GLOBAL DEMAND FOR LIVE EVENTS IS
UNPRECEDENTED
1Q23 FINANCIAL OVERVIEW (vs 1Q22, reported FX): Record
Results Reflect Incredible Fan Demand
- Revenue Up 73% to $3.1
Billion
- Operating Income Up 5.3x to $143
Million
- AOI Up 53% to $320
Million
- Operating Cash Flow Reaches $1.2
Billion
- Adjusted Free Cash Flow Up Over 2x to $190 Million, Converting 59% of AOI
Global Business Drives Growth (All Metrics vs 1Q22)
- Live Music is #1 Leisure Category Global Consumers Expect to
Spend More On
- Fan Count Up 79% to 19+ Million
- Ticketing Fee-Bearing Gross Transaction Value Up 60% to
$7.7 Billion
- Sponsorship AOI Up 37% to $96
Million
Leading Indicators Point To A Record 2023
- Record Number of Fans Expected: ~90 Million Tickets Sold
Year-To-Date for Live Nation Shows This Year
- Ticketing Set to Manage 600 Million Tickets Globally This
Year
- Sponsorship on Track for Double-Digit AOI Growth
LOS
ANGELES, May 4, 2023 /PRNewswire/ -- Live Nation
Entertainment, Inc. (NYSE: LYV) today released financial results
for the quarter ended March 31, 2023.
2023 is off to a tremendous start. For the first time in
three years, all of our markets are fully open. The common
theme we are seeing around the world is that live experiences are a
high priority for fans.
In the first quarter, we delivered record results across all
divisions, as well as record support for artists. From ticket
sales, to attendance, and onsite spend - every sign points to
incredible demand for live events. In the first quarter, over
19 million fans attended our shows across 45 countries and we sold
over 145 million tickets with record levels of activity across all
markets.
We delivered revenue of $3.1
billion, operating income of $143
million, and AOI of $320
million, up 73%, 5.3x, and 53% respectively, relative to the
first quarter of last year. This performance is indicative of
our continued long-term growth and sets the stage for a record
2023, as we are more positive than ever about artists touring, fans
attending concerts to see their favorite artists, and our role
helping make this happen.
Live Entertainment Demand Is Unprecedented
What is clear as we look at our results and operating metrics is
that global demand for live events continues to reach new heights –
demand has been growing for a long time and is showing no signs of
letting up. Talking to fans, they say that live experiences
are the number one leisure category where they expect to spend more
in the future. Naturally, this is leading to record levels of
activity in both our concerts and ticketing businesses.
First, in concerts we have sold nearly 90 million tickets for
shows this year, tracking more than 20% ahead of this point last
year. These early sales have been driven by a record number
of stadium shows and continued strong growth in arena tours.
With many major tours – from Beyoncé to Drake to Bruce Springsteen – demand was so strong that
even when artists added a number of additional shows, they still
were not able to meet all of the fan demand.
As a further initiative to make tickets affordable to all fans,
we launched today our Summer Concert Week sale, with $25 tickets available to over 3,800 shows.
When fans attend our shows, they continued spending to enhance
their experience. While our key outdoor season has not
started yet, early reads from U.S. and European indoor venues that
we operate demonstrate further growth in average per fan
revenue. As we provide more elevated hospitality options for
fans, we have launched Vibee, which hosts destination events
centered around live music and launched this week with U2 Sphere
VIP packages selling out.
We have also continued building our Venue Nation portfolio, with
new venues expected to host nearly three million fans at one
thousand shows this year, driving more long-term growth and
profitability across all our businesses.
Our ticketing business benefits from the same structural
tailwinds as concerts, with further growth driven by our success in
adding new clients, notably in international markets. As a
result, we sold 73 million fee-bearing tickets in the first
quarter, up 40% and delivered $7.7
billion in fee-bearing gross transaction value, up 60% vs
first quarter 2022. We are seeing growth in both volume and
pricing across our global markets. This holds true across all
event types from concerts to sports; and from the biggest
superstars to new artists.
Brands Seeking to Connect With Fans
Our brand partners recognize that the passion for live music has
never been greater, and that Live Nation provides a unique on-site
and on-line platform to connect with fans in meaningful ways on a
global scale. In the first quarter, we continued adding
partners for 2023 and beyond including Google Pixel, PayPal, and
Levi's. With this, we have commitments for over 80% of our
planned sponsorship for the year.
