0001335258--12-312022Q2FALSEP3Y00013352582022-01-012022-06-3000013352582022-07-28xbrli:shares00013352582022-06-30iso4217:USD00013352582021-12-3100013352582022-04-012022-06-3000013352582021-04-012021-06-3000013352582021-01-012021-06-30iso4217:USDxbrli:shares0001335258us-gaap:CommonStockMember2022-03-310001335258us-gaap:AdditionalPaidInCapitalMember2022-03-310001335258us-gaap:RetainedEarningsMember2022-03-310001335258us-gaap:TreasuryStockMember2022-03-310001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001335258us-gaap:NoncontrollingInterestMember2022-03-3100013352582022-03-310001335258lyv:RedeemableNoncontrollingInterestsMember2022-03-310001335258us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001335258us-gaap:CommonStockMember2022-04-012022-06-300001335258us-gaap:NoncontrollingInterestMember2022-04-012022-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2022-04-012022-06-300001335258us-gaap:RetainedEarningsMember2022-04-012022-06-300001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001335258us-gaap:CommonStockMember2022-06-300001335258us-gaap:AdditionalPaidInCapitalMember2022-06-300001335258us-gaap:RetainedEarningsMember2022-06-300001335258us-gaap:TreasuryStockMember2022-06-300001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001335258us-gaap:NoncontrollingInterestMember2022-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2022-06-300001335258us-gaap:CommonStockMember2021-12-310001335258us-gaap:AdditionalPaidInCapitalMember2021-12-310001335258us-gaap:RetainedEarningsMember2021-12-310001335258us-gaap:TreasuryStockMember2021-12-310001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001335258us-gaap:NoncontrollingInterestMember2021-12-310001335258lyv:RedeemableNoncontrollingInterestsMember2021-12-310001335258srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2021-12-310001335258srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2021-12-310001335258srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001335258us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001335258us-gaap:CommonStockMember2022-01-012022-06-300001335258us-gaap:NoncontrollingInterestMember2022-01-012022-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2022-01-012022-06-300001335258us-gaap:RetainedEarningsMember2022-01-012022-06-300001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001335258us-gaap:CommonStockMember2021-03-310001335258us-gaap:AdditionalPaidInCapitalMember2021-03-310001335258us-gaap:RetainedEarningsMember2021-03-310001335258us-gaap:TreasuryStockMember2021-03-310001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001335258us-gaap:NoncontrollingInterestMember2021-03-3100013352582021-03-310001335258lyv:RedeemableNoncontrollingInterestsMember2021-03-310001335258us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001335258us-gaap:CommonStockMember2021-04-012021-06-300001335258us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2021-04-012021-06-300001335258us-gaap:RetainedEarningsMember2021-04-012021-06-300001335258us-gaap:CommonStockMember2021-06-300001335258us-gaap:AdditionalPaidInCapitalMember2021-06-300001335258us-gaap:RetainedEarningsMember2021-06-300001335258us-gaap:TreasuryStockMember2021-06-300001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001335258us-gaap:NoncontrollingInterestMember2021-06-3000013352582021-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2021-06-300001335258us-gaap:CommonStockMember2020-12-310001335258us-gaap:AdditionalPaidInCapitalMember2020-12-310001335258us-gaap:RetainedEarningsMember2020-12-310001335258us-gaap:TreasuryStockMember2020-12-310001335258us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001335258us-gaap:NoncontrollingInterestMember2020-12-3100013352582020-12-310001335258lyv:RedeemableNoncontrollingInterestsMember2020-12-310001335258us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001335258us-gaap:CommonStockMember2021-01-012021-06-300001335258us-gaap:NoncontrollingInterestMember2021-01-012021-06-300001335258lyv:RedeemableNoncontrollingInterestsMember2021-01-012021-06-300001335258us-gaap:RetainedEarningsMember2021-01-012021-06-300001335258us-gaap:AccountingStandardsUpdate202006Member2021-12-3100013352582021-12-06xbrli:pure0001335258lyv:OCESAMember2021-12-062021-12-060001335258lyv:OCESAMember2022-01-012022-06-300001335258lyv:OCESAMember2022-06-300001335258lyv:ConcertsMemberlyv:OCESAMember2022-06-300001335258lyv:OCESAMemberlyv:TicketingMember2022-06-300001335258lyv:OCESAMemberlyv:SponsorshipAndAdvertisingMember2022-06-300001335258lyv:ClientVendorRelationshipsMemberlyv:OCESAMember2022-06-300001335258lyv:ClientVendorRelationshipsMemberlyv:OCESAMembersrt:MinimumMember2022-01-012022-06-300001335258lyv:ClientVendorRelationshipsMemberlyv:OCESAMembersrt:MaximumMember2022-01-012022-06-300001335258us-gaap:ContractualRightsMemberlyv:OCESAMember2022-06-300001335258us-gaap