LIVE NATION ENTERTAINMENT, INC. 
LOS ANGELES, Nov. 5, 2012 /PRNewswire/ -- Live Nation Entertainment (NYSE: LYV) released financial results for the three and nine months ended September 30, 2012 today.
"The company has continued to execute on plan delivering increased revenue, net income and free cash flow in the third quarter of 2012," stated Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "For the quarter, global concert attendance is up 2 percent and ticket sales for Ticketmaster increased 3 percent. We expect to have continued growth in ticket sales in the fourth quarter, as compared to last year, for both Concerts and Ticketmaster. As a result, we currently anticipate growth across Concerts, Ticketing and Sponsorship & Advertising for the fourth quarter and full year."
The company will webcast a teleconference today, November 5, 2012 at 5:00 p.m. Eastern Time. The live webcast will be accessible via the Investor Relations section of the company's website at www.livenation.com/investors. Please visit the website approximately ten minutes prior to the start time to ensure a connection. Additional statistical and financial information to be provided on the call, if any, will be posted supplementally under that same link. For those who are not available to listen to the live broadcast, a replay will be archived on the Live Nation website.
FINANCIAL HIGHLIGHTS - 3rd QUARTER and NINE MONTHS
(Unaudited; $ in millions)
-------------------------
Q3 2012 Q3 2011 Growth 9 months 9 months Growth
2012 2011
---- ----
Revenue
Concerts $1,429.9 $1,280.3 11.7% $2,954.6 $2,811.8 5.1%
Ticketing 346.0 333.5 3.7% 1001.5 966.7 3.6%
Artist Nation 127.9 121.4 5.4% 298.6 293.9 1.6%
Sponsorship & Advertising 95.8 86.4 10.9% 193.2 182.5 5.9%
Other & Eliminations (36.5) (31.6) (15.5%) (66.1) (56.6) (16.8%)
----- ----- ------ ----- ----- ------
$1,963.1 $1,790.0 9.7% $4,381.8 $4,198.3 4.4%
======== ======== === ======== ======== ===
Adjusted Operating Income (Loss)
Concerts $49.1 $83.7 (41.3%) $60.4 $62.2 (2.9%)
Ticketing 82.1 54.3 51.2% 226.0 213.6 5.8%
Artist Nation 21.1 20.0 5.5% 33.0 35.0 (5.7%)
Sponsorship & Advertising 74.1 66.0 12.3% 137.8 128.6 7.2%
Other & Eliminations (0.7) (0.6) (16.7%) (1.1) (0.4) **
Corporate (23.3) (19.8) (17.7%) (59.5) (51.8) (14.9%)
----- ----- ------ ----- ----- ------
$202.4 $203.6 (0.6%) $396.6 $387.2 2.4%
====== ====== ===== ====== ====== ===
Operating Income (Loss)
Concerts $19.1 $48.4 (60.5%) $(43.0) $(24.3) (77.0%)
Ticketing 36.6 13.7 ** 100.4 97.3 3.2%
Artist Nation (1) 7.5 8.8 (14.8%) (4.7) (29.4) 84.0%
Sponsorship & Advertising 73.6 65.8 11.9% 137.0 127.9 7.1%
Other & Eliminations (0.2) (0.6) 66.7% - (0.3) **
Corporate (32.1) (31.3) (2.6%) (85.0) $(86.2) 1.4%
----- ----- ----- ----- ------ ---
$104.5 $104.8 (0.3%) $104.7 $85.0 23.2%
====== ====== ===== ====== ===== ====
** percentages are not meaningful
(1) Artist Nation's operating loss for
the nine months ended September
30, 2011 was driven by $24.4
million of stock-based
compensation expense due to the
acquisition of the remaining
equity of Front Line Management
Group, Inc. in February 2011.
For the three months ending September 30, 2012, revenue was $1,963.1 million, up 10% compared to prior year revenue of $1,790.0 million. On a constant currency basis, revenue for the quarter was up 13%, excluding a $50.5 million impact of changes in foreign exchange rates in the quarter. For the first nine months of 2012, revenue was $4,381.8 million, up 4% compared to prior year revenue of $4,198.3 million. On a constant currency basis, revenue for the first nine months was up 7%, excluding a $101.6 million impact of changes in foreign exchange rates in the period.
As of September 30, 2012, total cash and cash equivalents were $783.7 million, which includes $394.3 million in ticketing client cash and $300.0 million in free cash. Event-related deferred revenue was $272.8 million as of September 30, 2012, compared to $212.6 million as of the same date in 2011. Free cash flow was $151.6 million for the third quarter of 2012 as compared to $152.2 million in the third quarter of last year, and $274.3 million for the nine months of 2012 versus $223.5 million for the same period in 2011.
