Live Nation Entertainment, Inc. 10-Q

Item 1. Financial Statements LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 ASSETS (in thousands) Current assets Cash and cash equivalents $ 7,056,975 $ 6,095,424 Accounts receivable, less allowance of $ 81,087 and $ 72,663 , respectively 2,464,829 1,747,316 Prepaid expenses 1,911,706 1,247,184 Restricted cash 12,625 10,685 Other current assets 377,016 189,528 Total current assets 11,823,151 9,290,137 Property, plant and equipment, net 2,949,293 2,441,872 Operating lease assets 1,738,218 1,618,033 Intangible assets Definite-lived intangible assets, net 1,091,697 985,812 Indefinite-lived intangible assets, net 369,073 380,558 Goodwill 2,820,918 2,620,911 Long-term advances 626,920 520,482 Other long-term assets 1,731,063 1,780,966 Total assets $ 23,150,333 $ 19,638,771 LIABILITIES AND EQUITY Current liabilities Accounts payable, client accounts $ 2,116,846 $ 1,859,678 Accounts payable 404,877 242,978 Accrued expenses 3,285,866 3,057,334 Deferred revenue 5,910,068 3,721,092 Current portion of long-term debt, net 1,485,353 260,901 Current portion of operating lease liabilities 158,577 153,406 Other current liabilities 96,985 62,890 Total current liabilities 13,458,572 9,358,279 Long-term debt, net 4,990,995 6,177,168 Long-term operating lease liabilities 1,784,719 1,680,266 Other long-term liabilities 610,465 477,763 Commitments and contingent liabilities (see Note 6) Redeemable noncontrolling interests 1,377,665 1,126,302 Stockholders' equity Common stock 2,324 2,313 Additional paid-in capital 1,788,393 2,059,746 Accumulated deficit ( 1,271,336 ) ( 1,546,819 ) Cost of shares held in treasury ( 6,865 ) ( 6,865 ) Accumulated other comprehensive loss ( 152,446 ) ( 335,112 ) Total Live Nation stockholders' equity 360,070 173,263 Noncontrolling interests 567,847 645,730 Total equity 927,917 818,993 Total liabilities and equity $ 23,150,333 $ 19,638,771 See Notes to Consolidated Financial Statements 2 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands except share and per share data) Revenue $ 7,006,641 $ 6,023,416 $ 10,388,758 $ 9,822,945 Operating expenses: Direct operating expenses 5,210,756 4,408,209 7,465,693 7,059,549 Selling, general and administrative expenses 1,003,344 926,222 1,782,266 1,907,781 Depreciation and amortization 159,025 137,729 308,480 270,323 Gain on disposal of operating assets ( 856 ) ( 779 ) ( 3,058 ) ( 1,430 ) Corporate expenses 147,719 86,216 233,955 162,293 Operating income 486,653 465,819 601,422 424,429 Interest expense 72,048 79,970 152,391 160,661 Interest income ( 37,893 ) ( 44,425 ) ( 71,954 ) ( 87,682 ) Equity in earnings of nonconsolidated affiliates ( 4,268 ) ( 5,376 ) ( 4,747 ) ( 5,460 ) Other expense (income), net 36,380 ( 20,742 ) 39,333 ( 97,796 ) Income before income taxes 420,386 456,392 486,399 454,706 Income tax expense 117,645 80,164 137,356 121,183 Net income 302,741 376,228 349,043 333,523 Net income attributable to noncontrolling interests 59,330 78,258 82,429 90,028 Net income attributable to common stockholders of Live Nation $ 243,411 $ 297,970 $ 266,614 $ 243,495 Basic net income per common share available to common stockholders of Live Nation $ 0.41 $ 1.05 $ 0.09 $ 0.48 Diluted net income per common share available to common stockholders of Live Nation $ 0.41 $ 1.03 $ 0.09 $ 0.48 Weighted average common shares outstanding: Basic 231,845,412 229,921,527 231,534,852 229,696,356 Diluted 234,417,428 245,002,995 234,658,608 232,024,314 Reconciliation to net income available to common stockholders of Live Nation: Net income attributable to common stockholders of Live Nation $ 243,411 $ 297,970 $ 266,614 $ 243,495 Accretion of redeemable noncontrolling interests ( 147,801 ) ( 57,325 ) ( 245,895 ) ( 132,435 ) Net income available to common stockholders of Live Nation—basic $ 95,610 $ 240,645 $ 20,719 $ 111,060 Convertible debt interest, net of tax — 10,790 — — Net income available to common stockholders of Live Nation—diluted $ 95,610 $ 251,435 $ 20,719 $ 111,060 See Notes to Consolidated Financial Statements 3 