|
|
|
|
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|
LOS ANGELES, Nov. 4, 2025 /PRNewswire/ --
"Strong fan demand drove another record quarter, as we continue to attract more fans to more shows globally. With these tailwinds, 2026 is off to a strong start with a double-digit increase in our large venue show pipeline and increased sell-through levels for these shows. At the same time, we're continuing to invest in new venues to grow the market, create jobs, and give artists even more ways to reach fans, positioning Live Nation on a clear path for double-digit operating income and AOI growth this year and compounding at this growth level over the next several years." –Michael Rapino, President and CEO
GLOBAL FAN DEMAND POWERS RECORD QUARTER WITH STRENGTH ACROSS ALL SEGMENTS
(vs 3Q24)
CLOSING OUT OUR STRONGEST YEAR YET (through October vs same period last year)
LEADING INDICATORS POINT TO CONTINUED GROWTH IN 2026 (through October vs same period last year)
GLOBAL STADIUM ACTIVITY DRIVES RECORD CONCERTS RESULTS (vs 3Q24)
DELIVERING ANOTHER RECORD YEAR
VENUE NATION CONTINUES TO ENHANCE HOSPITALITY OFFERINGS (through October vs same period last year)
VENUE INVESTMENTS CONTINUE TO YIELD 20%+ IRRs (through October vs same period last year)
CONCERTS DEMAND FUELS RECORD 3Q FOR TICKETMASTER (vs 3Q24)
CONTINUED TAILWINDS FROM INTERNATIONAL MARKETS (through October vs same period last year)
GLOBAL SCALE DRIVES RECORD SPONSORSHIP RESULTS (vs 3Q24)
CONTINUING TO CONNECT BRANDS WITH OUR GLOBAL FAN BASE (through October vs same period last year)
DRIVING LONG TERM GROWTH THROUGH VENUE INVESTMENTS
RECENT REFINANCING ACTIVITY STRENGTHENS BALANCE SHEET
SUPPLEMENTAL FINANCIAL DETAILS
Compare Our Operating Results To Past Quarters In The Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-results
The company will webcast a teleconference today, November 4, 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 3Q25 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.
Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 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 – THIRD QUARTER (unaudited; $ in millions) |
|||||||||||
|
|
|||||||||||
|
|
Q3 2025 |
|
Q3 2024 Reported |
|
Change |
|
Q3 2025 |
|
Q3 2025 at |
|
Change at |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
$ 7,282.5 |
|
$ 6,580.6 |
|
11 % |
|
$ (124.5) |
|
$ 7,158.0 |
|
9 % |
|
Ticketing |
797.6 |
|
693.7 |
|
15 % |
|
(7.7) |
|
789.9 |
|
14 % |
|
Sponsorship & Advertising |
442.7 |
|
390.3 |
|
13 % |
|
(8.1) |
|
434.6 |
|
11 % |
|
Other and Eliminations |
(23.7) |
|
(13.5) |
|
* |
|
0.0 |
|
(23.7) |
|
* |
|
|
$ 8,499.1 |
|
$ 7,651.1 |
|
11 % |
|
$ (140.3) |
|
$ 8,358.8 |
|
9 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Income |
$ 792.5 |
|
$ 639.5 |
|
24 % |
|
$ (12.8) |
|
$ 779.7 |
|
22 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
$ 514.2 |
|
$ 474.1 |
|
8 % |
|
$ (6.5) |
|
$ 507.7 |
|
7 % |
|
Ticketing |
285.9 |
|
235.7 |
|
21 % |
|
(3.7) |
|
282.2 |
|
20 % |
|
Sponsorship & Advertising |
313.1 |
|
275.3 |
|
14 % |
|
(6.6) |
|
306.5 |
|
11 % |
|
Other and Eliminations |
(6.2) |
|
(7.1) |
|
* |
|
0.1 |
|
(6.1) |
|
* |
|
Corporate |
(74.0) |
|
(68.2) |
|
(9) % |
|
0.0 |
|
(74.0) |
|
(9) % |
|
|
$ 1,033.0 |
|
$ 909.8 |
|
14 % |
|
$ (16.7) |
|
$ 1,016.3 |
|
12 % |
|
|
|
* Percentages are not meaningful |
|
FINANCIAL HIGHLIGHTS – NINE MONTHS (unaudited; $ in millions) |
|||||||||||
|
|
|||||||||||
|
|
9 Months |
|
9 Months Reported |
|
Change |
|
9 Months
Currency |
|
9 Months |
|
Change at |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
$ 15,712.9 |
|
$ 14,447.0 |
|
