Live Nation Entertainment Reports Full Year And Fourth Quarter 2023 Results
Live Nation Entertainment Reports Full Year And Fourth Quarter 2023 Results

LOS ANGELES, Feb. 22, 2024 /PRNewswire/ —

“The live music industry reached new heights in 2023, and demand for live music continues to build. Our digital world empowers artists to develop global followings, while inspiring fans to crave in-person experiences more than ever. At the same time, the industry is delivering a wider variety of concerts which draws in new audiences, and developing more venues to support a larger show pipeline. Against this backdrop, we expect all our businesses to continue growing and adding value to artists and fans as we deliver double-digit operating income and AOI growth again this year, with our profitability compounding by double-digits over the next several years.”
–Michael Rapino, President and CEO, Live Nation Entertainment

2023 Financial Overview (vs FY 2022): Global Demand for Live Events Drives Ongoing Growth
(reported FX)

  • Revenue up 36% to $22.7 billion
  • Operating Income up 46% to $1.07 billion
  • AOI up 32% to $1.86 billion, doubling since 2019
  • Operating Cash Flow of nearly $1.4 billion
  • Free Cash Flow — Adjusted of over $1.1 billion, up 20% and converting 62% of AOI
  • EPS more than doubled to $1.37

View how these results compare to past quarters in the 4Q23 Trended Results Grid: 
https://investors.livenationentertainment.com/financial-information/financial-results

2023 Highlights (vs FY 2022): All-Time Highs for Attendance, Ticket Sales, and Sponsorship Activity

  • More fans: Concert attendance up 20%, over 145 million fans attended over 50,000 events
  • More global and longer: 50% more international acts in top 50 tours and tours have 15% more shows on average (both compared to five years ago)
  • Higher spending on hospitality: Ancillary per fan spending up double-digits across all major venue types – amphitheaters, festivals, and clubs and theaters
  • Greater ticket sales: Fee-bearing gross transaction value (GTV) up 30% to nearly $36 billion
  • Growing brand demand: Sponsorship revenue up 13% to over $1 billion
  • Live Nation remains the largest supporter of artists: Investment in artists up over 40% to over $13 billion
    • Promoting more artists at every level from clubs to stadiums, with nearly 7,000 touring artists in 40+ countries
    • Paid out $1,500 nightly bonuses and 100% merchandise profits to over 3,000 developing artists through our On The Road Again program, which has extended to 2024

2024 Strong Start (vs same period 2023): Leading Indicators Point to Another Year of Growth
(based on leading indicators through mid-February)

  • Fans prioritize live: Social media fuels fan interest, with approximately 90% of live music goers agreeing that seeing live music content on social media makes them want to attend shows
    • Live Nation concert ticket sales pacing up 6% with 57 million tickets sold for shows this year, and arena and amphitheater sales up double-digits
    • Strong demand across all price points: Front of house continues to see high demand and ticket sales up 25% for the 2024 Lawnie Pass
  • Show pipeline up: Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits with growth led by arenas and amphitheaters
    • 65% of full-year booked compared to approximately 50% booked last year
    • Venue Nation fan count expected to grow with more shows at amphitheaters and other operated venues
    • Event-related deferred revenue at year end up 8% to $2.9 billion
  • Strong momentum at Ticketmaster: GTV up double-digits to $13 billion on fee-bearing tickets for events playing off in 2024
    • Approximately three million net new enterprise tickets signed in January, with two-thirds from International markets
  • All-in pricing winning fans: Move to all-in pricing last fall receiving positive reception and driving higher conversion rates across our operated venues
  • Sponsorship momentum continues: Approximately 75% of expected sponsorship commitments booked, up double-digits
    • Long-term monetization driven by opportunities across Latin America and Asia, expanding venue and festival footprint including premium experiences, and Ticketmaster’s global platform including digital ticketing

2023 Concerts Demand on the Rise Globally (vs FY 2022)

  • Revenue up 39% to $18.8 billion
  • AOI approximately doubled to $325 million
  • Full-year margins expanded by 50 basis points, despite most fan growth coming in third-party venues

Demand Increasing Attendance Across All Markets, Venues, and Price Points (vs FY 2022)

  • Overall fan growth of 20% led by International markets up 25% and North America up 17%
  • Stadium shows led attendance growth with over 29 million fans globally, up 60%
  • Wide variety of price points with two-thirds of U.S. concert tickets under $100 and one-third under $50
  • Average secondary ticket price roughly 2x primary, showing that tickets remain priced below market value