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Net income $ 302,741 $ 376,228 $ 349,043 $ 333,523 Other comprehensive income, net of tax: Unrealized gain (loss) on cash flow hedge 251 3,013 ( 1,253 ) 11,382 Realized gain on cash flow hedge ( 3,560 ) ( 4,762 ) ( 6,896 ) ( 9,492 ) Foreign currency translation adjustments 131,723 ( 156,825 ) 190,815 ( 152,096 ) Comprehensive income 431,155 217,654 531,709 183,317 Comprehensive income attributable to noncontrolling interests 59,330 78,258 82,429 90,028 Comprehensive income attributable to common stockholders of Live Nation $ 371,825 $ 139,396 $ 449,280 $ 93,289 See Notes to Consolidated Financial Statements 4 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) Live Nation Stockholders’ Equity Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Loss Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests (in thousands, except share data) (in thousands) 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 Non-cash and stock-based compensation — — 59,180 — — — — 59,180 — Common stock issued under stock plans, net of shares withheld for employee taxes 166,614 1 ( 21,577 ) — — — — ( 21,576 ) — Exercise of stock options 27,396 1 836 — — — — 837 — Acquisitions — — — — — — 38,171 38,171 14,470 Purchases of noncontrolling interests — — ( 5,865 ) — — — ( 146,565 ) ( 152,430 ) ( 48,560 ) Redeemable noncontrolling interests fair value adjustments — — ( 150,326 ) — — — — ( 150,326 ) 150,485 Contributions received — — — — — — 6,652 6,652 — Cash distributions — — — — — — ( 71,205 ) ( 71,205 ) ( 59,872 ) Other — — — — — — 624 624 ( 1,383 ) Comprehensive income (loss): Net income — — — 243,411 — — 48,360 291,771 10,970 Unrealized gain on cash flow hedge — — — — — 251 — 251 — Realized gain on cash flow hedge — — — — — ( 3,560 ) — ( 3,560 ) — Foreign currency translation adjustments — — — — — 131,723 — 131,723 — Balances at June 30, 2025 232,351,848 $ 2,324 $ 1,788,393 $ ( 1,271,336 ) $ ( 6,865 ) $ ( 152,446 ) $ 567,847 $ 927,917 $ 1,377,665 See Notes to Consolidated Financial Statements 5 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) Live Nation Stockholders’ Equity Common Shares Issued Common Stock Additional Paid-In Capital Accumulated Deficit Cost of Shares Held in Treasury Accumulated Other Comprehensive Loss Noncontrolling Interests Total Equity Redeemable Noncontrolling Interests (in thousands, except share data) (in thousands) 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 — — 89,333 — — — — 89,333 — Common stock issued under stock plans, net of shares withheld for employee taxes 732,860 7 ( 86,592 ) — — — — ( 86,585 ) — Exercise of stock options 140,789 2 3,441 — — — — 3,443 — Repurchase of 2.0% convertible senior notes due 2025 182,560 2 ( 4 ) — — — — ( 2 ) — Acquisitions — — — — — — 103,113 103,113 74,490 Purchases of noncontrolling interests — — ( 8,075 ) — — — ( 145,039 ) ( 153,114 ) ( 57,556 ) Redeemable noncontrolling interests fair value adjustments — — ( 269,456 ) — — — — ( 269,456 ) 269,780 Contributions received — — — — — — 8,245 8,245 3,019 Cash distributions — — — — — — ( 99,312 ) ( 99,312 ) ( 65,507 ) Other — — — — — — ( 6,619 ) ( 6,619 ) 6,437 Comprehensive income (loss): Net income — — — 266,614 — — 61,729 328,343 20,700 Unrealized loss on cash flow hedge — — — — — ( 1,253 ) — ( 1,253 ) — Realized gain on cash flow hedge — — — — — ( 6,896 ) — ( 6,896 ) — Foreign currency translation adjustments — — — — — 190,815 — 190,815 — Balances at June 30, 2025 232,351,848 $ 2,324 $ 1,788,393 $ ( 1,271,336 ) $ ( 6,865 ) $ ( 152,446 ) $ 567,847 $ 927,917 $ 1,377,665 See Notes to Consolidated Financial Statements 6 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) 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) 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 Non-cash and stock-based compensation — — 26,475 — — — — 26,475 — Common stock issued under stock plans, net of shares withheld for employee taxes 151,235 2 ( 13,070 ) — — — — ( 13,068 ) — Exercise of stock options 363,001 3 11,029 — — — — 11,032 — Acquisitions — — — — — — 