0001335258false00013352582025-02-202025-02-20
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
February 20, 2025
Live Nation Entertainment, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Delaware | | 001-32601 | | 20-3247759 |
(State or other jurisdiction
of incorporation) | | (Commission File No.) | | (I.R.S. Employer
Identification No.) |
| | | | | | | | |
| 9348 Civic Center Drive | | |
Beverly Hills, California | | 90210 |
| (Address of principal executive offices) | | (Zip Code) |
(310) 867-7000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| | | | | |
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| | | | | | | | | | | | | | |
| Securities registered pursuant to Section 12(b) of the Act: |
| | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common stock, $.01 Par Value Per Share | | LYV | | New York Stock Exchange |
| | | | |
| | | | | |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). |
| Emerging growth company | ☐ |
| | | | | |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
| | | | | |
| Item 2.02 | Results of Operations and Financial Condition. |
On February 20, 2025, Live Nation Entertainment, Inc. issued a press release announcing its results of operations for the quarter and year ended December 31, 2024. A copy of that press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
As previously disclosed in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, 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 years ended December 31, 2023 and December 31, 2022 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings. The effects of the error corrections on our unaudited consolidated statements of operations during the interim periods for the years ended December 31, 2024 and December 31, 2023 is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.
| | | | | |
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| | | | | | | | |
Exhibit No. | | Exhibit Description |
| 99.1 | | |
| 99.2 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | | | | |
| | |
Live Nation Entertainment, Inc. |
| |
By: | | /s/ Brian Capo |
| | Brian Capo |
| | Senior Vice President and
Chief Accounting Officer |
February 20, 2025
Exhibit 99.1
LIVE NATION ENTERTAINMENT
REPORTS FULL YEAR AND FOURTH QUARTER 2024 RESULTS
“2024 was live music’s biggest year yet, as artists toured the world and fans turned out in record numbers. 2025 is shaping up to be even bigger thanks to a deep global concert pipeline, with more stadium shows on the books than ever before. To help artists perform to fans everywhere, we remain focused on building new music-centric venues, which make more live music memories possible and help drive our double-digit operating income and AOI growth in 2025, and compound at this level for years to come. At the same time, we’re investing back into the industry for those who create the music, as our investments in artists have more than doubled in the last five years, and we will continue to find new ways to support them while enhancing the fan experience.” –Michael Rapino, President and CEO, Live Nation Entertainment
GLOBAL FAN DEMAND POWERS LIVE MUSIC’S BIGGEST YEAR YET
(versus prior year, reported FX)
•Operating income of $825 million
•Adjusted operating income of $2.15 billion
•Adjusted operating income for concerts at a record high, up 65% to $530 million with margins of 2.8%
•Concert attendance up 4%, with 151 million fans attending over 50k Live Nation events, up 9%
•Sponsorship adjusted operating income of $764 million, up 13%
2025 KICKS OFF WITH MORE ARTISTS ON THE ROAD
(through mid-February vs same period last year unless otherwise noted)
•Stadium show pipeline up 60%
•65 million tickets sold for Live Nation concerts in 2025, up double-digits led by stadium and international activity
•Year-end event-related deferred revenue of $3.3 billion, up 11%
•Ticketmaster transacted ticketing volume for 2025 shows up 3% to 106 million tickets, with concerts activity driving the vast majority of growth
•75% of expected 2025 sponsorship committed, up double-digits
VIEW HOW OUR OPERATING RESULTS COMPARE TO PAST QUARTERS IN THE 4Q24 TRENDED RESULTS GRID:
https://investors.livenationentertainment.com/financial-information/financial-results
CONCERTS DELIVERS RECORD REVENUE AND PROFITABILITY FOR 2024 (VS FY 2023)
•Revenue of $19 billion, up 2%
•AOI of $530 million, up 65%
•Record AOI margin of 2.8%
•Arena and amphitheater activity drove fan count to 151 million, despite 30% fewer stadium shows
STRONG DEMAND GLOBALLY IN 2025
(through mid-February vs same period last year)
•U.S. stadium and arena tours selling through over 75% in first week on-sale at a higher rate than last year
•Artists who are touring in 2025 and recently toured in 2022-2024 are averaging double-digit growth in tickets sold per show and gross revenue per show
2024 INVESTMENTS AT VENUE NATION (VS FY 2023)
•60 million fans attended shows in our operated venues, up double-digits, with North America and Latin America driving almost all growth
•Built and refurbished three major venues hosting a combined two million fans in 2024, delivering IRRs at or above planned levels
•Revenue from premium offerings in amphitheaters up over 20%
•Ancillary per fan spend at major festivals of 100k fans or more grew double-digits, driven by VIP ticket upgrades and increased food and beverage sales
SCALING GLOBAL VENUE EXPANSION
•Expect to add 20 large venues (e.g., stadiums, arenas, amphitheaters, and large theaters) globally through 2026, delivering run-rate of six to seven million incremental fans
◦Major projects include stadiums in Bogotá and Toronto, seven amphitheaters, and nine large theaters
•At least five million more fans expected to attend shows in our operated venues in 2025, benefiting from the addition of new venues in 2024 and 2025
TICKETMASTER FINISHES YEAR WITH A RECORD Q4
•Q4 revenue of $841 million, up 14% year-on-year, for full year revenue of $3 billion
•Q4 AOI of $311 million, up 32% year-on-year, for full year AOI of $1.1 billion
•Full-year AOI margin in the high 30s, consistent with prior years
•23 million net new enterprise tickets signed in 2024, with two-thirds from international markets
MOMENTUM ACCELERATING INTO 2025
(through mid-February vs same period last year)
•Over five million net new enterprise tickets signed, with approximately 80% from international markets
GLOBAL SPONSORSHIP GROWTH CONTINUES (VS FY 2023)
•Revenue of $1.2 billion, up 9%
•AOI of $764 million, up 13%
•Full-year AOI margin in the low 60s, consistent with prior years
•International markets up double-digits driven by festivals in Latin America, including Rock in Rio, along with growth in European festivals
•Festivals generating measurable results for our brand partners: fans were 8x more likely to purchase a brand in the future if they visited an onsite activation1
•The number of new strategic clients increased 20% while we continued to deepen and add to our portfolio of 1,500 brand partners and expanded relationships with several partners including Cisco, Bacardi, Coca-Cola, and Hulu
MORE AHEAD FOR 2025
(through mid-February vs same period last year)
•75% of expected 2025 sponsorship committed, up double-digits
1Source: 2024 Post Festival Survey; Includes festivals through 11/8/24; Base: Festival attendees with household income $200K+
CONTINUED FOCUS ON VENUE EXPANSION
•2025 capital expenditures estimated to be $900 million to $1 billion
◦Of this, $700 to $800 million is related to venue expansion and enhancement plans
◦Approximately $250 million of funding from joint-venture partners, sponsorship agreements, and other sources, reducing cash flow requirements
◦Maintenance capex spend remains consistent with historical levels
•Full-year AOI to free cash flow—adjusted conversion expected to be consistent with historical levels
•Leverage remains unchanged with lower expected annual cash interest expense following $1 billion convertible notes offering in December
ADDITIONAL FINANCIAL INFORMATION
•Q2 and Q3 stadium show activity expected to be the primary growth driver for 2025
•Foreign exchange movement, primarily in Latin American currencies, is expected to impact Q1 operating income by low-teens and revenue and AOI by mid-to-high single digits based at current rates. The magnitude of the impact is expected to be the greatest in Q1, given our seasonality and the timing of activity in Latin American markets
•Full year depreciation and amortization expected to increase by approximately $75 million compared to last year
•Full year accretion and non-controlling interest expected to increase in line with our AOI growth
•2025 share count not expected to change materially from 2024
The company will webcast a teleconference today, February 20, 2025, 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 4Q24 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 Annual Report on Form 10-K for the year ended December 31, 2024 to be 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.
| | | | | |
Investor Contact: | Media Contact: |
Amy Yong | Kaitlyn Henrich |
IR@livenation.com | Media@livenation.com |
(310) 867-7143 | |
FINANCIAL HIGHLIGHTS – FOURTH QUARTER
(unaudited; $ in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q4 2024 Reported | | Q4 2023 As Revised1 | | Growth | | Q4 2024 Currency Impacts | | Q4 2024 Constant Currency | | Growth at Constant Currency |
| Revenue | | | | | | | | | | | |
Concerts | $ | 4,577.3 | | | $ | 4,854.6 | | | (6)% | | $ | 116.7 | | | $ | 4,694.0 | | | (3)% |
Ticketing | 841.1 | | | 739.8 | | | 14% | | 18.5 | | | 859.6 | | | 16% |
Sponsorship & Advertising | 281.2 | | | 255.4 | | | 10% | | 15.4 | | | 296.6 | | | 16% |
Other and Eliminations | (18.0) | | | (31.1) | | | * | | 0.0 | | | (18.0) | | | * |
| $ | 5,681.6 | | | $ | 5,818.7 | | | (2)% | | $ | 150.6 | | | $ | 5,832.2 | | | 0.2% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Consolidated Operating Loss | $ | (239.4) | | | $ | (81.5) | | | * | | $ | 26.9 | | | $ | (212.5) | | | * |
| | | | | | | | | | | |
| Adjusted Operating Income (Loss) | | | | | | | | | | |
Concerts | $ | (213.2) | | | $ | (184.3) | | | (16)% | | $ | 8.6 | | | $ | (204.6) | | | (11)% |
Ticketing | 311.2 | | | 236.1 | | | 32% | | 11.3 | | | 322.5 | | | 37% |
Sponsorship & Advertising | 135.9 | | | 126.2 | | | 8% | | 10.0 | | | 145.9 | | | 16% |
Other and Eliminations | (5.8) | | | (6.7) | | | * | | 0.0 | | | (5.8) | | | * |
Corporate | (70.8) | | | (54.4) | | | (30)% | | 0.0 | | | (70.8) | | | (30)% |
| $ | 157.3 | | | $ | 116.9 | | | 35% | | $ | 29.9 | | | $ | 187.2 | | | 60% |
FINANCIAL HIGHLIGHTS – 12 MONTHS
(unaudited; $ in millions)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 12 Months 2024 Reported | | 12 Months 2023 As Revised1 | | Growth | | 12 Months 2024
Currency Impacts | | 12 Months 2024 Constant Currency | | Growth at Constant Currency |
| Revenue | | | | | | | | | | | |
Concerts | $ | 19,024.3 | | | $ | 18,740.9 | | | 2% | | $ | 186.0 | | | $ | 19,210.3 | | | 3% |
Ticketing | 2,988.7 | | | 2,959.5 | | | 1% | | 26.3 | | | 3,015.0 | | | 2% |
Sponsorship & Advertising | 1,195.0 | | | 1,095.2 | | | 9% | | 22.7 | | | 1,217.7 | | | 11% |
Other and Eliminations | (52.4) | | | (69.3) | | | * | | 0.0 | | | (52.4) | | | * |
| $ | 23,155.6 | | | $ | 22,726.3 | | | 2% | | $ | 235.0 | | | $ | 23,390.6 | | | 3% |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Consolidated Operating Income | $ | 824.5 | | | $ | 1,084.9 | | | (24)% | | $ | 52.4 | | | $ | 876.9 | | | (19)% |
| | | | | | | | | | | |
| Adjusted Operating Income (Loss) | | | | | | | | | | |
Concerts | $ | 529.7 | | | $ | 320.4 | | | 65% | | $ | 20.5 | | | $ | 550.2 | | | 72% |
Ticketing | 1,123.6 | | | 1,140.1 | | | (1)% | | 16.6 | | | 1,140.2 | | | —% |
Sponsorship & Advertising | 763.8 | | | 675.1 | | | 13% | | 18.0 | | | 781.8 | | | 16% |
Other and Eliminations | (28.3) | | | (39.6) | | | * | | 0.0 | | | (28.3) | | | * |
Corporate | (242.9) | | | (214.9) | | | (13)% | | 0.0 | | | (242.9) | | | (13)% |
| $ | 2,145.9 | | | $ | 1,881.1 | | | 14% | | $ | 55.1 | | | $ | 2,201.0 | | | 17% |
* Percentages are not meaningful
(1) For the three months and year ended December 31, 2023, revenue, consolidated operating income (loss) and AOI were revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
Reconciliation of Operating Income (Loss) to Adjusted Operating Income
(unaudited; $ in millions)
| | | | | | | | | | | | | | | | | |
| Q4 2024 | Q4 2023 | | 12 Months 2024 | 12 Months 2023 As Revised1 |
Operating Income (Loss) (1) | $ | (239.4) | | $ | (81.5) | | | $ | 824.5 | | $ | 1,084.9 | |
| | | | | |
| | | | | |
| Acquisition expenses | 33.3 | | 14.5 | | | 128.6 | | 93.6 | |
| Amortization of non-recoupable ticketing contract advances | 26.5 | | 25.2 | | | 88.7 | | 83.7 | |
| Depreciation and amortization | 142.6 | | 134.4 | | | 549.9 | | 516.8 | |
| Gain on sale of operating assets | (5.6) | | (5.8) | | | (11.0) | | (13.9) | |
| Astroworld estimated loss contingencies | 175.0 | | — | | | 454.9 | | — | |
| Stock-based compensation expense | 24.9 | | 30.1 | | | 110.3 | | 116.0 | |
Adjusted Operating Income (1) | $ | 157.3 | | $ | 116.9 | | | $ | 2,145.9 | | $ | 1,881.1 | |
| | | | | |
(1) For the year ended December 31, 2023, our operating income and AOI were revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures
(unaudited; $ in millions)
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities | | | | | | | | | | | |
| ($ in millions) | Q4 2024 | | Q4 2023 As Revised1 |
| Net cash provided by operating activities | $ | 1,045.1 | | | $ | 608.4 | |
Add: Changes in operating assets and liabilities (working capital) (1) | (1,259.7) | | | (611.6) | |
| Changes in accrued liabilities for Astroworld estimated loss contingencies | 175.0 | | | — | |
| Free cash flow from earnings | $ | (39.6) | | | $ | (3.2) | |
| Less: Maintenance capital expenditures | (51.9) | | | (59.4) | |
| Distributions to noncontrolling interests | (45.8) | | | (85.8) | |
| Free cash flow — adjusted | $ | (137.3) | | | $ | (148.4) | |
| | | |
| Net cash used in investing activities | $ | (211.5) | | | $ | (231.8) | |
| | | |
| Net cash provided by (used in) financing activities | $ | 33.9 | | | $ | (132.2) | |
(1) For the three months ended December 31, 2023, our changes in operating assets and liabilities were revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
| | | | | | | | | | | |
| ($ in millions) | 12 Months 2024 | | 12 Months 2023 As Revised1 |
Net cash provided by operating activities (1) | $ | 1,725.2 | | | $ | 1,363.0 | |
Add: Changes in operating assets and liabilities (working capital) (1) | (651.1) | | | 137.3 | |
| Changes in accrued liabilities for Astroworld estimated loss contingencies | 454.9 | | | — | |
| Free cash flow from earnings | $ | 1,529.0 | | | $ | 1,500.3 | |
| Less: Maintenance capital expenditures | (133.4) | | | (131.9) | |
| Distributions to noncontrolling interests | (245.6) | | | (239.6) | |
| Free cash flow — adjusted | $ | 1,150.0 | | | $ | 1,128.8 | |
| | | |
| Net cash used in investing activities | $ | (854.3) | | | $ | (695.8) | |
| | | |
| Net cash used in financing activities | $ | (658.6) | | | $ | (87.3) | |
(1) For the year ended December 31, 2023, our net cash provided by operating activities and changes in operating assets and liabilities were revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
Reconciliation of Free Cash to Cash and Cash Equivalents
| | | | | |
| ($ in millions) | December 31,
2024 |
| Cash and cash equivalents | $ | 6,095.4 | |
| Client cash | (1,570.7) | |
| Deferred revenue — event-related | (3,283.7) | |
| Accrued artist fees | (237.0) | |
| Collections on behalf of others | (120.9) | |
| Prepaid expenses — event-related | 711.6 | |
| Free cash | $ | 1,594.7 | |
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 the company’s belief that 2025 is shaping up to be even bigger than 2024 due to a deep global concert pipeline, with more stadium shows on the books than ever before; the company’s belief that its focus on building new music-centric venues will help drive double-digit operating income and adjusted operating income growth in 2025, and compound at this level for years to come; the expected level of committed sponsorship in 2025; the strength of 2025 concerts demand globally; the anticipated scaling of global venue expansion efforts; the expected increase in fans attending shows in the company’s operated venues in 2025; the company’s expectation that it will add 20 large venues through 2026, delivering a run-rate of six to seven million incremental fans; Ticketmaster’s momentum accelerating into 2025; anticipated 2025 capital expenditures; the company’s expectation that adjusted operating income to free cash flow—adjusted conversion for 2025 will be consistent with historical levels; the company’s expectation that annual cash interest expense will be lower following its $1 billion convertible notes offering in December 2024; the expectation that second and third quarter stadium activity will be the primary driver of growth for 2025; expectations for the impact of foreign exchange on operating income, revenue and adjusted operating income for the first quarter of 2025 at current rates, with the magnitude of the impact expected to be greatest in the first quarter; expectation for full year depreciation and amortization compared to 2024; expectations for annual accretion and non-controlling interest in 2025; and 2025 share count expectations.
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 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. 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.
AOI margin is a non-GAAP financial measure that we calculate by dividing AOI by revenue. We use AOI margin to evaluate the performance of our operating segments. We believe that information about AOI margin 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 margin is not calculated or presented in accordance with GAAP. A limitation of the use of AOI margin 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 margin should be considered in addition to, and not as a substitute for, operating income (loss) margin, and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI margin 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
| | | | | | | | | | | |
| December 31,
2024 | | December 31, 2023 As Revised1 |
| (in thousands, except share data) |
| ASSETS | | | |
| Current assets | | | |
| Cash and cash equivalents | $ | 6,095,424 | | | $ | 6,231,866 | |
Accounts receivable, less allowance of $72,663 and $82,350, respectively | 1,747,316 | | | 2,024,649 | |
| Prepaid expenses | 1,247,184 | | | 1,147,581 | |
| Restricted cash | 10,685 | | | 7,090 | |
| Other current assets | 189,528 | | | 122,163 | |
| Total current assets | 9,290,137 | | | 9,533,349 | |
| Property, plant and equipment, net | 2,441,872 | | | 2,101,463 | |
| Operating lease assets | 1,618,033 | | | 1,606,389 | |
| Intangible assets | | | |
| Definite-lived intangible assets, net | 985,812 | | | 1,161,621 | |
| Indefinite-lived intangible assets, net | 380,558 | | | 377,349 | |
| Goodwill | 2,620,911 | | | 2,691,466 | |
| Long-term advances | 520,482 | | | 623,154 | |
| Other long-term assets | 1,780,966 | | | 934,849 | |
| Total assets | $ | 19,638,771 | | | $ | 19,029,640 | |
| LIABILITIES AND EQUITY | | | |
| Current liabilities | | | |
| Accounts payable, client accounts | $ | 1,859,678 | | | $ | 1,866,864 | |
| Accounts payable | 242,978 | | | 267,493 | |
| Accrued expenses | 3,057,334 | | | 3,030,812 | |
| Deferred revenue | 3,721,092 | | | 3,398,028 | |
| Current portion of long-term debt, net | 260,901 | | | 1,134,386 | |
| Current portion of operating lease liabilities | 153,406 | | | 158,421 | |
| Other current liabilities | 62,890 | | | 128,430 | |
| Total current liabilities | 9,358,279 | | | 9,984,434 | |
| Long-term debt, net | 6,177,168 | | | 5,459,026 | |
| Long-term operating lease liabilities | 1,680,266 | | | 1,686,091 | |
| | | |
| Other long-term liabilities | 477,763 | | | 488,159 | |
| Commitments and contingent liabilities | | | |
| Redeemable noncontrolling interests | 1,126,302 | | | 859,930 | |
| Stockholders' equity | | | |
| Preferred stock—Series A Junior Participating, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
| Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued and outstanding | — | | | — | |
| Common stock, $0.01 par value; 450,000,000 shares authorized; 234,771,759 and 233,711,176 shares issued and 234,363,735 and 233,303,152 shares outstanding in 2024 and 2023, respectively | 2,313 | | | 2,298 | |
| Additional paid-in capital | 2,059,746 | | | 2,367,918 | |
| Accumulated deficit | (1,546,819) | | | (2,443,106) | |
| Cost of shares held in treasury | (6,865) | | | (6,865) | |
| Accumulated other comprehensive income (loss) | (335,112) | | | 27,450 | |
| Total Live Nation stockholders' equity | 173,263 | | | (52,305) | |
| Noncontrolling interests | 645,730 | | | 604,305 | |
| Total equity | 818,993 | | | 552,000 | |
| Total liabilities and equity | $ | 19,638,771 | | | $ | 19,029,640 | |
(1) Prior period consolidated balance sheet was revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
| | | | | | | | | | | | | | | | | | | | | |
| | | | Year Ended December 31, |
| | | | | | 2024 | | 2023 | | 2022 |
| | | | | | | As Revised1 | | As Revised1 |
| | | | | | (in thousands except share and per share data) |
| Revenue | | | | | $ | 23,155,625 | | | $ | 22,726,317 | | | $ | 16,681,254 | |
| Operating expenses: | | | | | | | | | |
| Direct operating expenses | | | | | 17,328,154 | | | 17,250,530 | | | 12,347,611 | |
| Selling, general and administrative expenses | | | | | 4,096,424 | | | 3,557,167 | | | 2,955,884 | |
| Depreciation and amortization | | | | | 549,923 | | | 516,797 | | | 449,976 | |
| Gain on disposal of operating assets | | | | | (11,015) | | | (13,927) | | | (32,082) | |
| Corporate expenses | | | | | 367,629 | | | 330,817 | | | 237,834 | |
| Operating income | | | | | 824,510 | | | 1,084,933 | | | 722,031 | |
| Interest expense | | | | | 325,974 | | | 350,244 | | | 278,483 | |
| Loss on extinguishment of debt | | | | | 2,563 | | | 18,504 | | | — | |
| Interest income | | | | | (156,254) | | | (237,818) | | | (77,620) | |
| Equity in losses (earnings) of nonconsolidated affiliates | | | | | 16,675 | | | 5,455 | | | (10,571) | |
| | | | | | | | | |
| Other expense (income), net | | | | | (103,874) | | | 35,274 | | | 41,215 | |
| Income before income taxes | | | | | 739,426 | | | 913,274 | | | 490,524 | |
| Income tax expense (benefit) | | | | | (391,698) | | | 209,476 | | | 115,941 | |
| Net income | | | | | 1,131,124 | | | 703,798 | | | 374,583 | |
| Net income attributable to noncontrolling interests | | | | | 234,837 | | | 146,905 | | | 108,143 | |
| Net income attributable to common stockholders of Live Nation | | | | | $ | 896,287 | | | $ | 556,893 | | | $ | 266,440 | |
| | | | | | | | | |
| Basic net income per common share available to common stockholders of Live Nation | | | | | $ | 2.77 | | | $ | 1.35 | | | $ | 0.53 | |
| Diluted net income per common share available to common stockholders of Live Nation | | | | | $ | 2.74 | | | $ | 1.34 | | | $ | 0.52 | |
| | | | | | | | | |
| Weighted average common shares outstanding: | | | | | | | | | |
| Basic | | | | | 230,124,255 | | | 228,628,390 | | | 224,809,558 | |
| Diluted | | | | | 236,352,449 | | | 230,977,326 | | | 231,556,866 | |
| | | | | | | | | |
| | | | | | | | | |
| Reconciliation to net income available to common stockholders of Live Nation: | | | | | | |
| Net income attributable to common stockholders of Live Nation | | | | | $ | 896,287 | | | $ | 556,893 | | | $ | 266,440 | |
| Accretion of redeemable noncontrolling interests | | | | | (258,076) | | | (247,438) | | | (146,770) | |
| Net income available to common stockholders of Live Nation—basic | | | | | $ | 638,211 | | | $ | 309,455 | | | $ | 119,670 | |
| Convertible debt interest, net of tax | | | | | 9,187 | | | — | | | — | |
| Net income available to common stockholders of Live Nation—diluted | | | | | $ | 647,398 | | | $ | 309,455 | | | $ | 119,670 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
(1) Prior period consolidated statements of operations were revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, | | | | |
| | 2024 | | 2023 | | 2022 | | | | |
| | | As Revised1 | | As Revised1 | | | | |
| (in thousands) | | | | |
| CASH FLOWS FROM OPERATING ACTIVITIES | | | | | | | | | |
| Net income | $ | 1,131,124 | | | $ | 703,798 | | | $ | 374,583 | | | | | |
| Reconciling items: | | | | | | | | | |
| Depreciation | 300,003 | | | 266,590 | | | 225,770 | | | | | |
| Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss | 249,920 | | | 250,207 | | | 224,206 | | | | | |
| Amortization of non-recoupable ticketing contract advances | 88,717 | | | 83,693 | | | 79,043 | | | | | |
| Deferred income taxes | (708,570) | | | (44,018) | | | 7,199 | | | | | |
| Amortization of debt issuance costs and discounts | 17,794 | | | 16,884 | | | 16,448 | | | | | |
| Provision for uncollectible accounts receivable | 1,002 | | | 78,336 | | | 68,612 | | | | | |
| Loss on extinguishment of debt | 2,563 | | | 18,504 | | | — | | | | | |
| Stock-based compensation expense | 110,348 | | | 115,959 | | | 110,049 | | | | | |
| Unrealized changes in fair value of contingent consideration | (21,721) | | | 40,151 | | | 56,704 | | | | | |
| | | | | | | | | |
| Equity in losses of nonconsolidated affiliates, net of distributions | 32,371 | | | 30,522 | | | 14,912 | | | | | |
| | | | | | | | | |
| Gain on mark-to-market of investments in nonconsolidated affiliates | (102,929) | | | (47,878) | | | (22,638) | | | | | |
| (Gain) loss on forward currency exchange contracts | (15,393) | | | 5,635 | | | 927 | | | | | |
| Other, net | (11,159) | | | (18,123) | | | 3,785 | | | | | |
| Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | | | | | | | | | |
| Decrease (increase) in accounts receivable | 181,430 | | | (525,739) | | | (444,503) | | | | | |
| Increase in prepaid expenses and other assets | (22,192) | | | (202,834) | | | (267,945) | | | | | |
| Increase in accounts payable, accrued expenses and other liabilities | 13,782 | | | 450,370 | | | 1,028,172 | | | | | |
| Increase in deferred revenue | 478,085 | | | 140,917 | | | 359,723 | | | | | |
| Net cash provided by operating activities | 1,725,175 | | | 1,362,974 | | | 1,835,047 | | | | | |
| CASH FLOWS FROM INVESTING ACTIVITIES | | | | | | | | | |
| Advances of notes receivable | (119,213) | | | (181,801) | | | (115,992) | | | | | |
| Collections of notes receivable | 52,303 | | | 17,057 | | | 20,527 | | | | | |
| Investments made in nonconsolidated affiliates | (45,683) | | | (54,922) | | | (91,186) | | | | | |
| Purchases of property, plant and equipment | (646,634) | | | (438,604) | | | (347,206) | | | | | |
| Cash paid for acquisition of right-of-use assets | (20,000) | | | — | | | — | | | | | |
| Cash paid for acquisitions, net of cash acquired | (98,307) | | | (17,534) | | | (257,191) | | | | | |
| Purchases of intangible assets | (8,522) | | | (36,653) | | | (6,080) | | | | | |
| Proceeds from sale of investments in nonconsolidated affiliates | 19,594 | | | 1,524 | | | 3,863 | | | | | |
| Other, net | 12,181 | | | 15,128 | | | 8,574 | | | | | |
| Net cash used in investing activities | (854,281) | | | (695,805) | | | (784,691) | | | | | |
| CASH FLOWS FROM FINANCING ACTIVITIES | | | | | | | | | |
| Proceeds from long-term debt, net of debt issuance costs | 1,671,842 | | | 1,061,026 | | | 122,251 | | | | | |
| Payments on long-term debt including extinguishment costs | (1,959,725) | | | (730,643) | | | (45,792) | | | | | |
| Contributions from noncontrolling interests | 3,000 | | | 19,602 | | | 15,021 | | | | | |
| Distributions to noncontrolling interests | (245,580) | | | (239,619) | | | (100,660) | | | | | |
| Purchases of noncontrolling interests, net | (69,935) | | | (113,768) | | | (48,306) | | | | | |
| | | | | | | | | |
| Payments for capped call transactions | — | | | (75,500) | | | — | | | | | |
| Proceeds from exercise of stock options | 26,052 | | | 19,264 | | | 35,775 | | | | | |
| Taxes paid for net share settlement of equity awards | (59,756) | | | (9,484) | | | (76,925) | | | | | |
| Payments for deferred and contingent consideration | (23,733) | | | (17,757) | | | (44,220) | | | | | |
| Other, net | (715) | | | (402) | | | (484) | | | | | |
| Net cash used in financing activities | (658,550) | | | (87,281) | | | (143,340) | | | | | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (345,191) | | | 38,874 | | | (174,614) | | | | | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (132,847) | | | 618,762 | | | 732,402 | | | | | |
| Cash, cash equivalents and restricted cash at beginning of period | 6,238,956 | | | 5,620,194 | | | 4,887,792 | | | | | |
| Cash, cash equivalents and restricted cash at end of period | $ | 6,106,109 | | | $ | 6,238,956 | | | $ | 5,620,194 | | | | | |
| SUPPLEMENTAL DISCLOSURE | | | | | | | | | |
| Cash paid during the year for: | | | | | | | | | |
| Interest, net of interest income | $ | 131,234 | | | $ | 57,367 | | | $ | 180,878 | | | | | |
| Income taxes, net of refunds | $ | 253,652 | | | $ | 175,148 | | | $ | 43,859 | | | | | |
(1) Prior period consolidated statement of cash flow was revised as further discussed in Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements of our Annual Report on Form 10-K for the year ended December 31, 2024.
Exhibit 99.2
Correction of Errors in Previously Reported Consolidated Quarterly Financial Statements (Unaudited)
As previously disclosed in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, 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 years ended December 31, 2023 and December 31, 2022 related to the measurement of income tax expense for certain foreign subsidiaries statutory earnings. These errors were non-cash items that had no impact to our cash paid for income taxes.
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 unaudited consolidated statements of operations during the interim periods for the years ended December 31, 2024 and December 31, 2023 are presented in the tables below.
The following table presents our consolidated statements of operations for the three months ended December 31, 2024, September 30, 2024 and June 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | | | | | Three Months Ended
December 31, 2024 | | Three Months Ended
September 30, 2024 | | Three Months Ended
June 30, 2024 |
| | | | | | | As Reported | | As Reported | | As Reported |
| | | (unaudited, in thousands except per share data) |
| Revenue | | | | | | | $ | 5,681,593 | | | $ | 7,651,087 | | | $ | 6,023,416 | |
| | | | | | | | | | | |
| Operating income (loss) | | | | | | | (239,444) | | | 639,525 | | | 465,819 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Net income | | | | | | | 281,918 | | | 515,683 | | | 376,228 | |
| Net income attributable to noncontrolling interests | | | | | | | 80,931 | | | 63,878 | | | 78,258 | |
| Net income attributable to common stockholders of Live Nation | | | | | | | 200,987 | | | 451,805 | | | 297,970 | |
| Basic net income per common share available to common stockholders of Live Nation | | | | | | | 0.56 | | | 1.72 | | | 1.05 | |
| Diluted net income per common share available to common stockholders of Live Nation | | | | | | | 0.56 | | | 1.66 | | | 1.03 | |
| AOI | | | | | | | 157,329 | | | 909,831 | | | 716,231 | |
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 | | |
| As Reported | | Adjustments | | As Revised | | | | | | |
| (unaudited, in thousands except per share data) | | |
| | | | | | | | | | | |
| Direct operating expenses | $ | 2,646,457 | | | $ | 4,883 | | | $ | 2,651,340 | | | | | | | |
| Operating loss | (36,507) | | | (4,883) | | | (41,390) | | | | | | | |
| Income (loss) before income taxes | 3,197 | | | (4,883) | | | (1,686) | | | | | | | |
| Income tax expense | 35,414 | | | 5,605 | | | 41,019 | | | | | | | |
| Net loss | (32,217) | | | (10,488) | | | (42,705) | | | | | | | |
| Net income attributable to noncontrolling interests | 14,516 | | | (2,746) | | | 11,770 | | | | | | | |
| Net loss attributable to common stockholders of Live Nation | (46,733) | | | (7,742) | | | (54,475) | | | | | | | |
| Basic net loss per common share available to common stockholders of Live Nation | (0.53) | | | (0.03) | | | (0.56) | | | | | | | |
| Diluted net loss per common share available to common stockholders of Live Nation | (0.53) | | | (0.03) | | | (0.56) | | | | | | | |
| AOI | 367,390 | | | (4,883) | | | 362,507 | | | | | | | |
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended December 31, 2023:
| | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, 2023 |
| As Reported | | Adjustments | | As Revised |
| (unaudited, in thousands except per share data) |