Venue Nation Continues to Elevate On-Site Experiences (vs FY 2022)

  • Over 55 million fans at our operated venues and festivals, up 13%
  • Ancillary per fan revenue grew double-digits at operated venues as fans prioritize spending on enhanced hospitality:
    • Amphitheaters up 10% to over $40
    • Arenas and theaters and clubs up double-digits globally
    • Major festivals (over 100k attendees) up double-digits globally
  • Expanding global venue portfolio with a focus on large theaters and international arenas

Global Fan Demand and Client Wins Drive 2023 Ticketing Results (vs FY 2022)

  • Revenue up 32% to nearly $3 billion
  • AOI up 35% to over $1.1 billion
  • Full-year margins remained in the high 30s

Live Experience Economy Fuels More Ticket Sales (vs FY 2022)

  • Total fee-bearing GTV up 30% to $36 billion, with North America up 26% and International markets up 42%; 85% of the growth driven by global concert ticket sales
  • Total tickets up 13% to over 620 million tickets, including fee-bearing tickets up 17% to 329 million
  • 21 million net new client tickets added, with approximately 80% coming from International markets

Sponsorship Growth Reflects the Scale and Unique Nature of Our Global Platforms (vs FY 2022)

  • Revenue up 13% to over $1 billion
  • AOI up 14% to $675 million
  • Full-year margins remained in the low 60s
  • Over 100 partners with multi-million dollar, multi-year commitments accounted for approximately 80% of revenue
  • Growth led by beverages, technology, and financial services

 – – – – – – – – –

Additional Financial Information

  • 2024 growth expected to be more weighted toward 2Q and 3Q compared to previous years
  • 2024 capital expenditures estimated to be $540 million, in line with prior years as a percentage of revenue
    • Approximately two-thirds will support revenue-generating projects, driven primarily by the expansion of and investment in our global venue portfolio
    • Four venues account for approximately one-third of this spend with total expected returns over 20%
  • Foreign exchange rates not currently expected to materially impact 2024 revenue, operating income or AOI
  • Below-the-line impact to 2024 EPS:
    • Depreciation and amortization expense expected to be $80 million higher than 2023
    • Annual accretion expected to grow in line with AOI
    • Non-controlling interest and tax expenses expected to grow in line with AOI
  • 2024 share count not expected to change materially from 2023

Balance Sheet and Liquidity Gives Us Financial Flexibility

  • 4Q23 ended with $6.2 billion in cash and cash equivalents, including $1.5 billion in ticketing client cash and $2.2 billion in free cash
  • Approximately 87% of debt is at a fixed rate, with an average cost of debt of 4.7%

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. The link to the 4Q23 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.

Notice Regarding Financial Statements

The company has provided certain financial statements at the end of this press release for reference.  These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission today and available on the SEC’s website at sec.gov.

About Live Nation Entertainment: 

Live Nation Entertainment, Inc. (NYSE: LYV) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.

FINANCIAL HIGHLIGHTS – FOURTH QUARTER

(unaudited; $ in millions)



Q4 2023
Reported


Q4 2022
Reported


Growth


Q4 2023
Constant
Currency


Growth at
Constant
Currency

Revenue










Concerts

$     4,874.8


$     3,395.9


44 %


$     4,924.7


45 %

Ticketing

739.8


651.3


14 %


737.3


13 %

Sponsorship & Advertising

255.4


245.6


4 %


252.6


3 %

Other and Eliminations

(31.1)


(2.2)


*


(31.1)


*


$     5,838.9


$     4,290.6


36 %


$     5,883.5


37 %











Consolidated Operating Loss

$         (81.5)


$       (119.9)


32 %


$         (95.1)


21 %











Adjusted Operating Income (Loss)










Concerts

$       (184.4)


$       (184.8)


— %


$       (204.9)


(11 %)

Ticketing

236.0


227.7


4 %


237.0


4 %

Sponsorship & Advertising

126.2


117.7


7 %


127.5


8 %

Other and Eliminations

(6.6)


(4.7)


*


(6.6)


*

Corporate

(54.3)


(58.1)


7 %


(54.3)


7 %


$        116.9


$          97.8


20 %


$          98.7


1 %

* Percentages are not meaningful

FINANCIAL HIGHLIGHTS – 12 MONTHS

(unaudited; $ in millions)



