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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Live Nation Entertainment Inc | NYSE:LYV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.135 | -0.15% | 89.145 | 89.6799 | 87.61 | 89.55 | 1,016,387 | 18:43:06 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 20-3247759 | |||||||
(State of Incorporation) | (I.R.S. Employer Identification No.) |
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 | ||||||||||||
Page | ||||||||
PART I—FINANCIAL INFORMATION | ||||||||
PART II—OTHER INFORMATION | ||||||||
GLOSSARY OF KEY TERMS | |||||
AOCI | Accumulated other comprehensive income (loss) | ||||
AOI | Adjusted operating income (loss) | ||||
FASB | Financial Accounting Standards Board | ||||
GAAP | United States Generally Accepted Accounting Principles | ||||
GTV | Gross transaction value | ||||
Live Nation | Live Nation Entertainment, Inc. and subsidiaries | ||||
LNE | Live Nation Entertainment, Inc. | ||||
OCESA | OCESA Entretenimiento, S.A. de C.V. and certain other related subsidiaries of Corporación Interamericana de Entretenimiento, S.A.B. de C.V. | ||||
SEC | United States Securities and Exchange Commission | ||||
Ticketmaster | Our ticketing business | ||||
June 30, 2022 | December 31, 2021 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 5,860,435 | $ | 4,884,729 | |||||||
Accounts receivable, less allowance of $55,150 and $50,491, respectively | 1,456,198 | 1,066,573 | |||||||||
Prepaid expenses | 1,153,522 | 654,894 | |||||||||
Restricted cash | 5,721 | 3,063 | |||||||||
Other current assets | 74,906 | 74,834 | |||||||||
Total current assets | 8,550,782 | 6,684,093 | |||||||||
Property, plant and equipment, net | 1,089,421 | 1,091,929 | |||||||||
Operating lease assets | 1,596,511 | 1,538,911 | |||||||||
Intangible assets | |||||||||||
Definite-lived intangible assets, net | 964,406 | 1,026,338 | |||||||||
Indefinite-lived intangible assets, net | 414,700 | 369,028 | |||||||||
Goodwill | 2,563,119 | 2,590,869 | |||||||||
Long-term advances | 611,899 | 552,697 | |||||||||
Other long-term assets | 630,190 | 548,453 | |||||||||
Total assets | $ | 16,421,028 | $ | 14,402,318 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable, client accounts | $ | 1,615,787 | $ | 1,532,345 | |||||||
Accounts payable | 219,744 | 110,623 | |||||||||
Accrued expenses | 2,192,883 | 1,645,906 | |||||||||
Deferred revenue | 3,766,387 | 2,774,792 | |||||||||
Current portion of long-term debt, net | 607,190 | 585,254 | |||||||||
Current portion of operating lease liabilities | 153,023 | 123,715 | |||||||||
Other current liabilities | 77,029 | 83,087 | |||||||||
Total current liabilities | 8,632,043 | 6,855,722 | |||||||||
Long-term debt, net | 5,140,155 | 5,145,484 | |||||||||
Long-term operating lease liabilities | 1,650,052 | 1,606,064 | |||||||||
Other long-term liabilities | 398,756 | 431,581 | |||||||||
Commitments and contingent liabilities | |||||||||||
Redeemable noncontrolling interests | 565,024 | 551,921 | |||||||||
Stockholders' equity | |||||||||||
Common stock | 2,256 | 2,220 | |||||||||
Additional paid-in capital | 2,853,613 | 2,897,695 | |||||||||
Accumulated deficit | (3,129,597) | (3,327,737) | |||||||||
Cost of shares held in treasury | (6,865) | (6,865) | |||||||||
Accumulated other comprehensive loss | (129,571) | (147,964) | |||||||||
Total Live Nation stockholders' equity | (410,164) | (582,651) | |||||||||
Noncontrolling interests | 445,162 | 394,197 | |||||||||
Total equity | 34,998 | (188,454) | |||||||||
Total liabilities and equity | $ | 16,421,028 | $ | 14,402,318 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands except share and per share data) | |||||||||||||||||||||||
Revenue | $ | 4,434,174 | $ | 575,946 | $ | 6,236,982 | $ | 866,555 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Direct operating expenses | 3,267,023 | 243,120 | 4,338,045 | 377,086 | |||||||||||||||||||
Selling, general and administrative expenses | 672,213 | 328,894 | 1,242,395 | 651,747 | |||||||||||||||||||
Depreciation and amortization | 115,927 | 103,647 | 216,396 | 212,523 | |||||||||||||||||||
Loss (gain) on disposal of operating assets | 1,065 | (28) | 2,730 | 110 | |||||||||||||||||||
Corporate expenses | 59,247 | 27,598 | 91,657 | 55,546 | |||||||||||||||||||
Operating income (loss) | 318,699 | (127,285) | 345,759 | (430,457) | |||||||||||||||||||
Interest expense | 68,435 | 68,909 | 135,208 | 139,739 | |||||||||||||||||||
Interest income | (13,192) | (1,471) | (20,756) | (2,620) | |||||||||||||||||||
Equity in losses (earnings) of nonconsolidated affiliates | (1,955) | 2,998 | (6,243) | 2,417 | |||||||||||||||||||
Loss (gain) from sale of investments in nonconsolidated affiliates | (580) | 993 | (448) | (52,947) | |||||||||||||||||||
Other expense, net | 5,619 | 9,461 | 14,886 | 7,462 | |||||||||||||||||||
Income (loss) before income taxes | 260,372 | (208,175) | 223,112 | (524,508) | |||||||||||||||||||
Income tax expense | 31,995 | 2,285 | 43,691 | 8,674 | |||||||||||||||||||
