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LYV · Live Nation Entertainment

33 filings

10-K

LYV 10-K Annual Reports

Live Nation Entertainment - 33 annual reports

Filing record · 2016–202610-K1610-Q328-K99

2025
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2025
Live Nation Entertainment, Inc. reported a record 2025 with revenue of $25.20 billion, up from $23.16 billion in 2024, and operating income of $1.25 billion, up from $824.5 million. Consolidated AOI rose to $2.37 billion from $2.15 billion. Growth was led by the Concerts segment, where revenue reached $20.86 billion and AOI $687.1 million, and Sponsorship & Advertising, with revenue of $1.33 billion and AOI of $845.2 million. Ticketing revenue was $3.08 billion, with AOI of $1.13 billion. Net income attributable to common stockholders of Live Nation was $496.0 million, down from $896.3 million in 2024. Net loss available to common stockholders after accretion of redeemable noncontrolling interests was $(54.8) million, or $(0.24) per share, compared with $2.74 diluted EPS in 2024, which benefited from valuation allowance releases. The balance sheet shows cash and cash equivalents of $7.09 billion at December 31, 2025, against total debt principal of $8.27 billion. In October 2025 the company entered a new Credit Agreement and issued $1.4 billion of 2.875% convertible senior notes due 2031. Operating cash flow was $1.40 billion, and capital expenditures were $1.05 billion, with 2026 capital expenditures expected at $1.1 billion to $1.2 billion. Ticket sales show momentum: the filing states that current 2026 ticket sales are up 10% versus the same point in 2025, and event-related deferred revenue rose to $4.0 billion. The filing also highlights material legal exposure. The U.S. Department of Justice antitrust case, with 24 states seeking damages, was scheduled for trial in March 2026, with summary judgment partially granted in February 2026. A separate FTC and seven-state lawsuit filed in September 2025 alleges deceptive ticket pricing practices. The company states it cannot estimate a reasonably possible loss from the DOJ matter.
Feb 19, 2026
2024
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2024
Live Nation Entertainment, Inc. reported 2024 revenue of $23.16 billion, up $429.3 million, or 2%, from $22.73 billion in 2023, while operating income declined $260.4 million, or 24%, to $824.5 million. The decline was driven primarily by $454.9 million of Astroworld estimated loss contingencies recorded in selling, general and administrative expenses. Consolidated AOI, a non-GAAP measure the company uses to evaluate segments, rose $265 million, or 14%, to $2.15 billion. Net income attributable to common stockholders of Live Nation was $896.3 million, helped by a $601.2 million decrease in tax expense tied to a valuation allowance release on certain deferred tax assets; the company recorded a net tax benefit of $391.7 million for the year. Segment results were mixed. Concerts revenue rose to $19.02 billion and AOI grew 65% to $529.7 million, with approximately 151 million fans attending events. Ticketing revenue was $2.99 billion with AOI of $1.12 billion, slightly down, as GTV fell to $34.7 billion. Sponsorship & Advertising revenue reached $1.20 billion and AOI rose 13% to $763.8 million. Total debt was $6.5 billion at year-end, and cash and cash equivalents were $6.1 billion, including $1.6 billion of client cash. The filing also discloses an ongoing U.S. Department of Justice and multistate antitrust complaint filed in May 2024, which seeks, among other remedies, divestiture of Ticketmaster. The company describes the litigation as being at an early stage and says it believes it has substantial defenses. The company also reports a $1.1 billion convertible note issuance in December 2024, and it expects 2025 capital expenditures of approximately $900 million to $1.0 billion.
Feb 21, 2025
2023
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2023
Live Nation Entertainment, Inc. reported record 2023 results, with revenue of $22.75 billion, up $6.1 billion or 36% from $16.68 billion in 2022. Operating income rose $334 million, or 46%, to $1.07 billion, and consolidated AOI increased $455 million, or 32%, to $1.86 billion. Growth was led by the Concerts segment, whose revenue rose $5.3 billion, or 39%, to $18.8 billion, with about 145 million fans attending shows, up from roughly 121 million. The Ticketing segment's revenue grew 32% to $3.0 billion, with 329 million fee-bearing tickets sold versus 281 million in 2022. Sponsorship & Advertising revenue rose 13% to $1.1 billion. The balance sheet remains heavily leveraged. Total indebtedness was $6.6 billion at December 31, 2023, against cash and cash equivalents of $6.2 billion, of which $1.5 billion was client cash owed to ticketing clients. Net income attributable to common stockholders of Live Nation was $563.3 million, compared with $296.0 million in 2022. Total equity was $587.2 million, and the company's weighted-average cost of debt was 4.7%. Management expects 2024 capital expenditures of approximately $540 million. Key risks highlighted in the filing include the Astroworld litigation arising from the November 2021 festival, in which ten audience members died; ongoing consumer class actions in Canada; the Amended Final Judgment with the U.S. Department of Justice, which runs through the end of 2025; and the company's high debt load and covenant requirements, including a 6.75x net leverage covenant through December 31, 2024.
Feb 22, 2024
2022
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2022
Live Nation Entertainment, Inc. (NYSE: LYV) reported its best year ever for 2022, with consolidated revenue of $16.7 billion, up from $6.3 billion in 2021, and operating income of $732 million compared with an operating loss of $418 million in 2021. Consolidated AOI rose to $1.4 billion from $324 million. The company describes 2022 as an almost full return to normal operations, with all markets and venues fully open by the fourth quarter of 2022 except China. Net income attributable to common stockholders of Live Nation was $296 million, compared with a loss of $651 million in 2021. All three segments grew. Concerts revenue rose to $13.5 billion, with about 43,600 events and about 121 million fans, and Concerts AOI improved to $170 million from a loss of $221 million. Ticketing revenue reached $2.2 billion, with 281 million fee-bearing tickets sold and AOI of $828 million. Sponsorship & Advertising revenue was $968 million, with AOI of $592 million. Cash and cash equivalents were $5.6 billion at December 31, 2022, and total debt, excluding unamortized discounts and issuance costs, was $6.0 billion, with a weighted-average cost of debt of 4.7%. Risk factors highlighted by the filing include exposure to shifting consumer tastes, dependence on popular artists, a pending Astroworld litigation, a 2019 amended DOJ final judgment restricting certain business practices through 2025, foreign exchange losses, and significant leverage. In January 2023, the company issued $1.0 billion of 3.125% convertible senior notes due 2029 and repurchased $440.0 million of its 2.5% convertible notes due 2023.