Equally important, fans are embracing the value brands can
provide to the concert experience, with around 70% of live music
goers agreeing that brands can enhance their time at the
show. Our team is the best in the industry at working with
brands to develop programs that deliver value to fans, which in
turn grows our brand relationships and attracts new ones.
Looking Forward
Our results for the first quarter demonstrate the success of our
strategy and sets us up for strong growth in 2023. We expect
to host a record number of fans this year, even against a 2022
comparison which benefited from rescheduled shows attended by 20
million fans. Ticketmaster should also deliver record
activity, with around 600 million tickets managed globally this
year. Our sponsorship business, even after incredible growth
last year, looks to be on track for double-digit AOI growth again
this year.
As we then look to 2024 and beyond, we have all the necessary
levers to build our flywheel globally and continue to compound AOI
by double-digits for the foreseeable future.
Michael Rapino
President and Chief Executive Officer
Live Nation Entertainment, Inc.
The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial
performance, operational matters and potentially other material
developments. Interested parties should visit the "News / Events"
section of the company's website at
investors.livenationentertainment.com to listen to the webcast.
Supplemental statistical and financial information to be provided
on the call, if any, will be posted to the "Financial Info" section
of the website. A replay of the webcast will also be available on
the Live Nation website.
Notice Regarding Financial Statements
The company has
provided certain financial statements at the end of this press
release for reference. These financial statements should be
read in conjunction with the full financial statements, and the
notes thereto, set forth in the company's Quarterly Report on Form
10-Q filed with the Securities and Exchange Commission today and
available on the SEC's website at sec.gov.
About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world's leading
live entertainment company comprised of global market leaders:
Ticketmaster, Live Nation Concerts, and Live Nation Media &
Sponsorship. For additional information, visit
investors.livenationentertainment.com.
FINANCIAL HIGHLIGHTS
– FIRST QUARTER
|
(unaudited; $ in
millions)
|
|
|
Q1 2023
Reported
|
|
Q1 2022
Reported
|
|
Growth
|
|
Q1 2023
Constant
Currency
|
|
Growth at
Constant
Currency
|
Revenue
|
|
|
|
|
|
|
|
|
|
Concerts
|
$ 2,281.2
|
|
$ 1,207.8
|
|
89 %
|
|
$ 2,328.0
|
|
93 %
|
Ticketing
|
677.7
|
|
480.4
|
|
41 %
|
|
684.3
|
|
42 %
|
Sponsorship &
Advertising
|
170.1
|
|
115.7
|
|
47 %
|
|
169.8
|
|
47 %
|
Other and
Eliminations
|
(1.6)
|
|
(1.1)
|
|
*
|
|
(1.5)
|
|
*
|
|
$ 3,127.4
|
|
$ 1,802.8
|
|
73 %
|
|
$ 3,180.6
|
|
76 %
|
|
|
|
|
|
|
|
|
|
|
Consolidated
Operating Income
|
$
142.8
|
|
$
27.1
|
|
*
|
|
$
148.2
|
|
*
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating
Income (Loss)
|
|
|
|
|
|
|
|
|
|
Concerts
|
$
0.8
|
|
$
(49.2)
|
|
*
|
|
$
2.6
|
|
*
|
Ticketing
|
271.1
|
|
206.2
|
|
31 %
|
|
271.5
|
|
32 %
|
Sponsorship &
Advertising
|
95.4
|
|
69.7
|
|
37 %
|
|
95.8
|
|
37 %
|
Other and
Eliminations
|
(7.8)
|
|
(4.4)
|
|
*
|
|
(7.8)
|
|
*
|
Corporate
|
(39.8)
|
|
(13.3)
|
|
*
|
|
(39.8)
|
|
*
|
|
$
319.7
|
|
$
209.0
|
|
53 %
|
|
$
322.3
|
|
54 %
|
|
* Percentages are
not meaningful
|
Reconciliation of
Adjusted Operating Income to Operating Income
(Unaudited)
|
|
|
Q1
2023
|
Q1
2022
|
|
(in
millions)
|
Adjusted Operating
Income
|
$
319.7
|
$
209.0
|
Acquisition
expenses
|
13.2
|
12.0
|
Amortization of
non-recoupable ticketing contract advances
|
20.4
|
18.5
|
Depreciation and
amortization
|
115.2
|
100.5
|
Loss on sale of
operating assets
|
0.5
|
1.7
|
Stock-based
compensation expense
|
27.6
|
49.2
|
Operating
income
|
$
142.8
|
$
27.1
|
KEY OPERATING
METRICS
|
(unaudited)
|
|
|
Q1
2023
|
|
Q1
2022
|
|
(in thousands except
estimated events)
|
Concerts
(1)
|
|
|
|
Estimated
events:
|
|
|
|
North
America
|
6,036
|
|
4,736
|
International
|
3,594
|
|
1,978
|
Total estimated