Net income (loss) | 228,377 | (210,460) | 179,421 | (533,182) | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 40,577 | (14,795) | 41,803 | (30,324) | |||||||||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | 187,800 | $ | (195,665) | $ | 137,618 | $ | (502,858) | |||||||||||||||
Basic net income (loss) per common share available to common stockholders of Live Nation | $ | 0.69 | $ | (0.90) | $ | 0.31 | $ | (2.34) | |||||||||||||||
Diluted net income (loss) per common share available to common stockholders of Live Nation | $ | 0.66 | $ | (0.90) | $ | 0.30 | $ | (2.34) | |||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 224,674,447 | 215,702,508 | 223,290,226 | 215,120,467 | |||||||||||||||||||
Diluted | 243,634,764 | 215,702,508 | 231,367,674 | 215,120,467 | |||||||||||||||||||
Reconciliation to net income (loss) available to common stockholders of Live Nation: | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | 187,800 | $ | (195,665) | $ | 137,618 | $ | (502,858) | |||||||||||||||
Accretion of redeemable noncontrolling interests | (32,560) | 951 | (68,274) | 35 | |||||||||||||||||||
Net income (loss) available to common stockholders of Live Nation—basic | $ | 155,240 | $ | (194,714) | $ | 69,344 | $ | (502,823) | |||||||||||||||
Convertible debt interest, net of tax | 6,365 | — | — | — | |||||||||||||||||||
Net income (loss) available to common stockholders of Live Nation—diluted | $ | 161,605 | $ | (194,714) | $ | 69,344 | $ | (502,823) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 228,377 | $ | (210,460) | $ | 179,421 | $ | (533,182) | |||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedge | 7,687 | (5,788) | 31,656 | 9,308 | |||||||||||||||||||
Realized loss on cash flow hedge | 1,247 | 1,946 | 3,149 | 3,862 | |||||||||||||||||||
Foreign currency translation adjustments | (54,164) | 15,226 | (16,412) | 2,007 | |||||||||||||||||||
Comprehensive income (loss) | 183,147 | (199,076) | 197,814 | (518,005) | |||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 40,577 | (14,795) | 41,803 | (30,324) | |||||||||||||||||||
Comprehensive income (loss) attributable to common stockholders of Live Nation | $ | 142,570 | $ | (184,281) | $ | 156,011 | $ | (487,681) |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | 223,531,301 | $ | 2,235 | $ | 2,888,551 | $ | (3,317,397) | $ | (6,865) | $ | (84,341) | $ | 372,200 | $ | (145,617) | $ | 581,652 | |||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | 13,221 | — | — | — | — | 13,221 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | 544,593 | 6 | (5,169) | — | — | — | — | (5,163) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 1,505,385 | 15 | 13,287 | — | — | — | — | 13,302 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | 4,782 | 4,782 | 3,023 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | (20,846) | — | — | — | (4,774) | (25,620) | (1,457) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | (33,020) | — | — | — | — | (33,020) | 32,560 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | 9,190 | 9,190 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | — | (18,162) | (18,162) | (8,986) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (2,411) | — | — | — | 46,449 | 44,038 | (46,868) | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 187,800 | — | — | 35,477 | 223,277 | 5,100 | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | — | 7,687 | — | 7,687 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Realized loss on cash flow hedge | — | — | — | — | — | 1,247 | — | 1,247 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | (54,164) | — | (54,164) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 225,581,279 | $ | 2,256 | $ | 2,853,613 | $ | (3,129,597) | $ | (6,865) | $ | (129,571) | $ | 445,162 | $ | 34,998 | $ | 565,024 |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | 221,964,734 | $ | 2,220 | $ | 2,897,695 | $ | (3,327,737) | $ | (6,865) | $ | (147,964) | $ | 394,197 | $ | (188,454) | $ | 551,921 | |||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | — | (95,986) | 60,522 | — | — | — | (35,464) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | 174,811 | — | — | — | — | 174,811 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | 1,097,262 | 11 | (41,742) | — | — | — | — | (41,731) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 2,519,283 | 25 | 26,026 | — | — | — | — | 26,051 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | 5,181 | 5,181 | 8,677 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | (36,087) | — | — | — | (7,672) | (43,759) | (1,457) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales of noncontrolling interests | — | — | — | — | — | — | (336) | (336) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | (68,734) | — | — | — | — | (68,734) | 68,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | 15,402 | 15,402 | 25 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | — | (49,970) | (49,970) | (16,144) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | (2,370) | — | — | — | 