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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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20-3247759
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(State of Incorporation)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Page
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PART I—FINANCIAL INFORMATION
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PART II—OTHER INFORMATION
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|
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AOCI
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Accumulated other comprehensive income (loss)
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AOI
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Adjusted operating income (loss)
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Company
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Live Nation Entertainment, Inc. and subsidiaries
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FASB
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Financial Accounting Standards Board
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GAAP
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United States Generally Accepted Accounting Principles
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Live Nation
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Live Nation Entertainment, Inc. and subsidiaries
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SEC
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United States Securities and Exchange Commission
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Ticketmaster
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For periods prior to May 6, 2010, Ticketmaster means Ticketmaster Entertainment LLC and its predecessor companies (including without limitation Ticketmaster Entertainment, Inc.); for periods on and after May 6, 2010, Ticketmaster means the Ticketmaster ticketing business of the Company
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September 30,
2015 |
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December 31,
2014 |
||||
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(as adjusted)
|
||||
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(in thousands)
|
||||||
ASSETS
|
|
|
|
||||
Current assets
|
|
|
|
||||
Cash and cash equivalents
|
$
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1,061,383
|
|
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$
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1,382,029
|
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Accounts receivable, less allowance of $20,452 and $17,489, respectively
|
631,344
|
|
|
419,301
|
|
||
Prepaid expenses
|
555,391
|
|
|
440,272
|
|
||
Other current assets
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48,477
|
|
|
26,089
|
|
||
Total current assets
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2,296,595
|
|
|
2,267,691
|
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||
Property, plant and equipment
|
|
|
|
||||
Land, buildings and improvements
|
830,518
|
|
|
808,116
|
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Computer equipment and capitalized software
|
442,124
|
|
|
454,925
|
|
||
Furniture and other equipment
|
234,112
|
|
|
209,624
|
|
||
Construction in progress
|
97,954
|
|
|
78,111
|
|
||
|
1,604,708
|
|
|
1,550,776
|
|
||
Less accumulated depreciation
|
885,185
|
|
|
855,439
|
|
||
|
719,523
|
|
|
695,337
|
|
||
Intangible assets
|
|
|
|
||||
Definite-lived intangible assets, net
|
772,496
|
|
|
682,713
|
|
||
Indefinite-lived intangible assets
|
369,398
|
|
|
369,480
|
|
||
Goodwill
|
1,629,510
|
|
|
1,479,037
|
|
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Other long-term assets
|
477,832
|
|
|
474,103
|
|
||
Total assets
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$
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6,265,354
|
|
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$
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5,968,361
|
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LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities
|
|
|
|
||||
Accounts payable, client accounts
|
$
|
660,716
|
|
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$
|
658,108
|
|
Accounts payable
|
88,216
|
|
|
74,151
|
|
||
Accrued expenses
|
785,861
|
|
|
675,880
|
|
||
Deferred revenue
|
521,648
|
|
|
543,122
|
|
||
Current portion of long-term debt, net
|
42,131
|
|
|
47,443
|
|
||
Other current liabilities
|
33,192
|
|
|
12,035
|
|
||
Total current liabilities
|
2,131,764
|
|
|
2,010,739
|
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Long-term debt, net
|
1,993,963
|
|
|
1,995,957
|
|
||
Long-term deferred income taxes
|
208,758
|
|
|
196,759
|
|
||
Other long-term liabilities
|
135,972
|
|
|
112,204
|
|
||
Commitments and contingent liabilities
|
|
|
|
|
|
||
Redeemable noncontrolling interests
|
247,104
|
|
|
168,855
|
|
||
Stockholders’ equity
|
|
|
|
||||
Common stock
|
2,019
|
|
|
2,004
|
|
||
Additional paid-in capital
|
2,427,295
|
|
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2,414,428
