Live Nation Entertainment — Nov 12, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001335258-24-000155
Showing in the filing
Concerts AOI margin
“on track to deliver 2024 margins toward pre-pandemic levels”
Period
FY2024
Measure
Company-defined measure
Source
Prose
All guidance in this release · 17
Adjusted operating income growth for FY2024
“pacing toward double-digit AOI growth”
Concerts AOI margin for FY2024
“on track to deliver 2024 margins toward pre-pandemic levels”
Venues added or refurbished for FY2025
“an additional 14 venues”
Incremental fan capacity from venue additions for FY2025
“an incremental eight million fans”
Sponsorship & Advertising full-year AOI margin for FY2024
“Full-year AOI margin expected to be similar to last year”
AOI margin for FY2024
“similar to last year”
Capital expenditures for FY2024
“$700 million”
Share of total capex driven by Venue Nation for FY2024
“Three-quarters”
Share of total venue spend from five venues for FY2024
“approximately 45%”
Capital committed by third parties for FY2024
“$130 million”
AOI to free cash flow—adjusted conversion for FY2024
“expected to be consistent with historical levels”
Foreign exchange impact on operating income for Q4 FY2024
“could impact operating income by over 30%”
Operating income impact from foreign exchange
“over 30%”
Foreign exchange impact on AOI for Q4 FY2024
“AOI by mid-teens percentage for the quarter”
AOI impact from foreign exchange
“mid-teens percentage”
Share count for FY2024
“not expected to change materially from 2023”
AOI to free cash flow—adjusted conversion for FY2024
“consistent with historical levels”
Exhibit 99.1 · the passage around this item
… earlier in the release
Momentum continues to build, as we expand the industry’s infrastructure with music-focused venues to support artists and reach untapped fan demand across the globe.” –Michael Rapino, President and CEO, Live Nation Entertainment QUARTERLY HIGHLIGHTS: MOMENTUM CONTINUES AFTER BIGGEST SUMMER CONCERT SEASON (versus prior year, reported FX) • Revenue of $7.7 billion • Operating income of $640 million • Adjusted operating income of $910 million • Highest ever concerts profitability with adjusted operating income of $474 million, up 39%, and margins of 7.2%, up more than two hundred basis points • Venue Nation fans spending more on-site: double-digit increases in on-site spending per fan at major festivals (over 100k fans) and up 9% at amphitheaters (same artist comparison) year-to-date • 144 million tickets sold for 2024 Live Nation concerts through October, up 3% • October transacted ticket sales for Ticketmaster up 15% on all ticket volume and up 23% for concert events, including Live Nation shows • Nearly all expected sponsorship commitments for the year booked, up double-digits VIEW HOW OUR OPERATING RESULTS COMPARE TO PAST QUARTERS IN THE 3Q24 TRENDED RESULTS GRID: https://investors.livenationentertainment.com/financial-information/financial-results 1 LEADING INDICATORS POINT TO MORE GROWTH IN 2025 (based on leading indicators through early November vs same period last year) • Growing concerts pipeline in large venues (stadiums, arenas, and amphitheaters), up double-digits compared to this point in 2023; stadium pipeline up double-digits compared to this point in 2022 • Over 20 million tickets already sold for Live Nation concerts in 2025, pacing up double-digits • Recent 2025 stadium onsales (including Coldplay, Rüfüs Du Sol and Shakira) delivering double-digit average growth in show grosses relative to past tours • Sponsorship momentum continues with commitments pacing up double-digits 2 CONCERTS DELIVERS RECORD PROFITABILITY (Q3 VS SAME PERIOD LAST YEAR) • Revenue of $6.6 billion • AOI of $474 million, up 39% • Record AOI margin of 7.2%, on track to deliver 2024 margins toward pre-pandemic levels ARENA AND AMPHITHEATER SHOWS DRIVE FAN GROWTH (YTD THROUGH Q3 VS SAME PERIOD LAST YEAR) • Show count up 13% to approximately 40k, fueled by arenas and amphitheaters and double-digit growth in theater and club shows • 112 million fans globally at Live Nation concerts, up 3% driven by double-digit growth in each arena and amphitheater attendance, more than offsetting a 30%+ decline in stadium attendance • Artists grossed 30% more per show on average when playing the same amphitheaters this year compared to 2022 / 2023, offsetting rising show costs GLOBAL FAN DEMAND REMAINS ROBUST • Tickets sold globally in September and October up over 20% year-over-year, reflecting continued strong demand 3 PORTFOLIO EXPANSION DELIVERS ATTRACTIVE RETURNS (YTD THROUGH Q3 VS SAME PERIOD LAST YEAR) • Venue Nation expects to host approximately 60 million fans this year, up 8% vs 2023 • Three major enhancements to our venue portfolio this year: ◦ Estadio GNP reopened this summer, with average net per fan spending up 20% compared to pre-renovation levels ◦ Northwell at Jones Beach amphitheater reopened after a successful renovation: season seat and box suite sales up 50%, food and beverage net per fan sp
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.