48,232 | 45,862 | (47,947) | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 137,618 | — | — | 40,128 | 177,746 | 1,675 | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | — | 31,656 | — | 31,656 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Realized loss on cash flow hedge | — | — | — | — | — | 3,149 | — | 3,149 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | (16,412) | — | (16,412) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | 225,581,279 | $ | 2,256 | $ | 2,853,613 | $ | (3,129,597) | $ | (6,865) | $ | (129,571) | $ | 445,162 | $ | 34,998 | $ | 565,024 |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | 216,027,546 | $ | 2,160 | $ | 2,431,387 | $ | (2,984,026) | $ | (6,865) | $ | (173,216) | $ | 336,446 | $ | (394,114) | $ | 264,384 | |||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | 12,830 | — | — | — | — | 12,830 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | 95,264 | 2 | (121) | — | — | — | — | (119) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of shares withheld for option cost and employee taxes | 265,667 | 2 | (15,860) | — | — | — | — | (15,858) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | — | — | 598 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | 4,275 | — | — | — | (2,577) | 1,698 | (1,698) | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | 951 | — | — | — | — | 951 | (951) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | 13,471 | 13,471 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | — | (8,034) | (8,034) | (892) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (2,121) | (2,121) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (195,665) | — | — | (4,026) | (199,691) | (10,769) | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on cash flow hedge | — | — | — | — | — | (5,788) | — | (5,788) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Realized loss on cash flow hedge | — | — | — | — | — | 1,946 | — | 1,946 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | 15,226 | — | 15,226 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 216,388,477 | $ | 2,164 | $ | 2,433,462 | $ | (3,179,691) | $ | (6,865) | $ | (161,832) | $ | 333,159 | $ | (579,603) | $ | 250,767 |
Live Nation Stockholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares Issued | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Cost of Shares Held in Treasury | Accumulated Other Comprehensive Loss | Noncontrolling Interests | Total Equity | Redeemable Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | 214,466,988 | $ | 2,145 | $ | 2,386,790 | $ | (2,676,833) | $ | (6,865) | $ | (177,009) | $ | 338,020 | $ | (133,752) | $ | 272,449 | |||||||||||||||||||||||||||||||||||||||
Non-cash and stock-based compensation | — | — | 52,847 | — | — | — | — | 52,847 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under stock plans, net of shares withheld for employee taxes | 661,549 | 7 | (20,070) | — | — | — | — | (20,063) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of shares withheld for employee taxes | 1,259,940 | 12 | 9,924 | — | — | — | — | 9,936 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | — | — | — | — | — | — | — | — | 598 | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases of noncontrolling interests | — | — | 3,775 | — | — | — | (2,577) | 1,198 | (1,698) | |||||||||||||||||||||||||||||||||||||||||||||||
Sales of noncontrolling interests | — | — | 161 | — | — | — | 8,868 | 9,029 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Redeemable noncontrolling interests fair value adjustments | — | — | 35 | — | — | — | — | 35 | (35) | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions received | — | — | — | — | — | — | 15,193 | 15,193 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | — | — | — | — | — | — | (12,511) | (12,511) | (2,031) | |||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (2,121) | (2,121) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (502,858) | — | — | (11,713) | (514,571) | (18,611) | |||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | — | — | — | — | — | 9,308 | — | 9,308 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Realized loss on cash flow hedge | — | — | — | — | — | 3,862 | — | 3,862 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | 2,007 | — | 2,007 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | 216,388,477 | $ | 2,164 | $ | 2,433,462 | $ | (3,179,691) | $ | (6,865) | $ | (161,832) | $ | 333,159 | $ | (579,603) | $ | 250,767 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income (loss) | $ | 179,421 | $ | (533,182) | |||||||
Reconciling items: | |||||||||||
Depreciation | 114,119 | 111,864 | |||||||||
Amortization | 102,277 | 100,457 | |||||||||
Amortization of non-recoupable ticketing contract advances | 40,392 | 28,728 | |||||||||
Amortization of debt issuance costs and discounts | 8,224 | 18,373 | |||||||||
Stock-based compensation expense | 61,741 | 52,847 | |||||||||
Unrealized changes in fair value of contingent consideration | 18,010 | (8,040) | |||||||||