Feb 23, 2023
2021
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2021
Live Nation Entertainment, Inc. (NYSE: LYV) reported a sharp recovery in 2021 as live events resumed, primarily in the United States and United Kingdom, after the COVID-19 pandemic largely halted operations from mid-March 2020. Total revenue rose $4.4 billion to $6.3 billion ($6,268,447 thousand), and operating loss narrowed from $1.7 billion in 2020 to $418 million in 2021 (operating loss of $417,858 thousand). The Concerts segment generated $4.7 billion of revenue (75.3% of total), with 17,234 estimated events and 35.1 million estimated fans, while the Ticketing segment revenue grew to $1.1 billion and returned to operating income of $170 million. Sponsorship & Advertising revenue reached $411.9 million with operating income of $202 million. The balance sheet and liquidity remain the central investor concern. Net loss attributable to common stockholders was $650.9 million, and total equity was negative at $(188.5) million. Total debt, excluding unamortized discounts and issuance costs, was $5.8 billion, and the company held $4.9 billion of cash and cash equivalents, which included $1.3 billion of client cash. Available revolver capacity was $569.9 million. Management stated it expects to remain in covenant compliance throughout 2022 and to meet obligations for the next twelve months, but it also cautioned that the pandemic's ultimate duration and magnitude remain unknown. Key operational and legal risks include the Astroworld festival incident on November 5, 2021, which led to at least 448 civil lawsuits, and the ongoing obligations under the amended DOJ Final Judgment, extended through 2025. The company also completed the acquisition of a 51% interest in OCESA for $431.9 million in December 2021, which added goodwill of $442.9 million and intangible assets of $340 million to the balance sheet.
Feb 23, 2022
2020
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2020
Live Nation Entertainment, Inc. (LYV) reports that the global COVID-19 pandemic had a severe impact on its 2020 results. Revenue decreased 84% to $1.9 billion (from $11.5 billion in 2019), and the company recorded an operating loss of $1.7 billion, compared with operating income of $325 million in 2019. Net loss attributable to common stockholders of Live Nation was $1.7 billion. The company ceased all Live Nation tours and closed its venues in mid-March 2020. Show count fell from 40,237 in 2019 to 8,117 in 2020, and fan attendance fell from 97.7 million to 11.1 million. Management states it cannot estimate the duration of the impact, and expects the negative effect to continue in 2021, with most global tours expected to resume and larger venues to reopen in the second half of 2021. Liquidity was the central focus. As of December 31, 2020, total cash and cash equivalents were $2.5 billion, including $673.5 million of ticketing client cash, and available debt capacity was $961.7 million. The company issued $1.2 billion of 6.5% senior secured notes due 2027 and $400 million of 2.0% convertible senior notes due 2025 in 2020, and $500 million of 3.75% senior secured notes due 2028 in January 2021. The senior secured credit facility's net leverage covenant was replaced with a $500 million liquidity covenant through the earlier of December 31, 2021 and a fiscal quarter the company elects before that date. Total indebtedness was $5.0 billion, and the company reported cost reductions of over $950 million in 2020 and the elimination or deferral of $1.6 billion in cash outflows. Management believes it will remain in covenant compliance throughout 2021 and can meet obligations for the next twelve months, before giving effect to additional financings. The filing also highlights ongoing operational and regulatory exposures. Ticketing refunds totaled 27.4 million tickets, equating to just over $2.6 billion of gross transaction value, and a $102.0 million estimate was recorded for possible future refunds in Concerts. The company faces a pending arbitration with CIE over the terminated OCESA acquisition, with a hearing scheduled to begin in March 2022. The Amended Final Judgment with the U.S. Department of Justice was extended through the end of 2025. Shareholders' equity was negative, at $(133.8) million total equity as of December 31, 2020.
Mar 1, 2021
2019-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2019
This Form 10-K/A (Amendment No. 1) from Live Nation Entertainment, Inc. amends only Item 15(c) of the Original Form 10-K filed on February 27, 2020. The amendment consists of the cover page, an explanatory note, Exhibit 99.1 containing the financial statements of Venta de Boletos por Computadora, S.A. de C.V. (VBC), a Mexican ticketing company and affiliate, a signature page, an accountants' consent for VBC, certifications, and the cover page interactive data file. It does not change any other information in the Original Form 10-K and does not reflect events after the original filing. The Exhibit 99.1 financial statements cover VBC and its subsidiaries for the years ended December 31, 2019, 2018 and 2017, prepared under Mexican Financial Reporting Standards and stated in thousands of Mexican pesos. For 2019, VBC reported revenue for services of Ps. 1,051,429 thousand, operating income of Ps. 594,886 thousand, and net consolidated profit of Ps. 466,624 thousand, compared with revenue of Ps. 1,095,513 thousand and net profit of Ps. 564,365 thousand in 2018. Cash and cash equivalents were Ps. 395,971 thousand at year-end 2019 versus Ps. 926,422 thousand at year-end 2018. Dividends paid were Ps. 865,580 thousand in 2019. The auditor's report covers only the 2017 statements; the 2019 and 2018 statements are presented under SEC Rule 3-09 and are not covered by the audit report. The notes disclose that the reconciliation to U.S. GAAP was not significant for the statement of financial position, net income or stockholders' equity. Note 20 states that COVID-19 could materially affect results, that the company had no significant liquidity effects to date, and that events for Q3 and Q4 were postponed, mainly into early 2021.
Jun 30, 2020
2019
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2019
Live Nation Entertainment, Inc. reported 2019 revenue of $11.55 billion, up from $10.79 billion in 2018, with operating income of $324.8 million versus $272.5 million a year earlier. Net income attributable to common stockholders of Live Nation was $69.9 million, compared with $60.2 million in 2018. Growth was led by the Concerts segment, which generated $9.43 billion of revenue, and the filing states that Concerts attendance reached nearly 98 million fans, a record. Ticketing revenue was $1.55 billion and Sponsorship & Advertising revenue was $590.3 million, with segment operating income of $232.0 million and $330.3 million respectively. Consolidated AOI, a non-GAAP measure, was $942.5 million in 2019 versus $829.1 million in 2018. The balance sheet and cash flow profile reflect substantial leverage. Total debt principal was $3.40 billion at December 31, 2019, against cash and cash equivalents of $2.47 billion, which includes $837.7 million of client cash. Operating cash flow fell to $469.8 million from $941.6 million, and capital expenditures were $315.6 million. In October 2019 the company issued $950 million of 4.75% senior notes due 2027 and amended its senior secured credit facility. In February 2020 it issued $400 million of 2.0% convertible senior notes due 2025, and it has agreed to a proposed acquisition of a 51% interest in OCESA Entretenimiento, expected to close in the first half of 2020. The filing also highlights ongoing regulatory and legal exposure. The Final Judgment with the Department of Justice was extended by five and a half years under an amended agreement reached in December 2019, and the company faces consumer class actions relating to secondary ticket sales that it says it does not believe have merit. Management reports that it does not believe a loss is probable in those matters. The filing notes that the company has no plans to pay dividends and that it repurchased no shares under a publicly announced program in 2019.