|
|
||
Accumulated deficit
|
(996,777
|
)
|
|
(1,042,603
|
)
|
||
Cost of shares held in treasury
|
(6,865
|
)
|
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(6,865
|
)
|
||
Accumulated other comprehensive loss
|
(94,234
|
)
|
|
(70,010
|
)
|
||
Total Live Nation stockholders’ equity
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1,331,438
|
|
|
1,296,954
|
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||
Noncontrolling interests
|
216,355
|
|
|
186,893
|
|
||
Total equity
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1,547,793
|
|
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1,483,847
|
|
||
Total liabilities and equity
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$
|
6,265,354
|
|
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$
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5,968,361
|
|
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
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(in thousands except share and per share data)
|
||||||||||||||
Revenue
|
$
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2,622,917
|
|
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$
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2,502,008
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$
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5,509,006
|
|
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$
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5,295,109
|
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Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses
|
1,974,322
|
|
|
1,876,519
|
|
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3,974,710
|
|
|
3,792,366
|
|
||||
Selling, general and administrative expenses
|
361,975
|
|
|
349,676
|
|
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1,003,359
|
|
|
978,006
|
|
||||
Depreciation and amortization
|
99,054
|
|
|
97,925
|
|
|
272,166
|
|
|
256,732
|
|
||||
Loss (gain) on disposal of operating assets
|
625
|
|
|
(1,696
|
)
|
|
588
|
|
|
(4,977
|
)
|
||||
Corporate expenses
|
29,988
|
|
|
26,647
|
|
|
80,690
|
|
|
73,538
|
|
||||
Acquisition transaction expenses
|
3,443
|
|
|
2,333
|
|
|
5,673
|
|
|
5,462
|
|
||||
Operating income
|
153,510
|
|
|
150,604
|
|
|
171,820
|
|
|
193,982
|
|
||||
Interest expense
|
25,844
|
|
|
28,346
|
|
|
76,857
|
|
|
80,428
|
|
||||
Interest income
|
(460
|
)
|
|
(864
|
)
|
|
(2,419
|
)
|
|
(2,676
|
)
|
||||
Equity in losses (earnings) of nonconsolidated affiliates
|
2,040
|
|
|
(2,155
|
)
|
|
(573
|
)
|
|
(5,921
|
)
|
||||
Other expense, net
|
8,127
|
|
|
12,587
|
|
|
20,655
|
|
|
11,081
|
|
||||
Income before income taxes
|
117,959
|
|
|
112,690
|
|
|
77,300
|
|
|
111,070
|
|
||||
Income tax expense (benefit)
|
13,577
|
|
|
(3,137
|
)
|
|
19,232
|
|
|
(482
|
)
|
||||
Net income
|
104,382
|
|
|
115,827
|
|
|
58,068
|
|
|
111,552
|
|
||||
Net income attributable to noncontrolling interests
|
15,333
|
|
|
10,664
|
|
|
12,242
|
|
|
15,903
|
|
||||
Net income attributable to common stockholders of Live Nation
|
$
|
89,049
|
|
|
$
|
105,163
|
|
|
$
|
45,826
|
|
|
$
|
95,649
|
|
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share available to common stockholders of Live Nation
|
$
|
0.39
|
|
|
$
|
0.52
|
|
|
$
|
0.14
|
|
|
$
|
0.46
|
|
Diluted net income per common share available to common stockholders of Live Nation
|
$
|
0.38
|
|
|
$
|
0.49
|
|
|
$
|
0.14
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
201,392,591
|
|
|
199,261,810
|
|
|
200,776,477
|
|
|
198,612,221
|
|
||||
Diluted
|
208,738,780
|
|
|
221,581,583
|
|
|
208,493,651
|
|
|
206,233,574
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net income attributable to common stockholders of Live Nation
|
$
|
89,049
|
|
|
$
|
105,163
|
|
|
$
|
45,826
|
|
|
$
|
95,649
|
|
Accretion of redeemable noncontrolling interests
|
(10,118
|
)
|
|
(1,198
|
)
|
|
(17,111
|
)
|
|
(3,702
|
)
|
||||
Net income available to common stockholders of Live Nation—basic
|
78,931
|
|
|
103,965
|
|
|
28,715
|
|
|
91,947
|
|
||||
Convertible debt interest, net of tax
|
—
|
|
|
4,813
|
|
|
—
|
|
|
—
|
|
||||
Net income available to common stockholders of Live Nation—diluted
|
$
|
78,931
|
|
|
$
|
108,778
|
|
|
$
|
28,715
|
|
|
$
|
91,947
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in thousands)
|
||||||||||||||
Net income
|
$
|
104,382
|
|
|
$
|
115,827
|
|
|
$
|
58,068
|
|
|
$
|
111,552
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on cash flow hedges
|
—
|
|
|
6
|
|
|
—
|
|
|
(2
|
)
|
||||
Realized loss on cash flow hedges
|
—
|
|
|
15
|
|
|
25
|
|
|
48
|
|
||||
Change in funded status of defined benefit pension plan
|
(107
|
)
|
|
—
|
|
|
6
|
|
|
30
|
|
||||
Foreign currency translation adjustments
|
(6,196
|
)
|
|
(54,426
|
)
|
|
(24,255
|
)
|
|
(35,283
|
)
|
||||
Comprehensive income
|
98,079
|
|
|
61,422
|
|
|
33,844
|
|
|
76,345
|
|
||||
Comprehensive income attributable to noncontrolling interests
|
15,333
|
|
|
10,664
|
|
|
12,242
|
|
|
15,903
|
|
||||
Comprehensive income attributable to common stockholders of Live Nation
|
$
|
82,746
|
|
|
$
|
50,758
|
|
|
$
|
21,602
|
|
|
$
|
60,442
|
|
|
Nine Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