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions | 10,112 | 10,002 | |||||||||
Provision for uncollectible accounts receivable | 25,702 | (16,563) | |||||||||
Gain on sale of investments in nonconsolidated affiliates | (448) | (52,947) | |||||||||
Other, net | 10,033 | 9,847 | |||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Increase in accounts receivable | (440,290) | (143,343) | |||||||||
Increase in prepaid expenses and other assets | (607,939) | (102,554) | |||||||||
Increase in accounts payable, accrued expenses and other liabilities | 972,906 | 518,810 | |||||||||
Increase in deferred revenue | 1,053,178 | 1,175,690 | |||||||||
Net cash provided by operating activities | 1,547,438 | 1,169,989 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Advances of notes receivable | (30,558) | (12,830) | |||||||||
Collections of notes receivable | 11,074 | 10,618 | |||||||||
Investments made in nonconsolidated affiliates | (46,699) | (33,729) | |||||||||
Purchases of property, plant and equipment | (130,278) | (58,066) | |||||||||
Cash paid for acquisitions, net of cash acquired | (39,854) | (7,627) | |||||||||
Purchases of intangible assets | (6,129) | (11,191) | |||||||||
Proceeds from sale of investments in nonconsolidated affiliates | 1,204 | 61,618 | |||||||||
Other, net | (3,496) | 912 | |||||||||
Net cash used in investing activities | (244,736) | (50,295) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Proceeds from long-term debt, net of debt issuance costs | 4,009 | 511,068 | |||||||||
Payments on long-term debt | (22,638) | (85,125) | |||||||||
Contributions from noncontrolling interests | 13,448 | 15,288 | |||||||||
Distributions to noncontrolling interests | (66,114) | (14,542) | |||||||||
Purchases and sales of noncontrolling interests, net | (27,138) | (3,273) | |||||||||
Proceeds from exercise of stock options | 26,051 | 28,083 | |||||||||
Taxes paid for net share settlement of equity awards | (41,731) | (38,209) | |||||||||
Payments for deferred and contingent consideration | (22,508) | (11,926) | |||||||||
Other, net | (1,014) | 105 | |||||||||
Net cash provided by (used in) financing activities | (137,635) | 401,469 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (186,703) | (19,965) | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 978,364 | 1,501,198 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,887,792 | 2,546,439 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 5,866,156 | $ | 4,047,637 |
Initial Allocation | |||||
(in thousands) | |||||
Fair value of consideration transferred | $ | 431,943 | |||
Adjustments for working capital | 2,269 | ||||
Fair value of redeemable noncontrolling interests | 280,000 | ||||
Fair value of noncontrolling interests | 7,000 | ||||
Fair value of pre-existing investment in nonconsolidated affiliates | 50,000 | ||||
Less: Preliminary recognized amounts of identifiable assets acquired and liabilities assumed | |||||
Cash and cash equivalents | 105,118 | ||||
Accounts receivable | 90,575 | ||||
Prepaid expenses | 33,060 | ||||
Other current assets | 658 | ||||
Property, plant and equipment | 25,221 | ||||
Operating lease assets | 67,193 | ||||
Intangible assets | 340,000 | ||||
Investments in nonconsolidated affiliates | 30,000 | ||||
Other long-term assets | 36,525 | ||||
Accounts payable, client accounts | (12,566) | ||||
Accounts payable | (13,344) | ||||
Accrued expenses | (65,026) | ||||
Deferred revenue | (144,557) | ||||
Current portion of operating lease liabilities | (9,209) | ||||
Long-term operating lease liabilities | (57,984) | ||||
Long-term deferred income taxes | (102,279) | ||||
Goodwill | $ | 447,827 |
Preliminary Estimated Fair Value | Preliminary Estimated Useful Lives (1) | |||||||
(in thousands) | (years) | |||||||
Client/vendor relationships | $ | 102,000 | 5 to 10 | |||||
Revenue-generating contracts | 90,000 | 4 to 10 | ||||||
Venue management and leaseholds | 107,000 | 10 | ||||||
Trademarks and naming rights | 41,000 | 5 to 10 | ||||||
Total acquired intangible assets | $ | 340,000 |
June 30, 2022 | December 31, 2021 | |||||||||||||
(in thousands) | ||||||||||||||
Land, buildings and improvements | $ | 1,329,657 | $ | 1,324,278 | ||||||||||
Computer equipment and capitalized software | 888,750 | 910,581 | ||||||||||||
Furniture and other equipment | 427,276 | 411,403 | ||||||||||||
Construction in progress | 191,272 | 173,865 | ||||||||||||
2,836,955 | 2,820,127 | |||||||||||||
Less: accumulated depreciation | 1,747,534 | 1,728,198 | ||||||||||||
$ | 1,089,421 | $ | 1,091,929 |
Client / vendor relationships | Revenue- generating contracts | Venue management and leaseholds | Trademarks and naming rights | Technology | Other (1) | Total | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021: | |||||||||||||||||||||||||||||||||||||||||
Gross carrying amount | $ | 576,930 | $ | 593,258 | $ | 232,856 | $ | 180,865 | $ | 37,335 | $ | 10,414 | $ | 1,631,658 | |||||||||||||||||||||||||||