events
|
9,630
|
|
6,714
|
Estimated
fans:
|
|
|
|
North
America
|
7,575
|
|
6,829
|
International
|
11,934
|
|
4,069
|
Total estimated
fans
|
19,509
|
|
10,898
|
Ticketing
(2)
|
|
|
|
Estimated number of
fee-bearing tickets
|
72,579
|
|
51,563
|
Estimated number of
non-fee-bearing tickets
|
73,200
|
|
59,883
|
Total estimated
tickets sold
|
145,779
|
|
111,446
|
|
|
_________
|
|
|
(1)
|
Events generally
represent a single performance by an artist. Fans generally
represent the number of people who attend an event. Festivals are
counted as one event in the quarter in which the festival begins,
but the number of fans is based on the days the fans were present
at the festival and thus can be reported across multiple quarters.
Events and fan attendance metrics are estimated each
quarter.
|
|
|
(2)
|
The fee-bearing tickets
estimated above include primary and secondary tickets that are sold
using our Ticketmaster systems or that we issue through affiliates.
This includes primary tickets sold during the year regardless of
event timing, except for our own events where our concert promoters
control ticketing which are reported when the events occur. The
non-fee-bearing tickets estimated above include primary tickets
sold using our Ticketmaster systems, through season seat packages
and our venue clients' box offices, along with tickets sold on our
"do it yourself" platform. These ticket metrics are net of any
refunds requested and any cancellations that occurred during the
period, which may result in a negative number.
|
Reconciliation of
Certain Non-GAAP Measures to Their Most Directly Comparable GAAP
Measures (Unaudited)
|
|
Reconciliation of
Free Cash Flow — Adjusted to Net Cash Provided by Operating
Activities
|
($ in
millions)
|
Q1
2023
|
|
Q1
2022
|
Net cash provided by
operating activities
|
$
1,155.8
|
|
$
1,198.3
|
Less: Changes in
operating assets and liabilities (working capital)
|
(902.3)
|
|
(1,056.4)
|
Free cash flow from
earnings
|
$
253.5
|
|
$
141.9
|
Less: Maintenance
capital expenditures
|
(8.6)
|
|
$
(13.8)
|
Distributions to noncontrolling interests
|
(54.9)
|
|
(39.0)
|
Free cash flow —
adjusted
|
$
190.0
|
|
$
89.1
|
|
|
|
|
Net cash used in
investing activities
|
$
(59.8)
|
|
$
(115.0)
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
$
225.7
|
|
$
(75.0)
|
Reconciliation of
Free Cash to Cash and Cash Equivalents
|
|
($ in
millions)
|
March 31,
2023
|
Cash and cash
equivalents
|
$
6,992.0
|
Client cash
|
(1,422.0)
|
Deferred revenue —
event-related
|
(4,432.3)
|
Accrued artist
fees
|
(122.0)
|
Collections on behalf
of others
|
(58.5)
|
Prepaid expenses —
event-related
|
905.9
|
Free cash
|
$
1,863.1
|
- As of March 31, 2023, total cash
and cash equivalents were $7.0
billion, which includes $1.4
billion in ticketing client cash and $1.9 billion in free cash. This free cash, along
with $579.7 million of available debt
capacity, gives the company $2.4
billion of available liquidity. The company believes this
level of liquidity will provide its needs to fund operations and
future investment opportunities.
- The company expects capital expenditures to be approximately
$450 million in 2023 as we continue
catching up on projects delayed due to supply chain constraints and
further expand our global platform.
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 the regarding fan demand; the
company's expectation that its new venues will host nearly 3
million fans in 2023 at approximately 1,000 shows; the company's
positioning for strong growth and a record 2023; the company's
expectations that it will host a record number of fans in 2023,
that Ticketmaster will deliver record activity with around 600
million tickets managed globally in 2023, and that the company's
sponsorship and advertising business is on track for double-digit
adjusted operating income growth in 2023; the company's ability to
compound adjusted operating income by double-digits for the
foreseeable future; the company's belief that its current level of
liquidity will provide its needs to fund operations and future
investment opportunities; and the company's current expectations
for capital expenditures for 2023.
