83% of Fans Continuing To Hold Onto Their Tickets
$950 Million Cost Reduction Achieved in 2020
$1.65 Billion Cash Savings Achieved in 2020
LOS ANGELES – February 25, 2021 – Live Nation Entertainment, Inc. (NYSE: LYV) today released financial results for the quarter ended December 31, 2020.

As we look back on 2020, it is clearly not the year anyone predicted, but I am very proud of how Live Nation has dug in and focused on turning this challenge into an opportunity to improve our business. I want to take a moment to thank our employees for their resilience and creativity, and acknowledge all of those affected by Covid and the shutdown of live events.

We Believe We Will Return to Live Even Stronger
Over the last year, leaders across all our business lines of Concerts, Ticketing and Sponsorship have been analyzing ways to improve their businesses. Some of our key initiatives include: Re-organizing to become more nimble while also reducing our cost structure by $200 million; Building concert streaming and direct to consumer businesses to expand our revenue streams; Advancing our technology initiatives globally while accelerating the shift to digital tickets to meet changing needs of fans, venues and artists; and reinforcing our balance sheet to endure this period, while maintaining a strong position to build our business for the future and act on opportunities as we identify them, such as our recent acquisition of the streaming platform Veeps and a continued pipeline of bolt-on acquisitions throughout the globe.

So while this past year has been challenging for the company, our employees, fans, artists and so many others globally impacted by Covid, I have never been more excited about the opportunities in front of us.

Supply and Demand Pipeline is Very Strong
We continue to have a substantial tailwind in the live event industry, as consumers more than ever are looking to spend on experiences. The supply-demand fundamentals of the concerts business remain strong, with artists ready to get back on the road and fans eager to reconnect at events. All our data continues to show that there is substantial pent-up demand for concerts on the consumer demand side. The $2.4 trillion projected surplus in savings in the U.S. alone by June is a key indicator of consumer

spending potential. At the same time, surveys demonstrate the high demand for concerts globally, with 95% of fans likely to attend a show when restrictions are lifted. This is proving out in fan behavior as well, with 83% of fans continuing to hold onto their tickets for rescheduled shows.

On the artist side there is a broad desire to get back on stage – to connect with their fans and to provide economic support to their bands, crew, and the hundreds of others employed each night putting on the show. Given the limited touring activity in 2020 and 2021, the pipeline for 2022 is much stronger than usual, with almost twice as many major touring artists on cycle in 2022 than a typical year – about 45 artists versus the usual 25. And there remains plenty of scheduling availability at arenas, amphitheaters and stadiums to accommodate these additional tours, with over two-thirds of these venues’ nights unused by sporting events or major concerts in a typical year.

Vaccine Rollout Encouraging
It appears that the timing to release the pent-up supply and demand is now approaching. Vaccine distribution is accelerating and declines in Covid cases throughout most of the world gives us even more confidence that a safe and meaningful return to shows will soon be possible. For both the U.S. and U.K., projections indicate that everyone who wants to get vaccinated will be able to do so by May or June, with Europe and most other markets following a few months later. Given the massive social and economic toll that the lockdown has had on the public, we believe there will be strong momentum to reopen society swiftly as soon as vaccines are readily available. And we believe outdoor activities will be the first to happen.

So while the timing of our return to live will continue to vary across global markets, every sign points to it beginning safely in many countries sometime this summer and scaling further from there.

Michael Rapino
President and Chief Executive Officer
Live Nation Entertainment, Inc.



Additional Information on Liquidity
At the end of the fourth quarter of 2020, the company had total cash and cash equivalents of $2.5 billion, which includes $643 million of free cash. This free cash, along with $962 million of available debt capacity and taking into account the additional $417 million of net cash added to the balance sheet with the debt raise in early January, gives the company $2.0 billion of available liquidity. The company believes this level of liquidity provides it with the ability to fund operations until the expected return of concerts in the summer of 2021, preceded by ticket sales earlier in the year.

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 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.

