LOS
ANGELES, May 2, 2024 /PRNewswire/ --
"Our Q1 results demonstrate that live events remain a
priority for fans around the world. Global fan demand is stronger
than ever, more artists are out on the road, and more venues are
being added to bring them together. While operating income will be
impacted by one-time accruals, we're on track to deliver another
record year with double-digit AOI growth and years of momentum
still to come."
–Michael Rapino, President and CEO,
Live Nation Entertainment
Quarterly Highlights (vs prior year): Record Q1 As Demand for
Live Events Remains Strong
(reported FX)
- Revenue up 21% to $3.8
billion
- Operating loss of $37
million
- Adjusted operating income up 15% to $367
million
- Fan growth up 21% to 23 million fans
- Food and beverage spending up 10% at U.S. theaters and
clubs
- 77 million fee-bearing tickets sold
- Sponsorship revenue up 24%, highest Q1 ever
View how these results compare to past quarters in the 1Q24
Trended Results
Grid:
https://investors.livenationentertainment.com/financial-information/financial-results
2024 Leading Indicators Point to Another Record
Year
(based on leading indicators through mid-April vs
same period last year)
- Continued strong fan demand:
- Live Nation concert ticket sales for overall arena and
amphitheater shows pacing up double-digits
- Confirmed shows for large venues (stadiums, arenas, and
amphitheaters) up double-digits with growth led by arenas and
amphitheaters
- Over 85% of full-year shows at large venues booked, compared to
approximately 75% last year
- More demand for global content:
- Fan count for Q1 shows nearly doubled for International artists
across top 50 global tours compared to five years ago
- Year-to-date ticket sales per show for Latin shows in
the U.S. up double-digits year-on-year
- Year-to-date confirmed U.S. show count for Afrobeats up
400% and Latin up approximately 40% year-on-year, with similar
trends in Europe
- Venue Nation expands global portfolio:
- Plans to open at least 12 major venues globally in 2024/25,
creating capacity for over eight million expected additional
fans
- Additionally, major refurbishment of two venues in
the U.S. and Mexico to be
completed in 2024
- Expected returns to average over 20%, with a proven track
record on recent openings
- Ticketing continues to expand globally:
- Approximately seven million net new enterprise tickets signed
year-to-date, with 70% from International markets
- 112 million fee-bearing tickets sold year-to-date, up 4%
- Sponsorship continues to leverage our global scale and
unique platform:
- Over 85% of expected sponsorship commitments for the year
booked, up double-digits
- Non-alcoholic beverages, consumer packaged goods, and retail
categories each up double-digits
Concerts Deliver Record Q1 with Momentum Accelerating Into
the Summer Season (vs same period last year)
- Revenue up 26% to $2.9
billion
- AOI of $3 million, and
$12 million on a constant currency
basis
- Q1 margins expanded, even with increased arena activity
- Full-year margins expected to be higher than last year, with
the magnitude of margin expansion impacted by venue mix and
advertising costs in Q4 related to 2025 activity
- AOI growth expected to be primarily driven by Q2 and Q3
activity
Arenas and Festivals Led Q1 Fan Growth (vs same period last
year)
- Q1 fan growth up 21% to 23 million fans:
- Arenas led attendance growth, up 40% to nearly 10 million fans
globally
- Festival attendance growth of double-digits, driven by Latin
American markets
- Artists touring again this year are achieving increased sell
throughs and higher grosses per show at arenas and amphitheaters
relative to their 2023 tours
- Overall arena sell through and grosses remain strong, even with
a large increase in show count
- Year-to-date ticket sales of 86 million for shows this year,
consistent with 2023 despite reduced stadium activity
Venue Nation Enhancing the Fan Experience Globally (vs same
period last year)
- Q1 food and beverage spending up over 10% at U.S. theaters and
clubs
- Venue Nation fan count expected to grow double-digits with more
shows at amphitheaters and other operated venues
- Profitability per fan at amphitheaters expected to increase
double-digits this year, with these venues delivering over 2.5x the
per fan profitability of similarly sized third-party venues
Experiential Economy Drives Q1 Ticketing Results (vs same
period last year)
- Revenue up 7% to $723
million
- AOI up 5% to $284 million
- Record Q1 operating metrics:
- Approximately 77 million fee-bearing tickets sold, driven by
double-digit growth in International markets
- Fee-bearing Gross Transaction Value up to nearly $8 billion, with growth driven by International
markets
- Full-year margins expected to be consistent with last year
Sponsorship Q1 Growth Reflects Attractiveness of our Global
Platforms (vs same period last year)
- Revenue up 24% to $211
million
- AOI up 36% to $130 million
- Strong growth in Q1 driven by our increasingly global platform,
enabling more year-round activity, with a similar trend expected in
Q4
- Full-year margins expected to be consistent with last year
Continued Global Expansion with Existing and New
Partners
- New partners added this year include Jaguar Land Rover's
Defender and U.K. festival headline partners Rockstar Energy and
Liquid Death
- Expanded relationships with GNP in Mexico and Cisco and Bacardi in the U.S.