Live Nation wishes to caution you that there are some known and
unknown factors that could cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements, including
but not limited to operational challenges in achieving strategic
objectives and executing on the company's plans, the risk that the
company's markets do not evolve as anticipated, the potential
impact of any economic slowdown and operational challenges
associated with selling tickets and staging events.
Live Nation refers you to the documents it files from time to
time with the U.S. Securities and Exchange Commission, or SEC,
specifically the section titled "Item 1A. Risk Factors" of the
company's most recent Annual Report filed on Form 10-K, and
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K,
which contain and identify other important factors that could cause
actual results to differ materially from those contained in the
company's projections or forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements which speak only as of the date on which they are made.
All subsequent written and oral forward-looking statements by or
concerning Live Nation are expressly qualified in their entirety by
the cautionary statements above. Live Nation does not undertake any
obligation to publicly update or revise any forward-looking
statements because of new information, future events or
otherwise.
This press release contains certain non-GAAP financial measures
as defined by SEC Regulation G. A reconciliation of each such
measure to its most directly comparable GAAP financial measure,
together with an explanation of why management believes that these
non-GAAP financial measures provide useful information to
investors, is provided herein.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP
financial measure that we define as operating income (loss) before
certain stock-based compensation expense, loss (gain) on disposal
of operating assets, depreciation and amortization (including
goodwill impairment), amortization of non-recoupable ticketing
contract advances and acquisition expenses (including transaction
costs, changes in the fair value of accrued acquisition-related
contingent consideration obligations, and acquisition-related
severance and compensation). We use AOI to evaluate the performance
of our operating segments. We believe that information about AOI
assists investors by allowing them to evaluate changes in the
operating results of our portfolio of businesses separate from
non-operational factors that affect net income (loss), thus
providing insights into both operations and the other factors that
affect reported results. AOI is not calculated or presented in
accordance with GAAP. A limitation of the use of AOI as a
performance measure is that it does not reflect the periodic costs
of certain amortizing assets used in generating revenue in our
business. Accordingly, AOI should be considered in addition to, and
not as a substitute for, operating income (loss), net income
(loss), and other measures of financial performance reported in
accordance with GAAP. Furthermore, this measure may vary among
other companies; thus, AOI as presented herein may not be
comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when
applied to a GAAP financial measure. We calculate currency impacts
as the difference between current period activity translated using
the current period's currency exchange rates and the comparable
prior period's currency exchange rates. We present constant
currency information to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign
currency rate fluctuations.
Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial
measure that we define as net cash provided by (used in) operating
activities less changes in operating assets and liabilities, less
maintenance capital expenditures, less distributions to
noncontrolling interest partners. We use FCF among other measures,
to evaluate the ability of operations to generate cash that is
available for purposes other than maintenance capital expenditures.
We believe that information about FCF provides investors with an
important perspective on the cash available to service debt, make
acquisitions, and for revenue generating capital expenditures. FCF
is not calculated or presented in accordance with GAAP. A
limitation of the use of FCF as a performance measure is that it
does not necessarily represent funds available for operations and
is not necessarily a measure of our ability to fund our cash needs.
Accordingly, FCF should be considered in addition to, and not as a
substitute for, net cash provided by (used in) operating activities
and other measures of financial performance reported in accordance
with GAAP. Furthermore, this measure may vary among other
companies; thus, FCF as presented herein may not be comparable to
similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as
cash and cash equivalents less ticketing-related client funds, less
event-related deferred revenue, less accrued expenses due to
artists and cash collected on behalf of others, plus event-related
prepaids. We use free cash as a proxy for how much cash we have
available to, among other things, optionally repay debt balances,
make acquisitions and fund revenue generating capital expenditures.
Free cash is not calculated or presented in accordance with GAAP. A
limitation of the use of free cash as a performance measure is that
it does not necessarily represent funds available from operations
and it is not necessarily a measure of our ability to fund our cash
needs. Accordingly, free cash should be considered in addition to,
and not as a substitute for, cash and cash equivalents and other
measures of financial performance reported in accordance with GAAP.