Accumulated amortization | (178,725) | (275,909) | (46,929) | (79,349) | (18,375) | (6,033) | (605,320) | ||||||||||||||||||||||||||||||||||
Net | 398,205 | 317,349 | 185,927 | 101,516 | 18,960 | 4,381 | 1,026,338 | ||||||||||||||||||||||||||||||||||
Gross carrying amount: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions—current year | 17,811 | 11,529 | 9,978 | — | — | — | 39,318 | ||||||||||||||||||||||||||||||||||
Acquisitions—prior year | — | 3,300 | — | — | — | — | 3,300 | ||||||||||||||||||||||||||||||||||
Foreign exchange | (6,626) | (8,455) | (2,022) | 841 | (10) | (453) | (16,725) | ||||||||||||||||||||||||||||||||||
Other (2) | (540) | (10,821) | — | — | (4,501) | 3,465 | (12,397) | ||||||||||||||||||||||||||||||||||
Net change | 10,645 | (4,447) | 7,956 | 841 | (4,511) | 3,012 | 13,496 | ||||||||||||||||||||||||||||||||||
Accumulated amortization: | |||||||||||||||||||||||||||||||||||||||||
Amortization | (36,619) | (34,910) | (12,203) | (9,159) | (5,276) | (4,110) | (102,277) | ||||||||||||||||||||||||||||||||||
Foreign exchange | 3,918 | 6,298 | 1,858 | 160 | 7 | 190 | 12,431 | ||||||||||||||||||||||||||||||||||
Other (2) | 547 | 7,694 | 189 | (50) | 5,231 | 807 | 14,418 | ||||||||||||||||||||||||||||||||||
Net change | (32,154) | (20,918) | (10,156) | (9,049) | (38) | (3,113) | (75,428) | ||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022: | |||||||||||||||||||||||||||||||||||||||||
Gross carrying amount | 587,575 | 588,811 | 240,812 | 181,706 | 32,824 | 13,426 | 1,645,154 | ||||||||||||||||||||||||||||||||||
Accumulated amortization | (210,879) | (296,827) | (57,085) | (88,398) | (18,413) | (9,146) | (680,748) | ||||||||||||||||||||||||||||||||||
Net | $ | 376,696 | $ | 291,984 | $ | 183,727 | $ | 93,308 | $ | 14,411 | $ | 4,280 | $ | 964,406 |
Weighted- Average Life (years) | |||||
Revenue-generating contracts | 4 | ||||
Client/vendor relationships | 4 | ||||
Venue management and leaseholds | 30 | ||||
All categories | 11 |
Concerts | Ticketing | Sponsorship & Advertising | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance as of December 31, 2021: | ||||||||||||||||||||||||||
Goodwill | $ | 1,390,451 | $ | 930,064 | $ | 705,717 | $ | 3,026,232 | ||||||||||||||||||
Accumulated impairment losses | (435,363) | — | — | (435,363) | ||||||||||||||||||||||
Net | 955,088 | 930,064 | 705,717 | 2,590,869 | ||||||||||||||||||||||
Acquisitions—current year | 17,054 | — | — | 17,054 | ||||||||||||||||||||||
Acquisitions—prior year | (7,178) | 5,864 | (9,788) | (11,102) | ||||||||||||||||||||||
Dispositions | (1,792) | — | — | (1,792) | ||||||||||||||||||||||
Foreign exchange | (25,039) | (5,000) | (1,871) | (31,910) | ||||||||||||||||||||||
Balance as of June 30, 2022: | ||||||||||||||||||||||||||
Goodwill | 1,373,496 | 930,928 | 694,058 | 2,998,482 | ||||||||||||||||||||||
Accumulated impairment losses | (435,363) | — | — | (435,363) | ||||||||||||||||||||||
Net | $ | 938,133 | $ | 930,928 | $ | 694,058 | $ | 2,563,119 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating lease cost | $ | 71,750 | $ | 56,577 | $ | 135,511 | $ | 111,876 | |||||||||||||||
Variable and short-term lease cost | 34,861 | 3,543 | 52,893 | 12,996 | |||||||||||||||||||
Sublease income | (1,304) | (1,236) | (2,274) | (3,518) | |||||||||||||||||||
Net lease cost | $ | 105,307 | $ | 58,884 | $ | 186,130 | $ | 121,354 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 121,953 | $ | 99,449 | |||||||
Lease assets obtained in exchange for lease obligations, net of terminations | $ | 185,119 | $ | 41,005 |
(in thousands) | |||||
July 1 - December 31, 2022 | $ | 120,991 | |||
2023 | 247,211 | ||||
2024 | 233,033 | ||||
2025 | 217,204 | ||||
2026 | 205,155 | ||||
Thereafter | 1,637,720 | ||||
Total lease payments | 2,661,314 | ||||
Less: Interest | 858,239 | ||||
Present value of lease liabilities | $ | 1,803,075 |
June 30, 2022 | December 31, 2021 | ||||||||||
Weighted average remaining lease term (in years) | 13.3 | 13.2 | |||||||||
Weighted average discount rate | 5.97 | % | 6.10 | % |
Estimated Fair Value | |||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 1,023,325 | $ | — | $ | 1,023,325 | $ | 620,980 | $ | — | $ | 620,980 | |||||||||||||||||||||||
Interest rate swap | — | 26,247 | 26,247 | — | — | — | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | — | $ | 8,558 | $ | 8,558 |
Estimated Fair Value at | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Level 2 | |||||||||||
(in thousands) | |||||||||||
6.5% Senior Secured Notes due 2027 | $ | 1,179,192 | $ | 1,315,284 | |||||||
3.75% Senior Secured Notes due 2028 | $ | 433,170 | $ | 498,380 | |||||||
4.75% Senior Notes due 2027 | $ | 850,849 | $ | 978,358 | |||||||
4.875% Senior Notes due 2024 | $ | 550,528 | $ | 582,952 | |||||||
5.625% Senior Notes due 2026 | $ | 287,766 | $ | 310,284 | |||||||
2.5% Convertible Senior Notes due 2023 | $ | 707,223 | $ | 996,369 | |||||||
2.0% Convertible Senior Notes due 2025 | $ | 420,984 | $ | 531,040 |
Cash Flow Hedge | Foreign Currency Items | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2021 | $ | (8,558) | $ | (139,406) | $ | (147,964) | |||||||||||