Additional Financial Information
- 2024 capital expenditures estimated to be $600 million
- Three-quarters of total capex driven by Venue Nation: five
venues account for approximately 40% of total venue spend
- Most of the capex increase relative to our prior
projection due to additional venue expansion opportunities,
including a stadium in South
America to be modeled after Foro
Sol
- Based on current projections, the impact of foreign exchange
rates on revenue, operating income, and AOI for the full-year is
expected to be immaterial, with a larger impact to net income
- Supplemental Information:
- Net income reduced by $97 million
comprised of accrual related to Astroworld litigation, net of Q1
mark to market gains in investments
- Accretion expected to grow in line with AOI for the full
year
- Depreciation and amortization expense expected to be
$75 million higher than 2023
- Non-controlling interest and tax expenses for the full year
expected to grow in line with AOI
- 2024 share count not expected to change materially from
2023
Balance Sheet and Liquidity Gives Us Financial
Flexibility
- Full-year AOI to FCF conversion expected to be in line with
2023 levels, excluding potential payout associated with legal
accrual
- Event-related deferred revenue of $4.4
billion consistent with Q1 2023 level
- Q1 ended with $6.5 billion in
cash and cash equivalents, including $1.4
billion in ticketing client cash and $1.4 billion in free cash
- Approximately 93% of debt is at a fixed rate, with an average
cost of debt of 4.6%
The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial
performance, operational matters and potentially other material
developments. Interested parties should visit the "News / Events"
section of the company's website at
investors.livenationentertainment.com to listen to the webcast.
Supplemental statistical and financial information to be provided
on the call, if any, will be posted to the "Financial Info" section
of the website. A replay of the webcast will also be available on
the Live Nation website. The link to the 1Q24 Trended Results Grid
is provided above for convenience and such grid is not a part of,
or incorporated into, this press release or any SEC filings that
include this press release.
Notice Regarding Financial Statements
The company has
provided certain financial statements at the end of this press
release for reference. These financial statements should be
read in conjunction with the full financial statements, and the
notes thereto, set forth in the company's Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission today and
available on the SEC's website at sec.gov.
About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading
live entertainment company comprised of global market leaders:
Ticketmaster, Live Nation Concerts, and Live Nation Media &
Sponsorship. For additional information, visit
investors.livenationentertainment.com.