12 Months
2023
Reported


12 Months
2022
Reported


Growth


12 Months
2023
Constant
Currency


Growth at
Constant
Currency

Revenue










Concerts

$   18,763.7


$   13,494.1


39 %


$   18,724.4


39 %

Ticketing

2,959.5


2,238.6


32 %


2,953.3


32 %

Sponsorship & Advertising

1,095.2


968.1


13 %


1,077.6


11 %

Other and Eliminations

(69.3)


(19.6)


*


(69.3)


*


$   22,749.1


$   16,681.2


36 %


$   22,686.0


36 %











Consolidated Operating Income

$     1,066.2


$        732.1


46 %


$     1,036.6


42 %











Adjusted Operating Income (Loss)










Concerts

$        325.5


$        169.7


92 %


$        292.8


72 %

Ticketing

1,116.3


827.9


35 %


1,112.3


34 %

Sponsorship & Advertising

675.1


592.0


14 %


669.0


13 %

Other and Eliminations

(39.5)


(14.5)


*


(39.5)


*

Corporate

(215.0)


(167.9)


(28) %


(215.0)


(28) %


$     1,862.4


$     1,407.2


32 %


$     1,819.6


29 %

* Percentages are not meaningful

Reconciliation of Operating Income (Loss) to Adjusted Operating Income (Unaudited)



Q4 2023

Q4 2022


12 Months 2023

12 Months 2022


(in millions)

Operating Income (Loss)

$             (81.5)

$           (119.9)


$              1,066.2

$                 732.1

Acquisition expenses

14.5

38.9


93.6

68.2

Amortization of non-recoupable ticketing contract advances

25.2

22.9


83.7

79.0

Depreciation and amortization

134.4

131.5


516.8

450.0

Loss (gain) on sale of operating assets

(5.8)

0.5


(13.9)

(32.1)

Stock-based compensation expense

30.1

23.9


116.0

110.0

Adjusted Operating Income

$             116.9

$               97.8


$              1,862.4

$              1,407.2

KEY OPERATING METRICS

(unaudited)



Q4 2023


Q4 2022


12 Months
2023


12 Months
2022


(in thousands except estimated events)

Concerts (1)








Estimated events:








North America

10,129


8,110


33,629


29,170

International

5,694


5,046


16,430


14,475

Total estimated events

15,823


13,156


50,059


43,645

Estimated fans:








North America

20,928


16,251


81,252


69,693

International

16,612


15,758


64,538


51,459

Total estimated fans

37,540


32,009


145,790


121,152

Ticketing (2)








Estimated number of fee-bearing tickets

88,670


83,955


329,116


280,862

Estimated number of non-fee-bearing tickets

80,777


80,151


291,295


269,814

Total estimated tickets sold

169,447


164,106


620,411


550,676

 _________

(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)

Q4 2023


Q4 2022

Net cash provided by operating activities

$                 608.4


$                 903.7

Less: Changes in operating assets and liabilities (working capital)

(568.0)


(844.3)

Free cash flow from earnings

$                   40.4


$                   59.4

Less: Maintenance capital expenditures

(59.4)


(70.2)

          Distributions to noncontrolling interests

(85.8)


(18.8)

Free cash flow — adjusted

$                (104.8)


$                 (29.6)





Net cash used in investing activities

$                (231.8)


$                (425.0)





Net cash provided by (used in) financing activities

$                (132.2)


$                   31.9

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)

12 Months 2023


12 Months 2022

Net cash provided by operating activities

$              1,370.8


$              1,832.1

Less: Changes in operating assets and liabilities (working capital)

160.0


(637.9)

Free cash flow from earnings

$              1,530.8


$              1,194.2

Less: Maintenance capital expenditures

(131.9)


(127.0)

          Distributions to noncontrolling interests

(239.6)


(100.7)

Free cash flow — adjusted

$              1,159.3


$                 966.5





Net cash used in investing activities

$                (695.8)


$                (784.7)





Net cash used in financing activities

$                 (87.3)


$                (143.3)

Reconciliation of Free Cash to Cash and Cash Equivalents


($ in millions)

December 31,
2023

Cash and cash equivalents

$                       6,231.9

Client cash

(1,483.7)

Deferred revenue — event-related

(2,947.4)

Accrued artist fees

(215.9)

Collections on behalf of others

(82.3)

