“Live music is bigger than ever, with global demand driving the industry to record levels. There’s a more diverse pipeline of artists breaking from all corners of the world, and at the same time tours are going to more markets – particularly in Latin America and Asia. This was our strongest second quarter ever, with 2023 on pace to be a record year, and early indicators for 2024 giving us confidence in continued growth.”  – Michael Rapino, President and CEO, Live Nation Entertainment   

2Q23 FINANCIAL OVERVIEW
(vs 2Q22, reported FX)

Revenue Up 27% to $5.6 Billion
Operating Income Up 21% to $386 Million
AOI Up 23% to $590 Million
Operating Cash Flow of $491 Million
Free Cash Flow – Adjusted of $407 Million, Converting 69% of AOI
EPS Up 55% to $1.02

View how these results compare to past quarters in the 2Q23 Trended Results Grid: https://investors.livenationentertainment.com/financial-information/financial-results

OUTLOOK: Record 2023 Ahead and Continued Growth into 2024
(based on leading indicators through mid-July)

Record number of fans expected: Over 117 million tickets sold year-to-date for Live Nation shows this year, up 20% year-over-year
Record Ticketmaster sales expected: 151 million reported fee-bearing tickets sold year-to-date, up 22% year-over-year; on track to manage 600 million tickets including selling 300 million fee-bearing tickets this year
Live creates unique advertising opportunity: Sponsorship pacing to double-digit operating income and AOI growth
Even more events ahead: $4.3 billion in event-related deferred revenue, up 37% vs 2Q22, setting up double-digit attendance growth in Q3
Growing global artist pipeline: International acts doubled representation in top 50 tours over last five years, more acts touring globally and visiting 42% more countries
Early 2024 pipeline up for arena/amphitheater/stadium shows confirmed and with offers in

Record second quarter for Concerts (vs 2Q22):

Revenue up 29% to $4.6 billion
AOI up 37% to $168 million
Full-year margin expansion expected relative to 2022

Attendance growth globally, led by international markets (vs 2Q22):

Stadiums: up 28% to 8.0 million fans, led by Europe and Asia Pacific
Arenas: up 19% to 10.7 million fans, largely from Canada, Asia Pacific and Latin America
Festivals: up 14% to 4.5 million fans, driven by global demand across all our markets
YTD overall fan growth of 25% with International markets up 46% and North America up 8%
Number of tickets sold per show higher with on-sales and close periods both performing well
On track to invest over $12 billion in putting on artists’ shows in 2023, up 30% from 2022

Growing Venue Nation:

Expect double-digit fan count growth at operated venues in 2023 relative to 50 million fans in 2022
Per-fan profitability increases double-digits, fueled by growth in sponsorship and on-site spending across our operated venues including amphitheaters, festivals, and theaters & clubs
Ancillary per fan revenue at amphitheaters up double-digits to over $40
With 400 venues and festivals globally, pipeline continues to grow with key developments in Asia including South Korea and Singapore, Latin America, and Europe

Fan demand and client wins drive records results (vs 2Q22):

Revenue up 23% to $709 million
AOI up 27% to $293 million
14 million net new clients tickets added YTD, with half coming from International markets
Full-year margins expected to remain in the high 30s

Sale of concert tickets leading ticketing growth (vs 2Q22):

Total fee-bearing GTV up 25% to $8.7 billion with North America up 22% and International up 34%; over 80% of the growth driven by global concert ticket sales
Ticket volume YTD up double-digits for both primary and secondary tickets
Average secondary ticket price roughly 2x primary, showing the extent to which tickets remain priced below market value

Growing sponsorships reflect attractiveness of fan base and onsite connection (vs 2Q22):

Revenue up 15% to $303 million, with on-site up 16% and online up 9%
AOI up 14% to $203 million
Full-year margins expected to remain in the low 60s

Over 90% of 2023 planned sponsorship committed:

Top clients with multi-million dollar, multi-year commitments, made up of over 100 partners, accounted for ~85% of our revenue
New partners include Diageo and Chateau St. Michelle; renewed multi-year deals with Salesforce and Gildan

– – – – – – – – –

ADDITIONAL FINANCIAL INFORMATION:

