10-Q 1 lyv-20210930.htm 10-Q lyv-20210930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On October 28, 2021, there were 224,659,997 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 3,211,191 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION


GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
Ticketmaster
Our ticketing business



PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
2021
December 31,
2020
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$4,628,880 $2,537,787 
    Accounts receivable, less allowance of $53,116 and $72,904, respectively
1,182,242 486,734 
    Prepaid expenses691,086 577,130 
    Restricted cash4,317 8,652 
    Other current assets48,766 39,465 
Total current assets6,555,291 3,649,768 
Property, plant and equipment, net1,041,854 1,101,414 
Operating lease assets1,390,650 1,424,223 
Intangible assets
    Definite-lived intangible assets, net732,276 855,600 
    Indefinite-lived intangible assets369,016 369,058 
Goodwill2,109,719 2,129,203 
Long-term advances651,794 668,756 
Other long-term assets480,144 391,281 
Total assets$13,330,744 $10,589,303 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,499,131 $744,096 
    Accounts payable111,142 86,356 
    Accrued expenses1,445,840 894,149 
    Deferred revenue2,303,373 1,839,323 
    Current portion of long-term debt, net46,214 53,415 
    Current portion of operating lease liabilities111,090 107,147 
    Other current liabilities41,314 72,083 
Total current liabilities5,558,104 3,796,569 
Long-term debt, net5,686,905 4,855,096 
Long-term operating lease liabilities1,448,270 1,445,674 
Long-term deferred income taxes174,083 170,759 
Other long-term liabilities242,811 182,508 
Commitments and contingent liabilities
Redeemable noncontrolling interests262,347 272,449 
Stockholders' equity
    Common stock2,218 2,145 
    Additional paid-in capital2,903,613 2,386,790 
    Accumulated deficit(3,132,813)(2,676,833)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(170,997)(177,009)
Total Live Nation stockholders' equity(404,844)(471,772)
Noncontrolling interests363,068 338,020 
Total equity(41,776)(133,752)
Total liabilities and equity$13,330,744 $10,589,303 


See Notes to Consolidated Financial Statements
2

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (in thousands except share and per share data)
Revenue$2,698,722 $184,018 $3,565,277 $1,623,795 
Operating expenses:
Direct operating expenses1,969,912 130,749 2,346,998 1,199,126 
Selling, general and administrative expenses446,929 405,934 1,098,676 1,243,307 
Depreciation and amortization101,235 119,938 313,758 364,785 
Loss (gain) on disposal of operating assets(1,148)208 (1,038)897 
Corporate expenses44,649 31,630 100,195 80,858 
Operating income (loss)137,145 (504,441)(293,312)(1,265,178)
Interest expense70,407 66,093 210,146 162,781 
Interest income(1,333)(2,810)(3,953)(9,712)
Equity in losses (earnings) of nonconsolidated affiliates(7,025)2,615 (4,608)6,656 
Gain from sale of investments in nonconsolidated affiliates(30,633)(2,514)(83,580)(2,479)
Other expense (income), net12,441 (8,463)19,903 (9,043)
Income (loss) before income taxes93,288 (559,362)(431,220)(1,413,381)
Income tax expense (benefit)6,421 (16,904)15,095 (49,417)
Net income (loss)86,867 (542,458)(446,315)(1,363,964)
Net income (loss) attributable to noncontrolling interests39,989 (13,556)9,665 (82,761)
Net income (loss) attributable to common stockholders of Live Nation$46,878 $(528,902)$(455,980)$(1,281,203)
Basic net income (loss) per common share available to common stockholders of Live Nation$0.20 $(2.45)$(2.13)$(6.08)
Diluted net income (loss) per common share available to common stockholders of Live Nation$0.19 $(2.45)$(2.13)$(6.08)
Weighted average common shares outstanding:
Basic216,888,355 212,593,719 215,716,239 211,781,620 
Diluted223,800,400 212,593,719 215,716,239 211,781,620 
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$46,878 $(528,902)$(455,980)$(1,281,203)
Accretion of redeemable noncontrolling interests(4,245)6,990 (4,210)(5,955)
Basic and diluted net income (loss) available to common stockholders of Live Nation
$42,633 $(521,912)$(460,190)$(1,287,158)