About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and ecommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five ecommerce sites, with almost 27 million monthly unique visitors. Live Nation Concerts produces over 22,000 shows annually for more than 2,300 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling nearly 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.
Follow us @twitter.com/LiveNationInc
LIVE NATION ENTERTAINMENT, INC.
KEY OPERATING METRICS
3 Months Ended Sept 30 9 Months Ended Sept 30
---------------------- ----------------------
2012 2011 2012 2011
---- ---- ---- ----
Concerts (1)
Estimated Events:
North America 3,955 4,105 11,152 11,332
International 1,227 1,136 4,536 4,248
Total
estimated
events 5,182 5,241 15,688 15,580
----- ----- ------ ------
Estimated Attendance
(rounded):
North America 11,542,000 12,253,000 25,150,000 25,097,000
International 4,271,000 3,304,000 11,677,000 10,449,000
Total
estimated
attendance 15,813,000 15,557,000 36,827,000 35,546,000
---------- ---------- ---------- ----------
Ancillary net revenue
per attendee (2):
North America
amphitheaters $18.55 $18.03
International
festivals (5) $15.71 $16.80
Ticketing (3)
Number of tickets sold
(in thousands):
Concerts 19,421 18,302 54,832 53,090
Sports 6,709 6,427 23,249 20,765
Arts and
theater 4,493 5,374 13,683 14,938
Family 3,676 3,008 11,277 9,771
Other (4) 1,771 1,784 5,221 4,388
36,070 34,895 108,262 102,952
------ ------ ------- -------
Gross value of tickets
sold (in thousands) $2,092,102 $2,004,099 $6,503,452 $6,154,589
-----------
Sponsorship & Advertising
Sponsorship revenue (in
thousands) $81,511 $72,679 $155,479 $147,102
Online advertising
revenue (in thousands) $14,294 $13,709 $37,732 $35,351
(1) Events generally represent a
single performance by an
artist. Attendance generally
represents the number of fans
who were present at an event.
Festivals are counted as one
event in the quarter in which
the festival begins but
attendance is split over the
days of the festival and can be
split between quarters. Events
and attendance metrics are
estimated each quarter.
(2) Amounts are reported as of the
latest period shown.
(3) The number and gross value of
tickets sold includes primary
tickets only and excludes
tickets sold for the 2012
Olympics. These metrics include
tickets sold during the period
regardless of event timing
except for our promoted
concerts in our owned and/or
operated buildings and in
certain European territories
where these tickets are
recognized as the concerts
occur.
(4) Other category includes tickets
for comedy shows, facility
tours, donations, lectures,
seminars and cinema.
(5) On a constant currency basis,
international festivals
ancillary net revenue per
attendee is $17.26 for the 9
months ended September 30,
2012, an increase of 3% over
the same period in 2011.
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------- -------------
2012 2011 2012 2011
---- ---- ---- ----
(in thousands except share and per share data)
Revenue $1,963,146 $1,790,025 $4,381,820 $4,198,316
Operating expenses:
Direct operating expenses 1,457,423 1,286,304 3,103,006 2,971,579
Selling, general and administrative expenses 283,846 282,462 832,924 822,226
Depreciation and amortization 84,684 83,341 258,656 237,749
Loss (gain) on sale of operating assets (60) 231 (255) 866
Corporate expenses 30,842 27,385 81,474 73,011
Acquisition transaction expenses 1,896 5,493 1,335 7,864
Operating income 104,515 104,809 104,680 85,021
Interest expense 35,535 30,388 94,733 90,462
Interest income (994) (1,023) (2,825) (2,848)
Equity in earnings of nonconsolidated affiliates (3,117) (2,777) (8,799) (5,549)
Other (income) expense, net (7,035) 6,461 (3,393) 7,207
Income (loss) before income taxes 80,126 71,760 24,964 (4,251)
Income tax expense (benefit) 11,950 8,739 21,456 (29,544)
Net income 68,176 63,021 3,508 25,293
Net income attributable to noncontrolling interests 10,228 11,309 7,018 8,784
------ ----- -----
Net income (loss) attributable to common stockholders of Live
Nation Entertainment, Inc. $57,948 $51,712 $(3,510) $16,509
======= ======= ======= =======
Basic net income (loss) per common share attributable to common
stockholders of Live Nation Entertainment, Inc.