20,691 20,691 5,091 Purchases of noncontrolling interests — — ( 31,589 ) — — — ( 15,255 ) ( 46,844 ) 1,203 Redeemable noncontrolling interests fair value adjustments — — ( 60,681 ) — — — — ( 60,681 ) 60,851 Cash distributions — — — — — — ( 55,395 ) ( 55,395 ) ( 60,351 ) Other — — — — — — ( 1,344 ) ( 1,344 ) 21 Comprehensive income (loss): Net income — — — 297,970 — — 61,524 359,494 16,734 Unrealized gain on cash flow hedge — — — — — 3,013 — 3,013 — Realized gain on cash flow hedge — — — — — ( 4,762 ) — ( 4,762 ) — Foreign currency translation adjustments — — — — — ( 156,825 ) — ( 156,825 ) — 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 See Notes to Consolidated Financial Statements 7 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) 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) 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 — — 63,140 — — — — 63,140 — Common stock issued under stock plans, net of shares withheld for employee taxes 499,337 5 ( 38,556 ) — — — — ( 38,551 ) — Exercise of stock options 427,365 4 12,815 — — — — 12,819 — Acquisitions — — — — — — 37,378 37,378 35,772 Purchases of noncontrolling interests — — ( 29,329 ) — — — ( 15,264 ) ( 44,593 ) ( 11,013 ) Redeemable noncontrolling interests fair value adjustments — — ( 135,229 ) — — — — ( 135,229 ) 135,817 Contributions received — — — — — — — — 28 Cash distributions — — — — — — ( 104,227 ) ( 104,227 ) ( 67,681 ) Other — — — — — — 762 762 ( 1,021 ) Comprehensive income (loss): Net income — — — 243,495 — — 71,286 314,781 18,742 Unrealized gain on cash flow hedge — — — — — 11,382 — 11,382 — Realized gain on cash flow hedge — — — — — ( 9,492 ) — ( 9,492 ) — Foreign currency translation adjustments — — — — — ( 152,096 ) — ( 152,096 ) — 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 See Notes to Consolidated Financial Statements 8 Table of Contents LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2025 2024 (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 349,043 $ 333,523 Reconciling items: Depreciation 183,804 146,168 Amortization of definite-lived intangibles 124,676 124,155 Amortization of non-recoupable ticketing contract advances 45,443 45,241 Deferred income taxes 25,129 ( 6,078 ) Amortization of debt issuance costs and discounts 8,131 7,881 Stock-based compensation expense 86,097 59,738 Unrealized changes in fair value of contingent consideration 9,304 ( 28,573 ) Equity in losses of nonconsolidated affiliates, net of distributions 8,774 5,671 Provision for uncollectible accounts receivable 13,539 ( 9,806 ) Loss (Gain) on mark-to-market of investments in nonconsolidated affiliates and crypto assets 133 ( 100,153 ) Loss (Gain) on forward currency exchange contracts 31,584 ( 8,019 ) Other, net ( 9,730 ) ( 3,953 ) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Increase in accounts receivable ( 622,765 ) ( 465,797 ) Increase in prepaid expenses and other assets ( 822,523 ) ( 646,147 ) Increase in accounts payable, accrued expenses and other liabilities 225,791 430,886 Increase in deferred revenue 1,888,292 1,516,217 Net cash provided by operating activities 1,544,722 1,400,954 CASH FLOWS FROM INVESTING ACTIVITIES Advances of notes receivable ( 19,156 ) ( 75,973 ) Collections of notes receivable 17,784 21,290 Investments made in nonconsolidated affiliates ( 14,492 ) ( 30,593 ) Purchases of property, plant and equipment ( 434,207 ) ( 333,689 ) Cash paid for acquisition of right-of-use assets ( 20,800 ) — Cash paid for acquisitions, net of cash acquired ( 50,090 ) ( 17,579 ) Proceeds from sale of intangible assets 20,040 — Other, net 8,495 2,139 Net cash used in investing activities ( 492,426 ) ( 434,405 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt, net of debt issuance costs 62,764 886 Payments on long-term debt including extinguishment costs ( 103,625 ) ( 377,132 ) Contributions from noncontrolling interests 11,264 28 Distributions to noncontrolling interests ( 164,819 ) ( 171,908 ) Purchases of noncontrolling interests, net ( 206,112 ) ( 47,980 ) Proceeds from exercise of stock