Furthermore, this measure may vary among other companies; thus,
free cash as presented herein may not be comparable to similarly
titled measures of other companies.
LIVE NATION
ENTERTAINMENT, INC.
|
CONSOLIDATED BALANCE
SHEETS
|
(unaudited)
|
|
|
March 31,
2023
|
|
December 31,
2022
|
|
(in
thousands)
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash
and cash equivalents
|
$
6,991,987
|
|
$
5,606,457
|
Accounts receivable, less allowance of $62,224 and $63,294,
respectively
|
1,657,210
|
|
1,465,383
|
Prepaid expenses
|
1,323,199
|
|
949,826
|
Restricted cash
|
5,465
|
|
5,917
|
Other current assets
|
119,260
|
|
131,939
|
Total current
assets
|
10,097,121
|
|
8,159,522
|
Property, plant and
equipment, net
|
1,887,070
|
|
1,487,663
|
Operating lease
assets
|
1,580,919
|
|
1,571,395
|
Intangible
assets
|
|
|
|
Definite-lived intangible assets, net
|
1,054,538
|
|
1,050,622
|
Indefinite-lived intangible assets, net
|
368,771
|
|
368,712
|
Goodwill
|
2,577,317
|
|
2,529,380
|
Long-term
advances
|
594,556
|
|
568,558
|
Other long-term
assets
|
709,299
|
|
724,989
|
Total
assets
|
$
18,869,591
|
|
$
16,460,841
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable, client accounts
|
$
1,815,911
|
|
$
1,791,025
|
Accounts payable
|
172,649
|
|
180,076
|
Accrued expenses
|
2,002,429
|
|
2,368,434
|
Deferred revenue
|
5,103,432
|
|
3,134,800
|
Current portion of long-term debt, net
|
63,870
|
|
620,032
|
Current portion of operating lease liabilities
|
142,951
|
|
140,232
|
Other current liabilities
|
72,845
|
|
68,716
|
Total current
liabilities
|
9,374,087
|
|
8,303,315
|
Long-term debt,
net
|
6,547,911
|
|
5,283,467
|
Long-term operating
lease liabilities
|
1,646,624
|
|
1,654,525
|
Other long-term
liabilities
|
511,473
|
|
455,971
|
Commitments and
contingent liabilities
|
|
|
|
Redeemable
noncontrolling interests
|
710,350
|
|
669,766
|
Stockholders'
equity
|
|
|
|
Common stock
|
2,289
|
|
2,285
|
Additional paid-in capital
|
2,535,553
|
|
2,698,316
|
Accumulated deficit
|
(2,974,398)
|
|
(2,971,229)
|
Cost
of shares held in treasury
|
(6,865)
|
|
(6,865)
|
Accumulated other comprehensive loss
|
(17,425)
|
|
(90,076)
|
Total Live Nation
stockholders' equity
|
(460,846)
|
|
(367,569)
|
Noncontrolling
interests
|
539,992
|
|
461,366
|
Total
equity
|
79,146
|
|
93,797
|
Total liabilities
and equity
|
$
18,869,591
|
|
$
16,460,841
|
LIVE NATION
ENTERTAINMENT, INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
(in thousands,
except share and per share data)
|
Revenue
|
$
3,127,390
|
|
$
1,802,808
|
Operating
expenses:
|
|
|
|
Direct operating
expenses
|
2,115,589
|
|
1,071,022
|
Selling, general and
administrative expenses
|
690,321
|
|
570,182
|
Depreciation and
amortization
|
115,185
|
|
100,469
|
Loss on disposal of
operating assets
|
504
|
|
1,665
|
Corporate
expenses
|
63,015
|
|
32,410
|
Operating
income
|
142,776
|
|
27,060
|
Interest
expense
|
89,215
|
|
66,773
|
Loss on extinguishment
of debt
|
18,366
|
|
—
|
Interest
income
|
(40,313)
|
|
(7,564)
|
Equity in earnings of
nonconsolidated affiliates
|
(4,107)
|
|
(4,288)
|
Other expense,
net
|
11,583
|
|
9,399
|
Income (loss) before
income taxes
|
68,032
|
|
(37,260)
|
Income tax
expense
|
23,840
|
|
11,696
|
Net income
(loss)
|
44,192
|
|
(48,956)
|
Net income attributable
to noncontrolling interests
|
47,361
|
|
1,226
|
Net loss attributable
to common stockholders of Live Nation
|
$
(3,169)
|
|
$
(50,182)
|
|
|
|
|
Basic and diluted net
loss per common share available to common stockholders of Live
Nation
|
$
(0.25)
|
|
$