:ContractualRightsMemberlyv:OCESAMembersrt:MinimumMember2022-01-012022-06-300001335258us-gaap:ContractualRightsMemberlyv:OCESAMembersrt:MaximumMember2022-01-012022-06-300001335258lyv:OCESAMemberlyv:VenueManagementAndLeaseholdsMember2022-06-300001335258lyv:OCESAMemberlyv:VenueManagementAndLeaseholdsMember2022-01-012022-06-300001335258us-gaap:TrademarksAndTradeNamesMemberlyv:OCESAMember2022-06-300001335258us-gaap:TrademarksAndTradeNamesMemberlyv:OCESAMembersrt:MinimumMember2022-01-012022-06-300001335258us-gaap:TrademarksAndTradeNamesMemberlyv:OCESAMembersrt:MaximumMember2022-01-012022-06-300001335258lyv:OCESAMembersrt:MinimumMember2022-06-300001335258lyv:OCESAMembersrt:MaximumMember2022-06-300001335258lyv:OCESAMember2015-01-012022-03-310001335258lyv:OCESAMember2021-06-300001335258lyv:ClientVendorRelationshipsMember2021-12-310001335258us-gaap:ContractualRightsMember2021-12-310001335258lyv:VenueManagementAndLeaseholdsMember2021-12-310001335258us-gaap:TrademarksAndTradeNamesMember2021-12-310001335258us-gaap:DevelopedTechnologyRightsMember2021-12-310001335258us-gaap:OtherIntangibleAssetsMember2021-12-310001335258lyv:ClientVendorRelationshipsMember2022-01-012022-06-300001335258us-gaap:ContractualRightsMember2022-01-012022-06-300001335258lyv:VenueManagementAndLeaseholdsMember2022-01-012022-06-300001335258us-gaap:TrademarksAndTradeNamesMember2022-01-012022-06-300001335258us-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001335258us-gaap:OtherIntangibleAssetsMember2022-01-012022-06-300001335258lyv:ClientVendorRelationshipsMember2022-06-300001335258us-gaap:ContractualRightsMember2022-06-300001335258lyv:VenueManagementAndLeaseholdsMember2022-06-300001335258us-gaap:TrademarksAndTradeNamesMember2022-06-300001335258us-gaap:DevelopedTechnologyRightsMember2022-06-300001335258us-gaap:OtherIntangibleAssetsMember2022-06-300001335258lyv:ConcertsMember2021-12-310001335258lyv:TicketingMember2021-12-310001335258lyv:SponsorshipAndAdvertisingMember2021-12-310001335258lyv:ConcertsMember2022-01-012022-06-300001335258lyv:TicketingMember2022-01-012022-06-300001335258lyv:SponsorshipAndAdvertisingMember2022-01-012022-06-300001335258lyv:ConcertsMember2022-06-300001335258lyv:TicketingMember2022-06-300001335258lyv:SponsorshipAndAdvertisingMember2022-06-300001335258srt:MinimumMember2022-06-300001335258srt:MaximumMember2022-06-300001335258us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001335258us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001335258us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001335258us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001335258us-gaap:FairValueInputsLevel2Memberlyv:A65SeniorSecuredNotesDue2027Member2022-06-300001335258us-gaap:FairValueInputsLevel2Memberlyv:A65SeniorSecuredNotesDue2027Member2021-12-310001335258us-gaap:FairValueInputsLevel2Memberlyv:A375SeniorSecuredNotesDue2028Member2022-06-300001335258us-gaap:FairValueInputsLevel2Memberlyv:A375SeniorSecuredNotesDue2028Member2021-12-310001335258lyv:A475SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel2Member2022-06-300001335258lyv:A475SeniorNotesDue2027Memberus-gaap:FairValueInputsLevel2Member2021-12-310001335258lyv:A4.875SeniorNotesDue2024Memberus-gaap:FairValueInputsLevel2Member2022-06-300001335258lyv:A4.875SeniorNotesDue2024Memberus-gaap:FairValueInputsLevel2Member2021-12-310001335258lyv:A5.625SeniorNotesDue2026Memberus-gaap:FairValueInputsLevel2Member2022-06-300001335258lyv:A5.625SeniorNotesDue2026Memberus-gaap:FairValueInputsLevel2Member2021-12-310001335258us-gaap:FairValueInputsLevel2Memberlyv:A25ConvertibleSeniorNotesDue2023Member2022-06-300001335258us-gaap:FairValueInputsLevel2Memberlyv:A25ConvertibleSeniorNotesDue2023Member2021-12-310001335258us-gaap:FairValueInputsLevel2Memberlyv:A20ConvertibleSeniorNotesDue2025Member2022-06-300001335258us-gaap:FairValueInputsLevel2Memberlyv:A20ConvertibleSeniorNotesDue2025Member2021-12-310001335258lyv:AstroworldFestivalMember2022-01-012022-06-30lyv:numberOfClaims0001335258us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001335258us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310001335258us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001335258us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-06-300001335258us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001335258us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300001335258us-gaap:EmployeeStockOptionMember2022-04-012022-06-300001335258us-gaap:EmployeeStockOptionMember2021-04-012021-06-300001335258us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001335258us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001335258us-gaap:RestrictedStockMember2022-04-012022-06-300001335258us-gaap:RestrictedStockMember2021-04-012021-06-300001335258us-gaap:RestrictedStockMember2022-01-012022-06-300001335258us-gaap:RestrictedStockMember2021-01-012021-06-300