Feb 27, 2020
2018-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2018
This Form 10-K/A (Amendment No. 1) for the year ended December 31, 2018 does not change the original Live Nation Entertainment, Inc. annual report. Its sole purpose is to supplement Item 15(c) by adding the separate audited-or-unaudited financial statements of Venta de Boletos por Computadora, S. A. de C. V. (VBC), a 50%-or-less-owned affiliate, as Exhibit 99.1. The amendment consists of the cover page, explanatory note, Item 15 exhibit index, signature page, an accountants' consent for VBC, and certifications. VBC is a subsidiary of OCESA Entretenimiento, S. A. de C. V. and markets tickets in Mexico mainly through the Ticketmaster system. Its statements are prepared under Mexican Financial Reporting Standards (MFRS), in thousands of Mexican pesos. For 2018, VBC reported revenue for services of Ps1,095,513 thousand, operating income of Ps673,764 thousand, and net consolidated profit of Ps564,365 thousand, compared with Ps1,081,030 thousand and Ps474,234 thousand in 2017. Cash and cash equivalents were Ps926,422 thousand at December 31, 2018, down from Ps1,779,768 thousand a year earlier, and total stockholders' equity was Ps670,332 thousand. The auditor's report covers only the 2017 and 2016 statements. The 2018 statements are presented to comply with Rule 3-09 of Regulation S-X and are not covered by the audit report, and the statements were authorized for issuance on June 28, 2019. For investors, the amendment is primarily a disclosure update about a Mexican equity affiliate rather than a change to Live Nation's own results.
Jun 28, 2019
2018
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2018
Live Nation Entertainment, Inc. reported record 2018 revenue of $10.8 billion, up $1.1 billion, or 11%, from $9.7 billion in 2017, which the company describes as its thirteenth consecutive year of revenue growth. Operating income rose to $272.5 million from $91.4 million, and net income attributable to common stockholders was $60.2 million, compared with a net loss of $6.0 million in 2017. Basic and diluted net loss per share available to common stockholders improved to $(0.09) from $(0.48). Concerts generated $8.8 billion, or 81.3%, of revenue, and the company cited nearly 93 million fans attending events, an increase of 8%. Ticketing revenue reached $1.5 billion, with 217 million fee-bearing tickets sold. The 2017 comparison is affected by a $110.0 million legal settlement accrued in 2017 and entered into in January 2018, and by goodwill impairments of $10.5 million in 2018 and $20.0 million in 2017. Adjusted operating income, a non-GAAP measure the company defines, was $829.1 million in 2018 versus $625.1 million in 2017. Operating cash flow increased to $941.6 million from $623.5 million. Total principal debt was $2.9 billion at December 31, 2018, with total net debt of $2.8 billion and cash and cash equivalents of $2.4 billion, of which $859.1 million was client cash. The company paid no dividends and expects capital expenditures of approximately $300 million in 2019. The filing also highlights ongoing risk areas, including consumer class action lawsuits filed in late 2018 over secondary ticket pricing, for which the company says it cannot estimate a possible loss, regulatory restrictions on its secondary ticketing business, data security and privacy regulation including the EU GDPR, and labor and venue concentration risks. The company will adopt the new lease accounting standard on January 1, 2019, which it expects to add $1.1 billion to $1.3 billion of operating lease assets and liabilities to its balance sheet.
Feb 28, 2019
2017-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2017
This Form 10-K/A (Amendment No. 1) for Live Nation Entertainment, Inc. for the year ended December 31, 2017 is a narrow supplemental filing. It amends only Item 15(c), adding the financial statements of Venta de Boletos por Computadora, S.A. de C.V. (VBC) as Exhibit 99.1, which the filing describes as an unconsolidated, 50%-or-less-owned affiliate. The amendment states that it does not change any other information in the original Form 10-K filed on February 27, 2018, and it consists of the cover page, explanatory note, Item 15 exhibit listings, signature page, an accountants' consent for VBC, and certifications. The attached VBC statements, prepared under Mexican Financial Reporting Standards and audited by PricewaterhouseCoopers, S.C. with an opinion dated June 28, 2018, show total assets of Ps1,931,657 thousand and total liabilities of Ps1,346,887 thousand at December 31, 2017. Net consolidated profit for 2017 was Ps474,234 thousand, compared with Ps329,600 thousand in 2016, and cash and cash equivalents rose to Ps1,779,768 thousand. The notes state that the company has no employees, that its administrative and operating services are provided by related parties, and that the company's main activity is the marketing of tickets, mainly through the Ticketmaster system. For investors, the amendment adds no new information about Live Nation's own results, which are covered in the original 10-K. Its relevance is limited to disclosure of the separate financial condition of this affiliate, which the notes describe as operating under Mexican standards with a reconciliation to U.S. GAAP that the company did not consider significant.
Jun 29, 2018
2017
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2017
Live Nation Entertainment, Inc. reported total 2017 revenue of $10.34 billion, up from $8.35 billion in 2016 and the company's twelfth consecutive year of revenue growth. Operating income fell to $91.4 million from $194.9 million, largely because of a $110.0 million legal accrual for a settlement entered into in January 2018 (the Songkick litigation) and a $20.0 million goodwill impairment on the Artist Services (non-management) reporting unit. Net loss attributable to common stockholders of Live Nation was $6.0 million, or $0.48 per share, compared with net income of $2.9 million in 2016; the result was helped by a $55.7 million income tax benefit from the Tax Cuts and Jobs Act, which the company recorded as provisional. The Concerts segment generated $7.89 billion of revenue (76.3% of total) and grew its estimated fans to 85.9 million from 70.9 million, while Ticketing revenue rose to $2.14 billion, with 205.7 million fee-bearing tickets sold. Sponsorship & Advertising revenue was $445.1 million. Cash and cash equivalents were $1.83 billion at year-end, including $769.4 million of client cash, and total debt principal was $2.34 billion. The company also disclosed that it will adopt the new revenue recognition standard on January 1, 2018, which would reduce 2017 consolidated revenue by $650.2 million on a restated basis without changing operating income. The filing describes significant business risks, including reliance on popular artists, intense competition in ticketing, ongoing ticket-resale restrictions under agreements with the FTC and several states, exposure to foreign currency and Brexit, and a $2.3 billion debt load. The company does not pay dividends.