|
(in thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
58,068
|
|
|
$
|
111,552
|
|
Reconciling items:
|
|
|
|
||||
Depreciation
|
97,845
|
|
|
93,140
|
|
||
Amortization
|
174,321
|
|
|
163,592
|
|
||
Deferred income tax benefit
|
(7,181
|
)
|
|
(21,463
|
)
|
||
Amortization of debt issuance costs, discounts and premium, net
|
7,974
|
|
|
13,375
|
|
||
Non-cash compensation expense
|
25,594
|
|
|
31,531
|
|
||
Loss (gain) on disposal of operating assets
|
588
|
|
|
(4,977
|
)
|
||
Equity in losses of nonconsolidated affiliates, net of distributions
|
6,040
|
|
|
1,382
|
|
||
Other, net
|
(5,340
|
)
|
|
(1,001
|
)
|
||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
|
|
|
|
||||
Increase in accounts receivable
|
(232,106
|
)
|
|
(193,705
|
)
|
||
Increase in prepaid expenses
|
(158,344
|
)
|
|
(194,229
|
)
|
||
Increase in other assets
|
(56,665
|
)
|
|
(36,524
|
)
|
||
Increase in accounts payable, accrued expenses and other liabilities
|
113,160
|
|
|
107,271
|
|
||
Decrease in deferred revenue
|
(46,530
|
)
|
|
(76,473
|
)
|
||
Net cash used in operating activities
|
(22,576
|
)
|
|
(6,529
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
||||
Advances and collections of notes receivable, net
|
(22,827
|
)
|
|
(7,475
|
)
|
||
Investments made in nonconsolidated affiliates
|
(17,130
|
)
|
|
(11,324
|
)
|
||
Purchases of property, plant and equipment
|
(97,506
|
)
|
|
(98,248
|
)
|
||
Cash paid for acquisitions, net of cash acquired
|
(87,371
|
)
|
|
(48,527
|
)
|
||
Other, net
|
(2,290
|
)
|
|
(1,421
|
)
|
||
Net cash used in investing activities
|
(227,124
|
)
|
|
(166,995
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
||||
Proceeds from long-term debt, net of debt issuance costs
|
9,949
|
|
|
515,258
|
|
||
Payments on long-term debt
|
(22,910
|
)
|
|
(245,014
|
)
|
||
Contributions from noncontrolling interests
|
255
|
|
|
81
|
|
||
Distributions to noncontrolling interests
|
(13,834
|
)
|
|
(23,964
|
)
|
||
Purchases and sales of noncontrolling interests, net
|
(9,491
|
)
|
|
(3,528
|
)
|
||
Proceeds from exercise of stock options
|
14,685
|
|
|
14,142
|
|
||
Payments for deferred and contingent consideration
|
(4,450
|
)
|
|
(5,722
|
)
|
||
Net cash provided by (used in) financing activities
|
(25,796
|
)
|
|
251,253
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(45,150
|
)
|
|
(18,613
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(320,646
|
)
|
|
59,116
|
|
||
Cash and cash equivalents at beginning of period
|
1,382,029
|
|
|
1,299,184
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,061,383
|
|
|
$
|
1,358,300
|
|
|
Revenue-
generating
contracts
|
|
Client /
vendor
relationships
|
|
Non-compete
agreements
|
|
Venue
management
and
leaseholds
|
|
Technology
|
|
Trademarks
and
naming
rights
|
|
Other
|
|
Total
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
Balance as of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Gross carrying amount
|
$
|
635,127
|
|
|
$
|
355,992
|
|
|
$
|
123,552
|
|
|
$
|
83,322
|
|
|
$
|
15,330
|
|
|
$
|
24,266
|
|
|
$
|
3,581
|
|
|
$
|
1,241,170
|
|
Accumulated amortization
|
(272,071
|
)
|
|
(123,195
|
)
|
|
(98,512
|
)
|
|
(50,490
|
)
|
|
(4,246
|
)
|
|
(8,701
|
)
|
|
(1,242
|
)
|
|
(558,457
|
)
|
||||||||
Net
|
363,056
|
|
|
232,797
|
|
|
25,040
|
|
|
32,832
|
|
|
11,084
|
|
|
15,565
|
|
|
2,339
|
|
|
682,713
|
|
||||||||
Gross carrying amount:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquisitions— current year
|
100,534
|
|
|
38,313
|
|
|
—
|
|
|
13,195
|
|
|
15,450
|
|
|
48,273
|
|
|
—
|
|
|
215,765
|
|
||||||||
Acquisitions— prior year
|
(4,566
|
)
|
|
2,934
|
|
|
8,900
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
7,279
|
|
||||||||
Foreign exchange
|
(10,740
|
)
|
|
(9,150
|
)
|
|
—
|
|
|
(2,005
|
)
|
|
(849
|
)
|
|
(394
|
)
|
|
—
|
|
|
(23,138
|
)
|
||||||||
Other
(1)
|
(16,473
|
)
|
|
(2,655
|
)
|
|
—
|
|
|
(16,563
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35,691
|
)
|
||||||||
Net change
|
68,755
|
|
|
29,442
|
|
|
8,900
|
|
|
(5,373
|
)
|
|
14,612
|
|
|
47,879
|
|
|
—
|
|
|
164,215
|
|
||||||||
Accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Amortization
|
(53,226
|
)
|
|
(39,696
|
)
|
|
(10,582
|
)
|
|
(7,832
|
)
|
|
(3,196
|
)
|
|
(3,577
|
)
|
|
(292
|
)
|
|
(118,401
|
)
|
||||||||
Foreign exchange
|
4,487
|
|
|
2,488
|
|
|
—
|
|
|
1,066
|
|
|
5
|
|
|
220
|
|
|
—
|
|
|
8,266
|
|
||||||||
Other
(1)
|
16,473
|
|
|
2,655
|
|
|
—
|
|
|
16,563
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
35,703
|
|
||||||||
Net change
|
(32,266
|
)
|
|
(34,553
|
)
|
|
(10,582
|
)
|
|
9,797
|
|
|
(3,191
|
)
|
|
(3,345
|
)
|
|
(292
|
)
|
|
(74,432
|
)
|
||||||||
Balance as of September 30, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Gross carrying amount
|
703,882
|
|
|
385,434
|
|
|
132,452
|
|
|
77,949
|
|
|
29,942
|
|
|
72,145
|
|
|
3,581
|
|
|
1,405,385
|
|
||||||||
Accumulated amortization
|
(304,337
|
)
|
|
(157,748
|
)
|
|
(109,094
|
)
|
|
(40,693
|
)
|
|
(7,437
|
)
|
|
(12,046
|
)
|
|
(1,534
|
)
|
|
(632,889
|
)
|
||||||||
Net
|
$
|
399,545
|
|
|
$
|
227,686
|
|
|
$
|
23,358
|
|
|
$
|
37,256
|
|
|
$
|
22,505
|
|
|
$
|
60,099
|
|
|
$
|
2,047
