Liberty Live Holdings, Inc. Segments Disclosure
(15) Information About Liberty Live’s Operating Segments
The Company, through its ownership of Quint and Live Nation, is primarily engaged in the entertainment and hospitality industries. The Company identifies its reportable segments as those operating segments that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA (as defined below) or total assets.
The Company’s CODM, the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, cost of revenue, operating expenses, selling, general and administrative expenses, and Adjusted OIBDA. In addition, the Company reviews nonfinancial measures such as website traffic.
For segment reporting purposes, the Company defines Adjusted OIBDA as revenue less operating expenses, and selling, general and administrative expenses excluding all stock-based compensation, separately reported litigation settlements and restructuring, acquisition and impairment charges. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP.
The Company has identified the following as its reportable segments:
| ● | Quint — Quint designs and develops ticket-inclusive experiential hospitality packages (including on or off-site experiences, transportation, and hotel accommodations) throughout the world. |
| ● | Live Nation — Live Nation believes it is the world’s leading live entertainment company. |
As of December 31, 2025, Live Nation met the Company’s reportable segment threshold for equity method affiliates. See note 6 for segment disclosures related to Live Nation.
The Company’s reportable segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, differing revenue sources and marketing strategies.
Performance Measures
Year ended December 31, 2025 | ||||||||
| | Corporate and | | | ||||
Quint | Other | Total | ||||||
amounts in thousands | ||||||||
Revenue | $ | 381,951 | — | 381,951 | ||||
Cost of revenue (excluding stock-based compensation) | (308,429) | — | (308,429) | |||||
Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs) | (61,503) | (32,102) | (93,605) | |||||
Adjusted OIBDA | $ | 12,019 | (32,102) | (20,083) | ||||
Year ended December 31, 2024 | ||||||||
| | Corporate and | | | ||||
Quint | Other | Total | ||||||
amounts in thousands | ||||||||
Revenue | $ | 340,493 | — | 340,493 | ||||
Cost of revenue (excluding stock-based compensation) | (286,070) | — | (286,070) | |||||
Selling, general and administrative expenses (excluding stock-based compensation and acquisition costs) | (57,335) | (7,030) | (64,365) | |||||
Adjusted OIBDA | $ | (2,912) | (7,030) | (9,942) | ||||
Other Information
December 31, 2025 | December 31, 2024 |
| ||||||||
| | Investments | | | Investments |
| ||||
Total | in | Total | in |
| ||||||
assets | affiliates | assets | affiliates |
| ||||||
| amounts in thousands | |||||||||
Quint | $ | 439,254 | — | 422,101 | — | |||||
Corporate and other |
| 1,449,639 | 624,278 | 1,162,925 | 430,435 | |||||
Total Liberty Live | $ | 1,888,893 | 624,278 | 1,585,026 | 430,435 | |||||
Revenue by Geographic Area
Years ended December 31, | ||||||
| 2025 | | 2024 | | ||
amounts in thousands | ||||||
United States | $ | 335,955 | 304,141 | |||
Other countries |
| 45,996 | 36,352 | |||
$ | 381,951 | 340,493 | ||||
The following table provides a reconciliation of Adjusted OIBDA to Operating income (loss) and Earnings (loss) before income taxes:
Years ended December 31, | ||||||
| 2025 | | 2024 | | ||
amounts in thousands | ||||||
Consolidated segment Adjusted OIBDA | $ | (20,083) |
| (9,942) |
| |
Stock-based compensation |
| (5,529) |
| (11,007) |
| |
Depreciation and amortization |
| (26,120) |
| (27,447) |
| |
Impairment of intangible assets | — | (67,066) | ||||
Acquisition costs | — | (812) | ||||
Operating income (loss) | (51,732) |
| (116,274) |
| ||
Interest expense |
| (29,531) |
| (29,121) |
| |
Dividend and interest income |
| 15,693 |
| 21,782 |
| |
Share of earnings (loss) of affiliates, net | 132,689 | 237,666 | ||||
Realized and unrealized gains (losses), net | (161,980) | (262,733) | ||||
Gain (loss) on dilution of investment in affiliate | (1,182) | 5,846 | ||||
Other, net |
| (4,184) |
| (1,284) |
| |
Earnings (loss) before income taxes | $ | (100,227) |
| (144,118) |
| |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.