$0.31 $0.28 $(0.02) $0.09
Diluted net income (loss) per common share attributable to common
stockholders of Live Nation Entertainment, Inc.
$0.31 $0.27 $(0.02) $0.09
Weighted average common shares outstanding:
Basic 187,153,788 186,127,846 186,857,527 181,115,853
Diluted 189,754,343 188,531,130 186,857,527 183,306,799
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
2012 2011
---- ----
(in thousands)
ASSETS
Current assets
Cash and cash equivalents $783,671 $844,253
Accounts receivable, less allowance of $13,947 and
$16,986, respectively 583,322 389,346
Prepaid expenses 444,451 316,491
Other current assets 30,924 26,700
------ ------
Total current assets 1,842,368 1,576,790
Property, plant and equipment
Land, buildings and improvements 848,340 851,812
Computer equipment and capitalized software 319,497 261,475
Furniture and other equipment 194,544 172,250
Construction in progress 52,244 60,652
------ ------
1,414,625 1,346,189
Less accumulated depreciation 696,720 626,053
------- -------
717,905 720,136
Intangible assets
Definite-lived intangible assets, net 834,690 873,712
Indefinite-lived intangible assets 377,286 377,160
Goodwill 1,338,599 1,257,644
Investments in nonconsolidated affiliates 57,725 55,796
Other long-term assets 263,675 216,106
------- -------
Total assets $5,432,248 $5,077,344
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable, client accounts $549,301 $473,956
Accounts payable 127,356 87,627
Accrued expenses 658,061 579,566
Deferred revenue 326,730 273,536
Current portion of long-term debt 60,070 52,632
Other current liabilities 16,462 25,236
------ ------
Total current liabilities 1,737,980 1,492,553
Long-term debt, net 1,685,968 1,652,629
Long-term deferred income taxes 190,681 186,298
Other long-term liabilities 106,262 120,693
Commitments and contingent liabilities
Redeemable noncontrolling interests 48,136 8,277
Stockholders' equity
Common stock 1,873 1,868
Additional paid-in capital 2,265,020 2,243,587
Accumulated deficit (748,701) (745,191)
Cost of shares held in treasury (214) (2,787)
Accumulated other comprehensive loss (16,436) (36,374)
------- -------
Total Live Nation Entertainment, Inc. stockholders'
equity 1,501,542 1,461,103
Noncontrolling interests 161,679 155,791
------- -------
Total stockholders' equity 1,663,221 1,616,894
--------- ---------
Total liabilities and stockholders' equity $5,432,248 $5,077,344
========== ==========
LIVE NATION ENTERTAINMENT, INC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
2012 2011
---- ----
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $3,508 $25,293
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Depreciation 90,789 94,184
Amortization 167,867 143,565
Deferred income tax benefit (11,183) (40,679)
Amortization of debt issuance costs and discount/
premium, net 11,415 9,707
Non-cash gain on extinguishment of debt (460) -
Non-cash compensation expense 27,595 40,556
Changes in fair value of contingent consideration (2,449) (8,828)
Loss (gain) on sale of operating assets (255) 866
Equity in earnings of nonconsolidated affiliates (8,799) (5,549)
Other, net 2,085 4,091
Changes in operating assets and liabilities, net
of effects of acquisitions and dispositions:
Increase in accounts receivable (186,313) (164,392)
Decrease (increase) in prepaid expenses (159,473) 25,704
Increase in other assets (37,712) (56,645)
Increase (decrease) in accounts payable, accrued
expenses and other liabilities 138,270 (27,682)
Increase (decrease) in deferred revenue 54,154 (67,732)
------ -------
Net cash provided by (used in) operating
activities 89,039 (27,541)
CASH FLOWS FROM INVESTING ACTIVITIES
Distributions from nonconsolidated affiliates 6,744 8,804
Investments made in nonconsolidated affiliates (3,212) (6,437)
Purchases of property, plant and equipment (92,372) (69,573)
Proceeds from disposal of operating assets, net of
cash divested 7,788 7,361
Cash paid for acquisitions, net of cash acquired (71,256) (25,499)
Purchases of intangible assets (14,553) (118)
Other, net (943) (1,933)
---- ------
Net cash used in investing activities (167,804) (87,395)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of issuance
costs 481,286 (596)
Payments on long-term debt (457,487) (22,699)
Contributions from noncontrolling interests 130 -
Distributions to noncontrolling interests, net (9,202) (14,249)
Purchases and sales of noncontrolling interests,
net (259) (47, 559)
Proceeds from exercise of stock options 926 3,210
Proceeds from sale of common stock - 76,492
Payments for deferred and contingent consideration (10,585) (13,807)
------- -------
Net cash provided by (used in) financing
activities 4,809 (19,208)
Effect of exchange rate changes on cash and cash
equivalents 13,374 23,959
------ ------
Net decrease in cash and cash equivalents (60,582) (110,185)
Cash and cash equivalents at beginning of period 844,253 892,758
------- -------
Cash and cash equivalents at end of period $783,671 $782,573
======== ========
Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:
Certain statements in this press release 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 regarding expected growth in ticket sales for Concerts and Ticketmaster in the fourth quarter of 2012 as compared to the same period in 2011 and expected growth across Concerts, Ticketing and Sponsorship & Advertising for the fourth quarter and full year 2012. 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 the 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 below.
Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that the company defines as operating income (loss) before acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration arrangements, merger bonuses, payments under the Azoff Trust note and acquisition-related severance), depreciation and amortization (including goodwill impairments), loss (gain) on sale of operating assets and non-cash and certain stock-based compensation expense (including expense associated with grants of certain stock-based awards which are classified as liabilities). The company uses AOI to evaluate the performance of its operating segments. The company believes that information about AOI assists investors by allowing them to evaluate changes in the operating results of the portfolio of the businesses separate from non-operational factors that affect net income, 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 the company's 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.
Free Cash Flow is a non-GAAP financial measure that the company defines as Adjusted Operating Income (Loss) less maintenance capital expenditures, less net cash interest expense, less cash taxes, less net distributions to noncontrolling interest partners, plus distributions from investments in nonconsolidated affiliates net of contributions to investments in nonconsolidated affiliates. The company uses free cash flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than maintenance capital expenditures. The company believes that information about free cash flow provides investors with an important perspective on the cash available to service debt and make acquisitions. Free cash flow is not calculated or presented in accordance with GAAP. A limitation of the use of free cash flow as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of the company's ability to fund its cash needs. Accordingly, free cash flow should be considered in addition to, and not as a substitute for, operating income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash flow as presented herein may not be comparable to similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that the company defines as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and for cash collected on behalf of others for ticket sales, plus event-related prepaids. The company uses free cash as a proxy for how much cash it has available to, among other things, optionally repay debt balances, make acquisitions and finance venue and other 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.
Constant currency is a non-GAAP financial measure. For the purpose of determining our constant currency results, we calculate the effect of changes in currency exchange rates 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.
Reconciliations of Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited)
Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)
----------------------------------------------------------------------------
($ in millions) Adjusted operating income Non-cash and stock-based compensation Loss (gain) on sale of Depreciation and Acquisition expenses Operating
(loss) expense operating assets income
(loss)
amortization
Three months endedSeptember 30, 2012
------------------------------------
Concerts $49.1 $1.5 $ - $27.5 $1.0 $19.1
Ticketing 82.1 1.7 - 43.3 0.5 36.6
Artist Nation 21.1 0.4 - 13.2 - 7.5
Sponsorship & Advertising 74.1 0.2 - 0.3 - 73.6
Other & Eliminations (0.7) - (0.1) (0.4) - (0.2)
Corporate (23.3) 5.9 - 0.8 2.1 (32.1)
----- --- --- --- --- -----
Total Live Nation $202.4 $9.7 $(0.1) $84.7 $3.6 $104.5
====== ==== ===== ===== ==== ======
Three months ended September 30, 2011
-------------------------------------
Concerts $83.7 $1.4 $ - $33.1 $0.8 $48.4
Ticketing 54.3 1.4 - 39.0 0.2 13.7
Artist Nation 20.0 0.2 - 10.7 0.3 8.8