|
|
|
$
|
772,496
|
|
(1)
|
Other includes net downs of fully amortized or impaired assets.
|
|
Weighted-
Average
Life (years)
|
|
|
Revenue-generating contracts
|
9
|
Client/vendor relationships
|
7
|
Venue management and leaseholds
|
7
|
Technology
|
5
|
Trademarks and naming rights
|
10
|
All categories
|
8
|
|
Concerts
|
|
Ticketing
|
|
Artist
Nation
|
|
Sponsorship
& Advertising
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
Balance as of December 31, 2014:
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
$
|
577,891
|
|
|
$
|
657,631
|
|
|
$
|
345,513
|
|
|
$
|
302,865
|
|
|
$
|
1,883,900
|
|
Accumulated impairment losses
|
(386,915
|
)
|
|
—
|
|
|
(17,948
|
)
|
|
—
|
|
|
(404,863
|
)
|
|||||
Net
|
190,976
|
|
|
657,631
|
|
|
327,565
|
|
|
302,865
|
|
|
1,479,037
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions—current year
|
74,384
|
|
|
83,946
|
|
|
15,251
|
|
|
25,631
|
|
|
199,212
|
|
|||||
Acquisitions—prior year
|
(25,022
|
)
|
|
8,365
|
|
|
(3,551
|
)
|
|
(9,776
|
)
|
|
(29,984
|
)
|
|||||
Foreign exchange
|
(5,768
|
)
|
|
(6,751
|
)
|
|
(679
|
)
|
|
(5,557
|
)
|
|
(18,755
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance as of September 30, 2015:
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
621,485
|
|
|
743,191
|
|
|
356,534
|
|
|
313,163
|
|
|
2,034,373
|
|
|||||
Accumulated impairment losses
|
(386,915
|
)
|
|
—
|
|
|
(17,948
|
)
|
|
—
|
|
|
(404,863
|
)
|
|||||
Net
|
$
|
234,570
|
|
|
$
|
743,191
|
|
|
$
|
338,586
|
|
|
$
|
313,163
|
|
|
$
|
1,629,510
|
|
|
Fair Value Measurements
at September 30, 2015 |
|
Fair Value Measurements
at December 31, 2014 |
||||
|
Level 1
|
|
Level 1
|
||||
|
(in thousands)
|
||||||
Assets:
|
|
|
|
||||
Cash equivalents
|
$
|
30,087
|
|
|
$
|
111
|
|
|
Live Nation
Stockholders’ Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
|
Redeemable
Noncontrolling
Interests
|
||||||||
|
(in thousands)
|
|
(in thousands)
|
||||||||||||
Balance at December 31, 2014
|
$
|
1,296,954
|
|
|
$
|
186,893
|
|
|
$
|
1,483,847
|
|
|
$
|
168,855
|
|
Non-cash compensation expense
|
25,594
|
|
|
—
|
|
|
25,594
|
|
|
—
|
|
||||
Common stock issued under stock plans, net of shares withheld for employee taxes
|
(7,652
|
)
|
|
—
|
|
|
(7,652
|
)
|
|
—
|
|
||||
Exercise of stock options
|
14,685
|
|
|
—
|
|
|
14,685
|
|
|
—
|
|
||||
Acquisitions
|
—
|
|
|
31,311
|
|
|
31,311
|
|
|
65,774
|
|
||||
Purchases of noncontrolling interests
|
(4,818
|
)
|
|
(2,981
|
)
|
|
(7,799
|
)
|
|
—
|
|
||||
Sales of noncontrolling interests
|
2,184
|
|
|
—
|
|
|
2,184
|
|
|
147
|
|
||||
Redeemable noncontrolling interests fair value adjustments
|
(17,111
|
)
|
|
—
|
|
|
(17,111
|
)
|
|
17,111
|
|
||||
Cash distributions
|
—
|
|
|
(12,199
|
)
|
|
(12,199
|
)
|
|
(1,635
|
)
|
||||
Other
|
—
|
|
|
(2,113
|
)
|
|
(2,113
|
)
|
|
54
|
|
||||
Comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
45,826
|
|
|
15,444
|
|
|
61,270
|
|
|
(3,202
|
)
|
||||
Realized loss on cash flow hedges
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
||||
Change in funded status of defined benefit pension plan
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
||||
Foreign currency translation adjustments
|
(24,255
|
)
|
|
—
|
|
|
(24,255
|
)
|
|
—
|
|
||||
Balance at September 30, 2015
|
$
|
1,331,438
|
|
|
$
|
216,355
|
|
|
$
|
1,547,793
|
|
|
$
|
247,104
|
|
|
Gains and Losses On Cash Flow Hedges
|
|
Defined Benefit Pension Items
|
|
Foreign Currency Items
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at December 31, 2014
|
$
|
(25
|
)
|
|
$
|
(581
|
)
|
|
$
|
(69,404
|
)
|
|
$
|
(70,010
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
6
|
|
|
(24,255
|
)
|
|
(24,249
|
)
|
||||
Amount reclassified from AOCI
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
||||
Net other comprehensive income (loss)
|
25
|
|
|
6
|
|
|
(24,255
|
)
|
|
(24,224
|
)
|
||||
Balance at September 30, 2015
|
$
|
—
|
|
|
$
|
(575
|
)
|
|
$
|
(93,659
|
)
|
|
$
|
(94,234
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
|
|
|
|
|
|
|
||||
Weighted average common shares—basic
|
201,392,591
|
|
|
199,261,810
|
|
|
200,776,477
|
|
|
198,612,221
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||
Stock options and restricted stock
|
7,346,189
|
|
|
7,340,484
|
|
|
7,717,174
|
|
|
7,621,353
|
|
Convertible senior notes
|
—
|
|
|
14,979,289
|
|
|
—
|
|
|
—
|
|
Weighted average common shares—diluted
|
208,738,780
|
|
|
221,581,583
|
|
|
208,493,651
|
|
|
206,233,574
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
(in thousands)
|
||||||||||
Options to purchase shares of common stock
|
3,177
|
|
|
5,116
|
|
|
3,153
|
|
|
5,243
|
|
Restricted stock awards—unvested
|
165
|
|
|
313
|
|
|
165
|
|
|
344
|
|
Conversion shares related to the convertible senior notes
|
7,930
|
|
|
—
|
|
|
7,930
|
|
|
7,930
|
|
Number of anti-dilutive potentially issuable shares excluded from diluted common shares outstanding
|
11,272
|
|
|
5,429
|
|
|
11,248
|
|
|
13,517
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(in thousands)
|
||||||||||||||
Selling, general and administrative expenses
|
$
|
3,884
|
|
|
$
|
4,818
|
|
|
$
|
12,654
|
|
|
$
|
17,993
|
|
Corporate expenses
|
4,148
|
|