FINANCIAL HIGHLIGHTS
– FIRST QUARTER (unaudited; $ in millions)
|
|
|
Q1 2024
Reported
|
|
Q1 2023
Reported
|
|
Growth
|
|
Q1 2024 Currency
Impacts
|
|
Q1 2024 Constant
Currency
|
|
Growth at Constant
Currency
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Concerts
|
$ 2,879.4
|
|
$ 2,281.2
|
|
26 %
|
|
$
9.6
|
|
$ 2,889.0
|
|
27 %
|
Ticketing
|
723.2
|
|
677.7
|
|
7 %
|
|
(0.9)
|
|
722.3
|
|
7 %
|
Sponsorship &
Advertising
|
211.3
|
|
170.1
|
|
24 %
|
|
(1.4)
|
|
209.9
|
|
23 %
|
Other and
Eliminations
|
(14.4)
|
|
(1.6)
|
|
*
|
|
0.2
|
|
(14.2)
|
|
*
|
|
$ 3,799.5
|
|
$ 3,127.4
|
|
21 %
|
|
$
7.5
|
|
$ 3,807.0
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Income (Loss)
|
$
(36.5)
|
|
$
142.8
|
|
*
|
|
$ 12.9
|
|
$
(23.6)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
Concerts
|
$
3.1
|
|
$
0.8
|
|
*
|
|
$
8.7
|
|
$
11.8
|
|
*
|
Ticketing
|
284.1
|
|
271.1
|
|
5 %
|
|
0.8
|
|
284.9
|
|
5 %
|
Sponsorship &
Advertising
|
130.0
|
|
95.4
|
|
36 %
|
|
1.2
|
|
131.2
|
|
38 %
|
Other and
Eliminations
|
(7.2)
|
|
(7.8)
|
|
*
|
|
0.0
|
|
(7.2)
|
|
*
|
Corporate
|
(42.6)
|
|
(39.8)
|
|
(7) %
|
|
0.0
|
|
(42.6)
|
|
(7) %
|
|
$
367.4
|
|
$
319.7
|
|
15 %
|
|
$ 10.7
|
|
$
378.1
|
|
18 %
|
|
|
*
|
Percentages are not
meaningful
|
Reconciliation of
Adjusted Operating Income to Operating Income (Loss)
(Unaudited)
|
|
|
Q1
2024
|
Q1
2023
|
|
(in
millions)
|
Adjusted Operating
Income
|
$
367.4
|
$
319.7
|
Acquisition
expenses
|
30.6
|
13.2
|
Amortization of
non-recoupable ticketing contract advances
|
24.1
|
20.4
|
Depreciation and
amortization
|
132.6
|
115.2
|
Loss (gain) on
disposal of operating assets
|
(0.7)
|
0.5
|
Astroworld estimated
loss contingencies
|
185.9
|
—
|
Stock-based
compensation expense
|
31.4
|
27.6
|
Operating Income
(Loss)
|
$
(36.5)
|
$
142.8
|
KEY OPERATING
METRICS (unaudited)
|
|
|
Q1
2024
|
|
Q1
2023
|
|
(in thousands except
estimated events)
|
Concerts
(1)
|
|
|
|
Estimated
events:
|
|
|
|
North America
(2)
|
7,177
|
|
6,309
|
International
|
4,026
|
|
3,596
|
Total estimated
events
|
11,203
|
|
9,905
|
Estimated
fans:
|
|
|
|
North America
(2)
|
10,891
|
|
7,658
|
International
|
12,039
|
|
11,243
|
Total estimated
fans
|
22,930
|
|
18,901
|
Ticketing
(3)
|
|
|
|
Estimated number of
fee-bearing tickets
|
76,578
|
|
72,266
|
Estimated number of
non-fee-bearing tickets
|
78,432
|
|
73,200
|
Total estimated
tickets sold
|
155,010
|
|
145,466
|
|
|
|
|
|
|
|
|
|
(1)
|
Events generally
represent a single performance by an artist. Fans generally
represent the number of people who attend an event. Festivals are
counted as one event in the quarter in which the festival begins,
but the number of fans is based on the days the fans were present
at the festival and thus can be reported across multiple quarters.
Events and fan attendance metrics are estimated each
quarter.
|
|
|
(2)
|
North America refers to
our events and fans within the United States and Canada.
|
|
|
(3)
|
The fee-bearing tickets
estimated above include primary and secondary tickets that are sold
using our Ticketmaster systems or that we issue through affiliates.