Prepaid expenses — event-related

695.0

Free cash

$                       2,197.6

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 leading indicators pointing to another year of growth for the company in 2024; the company’s current expectation that all of its businesses will continue to grow, with anticipated double-digit operating income and adjusted operating income growth in 2024, with profitability expected to compound by double-digits over the next several years; expected growth in Venue Nation fan count; continued momentum for the company’s sponsorship business and the drivers for long-term monetization in this business; the company’s estimated capital expenditures for 2024; the company’s expectations for depreciation and amortization expense, annual accretion, and non-controlling interest and tax expenses in 2024; the company’s expectation that 2024 growth will be more weighted toward the second and third quarters compared to previous years; current expectations that foreign exchange rates will not materially impact 2024 revenue, operating income or adjusted operating income; and current expectations that 2024 share count will not change materially from 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 consolidated operating income (loss) before certain acquisition expenses (including transaction costs, 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 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



December 31,
2023


December 31,
2022


(in thousands)

ASSETS




Current assets




    Cash and cash equivalents

$               6,231,866


$               5,606,457

    Accounts receivable, less allowance of $82,350 and $63,294, respectively

2,069,054


1,465,383

    Prepaid expenses

1,147,581


949,826

    Restricted cash

7,090


5,917

    Other current assets

122,163


131,939

Total current assets

9,577,54


8,159,522

Property, plant and equipment, net

2,101,463


1,487,663

Operating lease assets

1,606,389


1,571,395

Intangible assets




    Definite-lived intangible assets, net

1,161,621


1,050,622

    Indefinite-lived intangible assets, net

377,349


368,712

Goodwill

2,691,466


2,529,380

Long-term advances

623,154


568,558

Other long-term assets

934,849


724,989

Total assets

$             19,074,045


$             16,460,841

LIABILITIES AND EQUITY




Current liabilities




    Accounts payable, client accounts

$               1,866,864


$               1,791,025

    Accounts payable

267,493


180,076

    Accrued expenses

3,006,281


2,368,434

    Deferred revenue

3,398,028


3,134,800

    Current portion of long-term debt, net

1,134,386


620,032

    Current portion of operating lease liabilities

158,421


140,232

    Other current liabilities

128,430


68,716

Total current liabilities

9,959,903


8,303,315

Long-term debt, net

5,459,026


5,283,467

Long-term operating lease liabilities

1,686,091


1,654,525

Other long-term liabilities

488,159


455,971

Commitments and contingent liabilities




Redeemable noncontrolling interests

893,709


669,766

Stockholders’ equity




Preferred stock—Series A Junior Participating, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding                             


Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued and outstanding                              


Common stock, $0.01 par value; 450,000,000 shares authorized; 233,711,176 and 231,671,647 shares issued and 233,303,152 and 231,263,623 shares outstanding in 2023 and 2022, respectively

2,298


2,285

    Additional paid-in capital

2,367,918


2,698,316

    Accumulated deficit

(2,407,949)


(2,971,229)

    Cost of shares held in treasury

(6,865)


(6,865)

    Accumulated other comprehensive income (loss)

27,450


(90,076)

Total Live Nation stockholders’ equity

(17,148)


(367,569)

Noncontrolling interests

604,305


461,366

Total equity

587,157


93,797

Total liabilities and equity

$             19,074,045


$             16,460,841

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS



Year Ended December 31,


2023


2022


2021


(in thousands, except share and per share data)

Revenue

$             22,749,073


$             16,681,254


$           6,268,447

Operating expenses:






Direct operating expenses

17,292,016


12,337,524


4,355,989

Selling, general and administrative expenses

3,557,167


2,955,884


1,754,822

Depreciation and amortization

516,797


449,976


416,277

Gain on disposal of operating assets

(13,927)


(32,082)


(1,211)

Corporate expenses

330,817


237,834


160,428

Operating income (loss)

1,066,203


732,118


(417,858)

Interest expense

350,244


278,483


282,440

Loss on extinguishment of debt

18,504



Interest income

(237,818)


(77,620)


(6,625)

Equity in losses (earnings) of nonconsolidated affiliates

5,455


(10,571)


(2,520)

Loss (gain) from sale of investments in nonconsolidated affiliates

341


(448)


(83,578)

Other expense, net

34,933


36,827


3,692

Income (loss) before income taxes

894,544


505,447


(611,267)

Income tax expense (benefit)

160,227


96,254


(2,481)

Net income (loss)

734,317


409,193


(608,786)

Net income attributable to noncontrolling interests

171,037


113,207


42,118

Net income (loss) attributable to common stockholders of Live Nation

$                   563,280


$                   295,986


$            (650,904)







Basic net income (loss) per common share available to common stockholders of Live Nation

$                         1.38


$                         0.66


$                   (3.09)

