What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-01 compared with 2024-11-12 · 132 added, 301 removed, 386 unchanged (53% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

ASSETS (in thousands)

36 unchanged sentences

Cost of shares held in treasury ( 6,865 ) ( 6,865 )

Accumulated other comprehensive income (loss) ( 174,611 ) 27,450

Accumulated other comprehensive loss ( 280,860 ) ( 335,112 )

Total Live Nation stockholders' equity 105,995 173,263

6 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

As Revised As Revised

(in thousands except share and per share data)

6 unchanged sentences

Corporate expenses 86,236 76,077

Operating income 639,525 653,658 1,063,954 1,166,409

Operating income (loss) 114,769 ( 41,390 )

Interest expense 80,343 80,691

Loss on extinguishment of debt — — — 18,366

Interest income ( 34,061 ) ( 43,257 )

Equity in losses (earnings) of nonconsolidated affiliates 13,987 ( 5,382 ) 8,527 ( 15,047 )

Equity in earnings of nonconsolidated affiliates ( 479 ) ( 84 )

Other expense (income), net 2,953 ( 77,054 )

Income before income taxes 585,912 631,681 1,040,618 1,056,302

Income (loss) before income taxes 66,013 ( 1,686 )

Income tax expense 19,711 41,019

Net income 515,683 581,412 849,206 929,232

Net income (loss) 46,302 ( 42,705 )

Net income attributable to noncontrolling interests 23,099 11,770

Net income attributable to common stockholders of Live Nation $ 451,805 $ 521,480 $ 695,300 $ 789,827

Basic net income per common share available to common stockholders of Live Nation $ 1.72 $ 2.01 $ 2.21 $ 2.70

Diluted net income per common share available to common stockholders of Live Nation $ 1.66 $ 1.93 $ 2.18 $ 2.66

Net income (loss) attributable to common stockholders of Live Nation $ 23,203 $ ( 54,475 )

Basic and diluted net loss per common share available to common stockholders of Live Nation $ ( 0.32 ) $ ( 0.56 )

Weighted average common shares outstanding:

Basic 230,374,307 228,787,263 229,923,989 228,497,712

Diluted 245,319,968 244,163,678 235,928,752 235,146,395

Reconciliation to net income available to common stockholders of Live Nation:

Net income attributable to common stockholders of Live Nation $ 451,805 $ 521,480 $ 695,300 $ 789,827

Basic and diluted 231,220,841 229,471,184

Reconciliation to net income (loss) available to common stockholders of Live Nation:

Net income (loss) attributable to common stockholders of Live Nation $ 23,203 $ ( 54,475 )

Accretion of redeemable noncontrolling interests ( 98,094 ) ( 75,109 )

Net income available to common stockholders of Live Nation—basic

$ 397,269 $ 460,598 $ 508,330 $ 617,391

Convertible debt interest, net of tax 10,790 10,877 6,971 7,835

Net income available to common stockholders of Live Nation—diluted

Net loss available to common stockholders of Live Nation—basic and diluted

$ ( 74,891 ) $ ( 129,584 )

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

As Revised As Revised

(in thousands)

Net income $ 515,683 $ 581,412 $ 849,206 $ 929,232

Other comprehensive income, net of tax:

Net income (loss) $ 46,302 $ ( 42,705 )

Other comprehensive income (loss), net of tax:

Unrealized gain (loss) on cash flow hedge ( 1,504 ) 8,369

1 unchanged sentence

Foreign currency translation adjustments 59,092 4,729

Comprehensive income 463,828 534,401 647,145 1,031,550

Comprehensive income (loss) 100,554 ( 34,337 )

Comprehensive income attributable to noncontrolling interests

23,099 11,770

Comprehensive income attributable to common stockholders of Live Nation

Comprehensive income (loss) attributable to common stockholders of Live Nation

$ 77,455 $ ( 46,107 )

5 unchanged sentences

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

Revised Balances at June 30, 2024 230,711,943 $ 2,307 $ 2,240,759 $ ( 2,199,611 ) $ ( 6,865 ) $ ( 122,756 ) $ 594,240 $ 508,074 $ 970,574

Balances at December 31, 2024 231,295,639 $ 2,313 $ 2,059,746 $ ( 1,546,819 ) $ ( 6,865 ) $ ( 335,112 ) $ 645,730 $ 818,993 $ 1,126,302

Cumulative effect of change in accounting principle — — — 8,869 — — — 8,869 —

Non-cash and stock-based compensation — — 30,153 — — — — 30,153 —

1 unchanged sentence

Exercise of stock options 113,393 1 2,605 — — — — 2,606 —

Repurchase of 2.0% convertible senior notes due 2025 182,560 2 ( 4 ) — — — — ( 2 ) —

