022 and 2021, respectively.

The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and six months ended June 30, 2023 and 2022:

The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three and nine months ended September 30, 2023 and 2022:

Three Months Ended

June 30, Six Months Ended

September 30, Nine Months Ended

September 30,

2023 2022 2023 2022

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements