Live Nation Entertainment Reports Full Year And Fourth Quarter 2024 Results
Live Nation Entertainment (LYV) reported strong results for 2024, with operating income of $825 million and adjusted operating income of $2.15 billion. The company achieved record concert attendance of 151 million fans across 50,000+ events, up 4% from previous year.
Key financial highlights include: Concerts division reached record adjusted operating income of $530 million (up 65%) with 2.8% margins; Sponsorship adjusted operating income grew 13% to $764 million; and Ticketmaster Q4 revenue increased 14% to $841 million.
Looking ahead to 2025, Live Nation reports a 60% increase in stadium show pipeline, with 65 million tickets already sold. The company plans to add 20 large venues globally through 2026 and expects capital expenditures of $900 million to $1 billion for 2025, primarily focused on venue expansion.
Live Nation Entertainment (LYV) ha riportato risultati solidi per il 2024, con un reddito operativo di 825 milioni di dollari e un reddito operativo rettificato di 2,15 miliardi di dollari. L'azienda ha raggiunto un'affluenza record ai concerti di 151 milioni di fan in oltre 50.000 eventi, con un aumento del 4% rispetto all'anno precedente.
I principali punti finanziari includono: la divisione Concerti ha raggiunto un reddito operativo rettificato record di 530 milioni di dollari (in aumento del 65%) con margini del 2,8%; il reddito operativo rettificato per Sponsorizzazione è cresciuto del 13% a 764 milioni di dollari; e il fatturato di Ticketmaster nel quarto trimestre è aumentato del 14% a 841 milioni di dollari.
Guardando avanti al 2025, Live Nation riporta un aumento del 60% nel pipeline degli spettacoli negli stadi, con 65 milioni di biglietti già venduti. L'azienda prevede di aggiungere 20 grandi sedi a livello globale entro il 2026 e si aspetta spese in conto capitale tra 900 milioni e 1 miliardo di dollari per il 2025, principalmente focalizzate sull'espansione delle sedi.
Live Nation Entertainment (LYV) reportó resultados sólidos para 2024, con un ingreso operativo de 825 millones de dólares y un ingreso operativo ajustado de 2.15 mil millones de dólares. La compañía logró una asistencia récord a conciertos de 151 millones de fans en más de 50,000 eventos, un aumento del 4% respecto al año anterior.
Los principales aspectos financieros incluyen: la división de Conciertos alcanzó un ingreso operativo ajustado récord de 530 millones de dólares (un aumento del 65%) con márgenes del 2.8%; el ingreso operativo ajustado de Patrocinios creció un 13% a 764 millones de dólares; y los ingresos de Ticketmaster en el cuarto trimestre aumentaron un 14% a 841 millones de dólares.
Mirando hacia 2025, Live Nation informa un aumento del 60% en su pipeline de espectáculos en estadios, con 65 millones de boletos ya vendidos. La compañía planea agregar 20 grandes lugares a nivel mundial hasta 2026 y espera gastos de capital de entre 900 millones y 1 mil millones de dólares para 2025, centrados principalmente en la expansión de lugares.
라이브 네이션 엔터테인먼트 (LYV)는 2024년 강력한 실적을 보고했으며, 운영 수익은 8억 2500만 달러, 조정 운영 수익은 21억 5000만 달러에 달했습니다. 이 회사는 5만 개 이상의 이벤트에서 1억 5100만 명의 팬이 참석한 기록적인 콘서트 관객 수를 달성했으며, 이는 작년 대비 4% 증가한 수치입니다.
주요 재무 하이라이트는 다음과 같습니다: 콘서트 부문은 5억 3000만 달러의 조정 운영 수익(65% 증가)과 2.8%의 마진을 기록했습니다; 스폰서십의 조정 운영 수익은 13% 증가하여 7억 6400만 달러에 달했습니다; 그리고 티켓마스터의 4분기 수익은 14% 증가하여 8억 4100만 달러에 달했습니다.
2025년을 바라보며, 라이브 네이션은 스타디움 공연 파이프라인에서 60% 증가를 보고하며, 이미 6500만 장의 티켓이 판매되었습니다. 이 회사는 2026년까지 전 세계에 20개의 대형 장소를 추가할 계획이며, 2025년에는 주로 장소 확장에 초점을 맞춘 9억 달러에서 10억 달러 사이의 자본 지출을 예상하고 있습니다.