Acquisitions — — — — — — 64,942 64,942 60,020

9 unchanged sentences

Foreign currency translation adjustments — — — — — 59,092 — 59,092 —

Balances at September 30, 2024 230,993,354 $ 2,310 $ 2,214,938 $ ( 1,747,806 ) $ ( 6,865 ) $ ( 174,611 ) $ 641,777 $ 929,743 $ 1,023,907

See Notes to Consolidated Financial Statements

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

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

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

Revised Balances at December 31, 2023 229,785,241 $ 2,298 $ 2,367,918 $ ( 2,443,106 ) $ ( 6,865 ) $ 27,450 $ 604,305 $ 552,000 $ 859,930

Non-cash and stock-based compensation — — 86,969 — — — — 86,969 —

Common stock issued under stock plans, net of shares withheld for employee taxes 530,107 5 ( 40,878 ) — — — — ( 40,873 ) —

Exercise of stock options 678,006 7 19,335 — — — — 19,342 —

Acquisitions — — — — — — 54,594 54,594 45,378

Purchases of noncontrolling interests — — ( 29,692 ) — — — ( 15,264 ) ( 44,956 ) ( 32,296 )

Redeemable noncontrolling interests fair value adjustments — — ( 188,714 ) — — — — ( 188,714 ) 189,366

Contributions received — — — — — — 3,000 3,000 —

Cash distributions — — — — — ( 126,054 ) ( 126,054 ) ( 73,780 )

Other — — — — — — 5,182 5,182 ( 2,583 )

Comprehensive income (loss):

Net income — — — 695,300 — — 116,014 811,314 37,892

Unrealized gain on cash flow hedge — — — — — 3,320 — 3,320 —

Realized gain on cash flow hedge — — — — — ( 14,370 ) — ( 14,370 ) —

Foreign currency translation adjustments — — — — — ( 191,011 ) — ( 191,011 ) —

Balances at September 30, 2024 230,993,354 $ 2,310 $ 2,214,938 $ ( 1,747,806 ) $ ( 6,865 ) $ ( 174,611 ) $ 641,777 $ 929,743 $ 1,023,907

Balances at March 31, 2025 232,157,838 $ 2,322 $ 1,906,145 $ ( 1,514,747 ) $ ( 6,865 ) $ ( 280,860 ) $ 691,810 $ 797,805 $ 1,311,555

See Notes to Consolidated Financial Statements

4 unchanged sentences

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

Balances at June 30, 2023 229,084,194 $ 2,291 $ 2,438,660 $ ( 2,731,652 ) $ ( 6,865 ) $ 59,253 $ 558,806 $ 320,493 $ 738,329

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

Common stock issued under stock plans, net of shares withheld for employee taxes 11,905 — ( 537 ) — — — — ( 537 ) —

Exercise of stock options 161,225 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 — — — 521,480 — — 45,578 567,058 14,354

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, 2023 229,257,382 $ 2,293 $ 2,411,302 $ ( 2,210,172 ) $ ( 6,865 ) $ 12,242 $ 643,218 $ 852,018 $ 823,324

See Notes to Consolidated Financial Statements

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Live Nation Stockholders’ Equity

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

Balances at December 31, 2023 229,785,241 $ 2,298 $ 2,367,918 $ ( 2,443,106 ) $ ( 6,865 ) $ 27,450 $ 604,305 $ 552,000 $ 859,930

2 unchanged sentences

Exercise of stock options 64,364 1 1,786 — — — — 1,787 —

Repurchase of 2.5% convertible senior notes due 2023 156,750 2 ( 27,327 ) — — — — ( 27,325 ) —

Capped call transactions for 3.125% convertible senior notes due 2029 — — ( 75,500 ) — — — — ( 75,500 ) —

Acquisitions — — — — — — 16,687 16,687 30,681

5 unchanged sentences

Comprehensive income (loss):

Net income — — — 789,827 — — 108,607 898,434 30,798

Net income (loss) — — — ( 54,475 ) — — 9,762 ( 44,713 ) 2,008

Unrealized gain on cash flow hedge — — — — — 8,369 — 8,369 —

1 unchanged sentence

Foreign currency translation adjustments — — — — — 4,729 — 4,729 —

Balances at September 30, 2023 229,257,382 $ 2,293 $ 2,411,302 $ ( 2,210,172 ) $ ( 6,865 ) $ 12,242 $ 643,218 $ 852,018 $ 823,324

Balances at March 31, 2024 230,197,707 $ 2,302 $ 2,308,595 $ ( 2,497,581 ) $ ( 6,865 ) $ 35,818 $ 584,019 $ 426,288 $ 947,025

See Notes to Consolidated Financial Statements

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended

September 30,

Three Months Ended

(in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income $ 849,206 $ 929,232

Net income (loss) $ 46,302 $ ( 42,705 )

Reconciling items:

Depreciation 89,462 70,589

Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss 185,483 188,698

Amortization of definite-lived intangibles 59,993 62,005

Amortization of non-recoupable ticketing contract advances 24,722 24,080

Deferred income tax benefit ( 14,059 ) ( 10,419 )