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 Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on Monday, March 1, 2021 and available on the SEC’s website at

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

Investor Contact:
Media Contact:
Amy Yong
Kaitlyn Henrich
(310) 867-7143


(unaudited; $ in millions)

Q4 2020 ReportedQ4 2019 ReportedGrowthQ4 2020 Constant CurrencyGrowth at Constant Currency
$178.4 $2,296.6 (92 %)$176.8 (92 %)
10.9 448.3 (98 %)10.4 (98 %)
Sponsorship & Advertising
47.1 148.4 (68 %)46.0 (69 %)
Other and Eliminations
0.9 (3.9)*0.9 *
$237.3 $2,889.4 (92 %)$234.1 (92 %)
Operating Income (Loss)
$(236.4)$(166.4)(42 %)$(233.6)(40 %)
(131.5)61.0 *(130.4)*
Sponsorship & Advertising
4.1 73.5 (94 %)3.3 (95 %)
Other and Eliminations
(0.4)(0.7)43 %(0.4)43 %
(23.8)(50.3)53 %(23.8)53 %
Adjusted Operating Income (Loss)
$(166.7)$(90.4)(84 %)$(165.1)(83 %)
(73.7)130.8 *(73.2)*
Sponsorship & Advertising
14.2 82.5 (83 %)13.4 (84 %)
Other and Eliminations
(1.8)(1.6)(13 %)(1.8)(13 %)
(16.3)(40.5)60 %(16.3)60 %
$(244.3)$80.8 *$(243.0)*

* percentages are not meaningful


(unaudited; $ in millions)

12 Months 2020 Reported12 Months 2019 ReportedGrowth12 Months 2020 Constant CurrencyGrowth at Constant Currency
Concerts$1,468.4 $9,428.1 (84 %)$1,481.7 (84 %)
Ticketing188.4 1,545.2 (88 %)188.4 (88 %)
Sponsorship & Advertising203.7 590.3 (65 %)202.6 (66 %)
Other and Eliminations0.7 (15.6)*0.7 *
$1,861.2 $11,548.0 (84 %)$1,873.4 (84 %)
Operating Income (Loss)
Ticketing(612.0)232.0 *(612.4)*
Sponsorship & Advertising44.9 330.3 (86 %)43.8 (87 %)
Other and Eliminations(13.5)(1.2)*(13.5)*
Corporate(113.6)(182.8)38 %(113.6)38 %
$(1,653.2)$324.8 *$(1,655.7)*
Adjusted Operating Income (Loss)
Concerts$(638.8)$242.3 *$(639.7)*
Ticketing(374.6)482.4 *(375.3)*
Sponsorship & Advertising81.9 366.1 (78 %)80.8 (78 %)
Other and Eliminations(13.5)(6.3)*(13.5)*
Corporate(70.9)(142.0)50 %(70.9)50 %
$(1,015.9)$942.5 *$(1,018.6)*

* percentages are not meaningful

As of December 31, 2020, total cash and cash equivalents were $2.5 billion, which includes $674 million in ticketing client cash and $643 million in free cash.
Event-related deferred revenue was $1.5 billion as of December 31, 2020, compared to $1.2 billion as of December 31, 2019. In addition, we had long-term deferred revenue of $35 million for events that have been rescheduled more than one year out as of December 31, 2020.
For the twelve months ended December 31, 2020, net cash used in operating activities was $(1.1) billion and free cash flow — adjusted was $(1.3) billion.
We currently expect capital expenditures for the full year to be approximately $150 million in 2021.

(in thousands except estimated events)
Concerts (1)
Estimated events:
North America5,270 28,407 24,186 
International2,847 11,830 10,810 
Total estimated events8,117 40,237 34,996 
Estimated fans:
North America6,075 62,687 61,159 
International5,067 34,967 31,607 
Total estimated fans11,142 97,654 92,766 
Ticketing (2)
Estimated number of fee-bearing tickets31,101 219,838 217,442 
Estimated number of non-fee-bearing tickets88,823 266,750 265,033 
Total estimated tickets sold119,924 486,588 482,475 


(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 fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This metric includes primary tickets sold during the period 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 ticketing metrics are net of any refunds requested and any cancellations that occurred during the period and up to the time of reporting of our financial statements. Fee-bearing tickets sold above are net of refunds of 27.4 million tickets for the year ended December 31, 2020.


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 (Used in) Operating Activities
($ in millions)Q4 2020Q4 2019
Net cash provided by (used in) operating activities$(125.7)$436.9 
Less: Changes in operating assets and liabilities (working capital)(200.4)(388.5)
Free cash flow from earnings$(326.1)$48.4 
Less: Maintenance capital expenditures(9.1)(45.5)
          Distributions to noncontrolling interests(10.1)(34.3)
Free cash flow — adjusted$(345.3)$(31.4)
Net cash provided by (used in) investing activities$0.4 $(287.6)
Net cash provided by (used in) financing activities$(12.3)$468.5 