(0.39)
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
Basic and
diluted
|
228,162,831
|
|
221,890,625
|
|
|
|
|
|
|
|
|
Reconciliation to net
loss available to common stockholders of Live Nation:
|
Net loss attributable
to common stockholders of Live Nation
|
$
(3,169)
|
|
$
(50,182)
|
Accretion of
redeemable noncontrolling interests
|
(54,933)
|
|
(35,714)
|
Net loss available to
common stockholders of Live Nation—basic and diluted
|
$
(58,102)
|
|
$
(85,896)
|
|
|
|
|
LIVE NATION
ENTERTAINMENT, INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(unaudited)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
|
(in
thousands)
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net income
(loss)
|
$
44,192
|
|
$
(48,956)
|
Reconciling
items:
|
|
|
|
Depreciation
|
57,710
|
|
50,760
|
Amortization
|
57,475
|
|
49,709
|
Amortization of
non-recoupable ticketing contract advances
|
20,363
|
|
18,527
|
Amortization of debt
issuance costs and discounts
|
4,630
|
|
4,114
|
Loss on extinguishment
of debt
|
18,366
|
|
—
|
Stock-based
compensation expense
|
27,571
|
|
49,241
|
Unrealized changes in
fair value of contingent consideration
|
9,702
|
|
10,904
|
Equity in losses of
nonconsolidated affiliates, net of distributions
|
7,793
|
|
2,090
|
Provision for
uncollectible accounts receivable
|
6,054
|
|
(536)
|
Other, net
|
(307)
|
|
6,078
|
Changes in operating
assets and liabilities, net of effects of acquisitions and
dispositions:
|
|
|
|
Increase in accounts
receivable
|
(163,603)
|
|
(152,725)
|
Increase in prepaid
expenses and other assets
|
(369,494)
|
|
(338,017)
|
Increase (decrease) in
accounts payable, accrued expenses and other liabilities
|
(460,749)
|
|
236,584
|
Increase in deferred
revenue
|
1,896,145
|
|
1,310,527
|
Net cash provided by
operating activities
|
1,155,848
|
|
1,198,300
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Advances of notes
receivable
|
(33,579)
|
|
(18,399)
|
Collections of notes
receivable
|
2,825
|
|
6,709
|
Investments made in
nonconsolidated affiliates
|
(6,455)
|
|
(26,243)
|
Purchases of property,
plant and equipment
|
(116,886)
|
|
(62,525)
|
Cash acquired from
(paid for) acquisitions, net of cash paid (acquired)
|
96,382
|
|
(13,962)
|
Other, net
|
(2,076)
|
|
(533)
|
Net cash used in
investing activities
|
(59,789)
|
|
(114,953)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Proceeds from long-term
debt, net of debt issuance costs
|
987,793
|
|
700
|
Payments on long-term
debt
|
(604,584)
|
|
(12,784)
|
Contributions from
noncontrolling interests
|
5,944
|
|
5,712
|
Distributions to
noncontrolling interests
|
(54,915)
|
|
(38,966)
|
Purchases and sales of
noncontrolling interests, net
|
(21,606)
|
|
(105)
|
Payments for capped
call transactions
|
(75,500)
|
|
—
|
Proceeds from exercise
of stock options
|
994
|
|
10,907
|
Taxes paid for net
share settlement of equity awards
|
(7,949)
|
|
(36,568)
|
Payments for deferred
and contingent consideration
|
(2,606)
|
|
(3,610)
|
Other, net
|
(1,870)
|
|
(327)
|
Net cash provided by
(used in) financing activities
|
225,701
|
|
(75,041)
|
Effect of exchange rate
changes on cash, cash equivalents and restricted cash
|
63,318
|
|
(21,079)
|
Net increase in cash,
cash equivalents, and restricted cash
|
1,385,078
|
|
987,227
|
Cash, cash equivalents
and restricted cash at beginning of period
|
5,612,374
|
|
4,887,792
|
Cash, cash equivalents
and restricted cash at end of period
|
$
6,997,452
|
|
$
5,875,019
|
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SOURCE Live Nation Entertainment