This includes primary tickets sold during the year regardless of
event timing, except for our own events where our concert promoters
control ticketing which are reported when the events occur. The
non-fee-bearing tickets estimated above include primary tickets
sold using our Ticketmaster systems, through season seat packages
and our venue clients' box offices, along with tickets sold on our
"do it yourself" platform. These ticket metrics are net of any
refunds requested and any cancellations that occurred during the
period, which may result in a negative number.
|
Reconciliation of
Certain Non-GAAP Measures to Their Most Directly Comparable GAAP
Measures (Unaudited)
|
|
Reconciliation of
Free Cash Flow — Adjusted to Net Cash Provided by Operating
Activities
|
|
($ in
millions)
|
Q1
2024
|
|
Q1
2023
|
Net cash provided by
operating activities
|
$
988.9
|
|
$
1,155.8
|
Less: Changes in
operating assets and liabilities (working capital)
|
(917.4)
|
|
(902.3)
|
Free cash flow from
earnings
|
$
71.5
|
|
$
253.5
|
Less: Maintenance
capital expenditures
|
(22.5)
|
|
(8.6)
|
Distributions to noncontrolling interests
|
(56.2)
|
|
(54.9)
|
Free cash flow —
adjusted
|
$
(7.2)
|
|
$
190.0
|
|
|
|
|
Net cash used in
investing activities
|
$
(170.7)
|
|
$
(59.8)
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
$
(478.4)
|
|
$
225.7
|
Reconciliation of
Free Cash to Cash and Cash Equivalents
|
|
($ in
millions)
|
March 31,
2024
|
Cash and cash
equivalents
|
$
6,501.7
|
Client cash
|
(1,406.1)
|
Deferred revenue —
event-related
|
(4,360.3)
|
Accrued artist
fees
|
(230.3)
|
Collections on behalf
of others
|
(112.2)
|
Prepaid expenses —
event-related
|
977.5
|
Free cash
|
$
1,370.3
|
Forward-Looking Statements, Non-GAAP Financial Measures and
Reconciliations:
Certain statements in this press release, including the
Supplemental Information that follows, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include, but
are not limited to statements regarding leading indicators pointing
to another record year; momentum accelerating into the summer
concert season; operating income being impacted by one-time
accruals, with the company being on track to deliver another record
year with double-digit adjusted operating income growth and years
of momentum still to come; pacing for Live Nation concert ticket
sales for overall arena and amphitheater shows this year;
expectations that Concerts adjusted operating income growth will be
driven by second and third quarter activity in 2024; expected Venue
Nation fan count growth with more shows at amphitheaters and other
operated venues; expected increase in profitability per fan at the
company's amphitheaters, with operated amphitheaters expected to
generate 2.5x the per fan profitability of similarly sized
third-party venues; the company's plans to expand Venue Nation's
global portfolio, including projected returns from new venues;
expectations for growth in Sponsorship in the fourth quarter of
2024, similar to the trend for the first quarter of the year;
full-year margins expectations for the company's Concerts,
Ticketing and Sponsorship businesses; expectations for adjusted
operating income to free cash flow conversion for 2024; estimated
2024 capital expenditures, including the percentage spent on
revenue-generating projects and the expected returns for Venue
Nation projects; the anticipated impact of foreign exchange rates
on the company's results of operations in 2024; expected
depreciation and amortization expense in 2024; expectations for
annual accretion growth for the year; anticipated growth in
non-controlling interest and tax expenses in 2024; and expected
2024 share count.
Live Nation wishes to caution you that there are some known and
unknown factors that could cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements, including
but not limited to operational challenges in achieving strategic
objectives and executing on the company's plans, the risk that the
company's markets do not evolve as anticipated, the potential
impact of any economic slowdown and operational challenges
associated with selling tickets and staging events.
Live Nation refers you to the documents it files from time to
time with the U.S. Securities and Exchange Commission, or SEC,
specifically the section titled "Item 1A. Risk Factors" of the
company's most recent Annual Report filed on Form 10-K, and
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K,
which contain and identify other important factors that could cause
actual results to differ materially from those contained in the
company's projections or forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date on which they are made.