options 3,443 12,819 Taxes paid for net share settlement of equity awards ( 86,585 ) ( 38,551 ) Payments for deferred and contingent consideration ( 14,399 ) ( 20,390 ) Other, net ( 383 ) ( 748 ) Net cash used in financing activities ( 498,452 ) ( 642,976 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 409,647 ( 152,989 ) Net increase in cash, cash equivalents and restricted cash 963,491 170,584 Cash, cash equivalents and restricted cash at beginning of period 6,106,109 6,238,956 Cash, cash equivalents and restricted cash at end of period $ 7,069,600 $ 6,409,540 See Notes to Consolidated Financial Statements 9 Table of Contents 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 2024 Annual Report on Form 10-K filed with the SEC on February 21, 2025. 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 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. 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 at risk is insufficient to permit it to carry on its activities without additional financial support from its equity owners. 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 June 30, 2025 and December 31, 2024, excluding intercompany balances and allocated goodwill and intangible assets, there were approximately $ 1.0 billion and $ 839.9 million of assets and $ 775.7 million and $ 577.6 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 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. 10 Table of Contents Included in the June 30, 2025 and December 31, 2024 cash and cash equivalents balance is $ 1.7 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. These amounts due to our clients are included in accounts payable, client accounts. Income Taxes 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. 11 Table of Contents NOTE 2— LONG-LIVED ASSETS, INTANGIBLES, AND GOODWILL Property, Plant and Equipment, Net Property, plant and equipment includes expenditures for the construction of new venues, major renovations to existing buildings or buildings that are being added to our venue network, the development of new ticketing tools and technology enhancements, along with the renewal and improvement of existing venues and technology systems, web development and administrative offices. For certain projects with significant expected costs and an extended construction period, we capitalize interest. For the six months ended June 30, 2025, we recorded $ 6.4 million of capitalized interest. Property, plant and equipment, net consisted of the following: June 30, 2025 December 31, 2024 (in thousands) Land, buildings and improvements $ 2,596,876 $ 2,325,929 Computer equipment and capitalized software 986,083 867,294 Furniture and other equipment 840,693 757,803 Construction in progress 634,531 386,880 Property, plant and equipment, gross 5,058,183 4,337,906 Less: accumulated depreciation 2,108,890 1,896,034 Property, plant and equipment, net $ 2,949,293 $ 2,441,872 12 Table of Contents 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, 2025: Revenue- generating contracts Client / vendor relationships Venue management Trademarks and naming rights Technology and other (1) Total (in thousands) Balance as of December 31, 2024: Gross carrying amount $ 819,594 $ 567,572 $ 231,180 $ 162,488 $ 26,237 $ 1,807,071 Accumulated amortization ( 339,298 ) ( 286,381 ) ( 76,945 ) ( 104,968 ) ( 13,667 ) ( 821,259 ) Net 480,296 281,191 154,235 57,520 12,570 985,812 Gross carrying amount: Acquisitions and additions—current year 26,123 150,573 7,729 1,677 657 186,759 Foreign exchange 55,805 19,165 6,287 6,175 669 88,101 Other (2) ( 113,722 ) ( 39,152 ) ( 12,760 ) ( 63,794 ) 10,729 ( 218,699 ) Net change ( 31,794 ) 130,586 1,256 ( 55,942 ) 12,055 56,161 Accumulated amortization: Amortization ( 48,830 ) ( 47,094 ) ( 15,629 ) ( 8,210 ) ( 4,913 ) ( 124,676 ) Foreign exchange ( 21,983 ) ( 8,153 ) ( 2,517 ) ( 2,396 ) ( 261 ) ( 35,310 ) Other (2) 94,088 38,950 12,822 63,862 ( 12 ) 209,710 Net change 23,275 ( 16,297 ) ( 5,324 ) 53,256 ( 5,186 ) 49,724 Balance as of June 30, 2025: Gross carrying amount 787,800 698,158 