|
4,145
|
|
|
12,940
|
|
|
13,538
|
|
||||
Total
|
$
|
8,032
|
|
|
$
|
8,963
|
|
|
$
|
25,594
|
|
|
$
|
31,531
|
|
|
Concerts
|
|
Ticketing
|
|
Artist
Nation |
|
Sponsorship
& Advertising |
|
Other
|
|
Corporate
|
|
Eliminations
|
|
Consolidated
|
||||||||||||||||
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
||||||||||||||||||
Direct operating expenses
|
3,284,359
|
|
|
566,759
|
|
|
183,807
|
|
|
38,323
|
|
|
1,068
|
|
|
—
|
|
|
(99,606
|
)
|
|
3,974,710
|
|
||||||||
Selling, general and administrative expenses
|
494,067
|
|
|
348,996
|
|
|
117,506
|
|
|
41,140
|
|
|
1,650
|
|
|
—
|
|
|
—
|
|
|
1,003,359
|
|
||||||||
Depreciation and amortization
|
105,289
|
|
|
125,390
|
|
|
33,943
|
|
|
6,738
|
|
|
36
|
|
|
2,263
|
|
|
(1,493
|
)
|
|
272,166
|
|
||||||||
Loss (gain) on disposal of operating assets
|
421
|
|
|
9
|
|
|
187
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
588
|
|
||||||||
Corporate expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80,690
|
|
|
—
|
|
|
80,690
|
|
||||||||
Acquisition transaction expenses
|
3,109
|
|
|
1,020
|
|
|
1,434
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
—
|
|
|
5,673
|
|
||||||||
Operating income (loss)
|
$
|
(3,720
|
)
|
|
$
|
119,830
|
|
|
$
|
(34,422
|
)
|
|
$
|
173,543
|
|
|
$
|
(377
|
)
|
|
$
|
(83,034
|
)
|
|
$
|
—
|
|
|
$
|
171,820
|
|
Intersegment revenue
|
$
|
91,834
|
|
|
$
|
1,150
|
|
|
$
|
8,115
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(101,099
|
)
|
|
$
|
—
|
|
Capital expenditures
|
$
|
27,055
|
|
|
$
|
60,413
|
|
|
$
|
1,538
|
|
|
$
|
4,138
|
|
|
$
|
(13
|
)
|
|
$
|
1,715
|
|
|
$
|
—
|
|
|
$
|
94,846
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Revenue
|
$
|
3,760,118
|
|
|
$
|
1,111,592
|
|
|
$
|
282,653
|
|
|
$
|
230,905
|
|
|
$
|
2,377
|
|
|
$
|
—
|
|
|
$
|
(92,536
|
)
|
|
$
|
5,295,109
|
|
Direct operating expenses
|
3,145,174
|
|
|
543,408
|
|
|
164,960
|
|
|
31,593
|
|
|
(1,792
|
)
|
|
—
|
|
|
(90,977
|
)
|
|
3,792,366
|
|
||||||||
Selling, general and administrative expenses
|
503,221
|
|
|
339,385
|
|
|
95,222
|
|
|
37,263
|
|
|
2,915
|
|
|
—
|
|
|
—
|
|
|
978,006
|
|
||||||||
Depreciation and amortization
|
84,864
|
|
|
142,472
|
|
|
25,934
|
|
|
3,207
|
|
|
31
|
|
|
1,783
|
|
|
(1,559
|
)
|
|
256,732
|
|
||||||||
Loss (gain) on disposal of operating assets
|
(3,347
|
)
|
|
(1,701
|
)
|
|
34
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
(4,977
|
)
|
||||||||
Corporate expenses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73,538
|
|
|
—
|
|
|
73,538
|
|
||||||||
Acquisition transaction expenses
|
1,892
|
|
|
758
|
|
|
435
|
|
|
—
|
|
|
—
|
|
|
2,377
|
|
|
—
|
|
|
5,462
|
|
||||||||
Operating income (loss)
|
$
|
28,314
|
|
|
$
|
87,270
|
|
|
$
|
(3,932
|
)
|
|
$
|
158,842
|
|
|
$
|
1,223
|
|
|
$
|
(77,735
|
)
|
|
$
|
—
|
|
|
$
|
193,982
|
|
Intersegment revenue
|
$
|
81,771
|
|
|
$
|
1,150
|
|
|
$
|
9,615
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(92,536
|
)
|
|
$
|
—
|
|
Capital expenditures
|
$
|
24,647
|
|
|
$
|
59,791
|
|
|
$
|
1,503
|
|
|
$
|
579
|
|
|
$
|
6
|
|
|
$
|
5,464
|
|
|
$
|
—
|
|
|
$
|
91,990
|
|
|
Three Months Ended
September 30, |
|
%
Change |
|
Nine Months Ended
September 30, |
|
%
Change |
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|||||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
Revenue
|
$
|
2,622,917
|
|
|
$
|
2,502,008
|
|
|
5%
|
|
$
|
5,509,006
|
|
|
$
|
5,295,109
|
|
|
4%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses
|
1,974,322
|
|
|
1,876,519
|
|
|
5%
|
|
3,974,710
|
|
|
3,792,366
|
|
|
5%
|
||||
Selling, general and administrative expenses
|
361,975
|
|
|
349,676
|
|
|
4%
|
|
1,003,359
|
|
|
978,006
|
|
|
3%
|
||||
Depreciation and amortization
|
99,054
|
|
|
97,925
|
|
|
1%
|
|
272,166
|
|
|
256,732
|
|
|
6%
|
||||
Loss (gain) on disposal of operating assets
|
625
|
|
|
(1,696
|
)
|
|
*
|
|
588
|
|
|
(4,977
|
)
|
|
*
|
||||
Corporate expenses
|
29,988
|
|
|
26,647
|
|
|
13%
|
|
80,690
|
|
|
73,538
|
|
|
10%
|
||||
Acquisition transaction expenses
|
3,443
|
|
|
2,333
|
|
|
*
|
|
5,673
|
|
|
5,462
|
|
|
*
|
||||
Operating income
|
153,510
|
|
|
150,604
|
|
|
2%
|
|
171,820
|
|
|
193,982
|
|
|
(11)%
|
||||
Operating margin
|
5.9
|
%
|
|
6.0
|
%
|
|
|
|
3.1
|
%
|
|
3.7
|
%
|
|
|
||||
Interest expense
|
25,844
|
|
|
28,346
|
|
|
|
|
76,857
|
|
|
80,428
|
|
|
|
||||
Interest income
|
(460
|
)
|
|
(864
|
)
|
|
|
|
(2,419
|
)
|
|
(2,676
|
)
|
|
|
||||
Equity in losses (earnings) of nonconsolidated affiliates
|
2,040
|
|
|
(2,155
|
)
|
|
|
|
(573
|
)
|
|
(5,921
|
)
|
|
|
||||
Other expense, net
|
8,127
|
|
|
12,587
|
|
|
|
|
20,655
|
|
|
11,081
|
|
|
|
||||
Income before income taxes
|
117,959
|
|
|
112,690
|
|
|
|
|
77,300
|
|
|
111,070
|
|
|
|
||||
Income tax expense (benefit)
|
13,577
|
|
|
(3,137
|
)
|
|
|
|
19,232
|
|
|
(482
|
)
|
|
|
||||
Net income
|
104,382
|
|
|
115,827
|
|
|
|
|
58,068
|
|
|
111,552
|
|
|
|
||||
Net income attributable to noncontrolling interests
|
15,333
|
|
|
10,664
|
|
|
|
|
12,242
|
|
|
15,903
|
|
|
|
||||
Net income attributable to common stockholders of Live Nation
|
$
|
89,049
|
|
|
$
|
105,163
|
|
|
|
|
$
|
45,826
|
|
|
$
|
95,649
|
|
|
|
*
|
Percentages are not meaningful.