Sponsorship & Advertising 66.0 0.2 - - - 65.8
Other & Eliminations (0.6) - 0.2 (0.2) - (0.6)
Corporate (19.8) 5.1 - 0.7 5.7 (31.3)
----- --- --- --- --- -----
Total Live Nation $203.6 $8.3 $0.2 $83.3 $7.0 $104.8
====== ==== ==== ===== ==== ======
Nine months ended September 30, 2012
------------------------------------
Concerts $60.4 $4.2 $(0.5) $100.1 $(0.4) $(43.0)
Ticketing 226.0 4.7 (0.2) 121.3 (0.2) 100.4
Artist Nation 33.0 1.0 - 36.3 0.4 (4.7)
Sponsorship & Advertising 137.8 0.5 - 0.3 - 137.0
Other & Eliminations (1.1) - 0.4 (1.5) - -
Corporate (59.5) 17.2 - 2.2 6.1 (85.0)
----- ---- --- --- --- -----
Total Live Nation $396.6 $27.6 $(0.3) $258.7 $5.9 $104.7
====== ===== ===== ====== ==== ======
Nine months ended September 30, 2011
------------------------------------
Concerts $62.2 $4.3 $(0.7) $87.9 $(5.0) $(24.3)
Ticketing 213.6 4.0 (0.1) 111.4 1.0 97.3
Artist Nation 35.0 27.8 1.3 37.2 (1.9) (29.4)
Sponsorship & Advertising 128.6 0.5 - 0.2 - 127.9
Other & Eliminations (0.4) - 0.4 (0.5) - (0.3)
Corporate (51.8) 14.6 - 1.5 18.3 (86.2)
----- ---- --- --- ---- -----
Total Live Nation $387.2 $51.2 $0.9 $237.7 $12.4 $85.0
====== ===== ==== ====== ===== =====
Reconciliation of Adjusted Operating Income (Loss) to Free Cash
Flow
---------------------------------------------------------------
($ in millions) Q3 2012 Q3 2011
-------------- ------- -------
Adjusted
operating income $202.4 $203.6
Less: Cash
interest expense
-net (36.1) (26.1)
Cash taxes (3.9) (11.1)
Maintenance
capital
expenditures (15.5) (12.7)
Distributions to
noncontrolling
interests (1.0) (2.3)
Distributions
from
(contributions
to) investments
in
nonconsolidated
affiliates 5.7 0.8
--- ---
Free cash flow $151.6 $152.2
Revenue
generating
capital
expenditures (13.9) (11.8)
----- -----
Net $137.7 $140.4
--- ------ ------
9 months 9 months
($ in millions) 2012 2011
-------------- ---- ----
Adjusted
operating income $396.6 $387.2
Less: Cash
interest expense
-net (85.0) (77.9)
Cash taxes 10.6 (34.3)
Maintenance
capital
expenditures (42.2) (41.6)
Distributions to
noncontrolling
interests (9.2) (12.3)
Distributions
from
(contributions
to) investments
in
nonconsolidated
affiliates 3.5 2.4
--- ---
Free cash flow $274.3 $223.5
Revenue
generating
capital
expenditures (46.0) (27.6)
----- -----
Net $228.3 $195.9
--- ------ ------
Reconciliation of Cash and Cash Equivalents to Free Cash
--------------------------------------------------------
($ in millions) September 30,
2012
--- ----
Cash and cash equivalents $783.7
Client cash (394.3)
Deferred revenue âEUR" event related (272.8)
Accrued artist fees (23.9)
Collections on behalf of others (52.6)
Prepaids related to artist settlements/events 259.9
-----
Free cash $300.0
--------- ------
Detail of Revenue as Reported and at Constant Currency
------------------------------------------------------
Reported Constant Reported Reported Constant
Currency Currency
Q3 2012 Q3 2012 Q3 2011 Growth Growth
------- ------- ------- ------ ------
($ in millions)
Revenue
Concerts $1,429.9 $1,471.7 $1,280.3 11.7% 14.9%
Ticketing 346.0 351.6 333.5 3.7% 5.4%
Artist Nation 127.9 128.2 121.4 5.4% 5.6%
Sponsorship &
Advertising 95.8 98.6 86.4 10.9% 14.1%
Other &
Eliminations (36.5) (36.5) (31.6) (15.5%) (15.5%)
----- ----- -----
$1,963.1 $2,013.6 $1,790.0 9.7% 12.5%
======== ======== ======== === ====
Reported Constant Reported Reported Constant
Currency Currency
9 Months 9 Months 9 Months Growth Growth
2012 2012 2011
---- ---- ----
($ in millions)
Revenue
Concerts $2,954.6 $3,035.5 $2,811.8 5.1% 8.0%
Ticketing 1,001.5 1,016.7 966.7 3.6% 5.2%
Artist Nation 298.6 299.2 293.9 1.6% 1.8%
Sponsorship &
Advertising 193.2 198.1 182.5 5.9% 8.5%
Other &
Eliminations (66.1) (66.1) (56.6) (16.8%) (16.8%)
----- ----- -----
$4,381.8 $4,483.4 $4,198.3 4.4% 6.8%
======== ======== ======== === ===
SOURCE Live Nation Entertainment