001335258us-gaap:ConvertibleDebtSecuritiesMember2022-04-012022-06-300001335258us-gaap:ConvertibleDebtSecuritiesMember2021-04-012021-06-300001335258us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-06-300001335258us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-06-300001335258us-gaap:SubsequentEventMemberlyv:RestrictedStockPerformanceBasedAwardsMember2022-07-012022-07-010001335258lyv:ConcertsMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001335258lyv:ConcertsMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001335258lyv:ConcertsMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001335258lyv:ConcertsMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001335258us-gaap:OperatingSegmentsMemberlyv:TicketingMember2022-04-012022-06-300001335258us-gaap:OperatingSegmentsMemberlyv:TicketingMember2021-04-012021-06-300001335258us-gaap:OperatingSegmentsMemberlyv:TicketingMember2022-01-012022-06-300001335258us-gaap:OperatingSegmentsMemberlyv:TicketingMember2021-01-012021-06-300001335258us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberlyv:TicketingMember2022-06-300001335258us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberlyv:TicketingMember2021-12-310001335258us-gaap:OtherNoncurrentAssetsMemberlyv:TicketingMember2022-06-300001335258us-gaap:OtherNoncurrentAssetsMemberlyv:TicketingMember2021-12-310001335258lyv:TicketingMember2022-04-012022-06-300001335258lyv:TicketingMember2021-04-012021-06-300001335258lyv:TicketingMember2021-01-012021-06-300001335258us-gaap:OperatingSegmentsMemberlyv:SponsorshipAndAdvertisingMember2022-04-012022-06-300001335258us-gaap:OperatingSegmentsMemberlyv:SponsorshipAndAdvertisingMember2021-04-012021-06-300001335258us-gaap:OperatingSegmentsMemberlyv:SponsorshipAndAdvertisingMember2022-01-012022-06-300001335258us-gaap:OperatingSegmentsMemberlyv:SponsorshipAndAdvertisingMember2021-01-012021-06-300001335258lyv:ConcertsMember2022-04-012022-06-300001335258lyv:ConcertsMember2021-04-012021-06-300001335258lyv:ConcertsMember2021-01-012021-06-300001335258lyv:SponsorshipAndAdvertisingMember2022-04-012022-06-300001335258lyv:SponsorshipAndAdvertisingMember2021-04-012021-06-300001335258lyv:SponsorshipAndAdvertisingMember2021-01-012021-06-300001335258us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300001335258us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300001335258lyv:ConcertsMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300001335258us-gaap:IntersegmentEliminationMemberlyv:TicketingMember2022-04-012022-06-300001335258lyv:SponsorshipAndAdvertisingMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300001335258us-gaap:IntersegmentEliminationMember2022-04-012022-06-300001335258us-gaap:CorporateMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300001335258us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001335258us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300001335258lyv:ConcertsMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001335258us-gaap:IntersegmentEliminationMemberlyv:TicketingMember2021-04-012021-06-300001335258lyv:SponsorshipAndAdvertisingMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001335258us-gaap:IntersegmentEliminationMember2021-04-012021-06-300001335258us-gaap:CorporateMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300001335258us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300001335258us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300001335258lyv:ConcertsMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300001335258us-gaap:IntersegmentEliminationMemberlyv:TicketingMember2022-01-012022-06-300001335258lyv:SponsorshipAndAdvertisingMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300001335258us-gaap:IntersegmentEliminationMember2022-01-012022-06-300001335258us-gaap:CorporateMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300001335258us-gaap:AllOtherSegmentsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001335258us-gaap:CorporateMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300001335258lyv:ConcertsMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001335258us-gaap:IntersegmentEliminationMemberlyv:TicketingMember2021-01-012021-06-300001335258lyv:SponsorshipAndAdvertisingMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300001335258us-gaap:IntersegmentEliminationMember2021-01-012021-06-300001335258us-gaap:CorporateMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On July 28, 2022, there were 229,971,823 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 4,445,332 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION


GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
GTVGross transaction value
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
OCESA
OCESA Entretenimiento, S.A. de C.V. and certain other related subsidiaries of Corporación Interamericana de Entretenimiento, S.A.B. de C.V.