Diluted net income (loss) per common share available to common stockholders of Live Nation

$                         1.37


$                         0.64


$                   (3.09)







Weighted average common shares outstanding:






Basic

228,628,390


224,809,558


217,190,862

Diluted

230,977,326


231,556,866


217,190,862













Reconciliation to net income (loss) available to common stockholders of Live Nation:






Net income (loss) attributable to common stockholders of Live Nation

$                   563,280


$                   295,986


$            (650,904)

Accretion of redeemable noncontrolling interests

(247,438)


(146,770)


(19,771)

Net income (loss) available to common stockholders of Live Nation—basic and diluted

$                   315,842


$                   149,216


$            (670,675)







LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



Year Ended December 31,


2023


2022


2021


(in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES






Net income

$                     734,317


$                     409,193


$               (608,786)

Reconciling items:






Depreciation

266,590


225,770


222,840

Amortization of definite-lived intangibles and indefinite-lived intangibles impairment loss

250,207


224,206


193,437

Amortization of non-recoupable ticketing contract advances

83,693


79,043


74,406

Deferred income tax expense (benefit)

(44,018)


7,199


(9,639)

Amortization of debt issuance costs and discounts

16,884


16,448


37,260

Provision for uncollectible accounts receivable

78,336


68,612


(17,826)

Loss on extinguishment of debt

18,504



Stock-based compensation expense

115,959


110,049


209,337

Unrealized changes in fair value of contingent consideration

40,151


56,704


(6,732)

Gain on mark-to-market of equity investments

(47,878)


(22,638)


(15,447)

Equity in losses of nonconsolidated affiliates, net of distributions

30,522


14,912


11,189

Loss (gain) on sale of investments in nonconsolidated affiliates

(979)


1,357


(83,578)

Other, net

(11,509)


3,355


114

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:






Increase in accounts receivable

(550,670)


(463,977)


(485,211)

Decrease (increase) in prepaid expenses and other assets

(202,834)


(267,945)


95,533

Increase in accounts payable, accrued expenses and other liabilities

460,496


1,002,158


1,315,722

Increase in deferred revenue

133,023


367,617


847,949

Net cash provided by operating activities

1,370,794


1,832,063


1,780,568

CASH FLOWS FROM INVESTING ACTIVITIES






Advances of notes receivable

(181,801)


(115,992)


(28,899)

Collections of notes receivable

17,057


20,527


23,835

Investments made in nonconsolidated affiliates

(54,922)


(91,186)


(110,589)

Purchases of property, plant and equipment

(438,604)


(347,206)


(152,734)

Cash paid for acquisitions, net of cash acquired

(17,534)


(257,191)


(384,251)

Purchases of intangible assets

(36,653)


(6,080)


(7,100)

Proceeds from sale of investments in nonconsolidated affiliates

1,524


3,863


90,432

Other, net

15,128


8,574


2,344

Net cash used in investing activities

(695,805)


(784,691)


(566,962)

CASH FLOWS FROM FINANCING ACTIVITIES






Proceeds from long-term debt, net of debt issuance costs

1,061,026


122,251


903,827

Payments on long-term debt including extinguishment costs

(730,643)


(45,792)


(109,705)

Contributions from noncontrolling interests

19,602


15,021


22,026

Distributions to noncontrolling interests

(239,619)


(100,660)


(52,368)

Purchases and sales of noncontrolling interests, net

(113,768)


(48,306)


(9,638)

Proceeds from sale of common stock, net of issuance costs



449,630

Payments for capped call transactions

(75,500)



Proceeds from exercise of stock options

19,264


35,775


30,618

Taxes paid for net share settlement of equity awards

(9,484)


(76,925)


(45,845)

Payments for deferred and contingent consideration

(17,757)


(44,220)


(17,319)

Other, net

(402)


(484)


106

Net cash provided by (used in) financing activities

(87,281)


(143,340)


1,171,332

Effect of exchange rate changes on cash, cash equivalents and restricted cash

38,874


(179,450)


(43,585)

Net increase in cash, cash equivalents, and restricted cash

626,582


724,582


2,341,353

Cash, cash equivalents and restricted cash at beginning of period

5,612,374


4,887,792


2,546,439

Cash, cash equivalents and restricted cash at end of period

$                  6,238,956


$                  5,612,374


$             4,887,792

SOURCE Live Nation Entertainment

Originally published at https://www.prnewswire.com/news-releases/live-nation-entertainment-reports-full-year-and-fourth-quarter-2023-results-302069252.html
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