9 % |
|
$ (106.8) |
|
$ 15,606.1 |
|
8 % |
|
Ticketing |
2,234.9 |
|
2,147.6 |
|
4 % |
|
15.0 |
|
2,249.9 |
|
5 % |
|
Sponsorship & Advertising |
999.3 |
|
913.9 |
|
9 % |
|
10.7 |
|
1,010.0 |
|
11 % |
|
Other and Eliminations |
(59.2) |
|
(34.5) |
|
* |
|
(0.1) |
|
(59.3) |
|
* |
|
|
$ 18,887.9 |
|
$ 17,474.0 |
|
8 % |
|
$ (81.2) |
|
$ 18,806.7 |
|
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Operating Income |
$ 1,393.9 |
|
$ 1,064.0 |
|
31 % |
|
$ (2.3) |
|
$ 1,391.6 |
|
31 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Concerts |
$ 879.4 |
|
$ 742.9 |
|
18 % |
|
$ (16.0) |
|
$ 863.4 |
|
16 % |
|
Ticketing |
829.1 |
|
812.4 |
|
2 % |
|
12.0 |
|
841.1 |
|
4 % |
|
Sponsorship & Advertising |
676.6 |
|
627.9 |
|
8 % |
|
3.5 |
|
680.1 |
|
8 % |
|
Other and Eliminations |
(18.8) |
|
(22.4) |
|
* |
|
0.0 |
|
(18.8) |
|
* |
|
Corporate |
(193.9) |
|
(172.2) |
|
(13) % |
|
0.0 |
|
(193.9) |
|
(13) % |
|
|
$ 2,172.4 |
|
$ 1,988.6 |
|
9 % |
|
$ (0.5) |
|
$ 2,171.9 |
|
9 % |
|
|
|
* Percentages are not meaningful |
|
Reconciliation of Operating Income to Adjusted Operating Income (unaudited; $ in millions) |
|||||
|
|
|||||
|
|
Q3 2025 |
Q3 2024 |
|
9 Months 2025 |
9 Months 2024 |
|
Operating Income |
$ 792.5 |
$ 639.5 |
|
$ 1,393.9 |
$ 1,064.0 |
|
Acquisition expenses |
33.1 |
94.6 |
|
141.8 |
95.1 |
|
Amortization of non-recoupable |
16.5 |
17.0 |
|
62.0 |
62.2 |
|
Depreciation and amortization |
165.6 |
137.0 |
|
474.1 |
407.3 |
|
Gain on sale of operating assets |
(14.9) |
(4.0) |
|
(17.9) |
(5.4) |
|
Astroworld estimated loss contingencies |
(0.6) |
— |
|
(8.4) |
279.9 |
|
Stock-based compensation expense |
40.8 |
25.7 |
|
126.9 |
85.5 |
|
Adjusted Operating Income |
$ 1,033.0 |
$ 909.8 |
|
$ 2,172.4 |
$ 1,988.6 |
|
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) |
Q3 2025 |
|
Q3 2024 |
|
Net cash used in operating activities |
$ (95.7) |
|
$ (720.9) |
|
Changes in operating assets and liabilities (working capital) |
808.3 |
|
1,443.8 |
|
Changes in accrued liabilities for Astroworld estimated loss contingencies |
(0.6) |
|
— |
|
Free cash flow from earnings |
$ 712.0 |
|
$ 722.9 |
|
Less: Maintenance capital expenditures |
(30.7) |
|
(31.9) |
|
Distributions to noncontrolling interests |
(32.0) |
|
(27.9) |
|
Free cash flow — adjusted |
$ 649.3 |
|
$ 663.1 |
|
|
|
|
|
|
Net cash used in investing activities |
$ (340.4) |
|
$ (208.4) |
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
$ 175.7 |
|
$ (49.5) |
|
Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities |
|||
|
|
|
|
|
|
($ in millions) |
9 Months 2025 |
|
9 Months 2024 |
|
Net cash provided by operating activities |
$ 1,449.0 |
|
$ 680.1 |
|
Changes in operating assets and liabilities (working capital) |
139.5 |
|
608.6 |
|
Changes in accrued liabilities for Astroworld estimated loss contingencies |
(8.4) |
|
279.9 |
|
Free cash flow from earnings |
$ 1,580.1 |
|
$ 1,568.6 |
|
Less: Maintenance capital expenditures |
(79.8) |
|
(81.5) |
|
Distributions to noncontrolling interests |
(196.8) |
|
(199.8) |
|
Free cash flow — adjusted |
$ 1,303.5 |
|
$ 1,287.3 |
|
|
|
|
|
|
Net cash used in investing activities |
$ (832.8) |
|
$ (642.8) |
|
|
|
|
|
|
Net cash used in financing activities |
$ (322.8) |
|
$ (692.5) |
|
Reconciliation of Free Cash to Cash and Cash Equivalents |
|
|
|
|
|
($ in millions) |
September 30,
|
|
Cash and cash equivalents |
$ 6,750.5 |
|
Short-term investments |
67.6 |
|
Client cash |
(2,058.9) |
|
Deferred revenue — event-related |
(3,545.5) |
|
Accrued artist fees |
(441.4) |
|
Collections on behalf of others |
(153.4) |
|
Prepaid expenses — event-related |
891.5 |
|
Free cash |
$ 1,510.4 |
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 positioning for double-digit operating income and adjusted operating income growth in 2025, compounding at this growth level over the next several years; consumer demand for upcoming 2025 and 2026 shows; expectations that 2025 will be the company's strongest year yet; expectations for full-year fan attendance at the company's concerts as well as anticipated fan growth acceleration in the fourth quarter and full-year fan count in international markets; pacing for growth in sponsorship commitments in 2025; leading indicators pointing to continued strong consumer demand in 2026; expectations that 2025 will be a record year for the company's Concerts business, with margins expected to be consistent with 2024 and anticipated double-digit adjusted operating income growth for the full year; expectations for the roll out of planned premium experiences for the company's Venue Nation business; expectations for incremental fans added annually due to large venue openings in 2025 through the end of 2026, as well as the expected fan contribution level from recently-opened U.S. amphitheaters; full-year margin expectations for the company's Ticketmaster business; full-year margin expectations for the company's Sponsorship and Advertising business as well as expected adjusted operating income growth acceleration in the fourth quarter of 2025 and growth for the full year within this business; anticipated growth in operating cash flow and free cash flow—adjusted for full-year 2025; expectations for capital expenditures in 2025; expectations for annual interest expense and weighted average cost of debt following the company's recent refinancing transactions; expected accretion expense in the fourth quarter of 2025; and full-year expectations for non-controlling interest expense as a percentage of adjusted operating income, taxes, depreciation and amortization, and share count.
Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company's plans, the risk that the company's markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.
Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled "Item 1A. Risk Factors" of the company's most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.
This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain 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 (unaudited) |
|||
|
|
|||
|
|
September 30,
|
|
December 31,
|
|
|
(in thousands) |
||
|
ASSETS |
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
$ 6,750,548 |
|
$ 6,095,424 |
|
Accounts receivable, less allowance of $75,975 and $72,663, respectively |
2,606,747 |
|
1,747,316 |
|
Prepaid expenses |
1,525,485 |
|
1,247,184 |
|
Restricted cash |
12,539 |
|
10,685 |
|
Other current assets |
412,502 |
|
189,528 |
|
Total current assets |
11,307,821 |
|
9,290,137 |
|
Property, plant and equipment, net |
3,121,609 |
|
2,441,872 |
|
Operating lease assets |
1,757,740 |
|
1,618,033 |
|
Intangible assets |
|
|
|
|
Definite-lived intangible assets, net |
1,064,105 |
|
985,812 |
|
Indefinite-lived intangible assets, net |
369,012 |
|
380,558 |
|
Goodwill |
2,841,716 |
|
2,620,911 |
|
Long-term advances |
600,365 |
|
520,482 |
|
Other long-term assets |
1,825,451 |
|
1,780,966 |
|
Total assets |
$ 22,887,819 |
|
$ 19,638,771 |
|
LIABILITIES AND EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable, client accounts |
$ 2,418,554 |
|
$ 1,859,678 |
|
Accounts payable |
355,427 |
|
242,978 |
|
Accrued expenses |
3,803,822 |
|
3,057,334 |
|
Deferred revenue |
4,064,154 |
|
3,721,092 |
|