Feb 27, 2018
2016-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2016
This Form 10-K/A (Amendment No. 1) from Live Nation Entertainment, Inc. supplements only Item 15(c) of its annual report for the year ended December 31, 2016. It adds separate financial statements of Venta de Boletos por Computadora, S. A. de C. V. (VBC) as Exhibits 99.1 (years ended December 31, 2016 and 2015) and 99.2 (years ended December 31, 2015 and 2014). VBC is a subsidiary of OCESA Entretenimiento, S. A. de C. V., which is in turn a subsidiary of Corporación Interamericana de Entretenimiento, S. A. B. de C. V. VBC markets tickets through automated sales systems, mainly through the Ticketmaster system, and has no employees. Its administrative, accounting, legal, finance and operating services are provided by a related party. The amendment does not change any other information in the original Form 10-K. VBC's audited statements are prepared under Mexican Financial Reporting Standards and are presented in thousands of Mexican pesos. For 2016, revenue for services was Ps905,903 thousand, up from Ps843,081 thousand in 2015. Operating income was Ps440,139 thousand, compared with Ps403,555 thousand, and net consolidated profit was Ps329,600 thousand, compared with Ps300,840 thousand. At December 31, 2016, total assets were Ps1,098,517 thousand and cash and cash equivalents were Ps815,697 thousand. Dividends paid in 2016 totaled Ps323,350 thousand, versus Ps197,500 thousand in 2015. Cash included deposits from third parties for ticket purchases of Ps549,289 thousand at year-end 2016. The 2016 statements are covered by an unqualified opinion from PricewaterhouseCoopers, S. C. dated June 16, 2017. The notes also disclose a Ticketmaster brand and system license, renewed through March 31, 2018, and several consumer-protection, copyright and fraud-related proceedings. External advisors consider the PROFECO matters not to represent a material contingency. The notes include a reconciliation to U.S. GAAP, but the company states the differences were not significant to the balance sheet, net income or stockholders' equity.
Jun 23, 2017
2016
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2016
Live Nation Entertainment, Inc. (NYSE: LYV) reported record 2016 revenue of $8.35 billion, its eleventh consecutive year of revenue growth, up from $7.25 billion in 2015 (15% as reported, 17% excluding the impact of changes in foreign exchange rates). Concerts generated $5.87 billion, or 70.3% of total revenue, and was the largest driver of growth, with more shows, higher ticket prices, festival growth and onsite spending at amphitheaters. Operating income rose to $194.9 million from $131.4 million. Concerts remained at an operating loss of $12.1 million, while Ticketing reported operating income of $174.5 million. Net income attributable to common stockholders was $2.9 million, or a basic and diluted net loss of $0.23 per share after accretion of redeemable noncontrolling interests, compared with a net loss of $0.33 per share in 2015. Interest expense of $106.5 million, a $14.0 million loss on debt extinguishment, $17.8 million of equity losses from nonconsolidated affiliates and $28.0 million of income tax expense weighed on bottom-line results. At December 31, 2016, cash and cash equivalents were $1.5 billion, including $591.0 million of client cash, and total principal debt was $2.4 billion. In October 2016 the company issued $575 million of 4.875% senior notes due 2024, amended its senior secured credit facility, and used proceeds to repay its 7% senior notes due 2020. Operating cash flow was $597.5 million, and capital expenditures were $186.8 million, with 2017 capital expenditures expected to be approximately $220 million. The company reported no revolver borrowings and $279.7 million of available revolving capacity, and stated it was in compliance with its debt covenants. The filing also notes several risks: dependence on popular artists and touring, intense competition in ticketing and promotion, restrictions on its secondary ticketing business under FTC and state agreements, data security and privacy regulation including the GDPR, foreign exchange exposure, and uncertainty from Brexit. Beginning in 2017, the company will combine its Artist Nation and Concerts segments into three reportable segments: Concerts, Sponsorship & Advertising, and Ticketing.
Feb 23, 2017
2015-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2015
This Amendment No. 1 to Live Nation Entertainment, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2015 amends only Item 15(c). It adds separate financial statements of Venta de Boletos por Computadora, S.A. de C.V. (VBC), a Mexican ticketing company that the filing describes as a subsidiary of OCESA Entretenimiento, S.A. de C.V. It supplements Live Nation Entertainment, Inc.'s original Form 10-K and does not change any other information in that filing. The amendment consists of a cover page, explanatory note, Exhibits 99.1 and 99.2, a signature page, the PricewaterhouseCoopers S.C. consent, and certifications. Exhibit 99.1 contains VBC's audited consolidated financial statements for 2015 and 2014, prepared under Mexican Financial Reporting Standards (MFRS) and audited under PCAOB standards. Auditor PricewaterhouseCoopers, S.C. issued its report dated June 21, 2016. VBC reported 2015 revenue for services of Ps 843,080,800, up from Ps 592,427,661 in 2014, and operating income of Ps 403,554,922, compared with Ps 262,100,669. Net consolidated profit was Ps 300,839,687 in 2015 and Ps 197,424,944 in 2014. Cash and cash equivalents rose to Ps 914,420,510 at December 31, 2015, from Ps 279,971,575 a year earlier. Dividends paid in 2015 totaled Ps 197,500,000. Exhibit 99.2 contains VBC's consolidated financial statements for 2014 and 2013, which show 2013 revenue of Ps 674,977,500 and net income of Ps 267,370,561. The filing states that the financial statements are presented in Mexican pesos and includes a reconciliation of key items to U.S. GAAP in Note 19 of Exhibit 99.1 and Note 20 of Exhibit 99.2. The filing says the U.S. GAAP differences were not significant to net income or stockholders' equity.
Jun 29, 2016
2015
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2015
Live Nation Entertainment, Inc. reported record 2015 revenue of $7.25 billion (up from $6.87 billion in 2014), with operating income of $131.4 million compared with $7.2 million in 2014, which included $135.0 million of goodwill impairments. The company reported a net loss attributable to common stockholders of Live Nation of $32.5 million, or $(0.33) per share, versus $(90.8) million, or $(0.49) per share, in 2014. Concerts generated $4.96 billion of revenue (68.5% of total) and an operating loss of $105.3 million, while Ticketing generated $1.64 billion of revenue and operating income of $158.2 million. Management attributed revenue growth largely to more events and fans in Concerts and higher primary and resale ticket volume in Ticketing, and noted that foreign exchange translation reduced reported revenue by approximately $359.5 million. At December 31, 2015, the company had cash and cash equivalents of $1.30 billion and total indebtedness of $2.1 billion, including a senior secured credit facility, 7% senior notes due 2020, 5.375% senior notes due 2022 and 2.5% convertible senior notes due 2019. Available revolver borrowing capacity was $258.9 million, and the company reported compliance with all debt covenants. Capital expenditures were $144.7 million in 2015, and management expects approximately $165 million for 2016. The filing highlights concentration of risk in consumer discretionary spending, reliance on popular artists touring, intense competition, data security and regulatory exposure, particularly around ticket resale practices subject to agreements with the FTC and several states. The company has not paid dividends and does not intend to in the foreseeable future.
