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Item 6. SELECTED FINANCIAL DATA

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Item 6. SELECTED FINANCIAL DATA

The Selected Financial Data should be read in conjunction with Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations.



	Year Ended December 31,
	2018				2017 (1)				2016 (1)				2015 (1)				2014 (1)
	(in thousands except per share data)
Results of Operations Data (2):
Revenue	$	10,787,800			$	9,687,222			$	7,826,336			$	6,776,584			$	6,413,668
Operating income (3)	$	272,536			$	91,397			$	194,940			$	131,372			$	7,164
Income (loss) before income taxes (3)	$	131,105			$	(9,380	)		$	48,326			$	6,353			(99,820		)
Net income (loss) attributable to common stockholders of Live Nation (4)	$	60,249			$	(6,015	)		$	2,942			$	(32,508	)		$	(90,807	)
Basic and diluted net loss available to common stockholders of Live Nation	$	(17,651	)		$	(97,646	)		$	(47,010	)		$	(65,687	)		$	(96,467	)
Basic and diluted net loss per common share available to common stockholders of Live Nation (5)	$	(0.09	)		$	(0.48	)		$	(0.23	)		$	(0.33	)		$	(0.49	)
Cash dividends per share	$	—			$	—			$	—			$	—			$	—



	As of December 31,
	2018				2017				2016				2015				2014
	(in thousands)
Balance Sheet Data (2):
Total assets	$	8,496,886			$	7,504,263			$	6,764,266			$	6,156,241			$	5,968,361
Long-term debt, net (including current maturities)	$	2,815,020			$	2,299,959			$	2,313,053			$	2,045,014			$	2,043,400
Redeemable noncontrolling interests	$	329,355			$	244,727			$	347,068			$	263,715			$	168,855



(1)	Financial data has been adjusted for the impact of our adoption of the new revenue recognition standard on January 1, 2018. See Item 8.—Financial Statements and Supplementary Data—Note 1—The Company and Summary of Significant Accounting Policies for further discussion.
(2)	Acquisitions and dispositions along with changes in foreign exchange rates can significantly impact the comparability of the historical consolidated financial data reflected in this schedule of Selected Financial Data.
(3)	The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018. In addition, the years ended December 31, 2018, 2017 and 2014, include $10.5 million, $20.0 million and $135.0 million, respectively, of goodwill impairments recorded in conjunction with our annual impairment tests.
(4)	The year ended December 31, 2017 includes the accrual of a $110.0 million legal settlement entered into in January 2018, and a $55.7 million income tax benefit from the 2017 United States tax reform change. See Item 8. Financial Statements and Supplementary Data—Note 8—Income Taxes for further discussion of the 2017 tax reform change. In addition, the years ended December 31, 2018, 2017 and 2014, include $10.5 million, $20.0 million and $97.4 million, respectively, of goodwill impairments, net of the noncontrolling interests share of the 2014 impairments, recorded in conjunction with our annual impairment tests.
(5)	The year ended December 31, 2018 includes a loss of $0.05 per common share, on a basic and diluted basis, from the impact of the goodwill impairment. The year ended December 31, 2017 includes a loss of $0.36 per common share from the impact of the legal settlement and goodwill impairment offset by the tax benefit from the 2017 tax reform change. The year ended December 31, 2014 includes a loss of $0.48 per common share from the net impact of the goodwill impairments.

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