232,436 106,546 38,292 1,863,232 Accumulated amortization ( 316,023 ) ( 302,678 ) ( 82,269 ) ( 51,712 ) ( 18,853 ) ( 771,535 ) Net $ 471,777 $ 395,480 $ 150,167 $ 54,834 $ 19,439 $ 1,091,697 __________________ (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 acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a festival promotion business located in Europe. The 2025 acquisitions and additions to definite-lived intangible assets had weighted-average lives as follows: Weighted-Average Life (years) Revenue-generating contracts 6 Client/vendor relationships 7 Trademarks and naming rights 5 Venue management 5 All categories 7 Amortization of definite-lived intangible assets for the three months ended June 30, 2025 and 2024 was $ 64.7 million and $ 61.7 million, respectively, and for the six months ended June 30, 2025 and 2024 was $ 124.7 million and $ 123.7 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. 13 Table of Contents Goodwill 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, 2025: Concerts Ticketing Sponsorship & Advertising Total (in thousands) Balance as of December 31, 2024: Goodwill $ 1,462,102 $ 964,221 $ 629,951 $ 3,056,274 Accumulated impairment losses ( 435,363 ) — — ( 435,363 ) Net 1,026,739 964,221 629,951 2,620,911 Acquisitions—current year 107,977 830 — 108,807 Acquisitions—prior year ( 274 ) — — ( 274 ) Foreign exchange 32,904 30,870 27,700 91,474 Balance as of June 30, 2025: Goodwill 1,602,709 995,921 657,651 3,256,281 Accumulated impairment losses ( 435,363 ) — — ( 435,363 ) Net $ 1,167,346 $ 995,921 $ 657,651 $ 2,820,918 Included in the current year acquisitions amounts above are goodwill primarily associated with the acquisitions of an artist management business and a concert promotion business, both located in Latin America, as well as a concert and festival promotion 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 June 30, 2025 and December 31, 2024, we had investments in nonconsolidated affiliates of $ 483.5 million and $ 504.2 million, respectively, included in other long-term assets on our consolidated balance sheets. 14 Table of Contents NOTE 3— LEASES The significant components of operating lease expense are as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Operating lease expense $ 77,157 $ 66,772 $ 147,185 $ 132,508 Variable and short-term lease expense 47,218 48,717 74,940 73,912 Sublease income ( 1,745 ) ( 1,704 ) ( 3,347 ) ( 3,113 ) Net lease expense $ 122,630 $ 113,785 $ 218,778 $ 203,307 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 June 30, 2025 2024 (in thousands) Cash paid for amounts included in the measurement of lease liabilities $ 153,397 $ 149,049 Lease assets obtained in exchange for lease obligations, net of terminations $ 157,038 $ 54,947 As of June 30, 2025, we have additional operating leases that have not yet commenced, with total lease payments of $ 872.4 million. These operating leases, which are not included on our consolidated balance sheets, have commencement dates ranging from August 2025 to June 2030, with lease terms ranging from 7 to 39 years. 15 Table of Contents NOTE 4— LONG-TERM DEBT Long-term debt, which includes finance leases, consisted of the following: June 30, 2025 December 31, 2024 (in thousands) Senior Secured Credit Facility: Term loan B $ 823,793 $ 828,163 6.5% Senior Secured Notes due 2027 1,200,000 1,200,000 3.75% Senior Secured Notes due 2028 500,000 500,000 5.625% Senior Notes due 2026 300,000 300,000 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 648,754 529,257 Total principal amount 6,522,547 6,491,377 Less: unamortized discounts and debt issuance costs ( 46,199 ) ( 53,308 ) Total debt, net of unamortized discounts and debt issuance costs 6,476,348 6,438,069 Less: current portion (1) 1,485,353 260,901 Total long-term debt, net $ 4,990,995 $ 6,177,168 __________________ (1) As of June 30, 2025, the current portion includes the full principal amount of the 3.125 % convertible senior notes due 2029 (the “2029 Notes”) as, in accordance with the 2029 Notes indenture, the closing price of our common stock achieved specified targets during the three months ended June 30, 2025, which gives the holders of the 2029 Notes the option to surrender all or any portion of the 2029 Notes. The Company can elect to settle any surrendered 2029 Notes with common stock and/or cash. The surrender window is currently from July 1, 2025 through September 30, 2025 and may be extended at each quarter end thereafter depending on our future stock price. 