($ in millions)12 Months 202012 Months 2019
Net cash provided by (used in) operating activities$(1,082.6)$469.8 
Less: Changes in operating assets and liabilities (working capital)(79.5)287.9 
Free cash flow from earnings$(1,162.1)$757.7 
Less: Maintenance capital expenditures(65.1)(150.9)
          Distributions to noncontrolling interests(41.6)(107.5)
Free cash flow — adjusted$(1,268.8)$499.3 
Net cash used in investing activities$(224.1)$(691.0)
Net cash provided by financing activities$1,349.3 $328.9 

Reconciliation of Free Cash to Cash and Cash Equivalents

($ in millions)December 31,
Cash and cash equivalents$2,537.8 
Client cash(673.5)
Deferred revenue — event-related(1,532.5)
Accrued artist fees(13.1)
Collections on behalf of others(51.1)
Prepaid expenses — event-related375.5 
Free cash$643.1 


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 regarding consumer demand and the concerts pipeline for 2022; the timing for reopening society, vaccinations, holding outdoor activities and returning to live events; and the company’s current expectations for capital expenditures in 2021. 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. 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.


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

Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss)
($ in millions)Operating income (loss)Stock-based compensation expenseLoss (gain) on disposal of operating assets

Depreciation and
Amortization of non-recoupable ticketing contract advancesAcquisition expensesAdjusted operating income (loss) reportedForeign exchange impactAdjusted operating income (loss) constant currency
Three Months Ended December 31, 2020
Concerts$(236.4)$2.4 $(0.4)$63.9 $— $3.8 $(166.7)$1.6 $(165.1)
Ticketing(131.5)2.2 — 44.9 10.5 0.2 (73.7)0.5 (73.2)
Sponsorship & Advertising4.1 1.2 — 8.9 — — 14.2 (0.8)13.4 
Other & Eliminations(0.4)— — — (1.4)— (1.8)— (1.8)
Corporate(23.8)4.1 — 2.6 — 0.8 (16.3)— (16.3)
Total Live Nation$(388.0)$9.9 $(0.4)$120.3 $9.1 $4.8 $(244.3)$1.3 $(243.0)
Three Months Ended December 31, 2019
Concerts$(166.4)$3.1 $(1.8)$62.9 $— $11.8 $(90.4)$— $(90.4)
Ticketing61.0 1.7 — 40.4 27.2 0.5 130.8 — 130.8 
Sponsorship & Advertising73.5 0.7 — 8.2 — 0.1 82.5 — 82.5 
Other & Eliminations(0.7)— — — (1.0)0.1 (1.6)— (1.6)
Corporate(50.3)6.4 — 3.4 — — (40.5)— (40.5)
Total Live Nation$(82.9)$11.9 $(1.8)$114.9 $26.2 $12.5 $80.8 $— $80.8 

Twelve Months Ended December 31, 2020
Concerts$(959.0)$68.8 $0.5 $266.3 $— $(15.4)$(638.8)$(0.9)$(639.7)
Ticketing(612.0)13.4 — 169.9 54.7 (0.6)(374.6)(0.7)(375.3)
Sponsorship & Advertising44.9 6.4 — 30.6 — — 81.9 (1.1)80.8 
Other & Eliminations(13.5)— — 6.7 (6.7)— (13.5)— (13.5)
Corporate(113.6)28.3 — 11.5 — 2.9 (70.9)— (70.9)
Total Live Nation$(1,653.2)$116.9 $0.5 $485.0 $48.0 $(13.1)$(1,015.9)$(2.7)$(1,018.6)
Twelve Months Ended December 31, 2019
Concerts$(53.5)$12.9 $(2.5)$239.7 $— $45.7 $242.3 $— $242.3 
Ticketing232.0 6.3 0.1 156.9 85.8 1.3 482.4 — 482.4 
Sponsorship & Advertising330.3 2.7 — 33.1 — — 366.1 — 366.1 
Other & Eliminations(1.2)0.1 — 0.3 (5.5)— (6.3)— (6.3)
Corporate(182.8)26.8 — 14.0 — — (142.0)— (142.0)
Total Live Nation$324.8 $48.8 $(2.4)$444.0 $80.3 $47.0 $942.5 $— $942.5 