Deferred income taxes 4,271 ( 5,729 )

Amortization of debt issuance costs and discounts 3,684 3,943

Loss on extinguishment of debt — 18,366

Stock-based compensation expense 24,550 31,402

2 unchanged sentences

Provision for uncollectible accounts receivable 3,574 1,248

Gain on mark-to-market of investments in nonconsolidated affiliates ( 100,048 ) ( 46,720 )

Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets ( 5,467 ) ( 89,840 )

Other, net 8,876 ( 10,386 )

2 unchanged sentences

Increase in prepaid expenses and other assets ( 592,946 ) ( 360,997 )

Increase in accounts payable, accrued expenses and other liabilities 586,960 903,597

Decrease in deferred revenue ( 288,566 ) ( 142,593 )

Decrease in accounts payable, accrued expenses and other liabilities ( 545,945 ) ( 145,212 )

Increase in deferred revenue 2,266,061 1,681,431

Net cash provided by operating activities 1,321,251 988,870

4 unchanged sentences

Purchases of property, plant and equipment ( 170,791 ) ( 134,053 )

Cash paid for acquisition of right-of-use assets ( 20,800 ) —

Cash acquired from (paid for) acquisitions, net of cash paid (acquired) ( 31,346 ) 10,010

4 unchanged sentences

Proceeds from long-term debt, net of debt issuance costs 11,059 562

Payments on long-term debt ( 384,567 ) ( 625,659 )

Payments on long-term debt including extinguishment costs ( 86,828 ) ( 373,253 )

Contributions from noncontrolling interests 4,612 28

1 unchanged sentence

Purchases of noncontrolling interests, net ( 4,496 ) ( 8,795 )

Payments for capped call transactions — ( 75,500 )

Proceeds from exercise of stock options 2,606 1,787

2 unchanged sentences

Other, net ( 150 ) ( 619 )

Net cash provided by (used in) financing activities ( 692,460 ) 44,932

Net cash used in financing activities ( 173,190 ) ( 478,356 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash 131,471 ( 69,422 )

Net increase (decrease) in cash, cash equivalents and restricted cash ( 738,153 ) 335,168

Net increase in cash, cash equivalents and restricted cash 1,062,137 270,393

Cash, cash equivalents and restricted cash at beginning of period 6,106,109 6,238,956

19 unchanged sentences

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 owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets.

Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoters’ share of tickets in allocation markets.

We record these ticket sales as revenue when the event occurs.

7 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 September 30, 2024 and December 31, 2023, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 855 million and $ 940 million of assets and $ 580 million and $ 592 million of liabilities, respectively, related to VIEs included in our balance sheets.

As of March 31, 2025 and December 31, 2024, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 904 million and $ 840 million of assets and $ 611 million and $ 578 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, 2024 and December 31, 2023 cash and cash equivalents balance is $ 1.6 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.

Our cash and cash equivalents are primarily invested in demand deposits, short-term time deposits and money market funds.

The carrying amount of our cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

Included in the March 31, 2025 and December 31, 2024 cash and cash equivalents balance is $ 1.6 billion and $ 1.6 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, though we may do so from time to time.

These amounts due to our clients are included in accounts payable, client accounts.

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

As of September 30, 2024, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions, including the United States, due to cumulative pre-tax losses.

As a result of the valuation allowances, no tax benefits have been recognized for any losses incurred in those tax jurisdictions for the first nine months of 2024.

Accounting Pronouncements

In June 2022, the FASB issued Accounting Standards Update 2022-03, which clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities.

We adopted this guidance on January 1, 2024.

The adoption did not and is not expected to have a material impact on our consolidated financial statements.

In November 2023, the FASB issued Accounting Standards Update 2023-07, which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss.

This guidance is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

We account for income taxes using the liability method which results in deferred tax assets and liabilities based on differences between financial reporting bases and tax bases of assets and liabilities and are measured using the enacted tax rates expected to apply to taxable income in the periods in which the deferred tax asset or liability is expected to be realized or settled.

We assess the realizability of our deferred tax assets, considering all relevant factors, at each reporting period.

As almost all earnings from our continuing foreign operations are permanently reinvested and not distributed, our income tax provision does not include additional United States state and foreign withholding or transaction taxes on those foreign earnings that would be incurred if they were distributed.

It is not practicable to determine the amount of state and foreign income taxes, if any, that might become due in the event that any remaining available cash associated with these earnings were distributed.

The FASB guidance for income taxes prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return.

For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities.

The amount recognized is measured as the largest amount of benefit that is more likely than not to be realized upon ultimate settlement.

We have established a policy of including interest related to tax loss contingencies in income tax expense (benefit) in the statements of operations.

We treat the taxes due on future Global Intangible Low-Taxed Income (“GILTI”) inclusions in United States taxable income as a current-period expense when incurred.