Current portion of long-term debt, net |
1,250,813 |
|
260,901 |
|
Current portion of operating lease liabilities |
160,458 |
|
153,406 |
|
Other current liabilities |
222,345 |
|
62,890 |
|
Total current liabilities |
12,275,573 |
|
9,358,279 |
|
Long-term debt, net |
6,106,712 |
|
6,177,168 |
|
Long-term operating lease liabilities |
1,870,718 |
|
1,680,266 |
|
Other long-term liabilities |
653,289 |
|
477,763 |
|
Commitments and contingent liabilities |
|
|
|
|
Redeemable noncontrolling interests |
852,702 |
|
1,126,302 |
|
Stockholders' equity |
|
|
|
|
Common stock |
2,326 |
|
2,313 |
|
Additional paid-in capital |
1,524,648 |
|
2,059,746 |
|
Accumulated deficit |
(839,878) |
|
(1,546,819) |
|
Cost of shares held in treasury |
(6,865) |
|
(6,865) |
|
Accumulated other comprehensive loss |
(158,891) |
|
(335,112) |
|
Total Live Nation stockholders' equity |
521,340 |
|
173,263 |
|
Noncontrolling interests |
607,485 |
|
645,730 |
|
Total equity |
1,128,825 |
|
818,993 |
|
Total liabilities and equity |
$ 22,887,819 |
|
$ 19,638,771 |
|
LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) |
|||||||
|
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
|
(in thousands except share and per share data) |
||||||
|
Revenue |
$ 8,499,143 |
|
$ 7,651,087 |
|
$ 18,887,901 |
|
$ 17,474,032 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Direct operating expenses |
6,437,700 |
|
5,780,188 |
|
13,903,393 |
|
12,839,737 |
|
Selling, general and administrative expenses |
1,008,038 |
|
1,005,418 |
|
2,790,304 |
|
2,913,199 |
|
Depreciation and amortization |
165,600 |
|
137,001 |
|
474,080 |
|
407,324 |
|
Gain on disposal of operating assets |
(14,851) |
|
(3,968) |
|
(17,909) |
|
(5,398) |
|
Corporate expenses |
110,205 |
|
92,923 |
|
344,160 |
|
255,216 |
|
Operating income |
792,451 |
|
639,525 |
|
1,393,873 |
|
1,063,954 |
|
Interest expense |
80,291 |
|
87,961 |
|
232,682 |
|
248,622 |
|
Interest income |
(36,659) |
|
(36,067) |
|
(108,613) |
|
(123,749) |
|
Equity in losses of nonconsolidated affiliates |
5,209 |
|
13,987 |
|
462 |
|
8,527 |
|
Other expense (income), net |
13,792 |
|
(12,268) |
|
53,125 |
|
(110,064) |
|
Income before income taxes |
729,818 |
|
585,912 |
|
1,216,217 |
|
1,040,618 |
|
Income tax expense |
251,840 |
|
70,229 |
|
389,196 |
|
191,412 |
|
Net income |
477,978 |
|
515,683 |
|
827,021 |
|
849,206 |
|
Net income attributable to noncontrolling interests |
46,520 |
|
63,878 |
|
128,949 |
|
153,906 |
|
Net income attributable to common stockholders of Live |
$ 431,458 |
|
$ 451,805 |
|
$ 698,072 |
|
$ 695,300 |
|
|
|
|
|
|
|
|
|
|
Basic net income per common share available to common |
$ 0.74 |
|
$ 1.72 |
|
$ 0.83 |
|
$ 2.21 |
|
Diluted net income per common share available to |
$ 0.73 |
|
$ 1.66 |
|
$ 0.82 |
|
$ 2.18 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
232,043,356 |
|
230,374,307 |
|
231,706,216 |
|
229,923,989 |
|
Diluted |
234,752,332 |
|
245,319,968 |
|
234,725,805 |
|
235,928,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to net income available to common stockholders of Live Nation: |
|
|
|
|
|||
|
Net income attributable to common stockholders of |
$ 431,458 |
|
$ 451,805 |
|
$ 698,072 |
|
$ 695,300 |
|
Accretion of redeemable noncontrolling interests |
(259,850) |
|
(54,536) |
|
(505,745) |
|
(186,970) |
|
Net income available to common stockholders of Live |
$ 171,608 |
|
$ 397,269 |
|
$ 192,327 |
|
$ 508,330 |
|
Convertible debt interest, net of tax |
— |
|
10,790 |
|
— |
|
6,971 |
|
Net income available to common stockholders of Live |
$ 171,608 |
|
$ 408,059 |
|
$ 192,327 |
|
$ 515,301 |
|