Feb 25, 2016
2014-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2014
This Amendment No. 1 on Form 10-K/A for Live Nation Entertainment, Inc. amends only Item 15(c) of the Annual Report for the year ended December 31, 2014. It adds separate financial statements of Venta de Boletos por Computadora, S.A. de C.V. (VBC), a Mexican ticketing company that is a subsidiary of Ocesa Entretenimiento, S.A. de C.V. The amendment states that it does not change any other information in the original filing. The VBC statements are provided in Exhibit 99.1 (years ended December 31, 2014 and 2013) and Exhibit 99.2 (years ended December 31, 2013 and 2012), and are presented in Mexican pesos under Mexican Financial Reporting Standards. For 2014, VBC reported service revenue of Ps 592.4 million (Ps 674,977,500 thousand in 2013 was Ps 675.0 million), operating income of Ps 262.1 million (Ps 351.2 million in 2013), and net income of Ps 197.4 million (Ps 267.4 million in 2013). Total assets were Ps 681.4 million at December 31, 2014, up from Ps 587.1 million a year earlier, and cash and cash equivalents were Ps 280.0 million. Dividends paid were Ps 185.1 million in 2014 compared with Ps 347.0 million in 2013. The 2014 columns in Exhibit 99.1 are labeled unaudited. The filing also notes that VBC's license agreements with Ticketmaster Corporation for use of the Ticketmaster brand names and system expire on March 31, 2015, and that management expects them to be renewed on similar terms. Exhibit 99.1 also reports contingencies, including PROFECO fines and trademark disputes, which VBC's advisors consider not material. Investors should treat this filing as supplemental financial information about VBC rather than a change to Live Nation's own results.
Jun 30, 2015
2014
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2014
Live Nation Entertainment, Inc. (NYSE: LYV) reported revenue of $6.87 billion for 2014, up 6% from $6.48 billion in 2013, marking its fourth consecutive year of overall revenue growth. Growth came from all four segments: Concerts revenue rose 5% on more North American stadium and amphitheater shows and festival activity, Ticketing revenue rose 11% on primary and resale growth, Artist Nation rose 10% on higher artist management commissions, and Sponsorship & Advertising rose 5%. Concerts accounted for approximately 68.8% of total revenue and Ticketing for 22.7%. Profitability weakened sharply. Consolidated operating income fell to $7.2 million from $139.7 million, largely because of goodwill impairments of $135.0 million, recorded for the International Concerts and Artist Services (non-management) reporting units. Concerts posted an operating loss of $190.5 million, including a $117.0 million impairment. Net loss attributable to common stockholders of Live Nation was $90.8 million, or $0.49 per share, compared with a loss of $43.4 million in 2013. Ticketing operating income rose 15% to $117.3 million, and Sponsorship & Advertising operating income rose 8% to $207.7 million. The balance sheet carries substantial leverage. Total indebtedness was $2.1 billion at December 31, 2014, against cash and cash equivalents of $1.4 billion, of which $533.8 million was client cash. The company reported a weighted-average cost of debt of 4.3% and was in compliance with its debt covenants. It issued $250 million of 5.375% senior notes and $275 million of 2.5% convertible senior notes in 2014 and redeemed its 2.875% convertible notes. Management does not plan to pay dividends and expects 2015 capital expenditures of approximately $145 million.
Feb 26, 2015
2013-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2013
This Form 10-K/A (Amendment No. 1) to Live Nation Entertainment, Inc.'s Annual Report for the year ended December 31, 2013 changes only Item 15(c). It adds separate financial statements of Venta de Boletos por Computadora, S.A. de C.V. (VBC) as Exhibits 99.1 and 99.2, and states that it does not change any other information in the original filing. Exhibit 99.1 covers VBC's consolidated financial statements for 2013 and 2012, and Exhibit 99.2 covers 2012 and 2011. The auditor's report on Exhibit 99.1 is from PricewaterhouseCoopers, S.C., dated June 27, 2014. The statements are prepared under Mexican Financial Reporting Standards and are presented in Mexican pesos. VBC's 2013 consolidated service revenue was Ps 674,977,500, up from Ps 647,657,909 in 2012. Operating income was Ps 351,226,397 (2012: Ps 347,128,470), and net income was Ps 267,370,561 (2012: Ps 267,169,957). Total assets at December 31, 2013 were Ps 587,063,991, and total stockholders' equity was Ps 312,293,916. Cash and cash equivalents were Ps 269,272,118, compared with Ps 313,905,060 a year earlier. VBC paid dividends of Ps 347,000,000 in 2013, compared with Ps 209,788,242 in 2012. The notes disclose VBC's contingencies, including Mexican consumer-protection, municipal tax, and trademark matters. They also describe a Ps 1,690,331 PROFECO fine under appeal, a favorable Federal Tax Court judgment on the "La Guía de Entretenimiento" trademark dated September 11, 2013, and a Ticketmaster brand and system license expiring March 31, 2015.
Jun 30, 2014
2013
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2013
Live Nation Entertainment, Inc. (NYSE: LYV) reported revenue of $6.48 billion for 2013, up 11% from $5.82 billion in 2012, and an operating income of $139.7 million, compared with an operating loss of $21.6 million in 2012. The net loss attributable to common stockholders narrowed to $43.4 million ($0.22 per share) from $163.2 million in 2012. Concerts generated $4.52 billion of revenue and reported an operating loss of $39.6 million, while Ticketing generated $1.41 billion of revenue and operating income of $101.8 million. Growth was driven by higher amphitheater and arena attendance, festival acquisitions and online advertising, and the company reported 59.5 million estimated fans, up from 50.0 million in 2012. The balance sheet shows cash and cash equivalents of $1.30 billion and total debt of $1.8 billion at December 31, 2013, with a weighted-average cost of debt of 4.3%. In August 2013 the company refinanced its senior secured credit facility and issued additional 7% senior notes, recording a $36.3 million loss on extinguishment of debt. Of the debt, $286.0 million is due in 2014, and the company said it was in compliance with its debt covenants. Operating cash flow was $417.5 million, and capital expenditures were $116.4 million. The filing also discloses risk factors including the company's leverage, the 2010 Ticketmaster merger's final judgment with the DOJ running through July 2020, ongoing ticketing litigation and the need to re-platform its Ticketmaster system, with the new technology expected at certain venue clients in 2015. The company does not plan to pay dividends.