Accounting Standards Updates (ASU)

In August 2023, the FASB issued ASU 2023-05, “ Business Combinations—Joint Venture Formations (Subtopic 805-60):

Recognition and Initial Measurement ,” which requires joint ventures to initially measure all contributions received upon its formation at fair value.

We adopted this guidance prospectively for all joint venture formations with a formation date on or after January 1, 2025.

The adoption did not and is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-08, "Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60):

Accounting for and Disclosure of Crypto Assets," which requires measurement of crypto assets at fair value each reporting period with changes in fair value recognized on the income statement.

This guidance also requires disclosure on significant holdings, contractual sale restrictions and changes during the reporting period of crypto assets.

We adopted ASU 2023-08 on January 1, 2025 under the modified retrospective method and recorded a $ 8.9 million decrease to the opening balance of accumulated deficit and a corresponding increase to intangible assets.

We do not engage in speculative investment activities related to crypto assets.

In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ,” which prescribes standardized categories and disaggregation of information in the reconciliation of provision for income taxes, requires disclosure of disaggregated income taxes paid, and modifies other income tax-related disclosure requirements.

This guidance is effective for annual periods beginning after December 15, 2024 with early adoption permitted.

ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted.

The Company is currently evaluating the impact of adopting this guidance.

In November 2024, the FASB issued ASU 2024-03, “ Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses ,” which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item.

The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses.

This guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual periods beginning after December 15, 2027, with early adoption permitted.

The guidance is to be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements.

The Company is currently evaluating the impact of adopting this guidance.

NOTE 2— LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL

2 unchanged sentences

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

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(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 nine months ended September 30, 2024:

The following table presents the changes in the gross carrying amount and accumulated amortization of definite-lived intangible assets for the three months ended March 31, 2025:

contracts Client /

11 unchanged sentences

3,624 84,423 1,217 1,677 268 91,209

Acquisitions and additions—prior year

826 4,066 453 ( 2 ) — 5,343

Foreign exchange 13,205 2,491 1,415 1,494 232 18,837

6 unchanged sentences

Net change ( 16,753 ) ( 7,870 ) 3,284 18,609 ( 2,476 ) ( 5,206 )

Balance as of September 30, 2024:

Balance as of March 31, 2025:

Gross carrying amount

3 unchanged sentences

Net $ 466,417 $ 346,183 $ 149,136 $ 55,414 $ 21,859 $ 1,039,009

(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 amounts above are definite-lived intangible assets primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.

__________________

(1) Other primarily includes crypto assets and intangible assets for non-compete agreements.

(2) Other primarily includes netdowns of fully amortized or impaired assets as well as mark-to-market adjustments of crypto assets.

Included in the current year acquisitions amounts above are definite-lived intangible assets primarily associated with the acquisition of an artist management business located in Latin America.

The 2025 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows:

Weighted-Average

Revenue-generating contracts 3

Client/vendor relationships 10

Trademarks and naming rights 10

Venue management 3

All categories 9

Amortization of definite-lived intangible assets for the three months ended September 30, 2024 and 2023 was $ 61.3 million and $ 63.4 million, respectively, and for the nine months ended September 30, 2024 and 2023 was $ 185.0 million and $ 176.1 million, respectively.

Amortization of definite-lived intangible assets for the three months ended March 31, 2025 and 2024 was $ 60.0 million and $ 62.0 million, respectively.

As acquisitions and dispositions occur in the future and the valuations of intangible assets for recent acquisitions are completed, amortization expense may vary.

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, 2024:

The following table presents the changes in the carrying amount of goodwill in each of our reportable segments for the three months ended March 31, 2025:

Concerts Ticketing Sponsorship

8 unchanged sentences

Foreign exchange 11,920 6,263 8,787 26,970

Balance as of September 30, 2024:

Balance as of March 31, 2025:

Goodwill 1,529,273 970,484 638,738 3,138,495

1 unchanged sentence

Net $ 1,093,910 $ 970,484 $ 638,738 $ 2,703,132

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of a festival promotion business, an artist management business and a concert promotion company, all located in the United States.

Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business located in Latin America and a venue management business located in Europe.

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, 2024 and December 31, 2023, we had investments in nonconsolidated affiliates of $ 514.9 million and $ 447.5 million, respectively, included in other long-term assets on our consolidated balance sheets.

At March 31, 2025 and December 31, 2024, we had investments in nonconsolidated affiliates of $ 493.6 million and $ 504.2 million, respectively, included in other long-term assets on our consolidated balance sheets.

NOTE 3— LEASES

1 unchanged sentence

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(in thousands)

6 unchanged sentences

Supplemental cash flow information for our operating leases is as follows:

Nine Months Ended

September 30,

Three Months Ended

(in thousands)

1 unchanged sentence

Lease assets obtained in exchange for lease obligations, net of terminations $ 86,559 $ 10,950

As of September 30, 2024, we have additional operating leases that have not yet commenced, with total lease payments of $ 207.0 million.