Other comprehensive income before reclassifications | 31,656 | (16,412) | 15,244 | ||||||||||||||
Amount reclassified from AOCI | 3,149 | — | 3,149 | ||||||||||||||
Net other comprehensive income | 34,805 | (16,412) | 18,393 | ||||||||||||||
Balance at June 30, 2022 | $ | 26,247 | $ | (155,818) | $ | (129,571) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Weighted average common shares—basic | 224,674,447 | 215,702,508 | 223,290,226 | 215,120,467 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Stock options and restricted stock | 7,096,282 | — | 8,077,448 | — | |||||||||||||||||||
Convertible senior notes | 11,864,035 | — | — | — | |||||||||||||||||||
Weighted average common shares—diluted | 243,634,764 | 215,702,508 | 231,367,674 | 215,120,467 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Options to purchase shares of common stock | 3,750 | 7,797,075 | 3,750 | 7,797,075 | |||||||||||||||||||
Restricted stock and deferred stock—unvested | 259,200 | 3,007,032 | 211,922 | 3,007,032 | |||||||||||||||||||
Conversion shares related to the convertible senior notes | — | 11,864,035 | 11,864,035 | 11,864,035 | |||||||||||||||||||
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding | 262,950 | 22,668,142 | 12,079,707 | 22,668,142 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total Concerts Revenue | $ | 3,597,761 | $ | 286,958 | $ | 4,805,586 | $ | 526,374 | |||||||||||||||
Percentage of consolidated revenue | 81.1 | % | 49.8 | % | 77.0 | % | 60.7 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total Ticketing Revenue | $ | 575,305 | $ | 244,001 | $ | 1,055,704 | $ | 272,323 | |||||||||||||||
Percentage of consolidated revenue | 13.0 | % | 42.4 | % | 16.9 | % | 31.4 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total Sponsorship & Advertising Revenue | $ | 263,786 | $ | 44,561 | $ | 379,475 | $ | 67,208 | |||||||||||||||
Percentage of consolidated revenue | 5.9 | % | 7.7 | % | 6.1 | % | 7.8 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Concerts | $ | 1,031,758 | $ | 14,471 | $ | 1,310,304 | $ | 52,295 | |||||||||||||||
Ticketing | 56,110 | 3,370 | 79,153 | 7,791 | |||||||||||||||||||
Sponsorship & Advertising | 57,059 | 9,050 | 91,298 | 14,633 | |||||||||||||||||||
$ | 1,144,927 | $ | 26,891 | $ | 1,480,755 | $ | 74,719 |
Concerts | Ticketing | Sponsorship & Advertising | Other & Eliminations | Corporate | Consolidated | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenue | $ | 3,597,761 | $ | 575,305 | $ | 263,786 | $ | (2,678) | $ | — | $ | 4,434,174 | |||||||||||||||||||||||
Intersegment revenue | $ | 1,575 | $ | 1,646 | $ | — | $ | (3,221) | $ | — | $ | — | |||||||||||||||||||||||
AOI | $ | 122,944 | $ | 230,759 | $ | 178,304 | $ | (2,027) | $ | (50,381) | $ | 479,599 | |||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Revenue | $ | 286,958 | $ | 244,001 | $ | 44,561 | $ | 426 | $ | — | $ | 575,946 | |||||||||||||||||||||||
Intersegment revenue | $ | (591) | $ | 980 | $ | — | $ | (389) | $ | — | $ | — | |||||||||||||||||||||||
AOI | $ | (84,049) | $ | 99,416 | $ | 13,028 | $ | (1,223) | $ | (17,520) | $ | 9,652 | |||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
Revenue | $ | 4,805,586 | $ | 1,055,704 | $ | 379,475 | $ | (3,783) | $ | — | $ | 6,236,982 | |||||||||||||||||||||||
Intersegment revenue | $ | 2,227 | $ | 2,912 | $ | — | $ | (5,139) | $ | — | $ | — | |||||||||||||||||||||||
AOI | $ | 73,778 | $ | 436,979 | $ | 248,004 | $ | (6,407) | $ | (63,716) | $ | 688,638 | |||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Revenue | $ | 526,374 | $ | 272,323 | $ | 67,208 | $ | 650 | $ | — | $ | 866,555 | |||||||||||||||||||||||
Intersegment revenue | $ | — | $ | 980 | $ | — | $ | (980) | $ | — | $ | — | |||||||||||||||||||||||
AOI | $ | (158,588) | $ | 36,664 | $ | 16,544 | $ | (3,445) | $ | (33,267) | $ | (142,092) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
(in thousands) | |||||||||||||||||
AOI | $ | 479,599 | $ | 9,652 | $ | 688,638 | $ | (142,092) | |||||||||
Acquisition expenses | 9,543 | 2,381 | 21,620 | (5,843) | |||||||||||||
Amortization of non-recoupable ticketing contract advance | 21,865 | 18,107 | 40,392 | 28,728 | |||||||||||||
Depreciation and amortization | 115,927 | 103,647 | 216,396 | 212,523 | |||||||||||||
Loss (gain) on sale of operating assets | 1,065 | (28) | 2,730 | 110 | |||||||||||||
Stock-based compensation expense | 12,500 | 12,830 | 61,741 | 52,847 | |||||||||||||
Operating income (loss) | $ | 318,699 | $ | (127,285) | $ | 345,759 | $ | (430,457) |
Three Months Ended June 30, | % Change | ||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
As Reported | Currency Impacts | At Constant Currency** | As Reported | As Reported | At Constant Currency** | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 4,434,174 | $ | 174,309 | $ | 4,608,483 | $ | 575,946 | * | * | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Direct operating expenses | 3,267,023 | 134,417 | 3,401,440 | 243,120 | * | * | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 672,213 | 17,624 | 689,837 | 328,894 | * | * | |||||||||||||||||||||||||||||