Feb 24, 2014
2012
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2012
Live Nation Entertainment, Inc. (NYSE: LYV) reports that it believes it is the largest live entertainment company in the world, connecting more than 250 million fans across its platforms to over 180,000 events in about 47 countries in 2012. Its four reportable segments are Concerts, Ticketing, Artist Nation and Sponsorship & Advertising. Concerts generated approximately $3.9 billion, or 66.5%, of 2012 total revenue, Ticketing approximately $1.4 billion (23.6%), Artist Nation approximately $400 million (6.9%), and Sponsorship & Advertising approximately $248 million (4.3%). Consolidated revenue rose 8% to $5.82 billion, but operating income was a loss of $21.6 million (compared with income of $18.3 million in 2011), and the net loss attributable to common stockholders widened to $163.2 million from $83.0 million. The balance sheet shows cash and cash equivalents of $1.0 billion at December 31, 2012, against total indebtedness of about $1.776 billion (excluding unamortized discounts and premiums), with a weighted average cost of debt of 5.2%. Operating cash flow improved to $367.1 million from $135.7 million, while capital expenditures totaled $123.2 million. The company completed 2012 acquisitions including Coppel, Cream and HARD, and recorded impairments of $89.6 million on definite-lived intangible assets, including a $62.7 million impairment in Artist Nation. The principal legal overhang is the CTS arbitration, in which CTS seeks damages and royalties, with a decision expected by spring 2013 and no loss currently considered probable. The company has accrued $35.4 million for the Ticketing Fees consumer class action settlement, which the court declined to approve in final form in September 2012, and it has accrued $40.6 million in total for specific legal cases.
Feb 26, 2013
2011
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2011
Live Nation Entertainment, Inc. reported 2011 revenue of $5.38 billion, up 6% from $5.06 billion in 2010, with operating income of $18.3 million compared with an operating loss of $63.7 million in 2010. The company remained loss-making at the net level: net loss attributable to Live Nation Entertainment, Inc. was $83.0 million in 2011, versus $228.4 million in 2010. The filing states that the revenue increase included $132.9 million from foreign exchange and $77.3 million of incremental revenue from the timing of the Merger with Ticketmaster, and that excluding the FX effect revenue rose $187.4 million, or 4%. Segment results show Concerts ($3.51 billion revenue) still posted an operating loss of $105.0 million, while Ticketing ($1.19 billion revenue) generated operating income of $117.2 million and Sponsorship produced $119.7 million of operating income. Management attributed the Concerts improvement to stronger arena and stadium results and cost reductions, partly offset by a planned reduction in amphitheater events. Total debt was approximately $1.732 billion at December 31, 2011, with $241.2 million available under the revolving credit facility, and cash and cash equivalents were $844.3 million, of which $373.9 million represented client funds. The filing also highlights material contingencies, including a pending CTS arbitration over ticketing platform obligations (decision expected in the first half of 2012, with no loss estimate given), the Live Concert Antitrust Litigation, and several consumer class actions. The company has accrued $44.0 million for specific cases, including $35.8 million for the Ticketing Fees Consumer Class Action settlement. Investors should weigh the return to positive operating income against continued net losses, high leverage and these unresolved legal matters.
Feb 24, 2012
2010
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2010
Live Nation Entertainment, Inc. (formerly Live Nation, Inc.; NYSE: LYV) reported 2010 revenue of $5.06 billion, up from $4.18 billion in 2009, following its January 25, 2010 merger with Ticketmaster. The Ticketing segment ($1.04 billion of revenue) and Artist Nation ($362.2 million) drove the increase, while the Concerts segment declined to $3.44 billion. The company reported an operating loss of $63.7 million and a net loss attributable to Live Nation Entertainment of $228.4 million for 2010, compared with a net loss of $60.2 million in 2009. Corporate expenses rose to $110.3 million, and interest expense increased to $116.5 million, reflecting higher debt balances from the merger. The balance sheet expanded significantly: total assets reached $5.20 billion (from $2.34 billion) and total debt was approximately $1.756 billion, excluding discounts and premiums. Cash and cash equivalents were $892.8 million, though $384.5 million of that represents client funds payable to ticketing clients. Operating cash flow was $158.5 million. The company refinanced in May 2010 with a $1.2 billion senior secured credit facility and issued $250 million of 8.125% senior notes due 2018. Management reported that the company was in compliance with its debt covenants at December 31, 2010. Key risks highlighted in the filing include the company's substantial leverage, the Final Judgment with the Department of Justice that imposes behavioral remedies through 2020, the pending CTS arbitration over ticketing platform obligations, and multiple consumer and antitrust class actions. The company also disclosed that it expects to recognize an income tax benefit of approximately $40 million in the first quarter of 2011 from a partial release of its valuation allowance, and that it agreed in February 2011 to acquire the remaining Front Line Management Group interests and to sell shares to Liberty Media.
Feb 28, 2011
2009-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2009
This Amendment No. 1 to Form 10-K for fiscal year 2009 of Live Nation Entertainment, Inc. is a Part III amendment that adds Items 10 through 14 (directors, executive compensation, security ownership, related transactions, and accountant fees) and updates the exhibit index. It does not contain financial statements; the filing states that the financial statements are incorporated by reference to Item 8 of the Original Form 10-K. The company reports that it is an accelerated filer with an aggregate market value of common stock held by non-affiliates of approximately $341.8 million as of June 30, 2009, and 171,676,593 shares outstanding as of February 19, 2010. The amendment describes the governance changes following the January 2010 merger with Ticketmaster. The board now has 14 directors, ten of whom are independent, and Barry Diller serves as Chairman while Irving L. Azoff became Executive Chairman. Michael Rapino remains President and Chief Executive Officer. Liberty Media Corporation owned 24,850,225 shares, or 14.4%, of common stock as of April 23, 2010, and the Liberty Stockholder Agreement gives Liberty board nomination rights and limits its acquisition of voting power to 35%. Compensation disclosures show Rapino's 2009 total compensation of $6,676,223 and cash performance bonuses totaling $2,625,000 for 2009. The filing also describes Ticketmaster-related post-merger arrangements, including a $3.0 million cash bonus and a 350,000-share restricted stock grant to Rapino upon the merger's completion, and fees paid to Ernst & Young LLP totaling $6,963 thousand for 2009, compared with $7,785 thousand for 2008.