These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from October 2024 to June 2030 with lease terms ranging from 3 to 28 years.

As of March 31, 2025, we have additional operating leases that have not yet commenced, with total lease payments of $ 694.6 million.

These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from April 2025 to June 2030 with lease terms ranging from 7 to 39 years.

NOTE 4— LONG-TERM DEBT

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

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in thousands)

1 unchanged sentence

Term loan B $ 825,978 $ 828,163

Revolving credit facility — 370,000

6.5% Senior Secured Notes due 2027 1,200,000 1,200,000

2 unchanged sentences

4.75% Senior Notes due 2027 950,000 950,000

2.0% Convertible Senior Notes due 2025 — 83,957

3.125% Convertible Senior Notes due 2029 1,000,000 1,000,000

2.875% Convertible Senior Notes due 2030 1,100,000 1,100,000

Other debt 582,432 529,257

4 unchanged sentences

Total long-term debt, net $ 5,928,524 $ 6,177,168

Future maturities of debt at September 30, 2024 are as follows:

(in thousands)

Remainder of 2024 $ 550,365

2026 1,398,179

2027 2,153,854

2028 2,091,490

Thereafter 43,307

Total $ 6,294,172

All 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 debt.

As of September 30, 2024, other debt includes $ 275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $ 129.2 million for a Euro-denominated note due in 2024 related to a venue located in Europe.

Subsequent Event

On October 31, 2024, we drew down $ 585 million from our senior secured revolving credit facility, and on November 1, 2024, we used these funds to repay the $ 575 million principal amount plus accrued interest on our 4.875 % senior notes.

As a result of this drawdown, the 4.875 % senior notes were classified as long-term debt as of September 30, 2024 due to utilizing our revolving credit facility for the payment which has a maturity date in 2029, as amended below.

On November 5, 2024, we amended our senior secured credit facility and entered into Amendment No.

12 (the “Amendment”) to our Credit Agreement, dated as of May 6, 2010 (as amended, restated, supplemented or modified prior to Amendment No.

12, the “Credit Agreement” and as amended by Amendment No.

12, the “Amended Credit Agreement”).

The Amendment added a venue expansion revolving credit facility of $ 400 million, which resulted in a total available borrowing capacity of $ 1.7 billion.

The Amended Credit Agreement contains a financial covenant that requires the Company to maintain a maximum ratio of consolidated net debt to consolidated EBITDA (both as defined in the Amended Credit Agreement) that ranges from 6.75 x to 5.25 x, with the first step down of 0.50 x occurring on March 31, 2026 and additional step downs of 0.50 x occurring annually thereafter.

The new revolving credit facility matures on November 5, 2029, provided, that if (x) any of the term B loans, the Company’s 2027 senior secured notes, or the Company’s 2027 senior unsecured notes remain outstanding on the date that is ninety-one days prior to the stated maturity thereof in an aggregate principal amount in excess of $ 500.0 million and (y) the Company’s consolidated free cash on such date is less than the sum of such outstanding principal amount plus $ 500.0 million, then the maturity date of the new revolving credit facility will instead be such date.

As of March 31, 2025, other debt includes $ 275.0 million for a note due in 2026 related to an acquisition of a venue in the United States during the first quarter of 2023 and $ 125.0 million for a Euro denominated note due in 2025.

Debt Extinguishment

On February 18, 2025, we utilized $ 84.8 million of our existing cash balance to repay the remaining aggregate principal amount of the 2.0 % convertible senior notes due February 2025 plus accrued interest and we issued 182,560 shares of common stock to the convertible holders.

NOTE 5— FAIR VALUE MEASUREMENTS

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.

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.

Estimated Fair Value

September 30, 2024

December 31, 2023

March 31, 2025 December 31, 2024

Level 1 Level 2 Total Level 1 Level 2 Total

(in thousands)

Cash equivalents $ 597,215 $ — $ 597,215 $ 580,126 $ — $ 580,126

Short-term investments $ 64,519 $ — $ 64,519 $ — $ — $ —

Crypto assets (1)

$ 11,558 $ — $ 11,558 $ — $ — $ —

Interest rate swaps $ — $ 22,099 $ 22,099 $ — $ 29,251 $ 29,251

Cash equivalents consist of money market funds.

Fair values for cash equivalents are based on quoted prices in an active market.

___________________

(1) Refer to Note 1 – Basis of Presentation and Other Information — Accounting Standards Updates for further discussion on the adoption of ASU 2023-08.

Short-term investments consist of money market funds and have original maturities beyond three months but less than one year.

Crypto assets consist of cryptocurrencies.

Fair values for short-term investments and crypto assets are based on quoted prices in an active market.

The fair value for our interest rate swaps are based upon inputs corroborated by observable market data with similar tenors.