| | | | | |
| Revenue | $ | 5,838,941 | | | $ | (20,260) | | | $ | 5,818,681 | |
| Direct operating expenses | 4,681,184 | | | (20,260) | | | 4,660,924 | |
| Income tax expense | 38,865 | | | 43,541 | | | 82,406 | |
| Net loss | (181,893) | | | (43,541) | | | (225,434) | |
| Net income attributable to noncontrolling interests | 28,835 | | | (21,335) | | | 7,500 | |
| Net loss attributable to common stockholders of Live Nation | (210,728) | | | (22,206) | | | (232,934) | |
| Basic net loss per common share available to common stockholders of Live Nation | (1.25) | | | (0.09) | | | (1.34) | |
| Diluted net loss per common share available to common stockholders of Live Nation | (1.25) | | | (0.09) | | | (1.34) | |
| AOI | 116,919 | | | — | | | 116,919 | |
| | | | | |
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended September 30, 2023:
| | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| As Reported | | Adjustments | | As Revised |
| (unaudited, 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 | |
| AOI | 836,063 | | | 35,126 | | | 871,189 | |
| | | | | |
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended June 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended June 30, 2023 |
| | | | | | | As Reported | | Adjustments | | As Revised |
| | | (unaudited, in thousands except per share data) |
| | | | | | | | | | | |
| Revenue | | | | | | | $ | 5,630,723 | | | $ | (2,209) | | | $ | 5,628,514 | |
| Direct operating expenses | | | | | | | 4,164,778 | | | 2,563 | | | 4,167,341 | |
| Operating income | | | | | | | 386,371 | | | (4,772) | | | 381,599 | |
| Income before income taxes | | | | | | | 372,985 | | | (4,772) | | | 368,213 | |
| Income tax expense | | | | | | | 41,648 | | | 11,313 | | | 52,961 | |
| Net income | | | | | | | 331,337 | | | (16,085) | | | 315,252 | |
| Net income attributable to noncontrolling interests | | | | | | | 37,655 | | | 7,577 | | | 45,232 | |
| Net income attributable to common stockholders of Live Nation | | | | | | | 293,682 | | | (23,662) | | | 270,020 | |
| Basic net income per common share available to common stockholders of Live Nation | | | | | | | 1.04 | | | (0.11) | | | 0.93 | |
| Diluted net income per common share available to common stockholders of Live Nation | | | | | | | 1.02 | | | (0.10) | | | 0.92 | |
| AOI | | | | | | | 589,697 | | | (4,772) | | | 584,925 | |
| | | | | | | | | | | |
The following table presents the impact of correcting the errors on the affected line items of our consolidated statements of operations for the three months ended March 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, 2023 | | |
| As Reported | | Adjustments | | As Revised | | | | | | |
| (unaudited, in thousands except per share data) | | |
| | | | | | | | | | | |
| Revenue | $ | 3,127,390 | | | $ | (2,831) | | | $ | 3,124,559 | | | | | | | |
| Direct operating expenses | 2,115,589 | | | 8,793 | | | 2,124,382 | | | | | | | |
| Operating income | 142,776 | | | (11,624) | | | 131,152 | | | | | | | |
| Income before income taxes | 68,032 | | | (11,624) | | | 56,408 | | | | | | | |
| Net income | 44,192 | | | (11,624) | | | 32,568 | | | | | | | |
| Net income attributable to noncontrolling interests | 47,361 | | | (13,120) | | | 34,241 | | | | | | | |
| Net loss attributable to common stockholders of Live Nation | (3,169) | | | 1,496 | | | (1,673) | | | | | | | |
| Basic net loss per common share available to common stockholders of Live Nation | (0.25) | | | — | | | (0.25) | | | | | | | |
| Diluted net loss per common share available to common stockholders of Live Nation | (0.25) | | | — | | | (0.25) | | | | | | | |
| AOI | 319,710 | | | (11,624) | | | 308,086 | | | | | | | |
| | | | | | | | | | | |
The following table sets forth the reconciliation of consolidated operating income to consolidated AOI for the years ended December 31, 2024, 2023 and 2022:
| | | | | | | | | | | | | | | | | |
| 2024 | | 2023 | | 2022 |
| | | As Revised | | As Revised |
| (in thousands) |
Operating income (1) | $ | 824,510 | | | $ | 1,084,933 | | | $ | 722,031 | |
| Acquisition expenses | 128,513 | | | 93,664 | | | 68,078 | |
| Amortization of non-recoupable ticketing contract advance | 88,717 | | | 83,693 | | | 79,043 | |
| Depreciation and amortization | 549,923 | | | 516,797 | | | 449,976 | |
| Gain on sale of operating assets | (11,015) | | | (13,927) | | | (32,082) | |
| Astroworld estimated loss contingencies | 454,902 | | | — | | | — | |
| Stock-based compensation expense | 110,348 | | | 115,959 | | | 110,049 | |
Consolidated AOI (1) | $ | 2,145,898 | | | $ | 1,881,119 | | | $ | 1,397,095 | |
___________________
| | | | | |
(1) | For the years ended December 31, 2023 and December 31, 2022, the revision increased our operating income and consolidated AOI by $18.7 million for 2023 and decreased our operating income and consolidated AOI by $10.1 million for 2022, respectively. See further discussion in Part II — Financial Information—Item 8.—Financial Statements and Supplementary Data—Note 2 – Correction of Errors in Previously Reported Consolidated Financial Statements. |
