Live Nation Entertainment(US:LYV)2025-02-20 22:39International Operations and Foreign Exchange - For the year ended December 31, 2024, international operations accounted for approximately 38% of total revenue[137]. - The company experienced foreign exchange operating income of $29.6 million for the year ended December 31, 2023, while incurring losses of $52.4 million and $39.8 million for the years ended December 31, 2024 and December 31, 2022, respectively[137]. - Foreign subsidiaries contribute to operating cash flows, but repatriating these funds may incur substantial taxes, adversely affecting financial condition[158]. Financial Performance and Operating Income - The company’s operating income for the first quarter of 2024 was $(41,390) thousand, compared to $131,152 thousand for the same period in 2023[141]. - The company’s operating income for the second quarter of 2024 was $465,819 thousand, an increase from $381,599 thousand in the second quarter of 2023[141]. - The company’s operating income for the third quarter of 2024 was $639,525 thousand, slightly down from $653,658 thousand in the third quarter of 2023[141]. - The company’s operating income for the fourth quarter of 2024 was $(239,444) thousand, compared to $(81,476) thousand for the same period in 2023[141]. - The company’s financial performance is subject to seasonal fluctuations, typically experiencing lower performance in the first and fourth quarters[140]. Debt and Financial Obligations - As of December 31, 2024, total indebtedness was $6.5 billion, with available borrowing capacity under the revolving portion of the senior secured credit facility at $1.68 billion[150]. - The company may incur substantial debt and face restrictions on its ability to make certain acquisitions due to its senior secured credit facility[138]. - The company relies on cash flows from its subsidiaries to meet payment obligations, which may be affected if subsidiaries cannot pay dividends or make payments[158]. - Operating cash flows are primarily dependent on the earnings of subsidiaries and their distributions, which may be restricted by senior secured credit facilities[158]. Investments and Capital Structure - The company has a material investment in property and equipment valued at $2.4 billion as of December 31, 2024[143]. - The conversion of convertible notes may dilute existing stockholders' ownership interests and impact per share results and stock trading prices[159].