Depreciation and amortization | 115,927 | 2,283 | 118,210 | 103,647 | 12% | 14% | |||||||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | 1,065 | 2 | 1,067 | (28) | * | * | |||||||||||||||||||||||||||||
Corporate expenses | 59,247 | 20 | 59,267 | 27,598 | * | * | |||||||||||||||||||||||||||||
Operating income (loss) | 318,699 | $ | 19,963 | $ | 338,662 | (127,285) | * | * | |||||||||||||||||||||||||||
Operating margin | 7.2% | 7.3% | (22.1%) | ||||||||||||||||||||||||||||||||
Interest expense | 68,435 | 68,909 | |||||||||||||||||||||||||||||||||
Interest income | (13,192) | (1,471) | |||||||||||||||||||||||||||||||||
Equity in losses (earnings) of nonconsolidated affiliates | (1,955) | 2,998 | |||||||||||||||||||||||||||||||||
Loss (gain) from sale of investments in nonconsolidated affiliates | (580) | 993 | |||||||||||||||||||||||||||||||||
Other expense, net | 5,619 | 9,461 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 260,372 | (208,175) | |||||||||||||||||||||||||||||||||
Income tax expense | 31,995 | 2,285 | |||||||||||||||||||||||||||||||||
Net income (loss) | 228,377 | (210,460) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 40,577 | (14,795) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | 187,800 | $ | (195,665) |
* | Percentages are not meaningful. | ||||
** | Constant currency is a non-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. |
Six Months Ended June 30, | % Change | ||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
As Reported | Currency Impacts | At Constant Currency** | As Reported | As Reported | At Constant Currency** | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Revenue | $ | 6,236,982 | $ | 188,329 | $ | 6,425,311 | $ | 866,555 | * | * | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Direct operating expenses | 4,338,045 | 142,258 | 4,480,303 | 377,086 | * | * | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 1,242,395 | 24,934 | 1,267,329 | 651,747 | 91% | 94% | |||||||||||||||||||||||||||||
Depreciation and amortization | 216,396 | 3,233 | 219,629 | 212,523 | 2% | 3% | |||||||||||||||||||||||||||||
Loss on disposal of operating assets | 2,730 | — | 2,730 | 110 | * | * | |||||||||||||||||||||||||||||
Corporate expenses | 91,657 | 40 | 91,697 | 55,546 | 65% | 65% | |||||||||||||||||||||||||||||
Operating income (loss) | 345,759 | $ | 17,864 | $ | 363,623 | (430,457) | * | * | |||||||||||||||||||||||||||
Operating margin | 5.5 | % | 5.7 | % | (49.7) | % | |||||||||||||||||||||||||||||
Interest expense | 135,208 | 139,739 | |||||||||||||||||||||||||||||||||
Interest income | (20,756) | (2,620) | |||||||||||||||||||||||||||||||||
Equity in losses (earnings) of nonconsolidated affiliates | (6,243) | 2,417 | |||||||||||||||||||||||||||||||||
Gain from sale of investments in nonconsolidated affiliates | (448) | (52,947) | |||||||||||||||||||||||||||||||||
Other expense, net | 14,886 | 7,462 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 223,112 | (524,508) | |||||||||||||||||||||||||||||||||
Income tax expense | 43,691 | 8,674 | |||||||||||||||||||||||||||||||||
Net income (loss) | 179,421 | (533,182) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 41,803 | (30,324) | |||||||||||||||||||||||||||||||||
Net income (loss) attributable to common stockholders of Live Nation | $ | 137,618 | $ | (502,858) |
* | Percentages are not meaningful. | ||||
** | Constant currency is a non-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. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands except estimated events) | |||||||||||||||||||||||
Concerts (1) | |||||||||||||||||||||||
Estimated events: | |||||||||||||||||||||||
North America | 8,010 | 1,160 | 12,744 | 1,464 | |||||||||||||||||||
International | 4,478 | 562 | 6,456 | 926 | |||||||||||||||||||
Total estimated events | 12,488 | 1,722 | 19,200 | 2,390 | |||||||||||||||||||
Estimated fans: | |||||||||||||||||||||||
North America | 17,020 | 658 | 23,822 | 726 | |||||||||||||||||||
International | 16,343 | 742 | 20,411 | 1,172 | |||||||||||||||||||
Total estimated fans | 33,363 | 1,400 | 44,233 | 1,898 | |||||||||||||||||||
Ticketing (2) | |||||||||||||||||||||||
Estimated number of fee-bearing tickets sold | 72,019 | 26,345 | 123,582 | 32,938 | |||||||||||||||||||
Estimated number of non-fee-bearing tickets sold | 67,847 | 22,216 | 127,730 | 32,774 | |||||||||||||||||||
Total estimated tickets sold | 139,866 | 48,561 | 251,312 | 65,712 |
Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Revenue | $ | 3,597,761 | $ | 286,958 | * | $ | 4,805,586 | $ | 526,374 | * | |||||||||||||||||||||||||
Direct operating expenses | 3,018,463 | 172,176 | * | 3,928,740 | 286,080 | * | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 467,889 | 202,697 | * | 852,007 | 410,544 | * | |||||||||||||||||||||||||||||