Live Nation Entertainment (LYV) a rapporté des résultats solides pour 2024, avec un revenu d'exploitation de 825 millions de dollars et un revenu d'exploitation ajusté de 2,15 milliards de dollars. L'entreprise a atteint une affluence record de 151 millions de fans lors de plus de 50 000 événements, soit une augmentation de 4 % par rapport à l'année précédente.
Les principaux points financiers incluent : la division Concerts a atteint un revenu d'exploitation ajusté record de 530 millions de dollars (en hausse de 65 %) avec des marges de 2,8 % ; le revenu d'exploitation ajusté de Partenariats a augmenté de 13 % pour atteindre 764 millions de dollars ; et le chiffre d'affaires de Ticketmaster au quatrième trimestre a augmenté de 14 % pour atteindre 841 millions de dollars.
En regardant vers 2025, Live Nation annonce une augmentation de 60 % de son programme de spectacles dans les stades, avec 65 millions de billets déjà vendus. L'entreprise prévoit d'ajouter 20 grands lieux à l'échelle mondiale d'ici 2026 et s'attend à des dépenses d'investissement de 900 millions à 1 milliard de dollars pour 2025, principalement axées sur l'expansion des lieux.
Live Nation Entertainment (LYV) berichtete über starke Ergebnisse für 2024, mit einem operativen Einkommen von 825 Millionen Dollar und einem bereinigten operativen Einkommen von 2,15 Milliarden Dollar. Das Unternehmen erzielte eine Rekordbesucherzahl von 151 Millionen Fans bei über 50.000 Veranstaltungen, was einem Anstieg von 4% im Vergleich zum Vorjahr entspricht.
Wichtige finanzielle Höhepunkte umfassen: die Konzertabteilung erreichte ein bereinigtes operatives Einkommen von 530 Millionen Dollar (ein Anstieg von 65%) bei einer Marge von 2,8%; das bereinigte operative Einkommen aus Sponsoring wuchs um 13% auf 764 Millionen Dollar; und die Einnahmen von Ticketmaster im vierten Quartal stiegen um 14% auf 841 Millionen Dollar.
Für 2025 berichtet Live Nation von einer 60%igen Steigerung im Programm für Stadionveranstaltungen, mit bereits 65 Millionen verkauften Tickets. Das Unternehmen plant, bis 2026 20 große Veranstaltungsorte weltweit hinzuzufügen und erwartet Investitionsausgaben zwischen 900 Millionen und 1 Milliarde Dollar für 2025, die sich hauptsächlich auf die Erweiterung von Veranstaltungsorten konzentrieren.
- Record concert attendance of 151 million fans, up 4% YoY
- Concerts division AOI up 65% to $530 million with record 2.8% margins
- Ticketmaster Q4 revenue up 14% to $841 million
- Sponsorship AOI increased 13% to $764 million
- Stadium show pipeline up 60% for 2025
- 65 million tickets already sold for 2025 concerts
- 30% fewer stadium shows in 2024
- Foreign exchange impact expected to affect Q1 2025 operating income by low-teens
- Depreciation and amortization expected to increase by $75 million in 2025
Insights
Live Nation's FY2024 results showcase exceptional operational execution and strategic positioning. The concert segment's
The planned
The sponsorship segment's performance, with AOI of
Looking ahead to 2025, the
"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 2.8% - Concert attendance up
4% , with 151 million fans attending over 50k Live Nation events, up9% - Sponsorship adjusted operating income of
$764 million 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 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 2% - AOI of
$530 million 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 over75% 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 andLatin 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
- Major projects include stadiums in Bogotá and
- 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 14% year-on-year, for full year revenue of$3 billion - Q4 AOI of
$311 million 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 9% - AOI of
$764 million 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
CONTINUED FOCUS ON VENUE EXPANSION
- 2025 capital expenditures estimated to be
$900 million $1 billion - Of this,
$700 $800 million - Approximately
$250 million - Maintenance capex spend remains consistent with historical levels
- Of this,
- 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
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 - 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.
FINANCIAL HIGHLIGHTS – FOURTH QUARTER (unaudited; $ in millions) | |||||||||||
Q4 2024 | Q4 2023 As Revised1 | Growth | Q4 2024 | Q4 2024 | Growth at | ||||||
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 | 12 Months As Revised1 | Growth | 12 Months | 12 Months | Growth at | ||||||
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, |
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
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
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, | 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 | 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, authorized; no shares issued and outstanding | — | — | |
Preferred stock, and outstanding | — | — | |
Common stock, 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. |
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SOURCE Live Nation Entertainment
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