Live Nation Entertainment(US:LYV)2024-02-21 16:00Revenue and Operations - For the year ended December 31, 2023, international operations accounted for approximately 37% of total revenue, with foreign exchange rate operating income of $29.6 million[146]. - Operating income for Q1 2023 was $142.8 million, Q2 was $386.4 million, Q3 was $618.5 million, and Q4 was a loss of $81.5 million[150]. - The company’s financial performance is seasonal, with typically lower performance in Q1 and Q4 due to outdoor venue usage[149]. Financial Position - As of December 31, 2023, total indebtedness was $6.6 billion, with available borrowing capacity under the revolving portion of the senior secured credit facility at $898.4 million[158]. - The company relies on cash flows from subsidiaries to meet obligations, which may be restricted by senior secured credit facility terms[164]. - The issuance of shares upon conversion of convertible notes may dilute existing stockholders' ownership interests and affect per share results[165]. Risks and Challenges - The company experienced foreign exchange operating losses of $39.8 million in 2022 and $9.2 million in 2021, impacting overall operating income[146]. - The company faces risks related to labor disturbances due to unionized labor, which could disrupt operations and financial performance[154]. - Increased insurance costs and challenges in obtaining adequate coverage could adversely impact profitability and financial condition[151]. - Future acquisitions may be limited by the ability to identify suitable targets and financing terms, impacting growth potential[147].