All subsequent written and oral forward-looking statements by or
concerning Live Nation are expressly qualified in their entirety by
the cautionary statements above. Live Nation does not undertake any
obligation to publicly update or revise any forward-looking
statements because of new information, future events or
otherwise.
This press release contains certain non-GAAP financial measures
as defined by SEC Regulation G. A reconciliation of each such
measure to its most directly comparable GAAP financial measure,
together with an explanation of why management believes that these
non-GAAP financial measures provide useful information to
investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP
financial measure that we define as operating income (loss) before
certain stock-based compensation expense, loss (gain) on disposal
of operating assets, depreciation and amortization (including
goodwill impairment), amortization of non-recoupable ticketing
contract advances and acquisition expenses (including transaction
costs, changes in the fair value of accrued acquisition-related
contingent consideration obligations, and acquisition-related
severance and compensation). 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, which involved multiple fatalities and injury
claims. Ongoing legal costs associated with defense of these
claims, such as attorney fees, are not excluded from AOI. We use
AOI to evaluate the performance of our operating segments. We
believe that information about 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. AOI is not calculated
or presented in accordance with GAAP. A limitation of the use of
AOI as a performance measure is that it does not reflect the
periodic costs of certain amortizing assets used in generating
revenue in our business. Accordingly, AOI should be considered in
addition to, and not as a substitute for, operating income (loss),
net income (loss), and other measures of financial performance
reported in accordance with GAAP. Furthermore, this measure may
vary among other companies; thus, AOI as presented herein may not
be comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when
applied to a GAAP financial measure. We calculate currency impacts
as the difference between current period activity translated using
the current period's currency exchange rates and the comparable
prior period's currency exchange rates. We present constant
currency information to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign
currency rate fluctuations.
Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial
measure that we define as net cash provided by (used in) operating
activities less changes in operating assets and liabilities, less
maintenance capital expenditures, less distributions to
noncontrolling interest partners. We use FCF among other measures,
to evaluate the ability of operations to generate cash that is
available for purposes other than maintenance capital expenditures.
We believe that information about FCF provides investors with an
important perspective on the cash available to service debt, make
acquisitions, and for revenue generating capital expenditures. FCF
is not calculated or presented in accordance with GAAP. A
limitation of the use of FCF as a performance measure is that it
does not necessarily represent funds available for operations and
is not necessarily a measure of our ability to fund our cash needs.
Accordingly, FCF should be considered in addition to, and not as a
substitute for, net cash provided by (used in) operating activities
and other measures of financial performance reported in accordance
with GAAP. Furthermore, this measure may vary among other
companies; thus, FCF as presented herein may not be comparable to
similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as
cash and cash equivalents less ticketing-related client funds, less
event-related deferred revenue, less accrued expenses due to
artists and cash collected on behalf of others, plus event-related
prepaids. We use free cash as a proxy for how much cash we have
available to, among other things, optionally repay debt balances,
make acquisitions and fund revenue generating capital expenditures.
Free cash is not calculated or presented in accordance with GAAP. A
limitation of the use of free cash as a performance measure is that
it does not necessarily represent funds available from operations
and it is not necessarily a measure of our ability to fund our cash
needs. Accordingly, free cash should be considered in addition to,
and not as a substitute for, cash and cash equivalents and other
measures of financial performance reported in accordance with GAAP.
Furthermore, this measure may vary among other companies; thus,
free cash as presented herein may not be comparable to similarly
titled measures of other companies.
