Company Quick10K Filing
Live Nation
Price66.70 EPS1
Shares219 P/E119
MCap14,604 P/FCF444
Net Debt886 EBIT292
TEV15,491 TEV/EBIT53
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-02-26
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-11-05
8-K 2020-08-05
8-K 2020-07-29
8-K 2020-06-03
8-K 2020-05-25
8-K 2020-05-20
8-K 2020-05-07
8-K 2020-04-09
8-K 2020-02-27
8-K 2020-02-03
8-K 2019-10-31
8-K 2019-10-17
8-K 2019-07-25
8-K 2019-07-24
8-K 2019-06-06
8-K 2019-05-02
8-K 2019-02-28
8-K 2018-12-18
8-K 2018-11-01
8-K 2018-07-26
8-K 2018-06-06
8-K 2018-05-04
8-K 2018-05-03
8-K 2018-03-15
8-K 2018-02-27
8-K 2018-01-12

LYV 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation and Other Information
Note 2 - Impact of The Global Covid - 19 Pandemic
Note 3 - Long - Lived Assets
Note 4 - Leases
Note 5 - Long - Term Debt
Note 6 - Derivative Instruments
Note 7 - Fair Value Measurements
Note 8 - Commitments and Contingent Liabilities
Note 9 - Equity
Note 10 - Revenue Recognition
Note 11 - Stock - Based Compensation
Note 12 - Segment Data
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 5. Other Information
Item 6. Exhibits
EX-10.1 lyv-20200930xex101.htm
EX-31.1 lyv-20200930xex311.htm
EX-31.2 lyv-20200930xex312.htm
EX-32.1 lyv-20200930xex321.htm
EX-32.2 lyv-20200930xex322.htm

Live Nation Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
3.93.12.31.40.6-0.22012201420172020
Rev, G Profit, Net Income
0.80.60.30.1-0.2-0.42012201420172020
Ops, Inv, Fin

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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, 2020
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
(Includes Preferred Stock Purchase Rights)
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 29, 2020, there were 217,117,403 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 3,700,313 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



Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
2020
December 31,
2019
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$2,625,082 $2,470,362 
    Accounts receivable, less allowance of $80,564 and $50,516, respectively
564,873 994,606 
    Prepaid expenses605,167 667,044 
    Restricted cash8,409 3,880 
    Other current assets56,326 57,007 
Total current assets3,859,857 4,192,899 
Property, plant and equipment, net1,106,688 1,117,932 
Operating lease assets1,461,442 1,402,019 
Intangible assets
    Definite-lived intangible assets, net895,086 870,141 
    Indefinite-lived intangible assets368,884 368,954 
Goodwill2,051,903 1,998,498 
Long-term advances730,898 593,699 
Other long-term assets410,673 431,473 
Total assets$10,885,431 $10,975,615 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$686,105 $1,005,888 
    Accounts payable88,869 100,237 
    Accrued expenses960,011 1,391,486 
    Deferred revenue1,631,715 1,391,032 
    Current portion of long-term debt, net50,789 37,795 
    Current portion of operating lease liabilities115,736 121,950 
    Other current liabilities49,652 59,211 
Total current liabilities3,582,877 4,107,599 
Long-term debt, net4,849,274 3,271,262 
Long-term operating lease liabilities1,467,105 1,374,481 
Long-term deferred income taxes177,893 178,173 
Other long-term liabilities274,271 130,648 
Commitments and contingent liabilities
Redeemable noncontrolling interests286,987 449,498 
Stockholders' equity
    Common stock2,138 2,113 
    Additional paid-in capital2,361,015 2,245,619 
    Accumulated deficit(2,233,501)(949,334)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(222,217)(145,713)
Total Live Nation stockholders' equity(99,430)1,145,820 
Noncontrolling interests346,454 318,134 
Total equity247,024 1,463,954 
Total liabilities and equity$10,885,431 $10,975,615 