December 31,
December 31,
(in thousands, except share data)
Current assets
    Cash and cash equivalents$2,537,787 $2,470,362 
    Accounts receivable, less allowance of $72,904 and $50,516, respectively486,734 994,606 
    Prepaid expenses577,130 667,044 
    Restricted cash8,652 3,880 
    Other current assets39,465 57,007 
Total current assets3,649,768 4,192,899 
Property, plant and equipment, net1,101,414 1,117,932 
Operating lease assets1,424,223 1,402,019 
Intangible assets
    Definite-lived intangible assets, net855,600 870,141 
    Indefinite-lived intangible assets369,058 368,954 
Goodwill2,129,203 1,998,498 
Long-term advances668,756 593,699 
Other long-term assets391,281 431,473 
Total assets$10,589,303 $10,975,615 
Current liabilities
    Accounts payable, client accounts$744,096 $1,005,888 
    Accounts payable86,356 100,237 
    Accrued expenses894,149 1,391,486 
    Deferred revenue1,839,323 1,391,032 
    Current portion of long-term debt, net53,415 37,795 
    Current portion of operating lease liabilities107,147 121,950 
    Other current liabilities72,083 59,211 
Total current liabilities3,796,569 4,107,599 
Long-term debt, net4,855,096 3,271,262 
Long-term operating lease liabilities1,445,674 1,374,481 
Long-term deferred income taxes170,759 178,173 
Other long-term liabilities182,508 130,648 
Commitments and contingent liabilities
Redeemable noncontrolling interests272,449 449,498 
Stockholders' equity
Preferred stock—Series A Junior Participating, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding — — 
Preferred stock, $0.01 par value; 30,000,000 shares authorized; no shares issued and outstanding — — 
Common stock, $0.01 par value; 450,000,000 shares authorized; 218,423,061 and 214,117,644 shares issued and 218,015,037 and 213,709,620 shares outstanding in 2020 and 2019, respectively2,145 2,113 
    Additional paid-in capital2,386,790 2,245,619 
    Accumulated deficit(2,676,833)(949,334)
Cost of shares held in treasury (408,024 shares)(6,865)(6,865)
    Accumulated other comprehensive loss(177,009)(145,713)
Total Live Nation stockholders' equity(471,772)1,145,820 
Noncontrolling interests338,020 318,134 
Total equity(133,752)1,463,954 
Total liabilities and equity$10,589,303 $10,975,615 


 Year Ended December 31,
 (in thousands, except share and per share data)
Revenue$1,861,178 $11,547,969 $10,787,800 
Operating expenses:
Direct operating expenses1,402,400 8,467,182 7,967,932 
Selling, general and administrative expenses1,524,342 2,145,486 1,997,028 
Depreciation and amortization485,025 443,991 386,529 
Loss (gain) on disposal of operating assets503 (2,373)10,369 
Corporate expenses102,100 168,839 153,406 
Operating income (loss)(1,653,192)324,844 272,536 
Interest expense226,832 157,521 140,976 
Interest income(11,737)(14,406)(8,961)
Equity in losses (earnings) of nonconsolidated affiliates5,458 (5,457)(2,747)
Other expense (income), net(17,080)2,082 12,163 
Income (loss) before income taxes(1,856,665)185,104 131,105 
Income tax expense (benefit)(28,875)66,892 40,765 
Net income (loss)(1,827,790)118,212 90,340 
Net income (loss) attributable to noncontrolling interests(103,255)48,323 30,091 
Net income (loss) attributable to common stockholders of Live Nation$(1,724,535)$69,889 $60,249 
Basic and diluted net loss per common share available to common stockholders of Live Nation$(8.12)$(0.02)$(0.09)
Weighted average common shares outstanding:
Basic and diluted212,270,944 210,082,696 207,441,468 
Reconciliation to net loss available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation$(1,724,535)$69,889 $60,249 
Accretion of redeemable noncontrolling interests1,180 (74,771)(77,900)
Basic and diluted net loss available to common stockholders of Live Nation $(1,723,355)$(4,882)$(17,651)