|
|
|
|
|
|
|
|
|
LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) |
|||
|
|
|||
|
|
Nine Months Ended September 30, |
||
|
|
2025 |
|
2024 |
|
|
(in thousands) |
||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Net income |
$ 827,021 |
|
$ 849,206 |
|
Reconciling items: |
|
|
|
|
Depreciation |
281,122 |
|
221,841 |
|
Amortization of definite-lived intangibles |
192,958 |
|
185,483 |
|
Amortization of non-recoupable ticketing contract advances |
61,971 |
|
62,237 |
|
Deferred income taxes |
69,419 |
|
(14,059) |
|
Amortization of debt issuance costs and discounts |
13,392 |
|
13,168 |
|
Stock-based compensation expense |
126,912 |
|
85,450 |
|
Unrealized changes in fair value of contingent consideration |
17,012 |
|
(22,453) |
|
Equity in losses of nonconsolidated affiliates, net of distributions |
16,525 |
|
20,586 |
|
Provision for uncollectible accounts receivable |
19,385 |
|
(1,101) |
|
Gain on mark-to-market of investments in nonconsolidated affiliates and crypto assets |
(10,341) |
|
(100,048) |
|
Gain on sale of operating and fixed assets |
(19,390) |
|
(3,064) |
|
Other, net |
(7,424) |
|
(8,554) |
|
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: |
|
|
|
|
Increase in accounts receivable |
(753,810) |
|
(565,093) |
|
Increase in prepaid expenses and other assets |
(401,117) |
|
(341,941) |
|
Increase in accounts payable, accrued expenses and other liabilities |
1,019,909 |
|
586,960 |
|
Decrease in deferred revenue |
(4,498) |
|
(288,566) |
|
Net cash provided by operating activities |
1,449,046 |
|
680,052 |
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Advances of notes receivable |
(58,543) |
|
(92,895) |
|
Collections of notes receivable |
21,600 |
|
22,789 |
|
Disposal of operating assets, net of cash sold |
25,232 |
|
4,829 |
|
Investments made in nonconsolidated affiliates |
(29,225) |
|
(34,479) |
|
Purchases of property, plant and equipment |
(709,797) |
|
(491,750) |
|
Cash paid for acquisition of right-of-use assets |
(20,800) |
|
— |
|
Cash paid for acquisitions, net of cash acquired |
(68,334) |
|
(49,456) |
|
Proceeds from sale of intangible assets |
20,040 |
|
— |
|
Other, net |
(12,940) |
|
(1,836) |
|
Net cash used in investing activities |
(832,767) |
|
(642,798) |
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Proceeds from debt, net of debt issuance costs |
948,154 |
|
2,038 |
|
Payments on debt including extinguishment costs |
(110,526) |
|
(384,567) |
|
Contributions from noncontrolling interests |
14,002 |
|
3,000 |
|
Distributions to noncontrolling interests |
(196,799) |
|
(199,834) |
|
Purchases of noncontrolling interests, net |
(851,183) |
|
(69,935) |
|
Proceeds from exercise of stock options |
5,054 |
|
19,342 |
|
Taxes paid for net share settlement of equity awards |
(119,666) |
|
(40,873) |
|
Payments for deferred and contingent consideration |
(10,984) |
|
(21,581) |
|
Other, net |
(832) |
|
(50) |
|
Net cash used in financing activities |
(322,780) |
|
(692,460) |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
363,479 |
|
(82,947) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
656,978 |
|
(738,153) |
|
Cash, cash equivalents and restricted cash at beginning of period |
6,106,109 |
|
6,238,956 |
|
Cash, cash equivalents and restricted cash at end of period |
$ 6,763,087 |
|
$ 5,500,803 |
SOURCE Live Nation Entertainment
| 3 hours | |
| 4 hours | |
| 4 hours | |
| 5 hours | |
| 5 hours | |
| Nov-02 | |
| Nov-02 | |
| Nov-01 | |
| Oct-31 | |
| Oct-31 | |
| Oct-29 | |
| Oct-28 | |
| Oct-28 | |
| Oct-23 | |
| Oct-20 |
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