Depreciation and amortization | 72,595 | 58,450 | 24% | 133,758 | 121,336 | 10% | |||||||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | 1,058 | (28) | * | 2,926 | 110 | * | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 37,756 | $ | (146,337) | * | $ | (111,845) | $ | (291,696) | 62% | |||||||||||||||||||||||||
Operating margin | 1.0 | % | (51.0) | % | (2.3) | % | (55.4) | % | |||||||||||||||||||||||||||
AOI | $ | 122,944 | $ | (84,049) | * | $ | 73,778 | $ | (158,588) | * | |||||||||||||||||||||||||
AOI margin ** | 3.4 | % | (29.3) | % | 1.5 | % | (30.1) | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Revenue | $ | 575,305 | $ | 244,001 | * | $ | 1,055,704 | $ | 272,323 | * | |||||||||||||||||||||||||
Direct operating expenses | 193,871 | 59,301 | * | 344,177 | 77,133 | * | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 173,747 | 105,987 | 64% | 321,203 | 200,655 | 60% | |||||||||||||||||||||||||||||
Depreciation and amortization | 28,605 | 34,888 | (18)% | 56,657 | 71,366 | (21)% | |||||||||||||||||||||||||||||
Loss (gain) on disposal of operating assets | 7 | — | * | (196) | — | * | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 179,075 | $ | 43,825 | * | $ | 333,863 | $ | (76,831) | * | |||||||||||||||||||||||||
Operating margin | 31.1 | % | 18.0 | % | 31.6 | % | (28.2) | % | |||||||||||||||||||||||||||
AOI | $ | 230,759 | $ | 99,416 | * | $ | 436,979 | $ | 36,664 | * | |||||||||||||||||||||||||
AOI margin ** | 40.1 | % | 40.7 | % | 41.4 | % | 13.5 | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Three Months Ended June 30, | % Change | Six Months Ended June 30, | % Change | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||
Revenue | $ | 263,786 | $ | 44,561 | * | $ | 379,475 | $ | 67,208 | * | |||||||||||||||||||||||||
Direct operating expenses | 57,910 | 12,032 | * | 70,267 | 14,853 | * | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 28,250 | 19,696 | 43% | 64,350 | 38,799 | 66% | |||||||||||||||||||||||||||||
Depreciation and amortization | 8,712 | 7,507 | 16% | 16,937 | 14,671 | 15% | |||||||||||||||||||||||||||||
Operating income (loss) | $ | 168,914 | $ | 5,326 | * | $ | 227,921 | $ | (1,115) | * | |||||||||||||||||||||||||
Operating margin | 64.0 | % | 12.0 | % | 60.1 | % | (1.7) | % | |||||||||||||||||||||||||||
AOI | $ | 178,304 | $ | 13,028 | * | $ | 248,004 | $ | 16,544 | * | |||||||||||||||||||||||||
AOI margin ** | 67.6 | % | 29.2 | % | 65.4 | % | 24.6 | % |
* | Percentages are not meaningful. | ||||
** | See “—Non-GAAP Measure” above for the definition of AOI margin. |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Maintenance | $ | 35,135 | $ | 14,286 | |||||||
Revenue generating | 67,069 | 38,139 | |||||||||
Total capital expenditures | $ | 102,204 | $ | 52,425 |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Cash provided by (used in): | |||||||||||
Operating activities | $ | 1,547,438 | $ | 1,169,989 | |||||||
Investing activities | $ | (244,736) | $ | (50,295) | |||||||
Financing activities | $ | (137,635) | $ | 401,469 |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Program (2) | Maximum Fair Value of Shares that May Yet Be Purchased Under the Program (2) | ||||||||||||||||||||||
April 2022 | 974 | $108.34 | ||||||||||||||||||||||||
May 2022 | 54,196 | $88.59 | ||||||||||||||||||||||||
June 2022 | 2,971 | $86.44 | ||||||||||||||||||||||||
58,141 | ||||||||||||||||||||||||||
(1) Represents shares of common stock that employees surrendered as part of the default option to satisfy withholding taxes in connection with the vesting of restricted stock awards under our stock incentive plan. Pursuant to the terms of our stock plan, such shares revert to available shares under the plan. | ||||||||||||||||||||||||||
(2) We do not have a publicly announced program to purchase shares of our common stock. Accordingly, there were no shares purchased as part of a publicly announced program. |
Exhibit Description | Incorporated by Reference | Filed Herewith | ||||||||||||||||||||||||||||||||||||
Exhibit No. | Form | File No. | Exhibit No. | Filing Date | ||||||||||||||||||||||||||||||||||
31.1 | X | |||||||||||||||||||||||||||||||||||||
31.2 | X | |||||||||||||||||||||||||||||||||||||
32.1 | X | |||||||||||||||||||||||||||||||||||||
32.2 | X | |||||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - this instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | ||||||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Schema Document. | X | ||||||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Calculation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Definition Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Label Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Presentation Linkbase Document. | X | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101) | X |
LIVE NATION ENTERTAINMENT, INC. | |||||
By: | /s/ Brian Capo | ||||
Brian Capo | |||||
Chief Accounting Officer (Duly Authorized Officer) |
1 Year Live Nation Entertainment Chart |
1 Month Live Nation Entertainment Chart |
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