LIVE NATION
ENTERTAINMENT, INC. CONSOLIDATED BALANCE
SHEETS (unaudited)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
(in
thousands)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash
and cash equivalents
|
$
6,501,709
|
|
$
6,231,866
|
Accounts receivable, less allowance of $73,157 and $82,350,
respectively
|
2,279,906
|
|
2,069,054
|
Prepaid expenses
|
1,474,295
|
|
1,147,581
|
Restricted cash
|
7,640
|
|
7,090
|
Other current assets
|
164,230
|
|
122,163
|
Total current
assets
|
10,427,780
|
|
9,577,754
|
Property, plant and
equipment, net
|
2,116,632
|
|
2,101,463
|
Operating lease
assets
|
1,577,490
|
|
1,606,389
|
Intangible
assets
|
|
|
|
Definite-lived intangible assets, net
|
1,162,783
|
|
1,161,621
|
Indefinite-lived intangible assets, net
|
377,894
|
|
377,349
|
Goodwill
|
2,699,480
|
|
2,691,466
|
Long-term
advances
|
608,506
|
|
623,154
|
Other long-term
assets
|
1,059,624
|
|
934,849
|
Total
assets
|
$
20,030,189
|
|
$
19,074,045
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable, client accounts
|
$
1,878,540
|
|
$
1,866,864
|
Accounts payable
|
248,196
|
|
267,493
|
Accrued expenses
|
2,766,166
|
|
3,006,281
|
Deferred revenue
|
5,025,357
|
|
3,398,028
|
Current portion of long-term debt, net
|
1,137,262
|
|
1,134,386
|
Current portion of operating lease liabilities
|
159,372
|
|
158,421
|
Other current liabilities
|
113,517
|
|
128,430
|
Total current
liabilities
|
11,328,410
|
|
9,959,903
|
Long-term debt,
net
|
5,082,211
|
|
5,459,026
|
Long-term operating
lease liabilities
|
1,642,377
|
|
1,686,091
|
Other long-term
liabilities
|
524,454
|
|
488,159
|
Commitments and
contingent liabilities
|
|
|
|
Redeemable
noncontrolling interests
|
983,550
|
|
893,709
|
Stockholders'
equity
|
|
|
|
Common stock
|
2,302
|
|
2,298
|
Additional paid-in capital
|
2,308,595
|
|
2,367,918
|
Accumulated deficit
|
(2,454,682)
|
|
(2,407,949)
|
Cost
of shares held in treasury
|
(6,865)
|
|
(6,865)
|
Accumulated other comprehensive income
|
35,818
|
|
27,450
|
Total Live Nation
stockholders' equity
|
(114,832)
|
|
(17,148)
|
Noncontrolling
interests
|
584,019
|
|
604,305
|
Total
equity
|
469,187
|
|
587,157
|
Total liabilities
and equity
|
$
20,030,189
|
|
$
19,074,045
|
LIVE NATION
ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
(in thousands,
except share and per share data)
|
Revenue
|
$
3,799,529
|
|
$
3,127,390
|
Operating
expenses:
|
|
|
|
Direct operating
expenses
|
2,646,457
|
|
2,115,589
|
Selling, general and
administrative expenses
|
981,559
|
|
690,321
|
Depreciation and
amortization
|
132,594
|
|
115,185
|
Loss (gain) on
disposal of operating assets
|
(651)
|
|
504
|
Corporate
expenses
|
76,077
|
|
63,015
|
Operating income
(loss)
|
(36,507)
|
|
142,776
|
Interest
expense
|
80,691
|
|
89,215
|
Loss on extinguishment
of debt
|
—
|
|
18,366
|
Interest
income
|
(43,257)
|
|
(40,313)
|
Equity in earnings of
nonconsolidated affiliates
|
(84)
|
|
(4,107)
|
Other expense (income),
net
|
(77,054)
|
|
11,583
|
Income before income
taxes
|
3,197
|
|
68,032
|
Income tax
expense
|
35,414
|
|
23,840
|
Net income
(loss)
|
(32,217)
|
|
44,192
|
Net income attributable
to noncontrolling interests
|
14,516
|
|
47,361
|
Net loss attributable
to common stockholders of Live Nation
|
$
(46,733)
|
|
$
(3,169)
|
|
|
|
|
Basic and diluted net
loss per common share available to common stockholders of Live
Nation
|
$
(0.53)
|
|
$
(0.25)
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
Basic and
diluted
|
229,471,184
|
|
228,162,831
|
|
|
|
|
|
|
|