3 unchanged sentences

Estimated Fair Value at

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in thousands)

3 unchanged sentences

4.75% Senior Notes due 2027 $ 927,609 $ 919,049

4.75% Senior Notes due 2027 $ 937,432 $ 913,653

2.0% Convertible Senior Notes due 2025 (1)

$ — $ 103,032

3.125% Convertible Senior Notes due 2029 $ 1,389,170 $ 1,365,560

2.875% Convertible Senior Notes due 2030 $ 1,140,458 $ 1,105,852

___________________

(1) During the three months ended March 31, 2025, we repurchased the remaining aggregate principal amount.

Refer to Note 4 – Long-Term Debt for further discussion.

The estimated fair value of our third-party fixed-rate debt is based on quoted market prices in active markets for the same or similar debt, which are considered to be Level 2 inputs.

Non-recurring

For the nine months ended September 30, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $ 31.8 million, as well as, a gain related to a warrant in a nonconsolidated affiliate of $ 38.5 million, as a component of other income, net.

For the three months ended March 31, 2025, there were no significant non-recurring fair value measurements.

For the three months ended March 31, 2024, we recorded a gain related to an investment in a nonconsolidated affiliate of $ 31.8 million as well as a gain related to a warrant on the same investment in a nonconsolidated affiliate of $ 32.6 million, as a component of other income, net.

To calculate the gain on the investment, we remeasured the investment to fair value of $ 142.2 million using an observable price from orderly transactions for a similar investment of the same issuer.

We remeasured the warrant to fair value of $ 52.6 million using an option pricing model.

For the nine months ended September 30, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $ 24.4 million, as a component of other income, net.

For the three months ended March 31, 2024, we also recorded a gain related to an investment in a nonconsolidated affiliate of $ 24.3 million, as a component of other income, net.

The gain was related to the acquisition of a controlling interest in a concert business, which was previously accounted for as an equity-method investment.

2 unchanged sentences

The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs.

For the nine months ended September 30, 2023, there were no significant non-recurring fair value measurements.

NOTE 6— COMMITMENTS AND CONTINGENT LIABILITIES

Astroworld Litigation

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

During the course of the festival, ten members of the audience sustained fatal injuries and others suffered non-fatal injuries.

Following these events, at least 450 civil lawsuits have been filed against Live Nation Entertainment, Inc.

and related entities, asserting insufficient crowd control and other theories, seeking compensatory and punitive damages.

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.

During the nine months ended September 30, 2024, all remaining wrongful death lawsuits were settled, and we began settlement discussions in earnest with certain remaining parties with injury claims.

As a result, we have recognized $ 280 million for the nine months ended September 30, 2024 within selling, general and administrative expenses for the estimated probable losses in excess of our expected insurance recoveries.

The amounts recorded as of September 30, 2024 represent our best estimate of the ultimate loss associated with all remaining lawsuits and claims.

Our assessment of loss, which resulted from a complex series of judgments about future events and uncertainties, is based on estimates and assumptions that have been deemed reasonable by management, but that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions or recognize additional losses.

Department of Justice Complaint

3 unchanged sentences

Certain states also seek unspecified damages for their citizens.

The Company believes it has substantial defenses to the lawsuit and will vigorously defend itself.

The Company believes it has substantial defenses to the claims asserted in the lawsuit and will vigorously defend itself.

The United States filed an Amended Complaint in August 2024, adding ten additional states as plaintiffs but not otherwise materially amending the claims asserted in the lawsuit.

The Company filed a motion to dismiss certain claims in the Amended Complaint in September 2024.

Discovery is underway with trial date currently set for March 2026.

Antitrust Litigation

1 unchanged sentence

In Heckman, et al.

Live Nation Entertainment, et al.

, filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023.

The Ninth Circuit subsequently affirmed the District Court’s ruling in October 2024.

Live Nation Entertainment, et al., filed in the Central District of California in January 2022, the District Court denied defendants’ motion to compel arbitration in August 2023.

The Ninth Circuit affirmed the District Court’s ruling in October 2024.

In January 2025, the Company filed a motion to dismiss the lawsuit, which was granted in part and denied in part in April 2025.

The Company believes it has substantial defenses to the claims alleged in the lawsuit and will continue to vigorously defend itself.

13 unchanged sentences

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the components of AOCI, net of taxes, for the nine months ended September 30, 2024:

The following table presents changes in the components of AOCI, net of taxes, for the three months ended March 31, 2025:

Cash Flow Hedge Foreign Currency Items Total

5 unchanged sentences

Net other comprehensive loss ( 4,840 ) 59,092 54,252

Balance at September 30, 2024 $ 18,300 $ ( 192,911 ) $ ( 174,611 )

Balance at March 31, 2025 $ 16,678 $ ( 297,538 ) $ ( 280,860 )

Earnings Per Share

1 unchanged sentence

The calculation of diluted net income (loss) per common share includes the effects of the assumed exercise of any outstanding stock options, the assumed vesting of shares of restricted and deferred stock awards and the assumed conversion of our convertible senior notes, where dilutive.