Capital expenditures of $158 million YTD, driven by investments in on-site venue enhancement, expansion of our venue portfolio, and continued development of ticketing products for both enterprises and fans. 2023 capital expenditures forecast remains at $450 million, two-thirds on revenue-generating projects
Below-the-line impact to 2023 EPS – accretion expected to be approximately 60% higher than 2022, largely driven by OCESA performance
Foreign exchange not expected to materially impact 2023 revenue, operating income or AOI
For the first six months of 2023, our fully diluted share count was 230.5m, flat compared to the same period in 2022

Balance sheet and liquidity remains strong:

2Q23 ended with $7.1 billion in cash and cash equivalents, including $1.4 billion in ticketing client cash and $2.3 billion in free cash
Including $0.6 billion of available debt capacity, there is $2.9 billion of liquidity for reinvestments and future growth opportunities, including a robust global M&A pipeline
2Q23 net leverage is 2.6x
Approximately 87% of debt is at a fixed rate, with an average cost of debt of 4.7%
Projected Free Cash Flow – Adjusted: Percentage conversion for the full-year remains in the low 60s

The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 2Q23 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.

Notice Regarding Financial Statements
The company has provided certain financial statements at the end of this press release for reference.  These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SEC’s website at sec.gov.

About Live Nation Entertainment:
Live Nation Entertainment, Inc. (NYSE: LYV) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com.

FINANCIAL HIGHLIGHTS – SECOND QUARTER
(unaudited; $ in millions)

Q2 2023 Reported

Q2 2022 Reported

Growth

Q2 2023 Constant Currency

Growth at Constant Currency

Revenue

Concerts
$     4,633.3

       3,597.8

29%

$     4,621.3

28%

Ticketing
          709.3

          575.3

23%

          707.5

23%

Sponsorship & Advertising
          302.9

          263.8

15%

          299.4

13%

Other and Eliminations
           (14.8)

             (2.7)

*

           (14.9)

*

$     5,630.7

$     4,434.2

27%

$     5,613.3

27%

Consolidated Operating Income
$        386.4

$        318.7

21%

$        381.0

20%

Adjusted Operating Income (Loss)

Concerts
$        168.1

          123.0

37%

$        164.5

34%

Ticketing
          292.7

          230.8

27%

          290.4

26%

Sponsorship & Advertising
          203.1

          178.3

14%

          201.8

13%

Other and Eliminations
           (18.2)

             (2.1)

*

           (18.2)

*

Corporate
           (56.0)

           (50.4)

(11) %

           (56.0)

(11) %

$        589.7

$        479.6

23%

$        582.5

21%

* Percentages are not meaningful

FINANCIAL HIGHLIGHTS – SIX MONTHS
(unaudited; $ in millions)

6 Months 2023 Reported

6 Months 2022 Reported

Growth

6 Months 2023 Constant Currency

Growth at Constant Currency

Revenue

Concerts
$     6,914.5

$     4,805.6

44 %

$     6,949.3

45 %

Ticketing
       1,387.1

       1,055.7

31%

       1,391.9

32%

Sponsorship & Advertising
          473.0

          379.5

25 %

          469.2

24 %

Other and Eliminations
           (16.5)

             (3.8)

*

           (16.5)

*

$     8,758.1

$     6,237.0

40 %

$     8,793.9

41 %

Consolidated Operating Income (Loss)
$        529.1

$        345.8

53 %

$        529.1

53 %

Adjusted Operating Income (Loss)

Concerts
$        168.9

$          73.8

*

$        167.1

*

Ticketing
          563.7

          437.0

29%

          561.8

29%

Sponsorship & Advertising
          298.7

          248.0

20 %

          297.8

20 %

Other and Eliminations
           (26.1)

             (6.5)

*

           (26.1)

*

Corporate
           (95.8)

           (63.7)

(50) %

           (95.8)

(50) %

$        909.4

$        688.6

32%

$        904.8

31%

* Percentages are not meaningful

Reconciliation of Adjusted Operating Income to Operating Income (Unaudited)

Q2 2023
Q2 2022

6 Months 2023
6 Months 2022

(in millions)

Adjusted Operating Income
$             589.7
$             479.6

$             909.4
$             688.6

Acquisition expenses
                 24.8
                   9.5

                 38.2
                 21.6

Amortization of non-recoupable ticketing contract advances
                 21.2
                 21.9

