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Live Nation Entertainment(LYV) - 2024 Q3 - Quarterly Results
LYVLive Nation Entertainment(LYV)2024-11-12 11:03

Revenue and Income - Revenue for Q3 2024 reached 7.7billion,withoperatingincomeof7.7 billion, with operating income of 640 million and adjusted operating income of 910million[1].−Revenueforthefirstninemonthsof2024reached910 million[1]. - Revenue for the first nine months of 2024 reached 17,474.0 million, a 3% increase compared to 16,907.6millioninthesameperiodof2023[19].−Concertrevenuegrewby416,907.6 million in the same period of 2023[19]. - Concert revenue grew by 4% to 14,447.0 million from 13,886.3million,whileticketingrevenuedecreasedby313,886.3 million, while ticketing revenue decreased by 3% to 2,147.6 million from 2,219.7million[19].−Thecompanyreportedaconsolidatedoperatingincomeof2,219.7 million[19]. - The company reported a consolidated operating income of 1,064.0 million, down 9% from 1,166.4millioninthepreviousyear[19].−OperatingincomefortheninemonthsendedSeptember30,2024,was1,166.4 million in the previous year[19]. - Operating income for the nine months ended September 30, 2024, was 1,063,954, down from 1,166,409in2023,reflectingadecreaseof8.81,166,409 in 2023, reflecting a decrease of 8.8%[31]. - Net income for the nine months ended September 30, 2024, was 849,206, compared to 929,232in2023,representingadeclineof8.6929,232 in 2023, representing a decline of 8.6%[33]. Ticket Sales and Concerts - 144 million tickets sold for Live Nation concerts in 2024 through October, representing a 3% increase[1]. - Ticketmaster's October transacted ticket sales increased by 15% across all ticket volume and 23% for concert events[6]. - Adjusted operating income for concerts was 474 million, up 39% year-over-year, with margins of 7.2%, an increase of over 200 basis points[1]. - Over 20 million tickets already sold for Live Nation concerts in 2025, pacing up double-digits compared to the previous year[2]. - Venue Nation expects to host approximately 60 million fans in 2024, an 8% increase compared to 2023[5]. - Average net per fan spending at major festivals (over 100k fans) increased by double digits year-over-year[5]. Sponsorship and Advertising - Sponsorship revenue for Q3 2024 was 390million,up6390 million, up 6% year-over-year, with adjusted operating income of 275 million, up 10%[9]. - Sponsorship and advertising revenue increased by 9% to 913.9millionfrom913.9 million from 839.8 million year-over-year[19]. - The company anticipates double-digit adjusted operating income growth for 2024, with a focus on concerts and sponsorship commitments for 2025[27]. Cash Flow and Expenditures - Year-to-date net cash provided by operating activities was 680million,withfreecashflowadjustedat680 million, with free cash flow adjusted at 1.3 billion[10]. - Free cash flow — adjusted for the first nine months of 2024 was 1,287.3million,slightlyupfrom1,287.3 million, slightly up from 1,277.2 million in the same period of 2023[24]. - The company experienced a net cash used in investing activities of 642.8millionforthefirstninemonthsof2024,comparedto642.8 million for the first nine months of 2024, compared to 464.0 million in the same period of 2023[24]. - Estimated capital expenditures for 2024 are driven by Venue Nation, with expectations for adjusted operating income to free cash flow conversion consistent with historical levels[27]. - Capital expenditures for 2024 are estimated at 700million,withsignificantinvestmentsinvenueexpansion[10].BalanceSheetandAssets−CashandcashequivalentsasofSeptember30,2024,totaled700 million, with significant investments in venue expansion[10]. Balance Sheet and Assets - Cash and cash equivalents as of September 30, 2024, totaled 5,489.9 million, with free cash amounting to 1,744.5millionafteraccountingforclientcashanddeferredrevenue[25].−Totalcurrentassetsincreasedto1,744.5 million after accounting for client cash and deferred revenue[25]. - Total current assets increased to 9,775,154 thousand as of September 30, 2024, compared to 9,533,349thousandattheendof2023[29].−Cashandcashequivalentsdecreasedto9,533,349 thousand at the end of 2023[29]. - Cash and cash equivalents decreased to 5,489,919 thousand from 6,231,866thousand[29].−Accountsreceivableroseto6,231,866 thousand[29]. - Accounts receivable rose to 2,693,998 thousand, up from 2,024,649thousand[29].−Totalliabilitiesincreasedto2,024,649 thousand[29]. - Total liabilities increased to 19,747,070 thousand as of September 30, 2024, compared to 19,029,640thousandattheendof2023[29].−Thecompanyreportedareductioninaccumulateddeficitto19,029,640 thousand at the end of 2023[29]. - The company reported a reduction in accumulated deficit to (1,747,806) thousand from (2,443,106)thousand[29].−Stockholders′equityimprovedto(2,443,106) thousand[29]. - Stockholders' equity improved to 929,743 thousand, up from $552,000 thousand[29]. Future Outlook - Future outlook indicates a focus on market expansion and new product development to drive growth[19]. - The company plans to add or refurbish 14 additional venues by 2025, expecting to increase capacity by an incremental 8 million fans[27]. - The company expects a foreign exchange impact of approximately 1% on revenue and operating income, with potential impacts exceeding 30% on operating income in Q4 2024 due to Latin American currencies[27].