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. Other Debt As of June 30, 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 $ 135.3 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 our 2.0 % convertible senior notes due February 2025 plus accrued interest and we issued 182,560 shares of common stock to holders as a result of conversion. 16 Table of Contents 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. Estimated Fair Value June 30, 2025 December 31, 2024 Level 1 Level 2 Total Level 1 Level 2 Total (in thousands) Assets: Short-term investments $ 57,553 $ — $ 57,553 $ — $ — $ — Crypto assets (1) 11,380 — 11,380 — — — Interest rate swaps — 17,481 17,481 — 29,251 29,251 Forward currency contracts — 3,072 3,072 — 9,462 9,462 Total $ 68,933 $ 20,553 $ 89,486 $ — $ 38,713 $ 38,713 Liabilities: Forward currency contracts $ — $ 25,574 $ 25,574 $ — $ 380 $ 380 Total $ — $ 25,574 $ 25,574 $ — $ 380 $ 380 ___________________ (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. Fair values for forward currency contracts are based on observable market transactions of spot and forward rates. Our outstanding debt held by third-party financial institutions is carried at cost, adjusted for any discounts or debt issuance costs. Our debt is not publicly traded and the carrying amounts typically approximate fair value for debt that accrues interest at a variable rate, which are considered to be Level 2 inputs as defined in the FASB guidance. The following table presents the estimated fair values of our senior secured notes, senior notes and convertible senior notes: Estimated Fair Value at June 30, 2025 December 31, 2024 Level 2 (in thousands) 6.5% Senior Secured Notes due 2027 $ 1,219,500 $ 1,213,896 3.75% Senior Secured Notes due 2028 $ 485,920 $ 472,635 5.625% Senior Notes due 2026 $ 300,960 $ 299,529 4.75% Senior Notes due 2027 $ 940,244 $ 919,049 2.0% Convertible Senior Notes due 2025 (1) $ — $ 103,032 3.125% Convertible Senior Notes due 2029 $ 1,534,980 $ 1,365,560 2.875% Convertible Senior Notes due 2030 $ 1,197,603 $ 1,105,852 ___________________ (1) During the six months ended June 30, 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. 17 Table of Contents Non-recurring For the six months ended June 30, 2025, there were no significant non-recurring fair value measurements. For the six months ended June 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 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 six months ended June 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. 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. To calculate the gain, we remeasured the investment to fair value of $ 35.9 million using the income approach method. The key inputs in these fair value measurements include a future cash flow projection, including revenue, profit margins, and adjustment related to discount for lack of marketability. The key inputs used for these non-recurring fair value measurements are considered Level 3 inputs. NOTE 6— COMMITMENTS AND CONTINGENT LIABILITIES Litigation Department of Justice Complaint In May 2024, the United States Department of Justice, Antitrust Division, together with the attorneys general of twenty-nine states plus the District of Columbia, filed a civil antitrust complaint (the “Complaint”) against Live Nation Entertainment, Inc. and Ticketmaster in the United States District Court for the Southern District of New York alleging violations of various federal and state laws pertaining to antitrust, competition, unlawful or unfair business practices, restraint of trade, and other causes of action. The Complaint requests various forms of relief for the alleged violations, including without limitation the divestiture of Ticketmaster by the Company, cancellation of certain ticketing contracts, enjoining the Company from engaging in anticompetitive practices, and other forms of relief. Certain states also seek unspecified damages for their citizens. 