Apr 30, 2010
2009
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2009
Live Nation Entertainment, Inc. (filed as Live Nation, Inc.; name changed January 25, 2010 upon the Ticketmaster merger) reported 2009 revenue of $4.18 billion, up from $4.09 billion in 2008, and an operating loss of $52.4 million compared with an operating loss of $297.3 million in 2008, which included a $269.9 million goodwill impairment. The company recorded a net loss attributable to Live Nation of $60.2 million in 2009 (loss from continuing operations of $126.0 million). Results were driven by North American Music, which generated $2.57 billion of revenue but an operating loss of $18.4 million, and International Music, which generated $1.53 billion of revenue and operating income of $65.9 million. Ticketing revenue rose to $73.6 million, though the segment still posted an operating loss of $6.0 million. Cash from operations improved to $57.3 million, and cash and cash equivalents were $237.0 million at year-end. The balance sheet carries substantial leverage: total debt, including redeemable preferred stock and excluding the convertible note discount, was approximately $832.9 million at December 31, 2009, with $141.4 million of available revolver capacity. The company's $220 million 2.875% convertible senior notes due 2027 and $40 million of 13% redeemable preferred stock are noted, and the company stated it was in compliance with its debt covenants at year-end. The filing is dominated by the January 25, 2010 completion of the merger with Ticketmaster, which made Ticketmaster a wholly owned subsidiary and resulted in the issuance of approximately 84.6 million shares of common stock. The filing also discloses a proposed Final Judgment with the U.S. Department of Justice and a Canadian Consent Agreement, both imposing behavioral remedies and a divestiture of the Paciolan ticketing business. A tender offer by LMC Events, LLC, a Liberty Media subsidiary, to buy up to 34.2 million shares at $12.00 per share was also pending at the time of filing.
Feb 25, 2010
2008-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2008
This Amendment No. 1 to the Form 10-K of Live Nation, Inc. (now Live Nation Entertainment, Inc.) for the fiscal year ended December 31, 2008 supplies Part III information: directors and executive officers, executive compensation, security ownership, related-person transactions, director independence, and auditor fees. The filing states that the financial statements are incorporated by reference to the original Form 10-K, and the cover page reports a non-affiliate market value of approximately $454.7 million as of June 30, 2008 and 78,299,209 outstanding common shares as of February 23, 2009. The filing describes a pending merger with Ticketmaster Entertainment, Inc. and says the April 2009 amendment to CEO Michael Rapino's employment agreement provides a cash payment upon closing of that merger. Rapino's 2008 total compensation is reported as $8,504,881, and the compensation committee states that 2008 Adjusted Operating Income reached 103% of the $189 million company target. Bonuses were paid partly in restricted stock vesting tied to 2008 targets, which the committee determined were achieved in February 2009. Governance disclosures show a ten-member board, seven of whom are independent, and an audit committee chaired by Jeffrey T. Hinson. Ernst & Young LLP fees totaled $7,785 thousand for 2008 compared with $7,394 thousand for 2007, with audit fees of $6,759 thousand. Related-party items include $4.5 million paid in a lump sum to KSC for Michael Cohl's consulting services, about $13.2 million paid to Clear Channel for advertising, and about $0.8 million under lease and licensing agreements with Clear Channel.
Apr 30, 2009
2007-A2
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2007
This Amendment No. 2 to Form 10-K, filed by Live Nation, Inc. on April 23, 2009, amends only Item 15 of the Company's Annual Report for the year ended December 31, 2007. Its sole purpose is to add separate audited financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, as required by Rule 3-09 of Regulation S-X. The amendment states that it does not change any other information in the original 10-K filed February 29, 2008, and it consists solely of the cover page, explanatory note, Item 15, signatures, and consents and certifications. The included Broadway in Chicago financials show 2007 net income of $20.14 million on total ticket sales plus other income of $74.54 million, compared with net income of $14.22 million in 2006. Members' equity rose to $6.01 million at December 31, 2007, from $3.28 million a year earlier, after distributions to members of $17.41 million in 2007. Cash and cash equivalents were $33.62 million at year-end 2007, up from $20.74 million. The company reports no income tax provision because taxes are the liability of individual members. For Live Nation investors, the filing's main relevance is disclosure about the Company's stake in this theatre entity. The filing states that on December 17, 2007, SFX Entertainment, Inc. and Pace Theatrical Group, Inc., both Live Nation subsidiaries, sold their ownership interests in Broadway in Chicago to Laurence Chicago, LLC. The filing does not provide consolidated Live Nation results for 2008 or 2007 in this amendment.
Apr 23, 2009
2008
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2008
Live Nation, Inc. reported a net loss of $231.8 million for 2008 on revenue of $4.17 billion, up from $3.76 billion in 2007. The loss was driven by a $269.9 million goodwill impairment recorded in the fourth quarter after a significant decline in market capitalization, including $189.2 million for North American Music and $80.7 million for Artist Nation. Loss from continuing operations was $320.2 million, partly offset by $88.4 million of income from discontinued operations, which included gains on the sales of the motor sports business and the North American theatrical business. Operating loss was $284.2 million, compared with operating income of $16.8 million in 2007. Operating cash flow was negative at $52.8 million, and total debt, including redeemable preferred stock, was $925.7 million at year end. The company has agreed to a merger with Ticketmaster Entertainment, Inc. under an agreement dated February 10, 2009. Under the merger, Ticketmaster stockholders would own approximately 50.01% of the combined company. The merger requires approval from both companies' stockholders, consent from Ticketmaster's lenders, and regulatory review. The filing also notes a $15 million termination fee payable to Ticketmaster in certain circumstances. Liquidity is a key watch item. The senior secured credit facility had $122.0 million drawn on the revolver at year end, with $120.7 million available after letters of credit, and the company stated it was in compliance with all debt covenants. The 2.875% convertible senior notes ($220 million due 2027) and $40 million of redeemable preferred stock carry obligations that could require significant cash. The company also disclosed roughly $1.1 billion in non-cancelable operating lease obligations and two pending securities-related class actions over concert ticket pricing.
Mar 5, 2009
2007-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2007
This Form 10-K/A (Amendment No. 1) of Live Nation, Inc. for the fiscal year ended December 31, 2007 was filed solely to add the separate audited financial statements of Broadway in Chicago, L.L.C. (BIC), an unconsolidated subsidiary, as required under Rule 3-09 of Regulation S-X. The filing states that the audit of BIC was not complete when the original Form 10-K was filed on February 29, 2008. Item 15 is the only portion amended; all other information in the original report is unchanged. The filing reports 74,938,143 shares of common stock outstanding as of February 22, 2008, and aggregate market value held by non-affiliates of approximately $1.2 billion as of June 30, 2007. The amendment's substance is BIC's financials. BIC reported 2007 ticket sales of $24,833,555 and total revenues of $74,537,215, with net income of $20,137,747 compared with $14,215,180 in 2006. Its cash and cash equivalents rose to $33,618,676 at year-end 2007 from $20,744,075, and it made distributions to members of $17,406,776 in 2007. On December 17, 2007, SFX Entertainment, Inc. and Pace Theatrical Group, Inc., both Live Nation subsidiaries, sold their interests in BIC to Laurence Chicago, LLC, as disclosed in the notes. The filing does not contain the company's consolidated financial results, which the filing says appear in Item 8 of the original Annual Report. Investors seeking Live Nation's full-year operating results should refer to that original filing.