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
Concerts
(1)
|
|
|
|
|
|
|
|
||||
Estimated events:
|
|
|
|
|
|
|
|
||||
North America
|
4,386
|
|
|
4,104
|
|
|
12,089
|
|
|
11,370
|
|
International
|
1,466
|
|
|
1,055
|
|
|
4,894
|
|
|
4,253
|
|
Total estimated events
|
5,852
|
|
|
5,159
|
|
|
16,983
|
|
|
15,623
|
|
Estimated fans (rounded):
|
|
|
|
|
|
|
|
||||
North America
|
18,645,000
|
|
|
17,061,000
|
|
|
34,813,000
|
|
|
31,945,000
|
|
International
|
5,556,000
|
|
|
4,990,000
|
|
|
13,436,000
|
|
|
13,508,000
|
|
Total estimated fans
|
24,201,000
|
|
|
22,051,000
|
|
|
48,249,000
|
|
|
45,453,000
|
|
Ticketing
(2)
|
|
|
|
|
|
|
|
||||
Number of tickets sold (in thousands)
|
40,849
|
|
|
36,603
|
|
|
115,371
|
|
|
110,166
|
|
(1)
|
Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter.
|
(2)
|
The number of tickets sold includes primary tickets only. This metric includes tickets sold during the period regardless of event timing except for our own events where our concert promoters control ticketing which are reported as the events occur. The total number of tickets sold reported for the three months ended
September 30, 2015
and
2014
excludes approximately
69 million
and
71 million
, respectively, and for the
nine
months ended
September 30, 2015
and
2014
excludes approximately
202 million
and
205 million
, respectively, of tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, for which we do not receive a fee.
|
|
Three Months Ended
September 30, |
|
%
Change |
|
Nine Months Ended
September 30, |
|
%
Change |
||||||||||||
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
Revenue
|
$
|
1,991,909
|
|
|
$
|
1,925,462
|
|
|
3%
|
|
$
|
3,883,525
|
|
|
$
|
3,760,118
|
|
|
3%
|
Direct operating expenses
|
1,722,880
|
|
|
1,658,028
|
|
|
4%
|
|
3,284,359
|
|
|
3,145,174
|
|
|
4%
|
||||
Selling, general and administrative expenses
|
185,729
|
|
|
186,415
|
|
|
—%
|
|
494,067
|
|
|
503,221
|
|
|
(2)%
|
||||
Depreciation and amortization
|
36,075
|
|
|
30,155
|
|
|
20%
|
|
105,289
|
|
|
84,864
|
|
|
24%
|
||||
Loss (gain) on disposal of operating assets
|
250
|
|
|
(112
|
)
|
|
*
|
|
421
|
|
|
(3,347
|
)
|
|
*
|
||||
Acquisition transaction expenses
|
2,334
|
|
|
1,109
|
|
|
*
|
|
3,109
|
|
|
1,892
|
|
|
*
|
||||
Operating income (loss)
|
$
|
44,641
|
|
|
$
|
49,867
|
|
|
(10)%
|
|
$
|
(3,720
|
)
|
|
$
|
28,314
|
|
|
*
|
Operating margin
|
2.2
|
%
|
|
2.6
|
%
|
|
|
|
(0.1
|
)%
|
|
0.8
|
%
|
|
|
||||
Adjusted operating income **
|
$
|
85,842
|
|
|
$
|
82,773
|
|
|
4%
|
|
$
|
111,479
|
|
|
$
|
117,279
|
|
|
(5)%
|
*
|
Percentages are not meaningful.
|
**
|
AOI is defined and reconciled to operating income (loss) below.
|
|
Three Months Ended
September 30, |
|
%
Change |
|
Nine Months Ended
September 30, |
|
%
Change |
||||||||||||
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
Revenue
|
$
|
426,177
|
|
|
$
|
386,131
|
|
|
10%
|
|
$
|
1,162,004
|
|
|
$
|
1,111,592
|
|
|
5%
|
Direct operating expenses
|
210,022
|
|
|
187,548
|
|
|
12%
|
|
566,759
|
|
|
543,408
|
|
|
4%
|
||||
Selling, general and administrative expenses
|
119,842
|
|
|
113,483
|
|
|
6%
|
|
348,996
|
|
|
339,385
|
|
|
3%
|
||||
Depreciation and amortization
|
46,533
|
|
|
55,521
|
|
|
(16)%
|
|
125,390
|
|
|
142,472
|
|
|
(12)%
|
||||
Loss (gain) on disposal of operating assets
|
188
|
|
|
(1,584
|
)
|
|
*
|
|
9
|
|
|
(1,701
|
)
|
|
*
|
||||
Acquisition transaction expenses
|
587
|
|
|
695
|
|
|
*
|
|
1,020
|
|
|
758
|
|
|
*
|
||||
Operating income
|
$
|
49,005
|
|
|
$
|
30,468
|
|
|
61%
|
|
$
|
119,830
|
|
|
$
|
87,270
|
|
|
37%
|
Operating margin
|
11.5
|
%
|
|
7.9
|
%
|
|
|
|
10.3
|
%
|
|
7.9
|
%
|
|
|
||||
Adjusted operating income **
|
$
|
97,063
|
|
|
$
|
85,829
|
|
|
13%
|
|
$
|
248,666
|
|
|
$
|
232,400
|
|
|
7%
|
*
|
Percentages are not meaningful.
|
**
|
AOI is defined and reconciled to operating income (loss) below.
|
|
Three Months Ended
September 30, |
|
%
Change |
|
Nine Months Ended
September 30, |
|
%
Change |
||||||||||||
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
Revenue
|
$
|
136,675
|
|
|
$
|
130,935
|
|
|
4%
|
|
$
|
302,455
|
|
|
$
|
282,653
|
|
|
7%
|
Direct operating expenses
|
83,171
|
|
|
75,642
|
|
|
10%
|
|
183,807
|
|
|
164,960
|
|
|
11%
|
||||
Selling, general and administrative expenses
|
41,814
|
|
|
35,400
|
|
|
18%
|
|
117,506
|
|
|
95,222
|
|
|
23%
|
||||
Depreciation and amortization
|
13,152
|
|
|
10,498
|
|
|
25%
|
|
33,943
|
|
|
25,934
|
|
|
31%
|
||||
Loss on disposal of operating assets
|
187
|
|
|
—
|
|
|
*
|
|
187
|
|
|
34
|
|
|
*
|
||||
Acquisition transaction expenses
|
324
|
|
|
247
|
|
|
*
|
|
1,434
|
|
|
435
|
|
|
*
|
||||
Operating income (loss)
|
$
|
(1,973
|
)
|
|
$
|
9,148
|
|
|
*
|
|
$
|
(34,422
|
)
|
|
$
|
(3,932
|
)
|
|
*
|
Operating margin
|
(1.4
|
)%
|
|
7.0
|
%
|
|
|
|
(11.4
|
)%
|
|
(1.4
|
)%
|
|
|
||||
Adjusted operating income**
|
$
|
12,885
|
|
|
$
|
21,880
|
|
|
(41)%
|
|
$
|
4,895
|
|
|
$
|
30,242
|
|
|
(84)%
|
*
|
Percentages are not meaningful.