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. Discovery is underway with trial date currently set for March 2026. Antitrust Litigation The Company is a defendant in three putative antitrust consumer class actions alleging violations of federal and state antitrust laws, among other causes of action. In Heckman, et al. v. 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. Two other putative class actions were filed in the Southern District of New York in August and September 2024: In Re Live Nation Entertainment, Inc. and Ticketmaster L.L.C. Antitrust Litigation, and Jacobson v. Live Nation Entertainment, Inc., et al. While these lawsuits are at their initial stages, the Company believes it has substantial defenses to the claims alleged therein and will vigorously defend itself. Other Litigation From time to time, we are involved in other legal proceedings arising in the ordinary course of our business, including proceedings and claims based upon purported violations of antitrust laws, intellectual property rights and tortious interference, which could cause us to incur significant expenses. We have also been the subject of personal injury and wrongful death claims relating to accidents at certain venues in connection with our operations. As required, we have accrued our estimate of the probable settlement or other losses for the resolution of any outstanding claims. These estimates have been developed in consultation with counsel and are based upon an analysis of potential results, including, in some cases, estimated redemption rates for the settlement offered, assuming a combination of litigation and settlement strategies. It is possible, however, that future results of operations for any particular period could be materially affected by changes in our assumptions or the effectiveness of our strategies related to these proceedings. 18 Table of Contents NOTE 7— EQUITY 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, 2025: Cash Flow Hedge Cumulative Foreign Currency Translation Adjustments Total (in thousands) Balance at December 31, 2024 $ 21,518 $ ( 356,630 ) $ ( 335,112 ) Other comprehensive income (loss) before reclassifications ( 1,253 ) 190,815 189,562 Amount reclassified from AOCI ( 6,896 ) — ( 6,896 ) Net other comprehensive income (loss) ( 8,149 ) 190,815 182,666 Balance at June 30, 2025 $ 13,369 $ ( 165,815 ) $ ( 152,446 ) Earnings Per Share Basic net income per common share is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. The calculation of diluted net income 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Weighted average common shares—basic 231,845,412 229,921,527 231,534,852 229,696,356 Effect of dilutive securities: Stock options and restricted stock 2,572,016 2,076,808 2,930,952 2,327,958 Convertible senior notes — 13,004,660 192,804 — Weighted average common shares—diluted 234,417,428 245,002,995 234,658,608 232,024,314 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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Options to purchase shares of common stock — 3,750 — 3,750 Restricted stock and deferred stock—unvested 1,188,300 2,464,785 1,188,300 2,743,310 Conversion shares related to the convertible senior notes 14,946,450 — 14,946,450 13,004,660 Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding 16,134,750 2,468,535 16,134,750 15,751,720 Transactions with Noncontrolling Interest Partners During the three months ended June 30, 2025, we paid $ 122.2 million to purchase a portion of the noncontrolling interest in certain subsidiaries in Europe. 