See Notes to Consolidated Financial Statements
3

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (in thousands)
Net income (loss)$86,867 $(542,458)$(446,315)$(1,363,964)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge852 (2,249)10,160 (38,845)
Realized loss on cash flow hedge1,991 1,854 5,853 3,207 
Foreign currency translation adjustments(12,008)21,983 (10,001)(40,866)
Comprehensive income (loss)77,702 (520,870)(440,303)(1,440,468)
Comprehensive income (loss) attributable to noncontrolling interests
39,989 (13,556)9,665 (82,761)
Comprehensive income (loss) attributable to common stockholders of Live Nation
$37,713 $(507,314)$(449,968)$(1,357,707)

See Notes to Consolidated Financial Statements
4


LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 
Non-cash and stock-based compensation— — 27,318 — — — — 27,318 — 
Common stock issued under stock plans, net of shares withheld for employee taxes151,280 1 (4,523)— — — — (4,522)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes70,011 1 2,238 — — — — 2,239 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Acquisitions— — — — — — 7,117 7,117 230 
Redeemable noncontrolling interests fair value adjustments— — (4,245)— — — — (4,245)4,245 
Contributions received— — — — — — 1,329 1,329  
Cash distributions— — — — — — (8,341)(8,341)(2,749)
Other— —  — — — (331)(331) 
Comprehensive income (loss):
Net income— — — 46,878 — — 30,135 77,013 9,854 
Unrealized gain on cash flow hedge— — — — — 852 — 852 — 
Realized loss on cash flow hedge— — — — — 1,991 — 1,991 — 
Foreign currency translation adjustments— — — — — (12,008)— (12,008)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 




See Notes to Consolidated Financial Statements
5


Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 80,165 — — — — 80,165 — 
Common stock issued under stock plans, net of shares withheld for employee taxes812,829 8 (24,593)— — — — (24,585)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes1,329,951 13 12,162 — — — — 12,175 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Acquisitions— — — — — — 7,117 7,117 828 
Purchases of noncontrolling interests— — 3,775 — — — (2,577)1,198 (1,698)
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — (4,210)— — — — (4,210)4,210 
Contributions received— — — — — — 16,522 16,522 95 
Cash distributions— — — — — — (20,852)(20,852)(4,780)
Other— — — — — (2,452)(2,452) 
Comprehensive income (loss):
Net income (loss)— — — (455,980)— — 18,422 (437,558)(8,757)
Unrealized gain on cash flow hedge— — — — — 10,160 — 10,160 — 
Realized loss on cash flow hedge— — — — — 5,853 — 5,853 — 
Foreign currency translation adjustments— — — — — (10,001)— (10,001)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 

See Notes to Consolidated Financial Statements
6

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2020212,523,147 $2,125 $2,295,069 $(1,704,599)$(6,865)$(243,805)$341,605 $683,530 $334,228 
Non-cash and stock-based compensation— — 56,696 — — — — 56,696 — 
Common stock issued under stock plans, net of shares withheld for employee taxes979,124 10 (25,489)— — — — (25,479)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes320,731 3 6,683 — — — — 6,686 — 
Acquisitions— — — — — — 10,480 10,480 7,349 
Divestitures— — — — — — (1)(1)— 
Purchases of noncontrolling interests— — 20,882 — — — (426)20,456 (33,406)
Redeemable noncontrolling interests fair value adjustments— — 6,990 — — — — 6,990 (6,990)
Contributions received— — — — — — 1,101 1,101 446 
Cash distributions— — — — — — (3,242)(3,242)(1,916)
Other— — 184 — — — (2,247)(2,063)16 
Comprehensive loss:
Net loss— — — (528,902)— — (816)(529,718)(12,740)
Unrealized loss on cash flow hedge— — — — — (2,249)— (2,249)— 
Realized loss on cash flow hedge— — — — — 1,854 — 1,854 — 
Foreign currency translation adjustments— — — — — 21,983 — 21,983 — 
Balances at September 30, 2020213,823,002 $2,138 $2,361,015 $(2,233,501)$(6,865)$(222,217)$346,454 $247,024 $286,987 