|
Reconciliation to net
loss available to common stockholders of Live Nation:
|
Net loss attributable
to common stockholders of Live Nation
|
$
(46,733)
|
|
$
(3,169)
|
Accretion of
redeemable noncontrolling interests
|
(75,109)
|
|
(54,933)
|
Net loss available to
common stockholders of Live Nation—basic and diluted
|
$
(121,842)
|
|
$
(58,102)
|
|
|
|
|
LIVE NATION
ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
(in
thousands)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
(loss)
|
$
(32,217)
|
|
$
44,192
|
Reconciling
items:
|
|
|
|
Depreciation
|
70,589
|
|
57,710
|
Amortization
|
62,005
|
|
57,475
|
Amortization of
non-recoupable ticketing contract advances
|
24,080
|
|
20,363
|
Deferred income tax
benefit
|
(5,729)
|
|
(2,550)
|
Amortization of debt
issuance costs and discounts
|
3,943
|
|
4,630
|
Loss on extinguishment
of debt
|
—
|
|
18,366
|
Stock-based
compensation expense
|
31,402
|
|
27,571
|
Unrealized changes in
fair value of contingent consideration
|
12,807
|
|
9,702
|
Equity in losses of
nonconsolidated affiliates, net of distributions
|
3,571
|
|
7,793
|
Provision for
uncollectible accounts receivable
|
1,248
|
|
6,054
|
Gain on mark-to-market
of investments in nonconsolidated affiliates
|
(89,840)
|
|
(668)
|
Other, net
|
(10,386)
|
|
2,911
|
Changes in operating
assets and liabilities, net of effects of acquisitions and
dispositions:
|
|
|
|
Increase in accounts
receivable
|
(217,998)
|
|
(163,603)
|
Increase in prepaid
expenses and other assets
|
(360,997)
|
|
(369,494)
|
Decrease in accounts
payable, accrued expenses and other liabilities
|
(185,039)
|
|
(460,749)
|
Increase in deferred
revenue
|
1,681,431
|
|
1,896,145
|
Net cash provided by
operating activities
|
988,870
|
|
1,155,848
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Advances of notes
receivable
|
(31,495)
|
|
(33,579)
|
Collections of notes
receivable
|
2,639
|
|
2,825
|
Investments made in
nonconsolidated affiliates
|
(12,392)
|
|
(6,455)
|
Purchases of property,
plant and equipment
|
(134,053)
|
|
(116,886)
|
Cash acquired from
acquisitions, net of cash paid
|
10,010
|
|
96,382
|
Purchases of intangible
assets
|
(11,673)
|
|
—
|
Other, net
|
6,265
|
|
(2,076)
|
Net cash used in
investing activities
|
(170,699)
|
|
(59,789)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Proceeds from long-term
debt, net of debt issuance costs
|
562
|
|
987,793
|
Payments on long-term
debt
|
(373,253)
|
|
(604,584)
|
Contributions from
noncontrolling interests
|
28
|
|
5,944
|
Distributions to
noncontrolling interests
|
(56,162)
|
|
(54,915)
|
Purchases of
noncontrolling interests, net
|
(8,795)
|
|
(21,606)
|
Payments for capped
call transactions
|
—
|
|
(75,500)
|
Proceeds from exercise
of stock options
|
1,787
|
|
994
|
Taxes paid for net
share settlement of equity awards
|
(25,483)
|
|
(7,949)
|
Payments for deferred
and contingent consideration
|
(16,421)
|
|
(2,606)
|
Other, net
|
(619)
|
|
(1,870)
|
Net cash provided by
(used in) financing activities
|
(478,356)
|
|
225,701
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
(69,422)
|
|
63,318
|
Net increase in cash,
cash equivalents, and restricted cash
|
270,393
|
|
1,385,078
|
Cash, cash equivalents
and restricted cash at beginning of period
|
6,238,956
|
|
5,612,374
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,509,349
|
|
$
6,997,452
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/live-nation-entertainment-reports-first-quarter-2024-results-302135025.html
SOURCE Live Nation Entertainment