                 41.6
                 40.4

Depreciation and amortization
               136.5
               115.9

               251.7
               216.4

Loss on sale of operating assets
                  (7.0)
                   1.1

                  (6.5)
                   2.7

Stock-based compensation expense
                 27.8
                 12.5

                 55.3
                 61.7

Operating income
$             386.4
$             318.7

$             529.1
$             345.8

KEY OPERATING METRICS
(unaudited)

Q2 2023

Q2 2022

6 Months 2023

6 Months 2022

(in thousands except estimated events)

Concerts (1)

Estimated events:

North America
           8,111

           8,057

         14,420

         12,793

International
           4,130

           4,491

           7,726

           6,469

Total estimated events
         12,241

         12,548

         22,146

         19,262

Estimated fans:

North America
         18,474

         17,427

         26,131

         24,255

International
         18,599

         16,415

         29,842

         20,484

Total estimated fans
         37,073

         33,842

         55,973

         44,739

Ticketing (2)

Estimated number of fee-bearing tickets
         78,879

         71,966

       151,145

       123,529

Estimated number of non-fee-bearing tickets
         71,236

         67,847

       144,436

       127,730

Total estimated tickets sold
       150,115

       139,813

       295,581

       251,259

 

_________

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.
The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing which are reported when the events occur. The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our “do it yourself” platform. These ticket metrics are net of any refunds requested and any cancellations that occurred during the period, which may result in a negative number.

Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)

Reconciliation of Free Cash Flow Adjusted to Net Cash Provided by Operating Activities

($ in millions)
Q2 2023

Q2 2022

Net cash provided by operating activities
$                 491.0

$                 349.1

Less: Changes in operating assets and liabilities (working capital)
                    34.7

                    78.5

Free cash flow from earnings
$                 525.7

$                 427.6

Less: Maintenance capital expenditures
                   (36.1)

                   (21.3)

          Distributions to noncontrolling interests
                   (82.7)

                   (27.1)

Free cash flow — adjusted
$                 406.9

$                 379.2

Net cash used in investing activities
$               (239.4)

$               (129.7)

Net cash used in financing activities
$               (152.2)

$                 (62.6)

Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)

 Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities

($ in millions)
6 Months 2023

6 Months 2022

Net cash provided by operating activities
$              1,646.8

$              1,547.4

Less: Changes in operating assets and liabilities (working capital)
                 (867.6)

                 (977.9)

Free cash flow from earnings
$                 779.2

$                 569.5

Less: Maintenance capital expenditures
                   (44.7)

$                 (35.1)

          Distributions to noncontrolling interests
                 (137.6)

                   (66.1)

Free cash flow — adjusted
$                 596.9

$                 468.3

Net cash used in investing activities
$               (299.2)

$               (244.7)

Net cash provided by (used in) financing activities
$                   73.5

$               (137.6)

Reconciliation of Free Cash to Cash and Cash Equivalents

($ in millions)
June 30,
2023

Cash and cash equivalents
$                       7,128.9

Client cash
                       (1,381.1)

Deferred revenue — event-related
                       (4,330.1)

Accrued artist fees
                          (230.9)

Collections on behalf of others
                            (66.2)

Prepaid expenses — event-related
                         1,209.0

Free cash
$                       2,329.6

 Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:

Certain statements in this press release, including the Supplemental Information that follows, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements the regarding the company’s anticipated prospects for a record 2023 and continued growth into 2024, with record number of fans and Ticketmaster sales expected for 2023; anticipated double-digit attendance growth for the third quarter of 2023; early indications for growth in the company’s Concerts pipeline for 2024; the company’s pacing to invest over $12 billion in putting on artists’ shows in 2023; current expectations for fee-bearing ticket sales in 2023; the company’s sponsorship and advertising segment’s operating income and adjusted operating income growth pace for 2023; current full-year margin expectations for each of the company’s operating segments; expectations for double-digit fan count growth at the company’s operated venues in 2023; continued growth in the company’s venue and festival pipeline; the company’s current expectations for capital expenditures for 2023; the company’s global M&A pipeline; projected free cash flow—adjusted conversion for 2023; anticipated accretion from OCESA; and the company’s current expectation that there will be no material foreign exchange impacts on revenue, operating income or adjusted operating income for 2023.

Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company’s plans, the risk that the company’s markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events.

Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled “Item 1A. Risk Factors” of the company’s most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein.

Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.

Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.

Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.

Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)

June 30,
2023

December 31,
2022

(in thousands)

ASSETS

Current assets

    Cash and cash equivalents
$            7,128,873

$            5,606,457

    Accounts receivable, less allowance of $66,669 and $63,294, respectively
             1,889,652

             1,465,383

    Prepaid expenses
             1,628,578

                949,826

    Restricted cash
                   7,769

                   5,917

    Other current assets
                122,076

                131,939

Total current assets
            10,776,948

             8,159,522

Property, plant and equipment, net
             1,904,020

             1,487,663

Operating lease assets
             1,582,873

             1,571,395

Intangible assets

    Definite-lived intangible assets, net
             1,118,166

             1,050,622

    Indefinite-lived intangible assets, net
                378,181

                368,712

Goodwill
             2,619,356

             2,529,380

Long-term advances
                654,938

                568,558

Other long-term assets
                890,608

                724,989

Total assets
$          19,925,090

$          16,460,841

LIABILITIES AND EQUITY

Current liabilities

    Accounts payable, client accounts
$            1,670,651

$            1,791,025

    Accounts payable
                293,865

                180,076

    Accrued expenses
             2,778,581

             2,368,434

    Deferred revenue
             5,025,871

             3,134,800

    Current portion of long-term debt, net
                 51,489

                620,032

    Current portion of operating lease liabilities
                146,931

                140,232

    Other current liabilities
                 56,143

                 68,716

Total current liabilities
            10,023,531

             8,303,315

Long-term debt, net
             6,554,697

             5,283,467

Long-term operating lease liabilities
             1,659,898

             1,654,525

Other long-term liabilities
                562,016

                455,971

Commitments and contingent liabilities

Redeemable noncontrolling interests
                753,519

                669,766

Stockholders’ equity

    Common stock
                   2,291

                   2,285

    Additional paid-in capital
             2,438,660

             2,698,316

    Accumulated deficit
            (2,680,716)

            (2,971,229)

    Cost of shares held in treasury
                  (6,865)

                  (6,865)

    Accumulated other comprehensive income (loss)
                 59,253

                (90,076)

Total Live Nation stockholders’ equity
              (187,377)

              (367,569)

Noncontrolling interests
                558,806

                461,366

Total equity
                371,429

                 93,797

Total liabilities and equity
$          19,925,090

$          16,460,841

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2023

2022

2023

2022

(in thousands, except share and per share data)

Revenue
$        5,630,723

$        4,434,174

$        8,758,113

$        6,236,982

Operating expenses:

Direct operating expenses
          4,164,778

          3,267,023

          6,280,367

          4,338,045

Selling, general and administrative expenses
            868,595

            672,213

          1,558,916

          1,242,395

Depreciation and amortization
            136,514

            115,927

            251,699

            216,396

Loss (gain) on disposal of operating assets
              (7,013)

                1,065

              (6,509)

                2,730

Corporate expenses
              81,478

              59,247

            144,493

              91,657

Operating income
            386,371

            318,699

            529,147

            345,759

Interest expense
              81,995

              68,435

            171,210

            135,208

Loss on extinguishment of debt
                    —

                    —

              18,366

                    —

Interest income
             (56,452)

             (13,192)

             (96,765)

             (20,756)

Equity in earnings of nonconsolidated affiliates
              (5,558)

              (1,955)

              (9,665)

              (6,243)

Other expense (income), net
              (6,599)

                5,039

                4,984

              14,438

Income before income taxes
            372,985

            260,372

            441,017

            223,112

Income tax expense
              41,648

              31,995

              65,488

              43,691

Net income
            331,337

            228,377

            375,529

            179,421

Net income attributable to noncontrolling interests
              37,655

              40,577

              85,016

              41,803

Net income attributable to common stockholders of Live Nation
$           293,682

$           187,800

$           290,513

$           137,618

Basic net income per common share available to common stockholders of Live Nation
$                1.04