The following table presents the impact of correcting the errors for each operating segments’ revenue and AOI for each interim period for the year ended December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Concerts | | Ticketing | | Sponsorship
& Advertising | | | | Other & Eliminations | | Corporate | | Consolidated |
| | (unaudited, in thousands) |
| Three Months Ended December 31, 2024 |
| Revenue | $ | 4,577,293 | | $ | 841,126 | | $ | 281,163 | | | | $ | (17,989) | | $ | — | | | $ | 5,681,593 | |
| AOI | $ | (213,188) | | $ | 311,236 | | $ | 135,851 | | | | $ | (5,807) | | $ | (70,763) | | | $ | 157,329 | |
| | | | | | | | | | | | | |
| Three Months Ended September 30, 2024 |
| Revenue | $ | 6,580,595 | | $ | 693,704 | | $ | 390,345 | | | | $ | (13,557) | | $ | — | | $ | 7,651,087 | |
| AOI | $ | 474,053 | | $ | 235,704 | | $ | 275,329 | | | | $ | (7,073) | | $ | (68,182) | | $ | 909,831 | |
| | | | | | | | | | | | | |
| Three Months Ended June 30, 2024 |
| Revenue | $ | 4,987,039 | | $ | 730,677 | | $ | 312,234 | | | | $ | (6,534) | | $ | — | | $ | 6,023,416 |
| AOI | $ | 270,694 | | $ | 292,533 | | $ | 222,622 | | | | $ | (8,171) | | $ | (61,447) | | $ | 716,231 |
| | | | | | | | | | | | | |
| Three Months Ended March 31, 2024 |
| Revenue | $ | 2,879,375 | | $ | 723,178 | | $ | 211,277 | | | | $ | (14,301) | | $ | — | | $ | 3,799,529 |
| | | | | | | | | | | | | |
| AOI (As Reported) | $ | 3,072 | | $ | 284,115 | | $ | 129,975 | | | | $ | (7,209) | | $ | (42,563) | | $ | 367,390 |
| AOI (Adjustments) | (4,883) | | — | | — | | | | — | | — | | (4,883) |
| AOI (As Revised) | $ | (1,811) | | $ | 284,115 | | $ | 129,975 | | | | $ | (7,209) | | $ | (42,563) | | $ | 362,507 |
The following table presents the impact of correcting the errors for each operating segments’ revenue and AOI for each interim period for the year ended December 31, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Concerts | | Ticketing | | Sponsorship & Advertising | | Other & Eliminations | | Corporate | | Consolidated |
| (unaudited, in thousands) |
| Three Months Ended December 31, 2023 |
| Revenue (As Reported) | $ | 4,874,840 | | | $ | 739,810 | | | $ | 255,418 | | | $ | (31,127) | | | $ | — | | | $ | 5,838,941 | |
| Revenue (Adjustments) | (20,260) | | | — | | | — | | | — | | — | | — | | | (20,260) | |
| Revenue (As Revised) | $ | 4,854,580 | | | $ | 739,810 | | | $ | 255,418 | | | $ | (31,127) | | | $ | — | | | $ | 5,818,681 | |
| | | | | | | | | | | |
| AOI | $ | (184,297) | | | $ | 236,119 | | | $ | 126,202 | | | $ | (6,675) | | | $ | (54,430) | | | $ | 116,919 | |
| | | | | | | | | | | |
| Three Months Ended September 30, 2023 |
| Revenue (As Reported) | $ | 6,974,326 | | | $ | 832,584 | | | $ | 366,822 | | | $ | (21,713) | | | $ | — | | | $ | 8,152,019 | |
| Revenue (Adjustments) | (2,496) | | | 5,040 | | | — | | | — | | | — | | | 2,544 | |
| Revenue (As Revised) | $ | 6,971,830 | | | $ | 837,624 | | | $ | 366,822 | | | $ | (21,713) | | | $ | — | | | $ | 8,154,563 | |
| | | | | | | | | | | |
| AOI (As Reported) | $ | 340,904 | | | $ | 316,448 | | | $ | 250,265 | | | $ | (6,818) | | | $ | (64,736) | | | $ | 836,063 | |
| AOI (Adjustments) | — | | | 35,126 | | | — | | | — | | | — | | | 35,126 | |
| AOI (As Revised) | $ | 340,904 | | | $ | 351,574 | | | $ | 250,265 | | | $ | (6,818) | | | $ | (64,736) | | | $ | 871,189 | |
| | | | | | | | | | | |
| Three Months Ended June 30, 2023 |
| Revenue (As Reported) | $ | 4,633,291 | | | $ | 709,342 | | | $ | 302,859 | | | $ | (14,769) | | | $ | — | | | $ | 5,630,723 | |
| Revenue (Adjustments) | — | | | (2,209) | | | — | | | — | | | — | | | (2,209) | |
| Revenue (As Revised) | $ | 4,633,291 | | | $ | 707,133 | | | $ | 302,859 | | | $ | (14,769) | | | $ | — | | | $ | 5,628,514 | |
| | | | | | | | | | | |
| AOI (As Reported) | $ | 168,058 | | | $ | 292,685 | | | $ | 203,139 | | | $ | (18,142) | | | $ | (56,043) | | | $ | 589,697 | |
| AOI (Adjustments) | — | | | (4,772) | | | — | | | — | | | — | | | (4,772) | |
| AOI (As Revised) | $ | 168,058 | | | $ | 287,913 | | | $ | 203,139 | | | $ | (18,142) | | | $ | (56,043) | | | $ | 584,925 | |
| | | | | | | | | | | |
| Three Months Ended March 31, 2023 |
| Revenue (As Reported) | $ | 2,281,212 | | | $ | 677,741 | | | $ | 170,118 | | | $ | (1,681) | | | $ | — | | | $ | 3,127,390 | |
| Revenue (Adjustments) | — | | | (2,831) | | | — | | | — | | | — | | | (2,831) | |
| Revenue (As Revised) | $ | 2,281,212 | | | $ | 674,910 | | | $ | 170,118 | | | $ | (1,681) | | | $ | — | | | $ | 3,124,559 | |
| | | | | | | | | | | |
| AOI (As Reported) | $ | 832 | | | $ | 271,051 | | | $ | 95,531 | | | $ | (7,939) | | | $ | (39,765) | | | $ | 319,710 | |
| AOI (Adjustments) | (5,100) | | | (6,524) | | | — | | | — | | | — | | | (11,624) | |
| AOI (As Revised) | $ | (4,268) | | | $ | 264,527 | | | $ | 95,531 | | | $ | (7,939) | | | $ | (39,765) | | | $ | 308,086 | |
v3.25.0.1
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Live Nation Entertainment (NYSE:LYV)
Graphique Historique de l'Action
De Jan 2025 à Fév 2025
Live Nation Entertainment (NYSE:LYV)
Graphique Historique de l'Action
De Fév 2024 à Fév 2025