See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (in thousands except share and per share data)
Revenue$184,018 $3,773,684 $1,623,795 $8,658,521 
Operating expenses:
Direct operating expenses130,749 2,800,429 1,199,126 6,279,447 
Selling, general and administrative expenses405,934 542,547 1,243,307 1,520,910 
Depreciation and amortization119,938 126,306 364,785 329,044 
Loss (gain) on disposal of operating assets208 (305)897 (553)
Corporate expenses31,630 44,666 80,858 121,909 
Operating income (loss)(504,441)260,041 (1,265,178)407,764 
Interest expense66,093 36,587 162,781 109,894 
Interest income(2,810)(5,863)(9,712)(12,229)
Equity in losses (earnings) of nonconsolidated affiliates2,615 2,681 6,656 (6,291)
Other expense (income), net(10,977)5,384 (11,522)1,551 
Income (loss) before income taxes(559,362)221,252 (1,413,381)314,839 
Income tax expense (benefit)(16,904)27,280 (49,417)59,988 
Net income (loss)(542,458)193,972 (1,363,964)254,851 
Net income (loss) attributable to noncontrolling interests(13,556)15,047 (82,761)25,015 
Net income (loss) attributable to common stockholders of Live Nation$(528,902)$178,925 $(1,281,203)$229,836 
Basic net income (loss) per common share available to common stockholders of Live Nation
$(2.45)$0.74 $(6.08)$0.86 
Diluted net income (loss) per common share available to common stockholders of Live Nation
$(2.45)$0.71 $(6.08)$0.83 
Weighted average common shares outstanding:
Basic212,593,719 210,621,971 211,781,620 209,849,058 
Diluted212,593,719 218,957,376 211,781,620 218,485,494 
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$(528,902)$178,925 $(1,281,203)$229,836 
Accretion of redeemable noncontrolling interests6,990 (23,580)(5,955)(49,407)
Net income (loss) available to common stockholders of Live Nation—basic
(521,912)155,345 (1,287,158)180,429 
Convertible debt interest, net of tax   265 
Net income (loss) available to common stockholders of Live Nation—diluted
$(521,912)$155,345 $(1,287,158)$180,694 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2020201920202019
 (in thousands)
Net income (loss)$(542,458)$193,972 $(1,363,964)$254,851 
Other comprehensive income (loss), net of tax:
Unrealized loss on cash flow hedge(2,249) (38,845) 
Realized loss on cash flow hedge1,854  3,207  
Foreign currency translation adjustments21,983 (32,256)(40,866)(35,816)
Comprehensive income (loss)(520,870)161,716 (1,440,468)219,035 
Comprehensive income (loss) attributable to noncontrolling interests
(13,556)15,047 (82,761)25,015 
Comprehensive income (loss) attributable to common stockholders of Live Nation
$(507,314)$146,669 $(1,357,707)$194,020 

See Notes to Consolidated Financial Statements
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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, 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
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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, 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
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Table of Contents
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, 2019210,910,143 $2,101 $2,296,010 $(968,312)$(6,865)$(148,791)$233,613 $1,407,756 $385,328 
Non-cash and stock-based compensation— — 12,030 — — — — 12,030 — 
Common stock issued under stock plans, net of shares withheld for employee taxes9,457 — (319)— — — — (319)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes206,456 2 3,039 — — — — 3,041 — 
Conversion of convertible debt 8 (8)— — — —  — 
Acquisitions— — — — — — 4,790 4,790  
Purchases of noncontrolling interests— — (24,846)— — — (2,695)(27,541) 
Redeemable noncontrolling interests fair value adjustments— — (23,580)— — — — (23,580)23,580 
Contributions received— — — — — — 4,800 4,800  
Cash distributions— — — — — — (8,185)(8,185)(1,624)
Other— — 135 — — — (279)(144) 
Comprehensive income (loss):
Net Income— — — 178,925 — — 3,515 182,440 11,532 
Foreign currency translation adjustments— — — — — (32,256)— (32,256)— 
Balances at September 30, 2019211,126,056 $2,111 $2,262,461 $(789,387)$(6,865)$(181,047)$235,559 $1,522,832 $418,816 


See Notes to Consolidated Financial Statements
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Table of Contents
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, 2018209,135,581 $2,091 $2,268,209 $(1,019,223)$(6,865)$(145,231)$243,762 $1,342,743 $329,355 
Non-cash and stock-based compensation— — 37,022 — — — — 37,022 — 
Common stock issued under stock plans, net of shares withheld for employee taxes322,314 3 (10,581)— — — — (10,578)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes843,833 9 13,231 — — — — 13,240 — 
Conversion of convertible debt824,328 8 28,578 — — — — 28,586 — 
Acquisitions— — — — — — 30,958 30,958 39,303 
Purchases of noncontrolling interests— — (24,576)— — — (2,965)(27,541)(1,459)
Redeemable noncontrolling interests fair value adjustments— — (49,407)— — — — (49,407)49,407 
Contributions received— — — — — — 13,124 13,124  
Cash distributions— — — — — — (60,300)(60,300)(12,882)
Other— — (15)