See Notes to Consolidated Financial Statements
7

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2019211,262,062 $2,113 $2,245,619 $(949,334)$(6,865)$(145,713)$318,134 $1,463,954 $449,498 
Cumulative effect of change in accounting principle— — — (2,964)— — — (2,964)— 
Non-cash and stock-based compensation— — 106,975 — — — — 106,975 — 
Common stock issued under stock plans, net of shares withheld for employee taxes1,320,373 13 (33,154)— — — — (33,141)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes1,240,567 12 8,402 — — — — 8,414 — 
Fair value of convertible debt conversion feature, net of issuance cost— — 33,347 — — — — 33,347 — 
Acquisitions— — — — — — 45,802 45,802 19,248 
Divestitures— — — — — — 592 592 — 
Purchases of noncontrolling interests— — 13,943 — — — (1,458)12,485 (129,596)
Sales of noncontrolling interests— — (8,161)— — — 39,161 31,000 — 
Redeemable noncontrolling interests fair value adjustments— — (5,955)— — — — (5,955)5,955 
Contributions received— — — — — — 2,568 2,568 446 
Cash distributions— — — — — — (15,925)(15,925)(15,548)
Other— — (1)— — — (2,692)(2,693)17 
Comprehensive loss:
Net loss— — — (1,281,203)— — (39,728)(1,320,931)(43,033)
Unrealized loss on cash flow hedge— — — — — (38,845)— (38,845)— 
Realized loss on cash flow hedge— — — — — 3,207 — 3,207 
Foreign currency translation adjustments— — — — — (40,866)— (40,866)— 
Balances at September 30, 2020213,823,002 $2,138 $2,361,015 $(2,233,501)$(6,865)$(222,217)$346,454 $247,024 $286,987 

See Notes to Consolidated Financial Statements
8

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
September 30,
 20212020
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(446,315)$(1,363,964)
Reconciling items:
Depreciation167,170 184,391 
Amortization146,588 180,394 
Amortization of non-recoupable ticketing contract advances49,214 38,833 
Deferred income tax expense (benefit)4,365 (22,615)
Amortization of debt issuance costs and discounts27,916 24,201 
Non-cash compensation expense80,165 106,965 
Unrealized changes in fair value of contingent consideration(6,998)(25,745)
Equity in losses of nonconsolidated affiliates, net of distributions6,396 8,266 
Provision for uncollectible accounts receivable(14,006)48,413 
Gain on sale of investments in nonconsolidated affiliates(83,580)(2,479)
Other, net2,015 (12,681)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable(690,105)406,202 
Decrease (increase) in prepaid expenses and other assets(92,635)1,793 
Increase (decrease) in accounts payable, accrued expenses and other liabilities1,323,448 (1,213,409)
Increase in deferred revenue551,059 684,532 
Net cash provided by (used in) operating activities1,024,697 (956,903)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(24,476)(12,232)
Collections of notes receivable16,500 13,838 
Investments made in nonconsolidated affiliates(55,246)(9,728)
Purchases of property, plant and equipment(103,914)(187,036)
Cash paid for acquisitions, net of cash acquired(19,594)(37,283)
Proceeds from sale of investments in nonconsolidated affiliates80,593 3,753 
Other, net(5,622)4,156 
Net cash used in investing activities(111,759)(224,532)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs904,164 1,608,462 
Payments on long-term debt(93,168)(24,202)
Contributions from noncontrolling interests15,985 2,568 
Distributions to noncontrolling interests(25,632)(31,473)
Purchases and sales of noncontrolling interests, net(3,273)(106,971)
Proceeds from sale of common stock, net of issuance costs449,415  
Proceeds from exercise of stock options30,322 18,092 
Taxes paid for net share settlement of equity awards(42,731)(42,818)
Payments for deferred and contingent consideration(12,845)(62,035)
Other, net84 13 
Net cash provided by financing activities1,222,321 1,361,636 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(48,501)(20,952)
Net increase in cash, cash equivalents, and restricted cash