19 Table of Contents NOTE 8— SEGMENTS AND REVENUE RECOGNITION 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 acquisition expenses (including ongoing legal costs stemming from the Ticketmaster merger, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation), amortization of non-recoupable ticketing contract advances, depreciation and amortization (including goodwill impairment), loss (gain) on disposal of operating assets, and stock-based compensation expense. We also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. 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 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 represents the difference between each operating segment’s revenue and AOI. 20 Table of Contents The following table presents the results of operations for our reportable segments for the three and six months ended June 30, 2025 and 2024: Concerts Ticketing Sponsorship & Advertising Other & Eliminations Corporate Consolidated (in thousands) Three Months Ended June 30, 2025 Revenue $ 5,946,377 $ 742,696 $ 340,561 $ ( 22,993 ) $ — $ 7,006,641 % of Consolidated Revenue 84.9 % 10.6 % 4.9 % (0.4) % Other Segment Items $ 5,587,695 $ 452,603 $ 112,973 $ ( 16,285 ) $ 71,232 $ 6,208,218 AOI $ 358,682 $ 290,093 $ 227,588 $ ( 6,708 ) $ ( 71,232 ) $ 798,423 Intersegment revenue $ 17,257 $ 5,983 $ ( 247 ) $ ( 22,993 ) $ — $ — Three Months Ended June 30, 2024 Revenue $ 4,987,039 $ 730,677 $ 312,234 $ ( 6,534 ) $ — $ 6,023,416 % of Consolidated Revenue 82.8 % 12.1 % 5.2 % (0.1) % Other Segment Items $ 4,716,345 $ 438,144 $ 89,612 $ 1,637 $ 61,447 $ 5,307,185 AOI $ 270,694 $ 292,533 $ 222,622 $ ( 8,171 ) $ ( 61,447 ) $ 716,231 Intersegment revenue $ 2,278 $ 4,124 $ 132 $ ( 6,534 ) $ — $ — Six Months Ended June 30, 2025 Revenue $ 8,430,453 $ 1,437,368 $ 556,627 $ ( 35,690 ) $ — $ 10,388,758 % of Consolidated Revenue 81.1 % 13.8 % 5.4 % (0.3) % Other Segment Items $ 8,065,200 $ 894,216 $ 193,075 $ ( 23,092 ) $ 119,885 $ 9,249,284 AOI $ 365,253 $ 543,152 $ 363,552 $ ( 12,598 ) $ ( 119,885 ) $ 1,139,474 Intersegment revenue $ 25,464 $ 10,226 $ — $ ( 35,690 ) $ — $ — Six Months Ended June 30, 2024 Revenue $ 7,866,414 $ 1,453,855 $ 523,511 $ ( 20,835 ) $ — $ 9,822,945 % of Consolidated Revenue 80.1 % 14.8 % 5.3 % (0.2) % Other Segment Items $ 7,597,531 $ 877,207 $ 170,914 $ ( 5,455 ) $ 104,010 $ 8,744,207 AOI $ 268,883 $ 576,648 $ 352,597 $ ( 15,380 ) $ ( 104,010 ) $ 1,078,738 Intersegment revenue $ 12,403 $ 8,257 $ 175 $ ( 20,835 ) $ — $ — 21 Table of Contents The following table sets forth the reconciliation of consolidated AOI to operating income for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) AOI $ 798,423 $ 716,231 $ 1,139,474 $ 1,078,738 Acquisition expenses 79,133 ( 30,035 ) 108,890 522 Amortization of non-recoupable ticketing contract advances 20,721 21,161 45,443 45,241 Depreciation and amortization 159,025 137,729 308,480 270,323 Gain on sale of operating assets ( 856 ) ( 779 ) ( 3,058 ) ( 1,430 ) Astroworld estimated loss contingencies ( 7,800 ) 94,000 ( 7,800 ) 279,915 Stock-based compensation expense 61,547 28,336 86,097 59,738 Operating income $ 486,653 $ 465,819 $ 601,422 $ 424,429 Contract Advances At June 30, 2025 and December 31, 2024, we had ticketing contract advances of $ 159.7 million and $ 158.1 million, respectively, recorded in prepaid expenses and $ 140.8 million and $ 128.9 million, respectively, recorded in long-term advances on the consolidated balance sheets. Sponsorship Agreements At June 30, 2025, 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. We expect to recognize, based on current projections, approximately 26 %, 35 %, 21 % and 18 % of this revenue in the remainder of 2025, 2026, 2027 and thereafter, respectively. Deferred Revenue The majority of our deferred revenue is typically classified as current and is shown as a separate line item on the consolidated balance sheets. 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 six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Concerts $ 1,532,258 $ 1,195,678 $ 2,214,108 $ 1,852,828 Ticketing 74,744 60,513 140,663 115,323 Sponsorship & Advertising 19,405 40,188 75,655 86,674 $ 1,626,407 $ 1,296,379 $ 2,430,426 $ 2,054,825 22 Table of Contents