The following table sets forth the computation of weighted average common shares outstanding:

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Weighted average common shares—basic 230,374,307 228,787,263 229,923,989 228,497,712

Effect of dilutive securities:

Stock options and restricted stock 1,941,001 2,371,755 2,226,003 2,252,391

Convertible senior notes 13,004,660 13,004,660 3,778,760 4,396,292

Weighted average common shares—diluted 245,319,968 244,163,678 235,928,752 235,146,395

For the three months ended March 31, 2025 and 2024, there were no reconciling items to the weighted average common shares outstanding in the calculation of diluted net loss per common share.

The following table shows securities excluded from the calculation of diluted net income per common share because such securities are anti-dilutive:

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

Options to purchase shares of common stock 1,400,572 2,301,848

12 unchanged sentences

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 nine months ended September 30, 2024 and 2023:

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates the operating performance of our operating segments based on AOI.

The CODM uses segment AOI for evaluating performance of each segment and for making decisions on allocating capital and other resources to each segment.

We have not identified any segment expenses that are considered significant and segment expenses are not regularly provided to the CODM.

Other segments items are direct operating expenses and selling, general and administrative expenses (excluding acquisition expenses, amortization of non-recoupable ticketing contract advance, Astroworld estimated loss contingencies and stock-based compensation expense) which is the difference between each operating segment’s revenue and AOI.

The following table presents the results of operations for our reportable segments for the three months ended March 31, 2025 and 2024:

Concerts Ticketing Sponsorship

1 unchanged sentence

(in thousands)

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Revenue $ 2,484,076 $ 694,672 $ 216,066 $ ( 12,697 ) $ — $ 3,382,117

% of Consolidated Revenue 73.4 % 20.5 % 6.4 % (0.3) %

Intersegment revenue $ 7,268 $ 6,289 $ — $ ( 13,557 ) $ — $ —

Other Segment Items $ 2,477,505 $ 441,613 $ 80,102 $ ( 6,807 ) $ 48,653 $ 3,041,066

AOI $ 6,571 $ 253,059 $ 135,964 $ ( 5,890 ) $ ( 48,653 ) $ 341,051

Three Months Ended September 30, 2023

$ 6,971,830 $ 837,624 $ 366,822 $ ( 21,713 ) $ — $ 8,154,563

% of Consolidated Revenue 85.5 % 10.3 % 4.5 % (0.3) %

Intersegment revenue $ 8,207 $ 4,243 $ 247 $ ( 12,697 ) $ — $ —

$ 340,904 $ 351,574 $ 250,265 $ ( 6,818 ) $ ( 64,736 ) $ 871,189

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2024

Revenue $ 2,879,375 $ 723,178 $ 211,277 $ ( 14,301 ) $ — $ 3,799,529

% of Consolidated Revenue 75.8 % 19.0 % 5.6 % (0.4) %

Intersegment revenue $ 19,671 $ 14,546 $ 175 $ ( 34,392 ) $ — $ —

Other Segment Items $ 2,881,186 $ 439,063 $ 81,302 $ ( 7,092 ) $ 42,563 $ 3,437,022

AOI $ ( 1,811 ) $ 284,115 $ 129,975 $ ( 7,209 ) $ ( 42,563 ) $ 362,507

Nine Months Ended September 30, 2023

$ 13,886,333 $ 2,219,667 $ 839,799 $ ( 38,163 ) $ — $ 16,907,636

% of Consolidated Revenue 82.1 % 13.1 % 5.0 % (0.2) %

Intersegment revenue $ 10,125 $ 4,133 $ 43 $ ( 14,301 ) $ — $ —

$ 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.

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,

2024 2023 2024 2023

The following table sets forth the reconciliation of consolidated AOI to operating income for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31,

(in thousands)

$ 909,831 $ 871,189 $ 1,988,569 $ 1,764,200

AOI $ 341,051 $ 362,507

Acquisition expenses 29,757 30,557

4 unchanged sentences

Stock-based compensation expense 24,550 31,402

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 .

Operating income (loss) $ 114,769 $ ( 41,390 )

Contract Advances

At September 30, 2024 and December 31, 2023, we had ticketing contract advances of $ 185.6 million and $ 143.9 million, respectively, recorded in prepaid expenses and $ 125.1 million and $ 135.6 million, respectively, recorded in long-term advances on the consolidated balance sheets.

At March 31, 2025 and December 31, 2024, we had ticketing contract advances of $ 130.9 million and $ 158.1 million, respectively, recorded in prepaid expenses and $ 142.6 million and $ 128.9 million, respectively, recorded in long-term advances on the consolidated balance sheets.

Sponsorship Agreements

At September 30, 2024, we had contracted sponsorship agreements with terms greater than one year that had approximately $ 1.5 billion of revenue related to future benefits to be provided by us.

