HighGravityDataLive Nation Entertainment — May 1, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001335258-25-000053
Showing in the filing
Ticketing segment full-year AOI margin
“in the high 30s, consistent with prior years”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 31
Adjusted operating income (AOI) growth for FY2025
“double-digit growth”
Concerts segment full-year AOI margin for FY2025
“consistent with last year”
Tariff impact on supply chain and touring lo… for FY2025
“minimal impact”
Impact from tariffs to supply chain or touri…
“minimal”
Fans attending shows in operated venues for FY2025
“up double-digits”
Fans attending shows in our operated venues for FY2025
“up double-digits”
Large venues to open globally for FY2026
“at least 20”
New large venue openings for FY2026
“at least 20 large venues”
Incremental fan capacity from venue expansion for FY2026
“approximately seven million incremental fans on a run-rate basis”
Average investment returns on venue expansion for FY2026
“20%+”
Ticketing segment AOI growth for FY2025
“AOI growth accelerating into 2H”
AOI margin for FY2025
“in the high 30s, consistent with prior years”
Capital expenditures for FY2025
“$900 million to $1 billion”
Venue expansion and enhancement capital expe… for FY2025
“$700 to $800 million”
IRRs on venue expansion and enhancement plans
“averaging 20%+”
IRRs on venue expansion and enhancement plans for FY2025
“20%+”
Funding from joint-venture partners, sponsor… for FY2025
“Approximately $200 to $250 million”
Maintenance capex spend for FY2025
“remains consistent with historical levels”
Maintenance capex spend
“consistent with historical levels”
Foreign exchange impact on revenue, operatin… for Q2 FY2025
“low-single digits”
Impact of foreign exchange to revenue, opera… for Q2 FY2025
“low-single digits”
Depreciation and amortization for FY2025
“increase by approximately $75 million compared to last year”
Depreciation and amortization increase for FY2025
“approximately $75 million”
Accretion for FY2025
“$125 million higher than last year”
Accretion increase for FY2025
“$125 million higher than last year”
Non-controlling interest and taxes for FY2025
“expected to increase in line with our AOI growth”
Share count for FY2025
“not expected to change materially from 2024”
Long-term growth for the long term
“double-digits”
Ticketing segment full-year AOI margin for FY2025
“in the high 30s, consistent with prior years”
Sponsorship & Advertising segment full-year … for FY2025
“in the low 60s, consistent with prior years”
AOI to free cash flow—adjusted conversion rate for FY2025
“consistent with historical levels”
Exhibit 99.1 · the passage around this item
… earlier in the release
Such forward-looking statements include, but are not limited to statements regarding expectations that 2025 will be a historic year for live music, with the company on track to deliver a record year with double-digit growth in operating income and adjusted operating income for the year; fan demand across ticket sales, fan attendance, and on-site spending; the company’s positioning to compound growth by double-digits over many years; momentum building into an expected record summer concerts season; the company’s expectation that full-year 2025 adjusted operating income margin in its Concerts segment will be consistent with those in 2024; current expectations that there will be minimal impact to the company’s supply chain or touring logistics from tariffs for the year; expectations that fans attending shows in the company’s operated venues will be up double-digits in 2025 compared to 2024; the company’s plans to open at least 20 large venues globally through 2026, creating capacity for approximately seven million incremental fans on a run-rate basis and expected to deliver average investment returns of 20%+; the company’ belief that its Ticketing segment will have a strong year ahead, with adjusted operating income growth expected to accelerate into the second half of the year; the company’s expectation that full-year 2025 adjusted operating income margin in its Ticketing segment will be in the high 30s, consistent with prior years; the company’s expectation that full-year 2025 adjusted operating income margin in its Sponsorship and Advertising segment will be in the low 60s, consistent with prior years; current expectations for the company’s capital expenditures in 2025, including spend related to venue expansion and enhancement plans (which are expected to yield double-digit IRRs), as well as the expected amount of funding from joint-venture partners, sponsorship agreements, and other sources, and the anticipated maintenance spend; expectations that the full-year 2025 adjusted operating income to free cash flow—adjusted conversion rate will be consistent with historical levels; the expected impact of foreign exchange on the company’s revenue, operating income, and adjusted operating income in the second quarter of 2025, based on current projected rates; expectations for full-year 2025 depreciation and amortization, accretion, and share count; and the expectation that non-controlling interest and taxes will increase in line with the company’s adjusted operating income growth. Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.