|
**
|
AOI is defined and reconciled to operating income (loss) below.
|
|
Three Months Ended
September 30, |
|
%
Change |
|
Nine Months Ended
September 30, |
|
%
Change |
||||||||||||
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
|
|
||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
Revenue
|
$
|
126,576
|
|
|
$
|
114,614
|
|
|
10%
|
|
$
|
259,744
|
|
|
$
|
230,905
|
|
|
12%
|
Direct operating expenses
|
16,978
|
|
|
13,534
|
|
|
25%
|
|
38,323
|
|
|
31,593
|
|
|
21%
|
||||
Selling, general and administrative expenses
|
14,190
|
|
|
13,098
|
|
|
8%
|
|
41,140
|
|
|
37,263
|
|
|
10%
|
||||
Depreciation and amortization
|
2,525
|
|
|
1,264
|
|
|
100%
|
|
6,738
|
|
|
3,207
|
|
|
*
|
||||
Operating income
|
$
|
92,883
|
|
|
$
|
86,718
|
|
|
7%
|
|
$
|
173,543
|
|
|
$
|
158,842
|
|
|
9%
|
Operating margin
|
73.4
|
%
|
|
75.7
|
%
|
|
|
|
66.8
|
%
|
|
68.8
|
%
|
|
|
||||
Adjusted operating income **
|
$
|
95,783
|
|
|
$
|
88,330
|
|
|
8%
|
|
$
|
181,525
|
|
|
$
|
163,114
|
|
|
11%
|
*
|
Percentages are not meaningful.
|
**
|
AOI is defined and reconciled to operating income (loss) below.
|
|
Adjusted
operating
income
(loss)
|
|
Non-cash
and stock-
based
compensation
expense
|
|
Loss (gain)
on disposal of
operating
assets
|
|
Depreciation
and
amortization
|
|
Acquisition
expenses
|
|
Operating
income
(loss)
|
||||||||||||
|
|
|
(in thousands)
|
|
|
|
|
||||||||||||||||
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|||||||||||||||
Concerts
|
$
|
85,842
|
|
|
$
|
1,633
|
|
|
$
|
250
|
|
|
$
|
36,075
|
|
|
$
|
3,243
|
|
|
$
|
44,641
|
|
Ticketing
|
97,063
|
|
|
681
|
|
|
188
|
|
|
46,533
|
|
|
656
|
|
|
49,005
|
|
||||||
Artist Nation
|
12,885
|
|
|
1,195
|
|
|
187
|
|
|
13,152
|
|
|
324
|
|
|
(1,973
|
)
|
||||||
Sponsorship & Advertising
|
95,783
|
|
|
375
|
|
|
—
|
|
|
2,525
|
|
|
—
|
|
|
92,883
|
|
||||||
Other and Eliminations
|
(91
|
)
|
|
—
|
|
|
—
|
|
|
(472
|
)
|
|
—
|
|
|
381
|
|
||||||
Corporate
|
(25,840
|
)
|
|
4,148
|
|
|
—
|
|
|
1,241
|
|
|
198
|
|
|
(31,427
|
)
|
||||||
Total
|
$
|
265,642
|
|
|
$
|
8,032
|
|
|
$
|
625
|
|
|
$
|
99,054
|
|
|
$
|
4,421
|
|
|
$
|
153,510
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Concerts
|
$
|
82,773
|
|
|
$
|
1,754
|
|
|
$
|
(112
|
)
|
|
$
|
30,155
|
|
|
$
|
1,109
|
|
|
$
|
49,867
|
|
Ticketing
|
85,829
|
|
|
729
|
|
|
(1,584
|
)
|
|
55,521
|
|
|
695
|
|
|
30,468
|
|
||||||
Artist Nation
|
21,880
|
|
|
1,987
|
|
|
—
|
|
|
10,498
|
|
|
247
|
|
|
9,148
|
|
||||||
Sponsorship & Advertising
|
88,330
|
|
|
348
|
|
|
—
|
|
|
1,264
|
|
|
—
|
|
|
86,718
|
|
||||||
Other and Eliminations
|
1,819
|
|
|
—
|
|
|
—
|
|
|
(155
|
)
|
|
—
|
|
|
1,974
|
|
||||||
Corporate
|
(22,502
|
)
|
|
4,145
|
|
|
—
|
|
|
642
|
|
|
282
|
|
|
(27,571
|
)
|
||||||
Total
|
$
|
258,129
|
|
|
$
|
8,963
|
|
|
$
|
(1,696
|
)
|
|
$
|
97,925
|
|
|
$
|
2,333
|
|
|
$
|
150,604
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Concerts
|
$
|
111,479
|
|
|
$
|
5,471
|
|
|
$
|
421
|
|
|
$
|
105,289
|
|
|
$
|
4,018
|
|
|
$
|
(3,720
|
)
|
Ticketing
|
248,666
|
|
|
2,186
|
|
|
9
|
|
|
125,390
|
|
|
1,251
|
|
|
119,830
|
|
||||||
Artist Nation
|
4,895
|
|
|
3,753
|
|
|
187
|
|
|
33,943
|
|
|
1,434
|
|
|
(34,422
|
)
|
||||||
Sponsorship & Advertising
|
181,525
|
|
|
1,244
|
|
|
—
|
|
|
6,738
|
|
|
—
|
|
|
173,543
|
|
||||||
Other and Eliminations
|
(1,834
|
)
|
|
—
|
|
|
—
|
|
|
(1,457
|
)
|
|
—
|
|
|
(377
|
)
|
||||||
Corporate
|
(67,750
|
)
|
|
12,940
|
|
|
(29
|
)
|
|
2,263
|
|
|
110
|
|
|
(83,034
|
)
|
||||||
Total
|
$
|
476,981
|
|
|
$
|
25,594
|
|
|
$
|
588
|
|
|
$
|
272,166
|
|
|
$
|
6,813
|
|
|
$
|
171,820
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Concerts
|
$
|
117,279
|
|
|
$
|
5,556
|
|
|
$
|
(3,347
|
)
|
|
$
|
84,864
|
|
|
$
|
1,892
|
|
|
$
|
28,314
|
|
Ticketing
|
232,400
|
|
|
3,601
|
|
|
(1,701
|
)
|
|
142,472
|
|
|
758
|
|
|
87,270
|
|
||||||
Artist Nation
|
30,242
|
|
|
7,771
|
|
|
34
|
|
|
25,934
|
|
|
435
|
|
|
(3,932
|
)
|
||||||