$                0.69

$                0.78

$                0.31

Diluted net income per common share available to common stockholders of Live Nation
$                1.02

$                0.66

$                0.78

$                0.30

Weighted average common shares outstanding:

Basic
      228,536,179

      224,674,447

      228,350,537

      223,290,226

Diluted
      243,660,186

      243,634,764

      230,490,937

      231,367,674

Reconciliation to net income available to common stockholders of Live Nation:

Net income attributable to common stockholders of Live Nation
$           293,682

$           187,800

$           290,513

$           137,618

Accretion of redeemable noncontrolling interests
             (56,621)

             (32,560)

           (111,554)

             (68,274)

Net income available to common stockholders of Live Nation—basic
$           237,061

$           155,240

$           178,959

$            69,344

Convertible debt interest, net of tax
              10,804

                6,365

                    —

                    —

Net income available to common stockholders of Live Nation—diluted
$           247,865

$           161,605

$           178,959

$            69,344

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

Six Months Ended June 30,

2023

2022

(in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income
$                        375,529

$                        179,421

Reconciling items:

Depreciation
                          127,670

                          114,119

Amortization
                          124,029

                          102,277

Amortization of non-recoupable ticketing contract advances
                            41,597

                            40,392

Amortization of debt issuance costs and discounts
                              8,949

                              8,224

Loss on extinguishment of debt
                            18,366

                                    —

Stock-based compensation expense
                            55,333

                            61,741

Unrealized changes in fair value of contingent consideration
                            20,100

                            18,010

Equity in losses of nonconsolidated affiliates, net of distributions
                              9,019

                            10,112

Provision for uncollectible accounts receivable
                            20,120

                            25,702

Loss (gain) on mark-to-market of equity investments
                          (26,408)

                              5,657

Other, net
                              4,918

                              3,928

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

Increase in accounts receivable
                        (395,516)

                        (440,290)

Increase in prepaid expenses and other assets
                        (836,672)

                        (607,939)

Increase in accounts payable, accrued expenses and other liabilities
                          298,718

                          972,906

Increase in deferred revenue
                      1,801,097

                      1,053,178

Net cash provided by operating activities
                      1,646,849

                      1,547,438

CASH FLOWS FROM INVESTING ACTIVITIES

Advances of notes receivable
                        (118,973)

                          (30,558)

Collections of notes receivable
                              8,286

                            11,074

Investments made in nonconsolidated affiliates
                          (26,336)

                          (46,699)

Purchases of property, plant and equipment
                        (202,531)

                        (130,278)

Cash acquired from (paid for) acquisitions, net of cash paid (acquired)
                            69,359

                          (39,854)

Purchases of intangible assets
                          (35,088)

                            (6,129)

Other, net
                              6,077

                            (2,292)

Net cash used in investing activities
                        (299,206)

                        (244,736)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt, net of debt issuance costs
                          986,766

                              4,009

Payments on long-term debt
                        (614,030)

                          (22,638)

Contributions from noncontrolling interests
                            14,716

                            13,448

Distributions to noncontrolling interests
                        (137,609)

                          (66,114)

Purchases and sales of noncontrolling interests, net
                          (88,239)

                          (27,138)

Payments for capped call transactions
                          (75,500)

                                    —

Proceeds from exercise of stock options
                              4,999

                            26,051

Taxes paid for net share settlement of equity awards
                            (8,464)

                          (41,731)

Payments for deferred and contingent consideration
                            (9,440)

                          (22,508)

Other, net
                                  315

                            (1,014)

Net cash provided by (used in) financing activities
                            73,514

                        (137,635)

Effect of exchange rate changes on cash, cash equivalents and restricted cash
                          103,111

                        (186,703)

Net increase in cash, cash equivalents, and restricted cash
                      1,524,268

                          978,364

Cash, cash equivalents and restricted cash at beginning of period
                      5,612,374

                      4,887,792

Cash, cash equivalents and restricted cash at end of period
$                    7,136,642

$                    5,866,156

Contacts
Investor Contact:
Amy Yong
IR@livenation.com
(310) 867-7143

Media Contact:
Kaitlyn Henrich
Media@livenation.com

The post Live Nation Entertainment Reports Second Quarter 2023 Results appeared first on Live Nation Entertainment.