At March 31, 2025, 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.

We expect to recognize, based on current projections, approximately 36 %, 31 %, 18 % and 15 % of this revenue in the remainder of 2025, 2026, 2027 and thereafter, respectively.

2 unchanged sentences

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:

The table below summarizes the amount of the preceding December 31 current deferred revenue recognized during the three months ended March 31, 2025 and 2024:

Three Months Ended

September 30, Nine Months Ended

September 30,

2024 2023 2024 2023

(in thousands)

3 unchanged sentences

$ 804,036 $ 758,446

NOTE 9— CORRECTION OF ERRORS IN PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS

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 three and nine months ended September 30, 2023 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings.

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 consolidated statements of operations, comprehensive income (loss), cash flows and balance sheets are presented in the tables below.

The condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 have also been revised to reflect the impacts to net earnings and redeemable noncontrolling interests.

The following table presents the impact of correcting the errors on the affected line items of our consolidated balance sheet as of December 31, 2023:

December 31, 2023

As Reported Adjustments As Revised

(in thousands)

Accounts receivable $ 2,069,054 $ ( 44,405 ) $ 2,024,649

Total current assets 9,577,754 ( 44,405 ) 9,533,349

Total assets 19,074,045 ( 44,405 ) 19,029,640

Accrued expenses 3,006,281 24,531 3,030,812

Total current liabilities 9,959,903 24,531 9,984,434

Redeemable noncontrolling interests 893,709 ( 33,779 ) 859,930

Total Live Nation stockholders' equity ( 17,148 ) ( 35,157 ) ( 52,305 )

Total equity 587,157 ( 35,157 ) 552,000

Total liabilities and equity 19,074,045 ( 44,405 ) 19,029,640

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the three months ended September 30, 2023:

Three Months Ended September 30, 2023

As Reported Adjustments As Revised

(in thousands except per share data)

Revenue $ 8,152,019 $ 2,544 $ 8,154,563

Direct operating expenses 6,330,465 ( 32,582 ) 6,297,883

Operating income 618,532 35,126 653,658

Income before income taxes 596,555 35,126 631,681

Income tax expense 55,874 ( 5,605 ) 50,269

Net income 540,681 40,731 581,412

Net income attributable to noncontrolling interests 57,186 2,746 59,932

Net income attributable to common stockholders of Live Nation 483,495 37,985 521,480

Basic net income per common share available to common stockholders of Live Nation 1.85 0.16 2.01

Diluted net income per common share available to common stockholders of Live Nation 1.78 0.15 1.93

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the three months ended September 30, 2023:

Three Months Ended September 30, 2023

As Reported Adjustments As Revised

(in thousands)

Net income $ 540,681 $ 40,731 $ 581,412

Comprehensive income 493,670 40,731 534,401

Comprehensive income attributable to noncontrolling interests 57,186 2,746 $ 59,932

Comprehensive income attributable to common stockholders of Live Nation 436,484 37,985 474,469

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of operations for the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023

As Reported Adjustments As Revised

(in thousands except per share data)

Revenue $ 16,910,132 $ ( 2,496 ) $ 16,907,636

Direct operating expenses 12,610,832 ( 21,226 ) 12,589,606

Operating income 1,147,679 18,730 1,166,409

Income before income taxes 1,037,572 18,730 1,056,302

Income tax expense 121,362 5,708 127,070

Net income 916,210 13,022 929,232

Net income attributable to noncontrolling interests 142,202 ( 2,797 ) 139,405

Net income attributable to common stockholders of Live Nation 774,008 15,819 789,827

Basic net income per common share available to common stockholders of Live Nation 2.63 0.07 2.70

Diluted net income per common share available to common stockholders of Live Nation 2.59 0.07 2.66

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of comprehensive income (loss) for the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023

As Reported Adjustments As Revised

(in thousands)

Net income $ 916,210 $ 13,022 $ 929,232

Comprehensive income 1,018,528 13,022 1,031,550

Comprehensive income attributable to noncontrolling interests 142,202 ( 2,797 ) 139,405

Comprehensive income attributable to common stockholders of Live Nation 876,326 15,819 892,145

The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of cash flow for the nine months ended September 30, 2023:

Nine Months Ended September 30, 2023

As Reported Adjustments As Revised

(in thousands)

Net income $ 916,210 $ 13,022 $ 929,232

Increase in accounts receivable ( 1,014,739 ) ( 15,714 ) ( 1,030,453 )

Increase in accounts payable, accrued expenses and other liabilities 916,619 ( 13,022 ) 903,597

Decrease in deferred revenue ( 150,487 ) 7,894 ( 142,593 )

Net cash provided by operating activities 762,441 ( 7,820 ) 754,621

Net increase in cash, cash equivalents and restricted cash 342,988 ( 7,820 ) 335,168

Cash, cash equivalents and restricted cash at beginning of period 5,612,374 7,820 5,620,194

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