Sponsorship & Advertising
|
163,114
|
|
|
1,065
|
|
|
—
|
|
|
3,207
|
|
|
—
|
|
|
158,842
|
|
||||||
Other and Eliminations
|
(305
|
)
|
|
—
|
|
|
—
|
|
|
(1,528
|
)
|
|
—
|
|
|
1,223
|
|
||||||
Corporate
|
(60,000
|
)
|
|
13,538
|
|
|
37
|
|
|
1,783
|
|
|
2,377
|
|
|
(77,735
|
)
|
||||||
Total
|
$
|
482,730
|
|
|
$
|
31,531
|
|
|
$
|
(4,977
|
)
|
|
$
|
256,732
|
|
|
$
|
5,462
|
|
|
$
|
193,982
|
|
|
Nine Months Ended
September 30, |
||||||
|
2015
|
|
2014
(1)
|
||||
|
(in thousands)
|
||||||
Maintenance capital expenditures
|
$
|
48,972
|
|
|
$
|
36,528
|
|
Revenue generating capital expenditures
|
45,460
|
|
|
52,598
|
|
||
Total capital expenditures
|
$
|
94,432
|
|
|
$
|
89,126
|
|
|
Nine Months Ended
September 30, |
||||||
|
2015
|
|
2014
|
||||
|
(in thousands)
|
||||||
Cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(22,576
|
)
|
|
$
|
(6,529
|
)
|
Investing activities
|
$
|
(227,124
|
)
|
|
$
|
(166,995
|
)
|
Financing activities
|
$
|
(25,796
|
)
|
|
$
|
251,253
|
|
Nine Months Ended
September 30, |
|
Year Ended December 31,
|
||||||||
2015
|
|
2014
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
1.66
|
|
1.87
|
|
*
|
|
*
|
|
*
|
|
*
|
*
|
For the years ended December 31,
2014
,
2013
,
2012
and
2011
, fixed charges exceeded earnings before income taxes and fixed charges by $104.0 million, $6.0 million, $142.1 million and $104.4 million, respectively.
|
LIVE NATION ENTERTAINMENT, INC.
|
|
|
|
By:
|
/s/ Brian Capo
|
|
Brian Capo
|
|
Chief Accounting Officer (Duly Authorized Officer)
|
|
|
Exhibit Description
|
|
Incorporated by Reference
|
Filed
Here
with
|
|||||||
Exhibit
No.
|
|
Form
|
|
File No.
|
|
Exhibit No.
|
|
Filing Date
|
|
|||
3.1
|
|
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Live Nation Entertainment, Inc.
|
|
8-K
|
|
001-32601
|
|
3.1
|
|
6/7/2013
|
|
|
3.2
|
|
Fifth Amended and Restated Bylaws of Live Nation Entertainment, Inc.
|
|
8-K
|
|
001-32601
|
|
3.2
|
|
6/7/2013
|
|
|
10.1
|
|
Eighth Supplemental Indenture, dated as of August 13, 2015, among Live Nation Entertainment, Inc., the guarantors listed in Appendix I thereto, FG AcquisitionCo, LLC, Front Gate Holdings, LLC, and Front Gate Ticketing Solutions, LLC and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
|
|
|
|
|
|
|
|
X
|
10.2
|
|
Fourth Supplemental Indenture, dated as of August 13, 2015, the guarantors listed in Appendix I thereto, FG AcquisitionCo, LLC, Front Gate Holdings, LLC, and Front Gate Ticketing Solutions, LLC and The Bank of New York Mellon Trust Company, N.A., as trustee
|
|
|
|
|
|
|
|
|
|
X
|
31.1
|
|
Certification of Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
X
|
31.2
|
|
Certification of Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
X
|
32.1
|
|
Section 1350 Certification of Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
X
|
32.2
|
|
Section 1350 Certification of Chief Financial Officer
|
|
|
|
|
|
|
|
|
|
X
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
|
X
|
101.SCH
|
|
XBRL Taxonomy Schema Document
|
|
|
|
|
|
|
|
|
|
X
|
101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.LAB
|
|
XBRL Taxonomy Label Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
101.PRE
|
|
XBRL Taxonomy Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
X
|
By:
|
CONNECTICUT AMPHITHEATER DEVELOPMENT CORPORATION, a general partner
|
By:
|
/s/ Jonathan Glover
|
Title: Vice President
|
|
By:
|
CONNECTICUT AMPHITHEATER DEVELOPMENT CORPORATION, a general partner
|
By:
|
/s/ Jonathan Glover
|
Title: Vice President
|
|
Date: October 29, 2015
|
|
|
|
By:
|
/s/ Michael Rapino
|
|
Michael Rapino
|
|
President and Chief Executive Officer
|
Date: October 29, 2015
|
|
|
|
By:
|
/s/ Kathy Willard
|
|
Kathy Willard
|
|
Chief Financial Officer
|
Date: October 29, 2015
|
|
|
|
By:
|
/s/ Michael Rapino
|
|
Michael Rapino
|
|
President and Chief Executive Officer
|
Date: October 29, 2015
|
|
|
|
By:
|
/s/ Kathy Willard
|
|
Kathy Willard
|
|
Chief Financial Officer
|