Mar 31, 2008
2007
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2007
Live Nation, Inc. reported a net loss of $11.9 million for 2007, an improvement from a net loss of $31.4 million in 2006, on revenue of $4.18 billion, up from $3.71 billion. Operating income rose to $82.1 million from $33.1 million, driven by a $51.2 million gain on sale of operating assets, the sale of non-core venues and theatrical assets, and a stronger International Music segment. Revenue growth was largely driven by acquisitions, including House of Blues (HOB), CPI and Academy Music Group, plus $116.7 million of favorable foreign exchange effects. The company is the world's largest live music company, operating more than 155 venues and promoting approximately 28,000 events in 18 countries in 2007. Leverage remains a central investor concern. Total debt and redeemable preferred stock stood at approximately $862.6 million at December 31, 2007, and the company had cash and cash equivalents of $339.0 million. The company issued $220 million of 2.875% convertible senior notes due 2027 in July 2007. Management stated it was in compliance with all debt covenants at year end. The company also disclosed a large pending ticketing transition, with a long-term agreement with CTS Eventim to launch its own ticketing business for 2009 events, and a 2008 sale of the majority of its North American theatrical business for a gross price of $90.4 million. The filing also highlights litigation exposure: the company is a defendant in twenty-two putative class actions alleging anti-competitive practices in concert promotion, and a class was certified on October 22, 2007 in several regional markets. The company states it intends to vigorously defend all claims. Net losses in 2005 through 2007 and a effective tax rate of 138% in 2007 reflect the cost of operating as a separate company after the December 2005 spin-off from Clear Channel.
Feb 29, 2008
2006-A
Live Nation Entertainment Annual Report (Amendment), Year Ended Dec 31, 2006
This Form 10-K/A (Amendment No. 1) by Live Nation, Inc. (now Live Nation Entertainment, Inc.), filed March 30, 2007, is a limited-scope amendment for the year ended December 31, 2006. It amends only Item 15 (Exhibits and Financial Statement Schedules) and does not change any other information in the original Annual Report filed March 1, 2007. Its stated purpose is to add the audited financial statements of Broadway in Chicago, L.L.C., an unconsolidated subsidiary, under Rule 3-09 of Regulation S-X, along with the related accountant's consent and certifications. The Broadway in Chicago financials show total assets of $25,684,436 at December 31, 2006, down from $33,704,194 in 2005, and members' equity falling to $3,283,709 from $8,287,029. Ticket sales were $19,161,096 and total other revenue was $40,604,872 for 2006, producing net income of $14,215,180 versus $11,940,008 in 2005. The company paid $19,218,500 in distributions to members in 2006, compared with $5,797,000 in 2005, which largely accounts for the decline in equity and cash. The amendment also lists the Live Nation exhibit index, including the Credit Agreement and its amendments, the Clear Channel separation agreements, and the HOB Entertainment merger agreement. The filing itself does not present consolidated Live Nation results; those appear in the original 10-K's Item 8, which this amendment does not restate.
Mar 30, 2007
2006
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2006
Live Nation, Inc. (LYV) reported 2006 revenue of $3.69 billion, up from $2.94 billion in 2005, driven mainly by its Events segment ($2.93 billion in revenue) and acquisitions including House of Blues (acquired for $354 million in cash, about $360 million including fees) and Concert Productions International. The company was still in its first year as a standalone public company after its December 2005 spin-off from Clear Channel. Net loss narrowed to $31.4 million in 2006 from $130.6 million in 2005, and operating income improved to $30.3 million from a loss of $13.2 million. Results were affected by a $51.6 million impairment charge on several amphitheaters and a theater development project, and by a $29.5 million valuation allowance on deferred tax assets, with the effective tax rate at 645%. Leverage remains significant. Total debt plus redeemable preferred stock was $679.1 million at December 31, 2006, with a weighted average cost of debt of 8.18%. Available borrowing capacity under the senior secured credit facility was about $835.0 million, of which $193.0 million was available after letters of credit. Cash and cash equivalents fell to $313.9 million from $403.7 million, and cash from operations was $16.7 million. The company also disclosed 22 putative class actions over concert ticket pricing, consolidated in the Central District of California, with trial set for December 11, 2007. Management describes a strategy to divest non-core assets and focus on live music, expanding its venue and international promoter presence. Recent events in January 2007 included the acquisition of 51% of Jackie Lombard Productions, the addition of the Dodge Theater in Phoenix, and the sale of Donington Park. The company's internal controls were assessed as effective at December 31, 2006, excluding the recently acquired businesses, which represented 27% of total assets and 7% of revenues.
Mar 1, 2007
2005
Live Nation Entertainment Annual Report, Year Ended Dec 31, 2005
Live Nation, Inc. filed this Form 10-K for fiscal 2005 on March 21, 2006, following its December 21, 2005 spin-off from Clear Channel Communications, Inc. The company describes itself as one of the world's largest diversified venue operators and promoters of live entertainment, promoting, producing or hosting over 29,500 events with total attendance nearing 60 million in 2005, and operating 119 venues (77 domestic and 42 international). Revenue for 2005 was $2,936.8 million, up from $2,806.1 million in 2004, but the company reported an operating loss of $13.2 million and a net loss of $130.6 million, compared with net income of $16.3 million in 2004. The net loss was driven in part by a $77.3 million valuation allowance recorded against deferred tax assets, and by higher corporate expenses of $50.7 million, which included litigation contingencies and severance. The balance sheet was reshaped by the separation. The company entered a $610.0 million senior secured credit facility, including a $325.0 million term loan, and issued $40.0 million of 13% redeemable preferred stock. Cash and cash equivalents rose to $403.7 million at year-end, while total debt was $366.8 million. Clear Channel's $628.9 million of debt was repaid or contributed to capital at the spin-off. The company also authorized a $150.0 million share repurchase program, of which $18.0 million had been used by December 31, 2005. The filing describes a mixed set of segment results. Global music generated $2,321.3 million in revenue (79% of total) but operating income fell to $56.5 million from $85.5 million. Global theater posted an operating loss of $1.3 million, and the other segment (specialized motor sports and sports representation) also posted an operating loss of $11.6 million. Operating cash flow fell sharply to $13.9 million from $119.9 million. Management cites reduced domestic amphitheater attendance, higher litigation and reorganization costs, and the company's first year as a standalone public company as factors affecting results.
Mar 21, 2006