Live Nation Entertainment(US:LYV)2025-02-20 22:05Financial Performance - Operating income for 2024 reached $825 million, with adjusted operating income of $2.15 billion, reflecting a 14% increase year-on-year[4]. - Full-year revenue for 2024 was reported at $19 billion, a 2% increase from 2023[6]. - Total revenue for 2024 reached $23,155,625, an increase of 1.9% from $22,726,317 in 2023[38]. - Operating income decreased to $824,510 in 2024 from $1,084,933 in 2023, reflecting a decline of 24%[38]. - Net income attributable to common stockholders of Live Nation increased to $896,287 in 2024, up 61% from $556,893 in 2023[38]. - Basic net income per common share rose to $2.77 in 2024, compared to $1.35 in 2023, marking a 105% increase[38]. - Net income for 2024 reached $1,131,124, a significant increase of 60.9% compared to $703,798 in 2023[40]. - The company reported a net income before income taxes of $739,426 in 2024, down from $913,274 in 2023, a decline of 19%[38]. Concert and Event Metrics - Concert attendance increased by 4%, totaling 151 million fans at over 50,000 Live Nation events, which is a 9% rise compared to the previous year[4]. - Adjusted operating income for concerts hit a record high of $530 million, up 65%, with margins of 2.8%[4]. - Ticketmaster's transacted ticketing volume for 2025 shows increased by 3% to 106 million tickets, driven primarily by concert activity[4]. - Year-end event-related deferred revenue amounted to $3.3 billion, marking an 11% increase[4]. - The stadium show pipeline expanded by 60%, indicating strong future demand[4]. Sponsorship and Venue Expansion - Sponsorship adjusted operating income rose to $764 million, up 13% from the previous year[4]. - The company plans to add 20 large venues globally through 2026, which is expected to accommodate an additional six to seven million fans[6]. - The company anticipates adding 20 large venues through 2026, which is expected to deliver a run-rate of six to seven million incremental fans[25]. - The expected level of committed sponsorship in 2025 is anticipated to be strong, contributing to revenue growth[25]. Cash Flow and Capital Expenditures - The net cash provided by operating activities for 12 months 2024 was $1,725.2 million, compared to $1,363.0 million in 12 months 2023[23]. - Free cash flow — adjusted for 12 months 2024 was $1,150.0 million, slightly up from $1,128.8 million in 12 months 2023[23]. - The company reported a free cash balance of $1,594.7 million as of December 31, 2024[23]. - Capital expenditures for 2025 are estimated between $900 million to $1 billion, with $700 to $800 million allocated for venue expansion and enhancement[14]. - The anticipated capital expenditures for 2025 are expected to support ongoing growth initiatives[25]. Balance Sheet and Debt - Total assets increased to $19,638,771 in 2024, up from $19,029,640 in 2023, representing a growth of 3.2%[36]. - Total current liabilities decreased to $9,358,279 in 2024 from $9,984,434 in 2023, a reduction of 6.2%[36]. - Long-term debt increased to $6,177,168 in 2024, compared to $5,459,026 in 2023, indicating a rise of 13.1%[36]. - Cash and cash equivalents were $6,095,424 in 2024, slightly down from $6,231,866 in 2023, a decrease of 2.2%[36]. Other Financial Metrics - The accumulated deficit improved to $(1,546,819) in 2024 from $(2,443,106) in 2023, showing a reduction of 36.7%[36]. - Total depreciation for 2024 was $300,003, an increase of 12.5% from $266,590 in 2023[40]. - The company reported a net cash used in investing activities of $854,281, which is an increase of 22.8% compared to $695,805 in 2023[40]. - Proceeds from long-term debt, net of debt issuance costs, amounted to $1,671,842, a substantial increase from $1,061,026 in 2023[40]. - Payments on long-term debt, including extinguishment costs, rose to $1,959,725, up 168.5% from $730,643 in 2023[40]. - Cash paid for income taxes increased to $253,652, compared to $175,148 in 2023, reflecting a rise of 44.7%[40]. - The company experienced a decrease in accounts receivable by $181,430, contrasting with a significant increase of $525,739 in 2023[40]. - The effect of exchange rate changes on cash resulted in a loss of $345,191, compared to a gain of $38,874 in 2023[40].