01—Abstract
Summary
Summary of the 10-K/A filed June 28, 2019. Cited figures are marked; the original filing is the authoritative source.
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%a-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.
02—Key points
Key Highlights
- Amendment No. 1 to the 2018 Form 10-K adds Exhibit 99.1, the financial statements of Venta de Boletos por Computadora, S. A. de C. V. (VBC), as required by Item 15(c).
- VBC reported 2018 revenue for services of Ps1,095,513 thousand, up from Ps1,081,030 thousand in 2017.
- VBC's 2018 net consolidated profit was Ps564,365 thousand, compared with Ps474,234 thousand in 2017.
- Cash and cash equivalents fell to Ps926,422 thousand at December 31, 2018, from Ps1,779,768 thousand a year earlier, as dividends paid rose to Ps477,236 thousand.
- The 2018 VBC balance sheet is not covered by the auditor's report, which addresses only the 2017 and 2016 statements.
- No changes were made to the original 10-K information beyond Item 15(c), and the amendment includes only the cover, explanatory note, exhibit index, signature page, consent and certifications.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-K/AFY2018filed June 28, 2019Financial Statements
FY2018 against FY2017
| Line item | FY2018FY2017 | Change |
|---|---|---|
| Revenue | $10.79B$9.69B | +11.4% |
| SG&A Expenses | $2.00B$1.91B | +4.7% |
| Operating Income | $272.54M$91.40M | +198.2% |
| Interest Expense | $140.98M$107.77M | +30.8% |
| Net Income | $60.25M-$6.01M | +1101.6% |
| EPS (Basic) | $-0.09$-0.48 | +81.3% |
| Shares Outstanding (Basic) | 207.44M204.92M | +1.2% |
05—Questions
Frequently Asked Questions
Why was this 10-K/A filed?
The amendment supplements Item 15(c) of the original Form 10-K for the year ended December 31, 2018, by including the separate financial statements of Venta de Boletos por Computadora, S. A. de C. V. as Exhibit 99.1. The filing states that it does not change any other information in the original report.
What is Venta de Boletos por Computadora, S. A. de C. V. (VBC)?
VBC is a subsidiary of OCESA Entretenimiento, S. A. de C. V., itself a subsidiary of Corporación Interamericana de Entretenimiento, S. A. B. de C. V. It markets tickets through automated sales systems, mainly the Ticketmaster electronic system, and has no employees, relying on related parties for administrative services.
How did VBC perform in 2018?
VBC reported 2018 revenue for services of Ps1,095,513 thousand and operating income of Ps673,764 thousand. Net consolidated profit was Ps564,365 thousand, compared with Ps474,234 thousand in 2017. These figures are in Mexican pesos.
Were VBC's 2018 financial statements audited?
The auditor's report covers the 2017 and 2016 statements only. The 2018 statements are presented for compliance with Rule 3-09 of Regulation S-X, and the filing states that Rule 3-09 does not require them to be audited, so they are not covered by the report.
06—Continue