Year Ended December 31,
(in thousands)
Net income (loss)$(1,827,790)$118,212 $90,340 
Reconciling items:
Depreciation245,713 220,459 185,376 
Amortization239,312 223,532 201,153 
Amortization of non-recoupable ticketing contract advances47,971 80,302 80,087 
Deferred income tax benefit(37,877)(465)(6,247)
Amortization of debt issuance costs and discounts32,774 24,116 20,219 
Provision for uncollectible accounts receivable43,076 27,926 26,321 
Non-cash compensation expense116,889 48,785 45,582 
Unrealized changes in fair value of contingent consideration(24,448)6,698 14,125 
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions18,280 14,152 11,693 
Other, net(15,995)(6,027)6,609 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable490,588 (159,792)(135,429)
Decrease (increase) in prepaid expenses and other assets141,631 (170,486)(266,241)
Increase (decrease) in accounts payable, accrued expenses and other liabilities(1,379,461)(45,920)323,459 
Increase in deferred revenue826,699 88,291 344,539 
Net cash provided by (used in) operating activities(1,082,638)469,783 941,586 
Advances of notes receivable(56,957)(50,035)(90,705)
Collections of notes receivable80,963 13,216 33,914 
Investments made in nonconsolidated affiliates(11,242)(57,280)(46,497)
Purchases of property, plant and equipment(213,746)(323,566)(239,833)
Cash paid for acquisitions, net of cash acquired(41,083)(235,071)(120,228)
Purchases of intangible assets(8,863)(42,261)(35,630)
Proceeds from sale of investments in nonconsolidated affiliates19,003 1,455 — 
Other, net7,863 2,542 2,070 
Net cash used in investing activities(224,062)(691,000)(496,909)
Proceeds from long-term debt, net of debt issuance costs1,607,365 937,400 858,667 
Payments on long-term debt including extinguishment costs(30,987)(437,267)(400,396)
Contributions from noncontrolling interests4,668 14,285 4,900 
Distributions to noncontrolling interests(41,625)(107,476)(59,187)
Purchases and sales of noncontrolling interests, net(106,242)(50,267)(159,634)
Proceeds from exercise of stock options30,647 14,104 22,568 
Taxes paid for net share settlement of equity awards(47,539)(15,353)(55,005)
Payments for deferred and contingent consideration(66,992)(26,537)(18,784)
Other, net37 — (4,345)
Net cash provided by financing activities1,349,332 328,889 188,784 
Effect of exchange rate changes on cash, cash equivalents and restricted cash29,565 (11,633)(84,080)
Net increase in cash, cash equivalents, and restricted cash72,197 96,039 549,381 
Cash, cash equivalents and restricted cash at beginning of period2,474,242 2,378,203 1,828,822 
Cash, cash equivalents and restricted cash at end of period$2,546,439 $2,474,242 $2,378,203 
Cash paid during the year for:
      Interest, net of interest income$166,405 $103,915 $100,278 
      Income taxes, net of refunds$26,151 $66,937 $60,016 


Supplemental Information

Free Cash & Cash Used in the Quarter
Changes to the company’s free cash balance from the end of the third quarter of 2020 to the end of the fourth quarter were as follows:
(in millions)
Free cash balance at 9/30/2020$951 
Operational fixed costs(290)
Non-operational cash uses, including capital expenditures, acquisition activity, net advances and interest payments(132)
Operational contribution margin*116 
Inflows / (outflows) from cash management programs(2)
Free cash balance at 12/31/2020$643 

*Operational Contribution Margin is our contribution margin less one-time items (Ticketing refunds, insurance recoveries, and artist advance reserves) and excluding the call center costs we have included in operational fixed costs above.

Ticket Refunds - Q4 2020
The global refund rate for the company’s concerts that are rescheduled and are in or have gone through a refund window is 17% through the end of the fourth quarter of 2020. Festivals have generally canceled this year’s event, but for festivals where fans can retain their tickets for next year’s show, approximately 63% of fans are keeping their tickets.

Across both concerts and festivals, since March the company has refunded $282 million for rescheduled Live Nation shows and $842 million for canceled Live Nation shows. Of this $1.1 billion total, $460 million was from funds held by third-party venues and $663 million was from Live Nation-held funds.

The company still has some shows in the process of rescheduling, or that are rescheduled but not yet offering refunds. In addition, refunds may occur in the future for additional cancellations or rescheduled events resulting from the global shutdown of our live events. Based on current and estimated future impacted events and fan behavior, we have recorded $102 million in additional fan refunds from Live Nation-held funds. As a result, the company has reclassified these funds from deferred revenue to accrued ticket refunds as of the fourth quarter of 2020.

Event-Related Deferred Revenue
The company’s deferred revenue for events over the next 12 months was $1.5 billion as of December 31, 2020 as compared to $1.4 billion as of September 30, 2020. This increase was due to ticket sales for future events, sales for events scheduled for Q4 2021 shifting from long-term to current deferred revenue as well as currency impacts on our international deferred revenue balances.
(in millions)
Current Deferred Revenue as of 9/30/2020$1,362 
Shift from long-term deferred revenue to current deferred revenue67 
Adjustment to estimated additional future refunds from Live Nation-held cash(30)
Currency impacts44 
Ticket sales in the fourth quarter of 202098 
Other / Net(9)
Current Deferred Revenue as of 12/31/2020$1,532 

In addition, the company had approximately $35 million of long-term event-related deferred revenue at the end of the fourth quarter of 2020.