SECUnited States Securities and Exchange Commission
Ticketmaster
Our ticketing business



Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30,
2022
December 31,
2021
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$5,860,435 $4,884,729 
    Accounts receivable, less allowance of $55,150 and $50,491, respectively
1,456,198 1,066,573 
    Prepaid expenses1,153,522 654,894 
    Restricted cash5,721 3,063 
    Other current assets74,906 74,834 
Total current assets8,550,782 6,684,093 
Property, plant and equipment, net1,089,421 1,091,929 
Operating lease assets1,596,511 1,538,911 
Intangible assets
    Definite-lived intangible assets, net964,406 1,026,338 
    Indefinite-lived intangible assets, net414,700 369,028 
Goodwill2,563,119 2,590,869 
Long-term advances611,899 552,697 
Other long-term assets630,190 548,453 
Total assets$16,421,028 $14,402,318 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,615,787 $1,532,345 
    Accounts payable219,744 110,623 
    Accrued expenses2,192,883 1,645,906 
    Deferred revenue3,766,387 2,774,792 
    Current portion of long-term debt, net607,190 585,254 
    Current portion of operating lease liabilities153,023 123,715 
    Other current liabilities77,029 83,087 
Total current liabilities8,632,043 6,855,722 
Long-term debt, net5,140,155 5,145,484 
Long-term operating lease liabilities1,650,052 1,606,064 
Other long-term liabilities398,756 431,581 
Commitments and contingent liabilities
Redeemable noncontrolling interests565,024 551,921 
Stockholders' equity
    Common stock2,256 2,220 
    Additional paid-in capital2,853,613 2,897,695 
    Accumulated deficit(3,129,597)(3,327,737)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(129,571)(147,964)
Total Live Nation stockholders' equity(410,164)(582,651)
Noncontrolling interests445,162 394,197 
Total equity34,998 (188,454)
Total liabilities and equity$16,421,028 $14,402,318 

See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (in thousands except share and per share data)
Revenue$4,434,174 $575,946 $6,236,982 $866,555 
Operating expenses:
Direct operating expenses3,267,023 243,120 4,338,045 377,086 
Selling, general and administrative expenses672,213 328,894 1,242,395 651,747 
Depreciation and amortization115,927 103,647 216,396 212,523 
Loss (gain) on disposal of operating assets1,065 (28)2,730 110 
Corporate expenses59,247 27,598 91,657 55,546 
Operating income (loss)318,699 (127,285)345,759 (430,457)
Interest expense68,435 68,909 135,208 139,739 
Interest income(13,192)(1,471)(20,756)(2,620)
Equity in losses (earnings) of nonconsolidated affiliates(1,955)2,998 (6,243)2,417 
Loss (gain) from sale of investments in nonconsolidated affiliates(580)993 (448)(52,947)
Other expense, net5,619 9,461 14,886 7,462 
Income (loss) before income taxes260,372 (208,175)223,112 (524,508)
Income tax expense31,995 2,285 43,691 8,674 
Net income (loss)228,377 (210,460)179,421 (533,182)
Net income (loss) attributable to noncontrolling interests40,577 (14,795)41,803 (30,324)
Net income (loss) attributable to common stockholders of Live Nation$187,800 $(195,665)$137,618 $(502,858)
Basic net income (loss) per common share available to common stockholders of Live Nation$0.69 $(0.90)$0.31 $(2.34)
Diluted net income (loss) per common share available to common stockholders of Live Nation$0.66 $(0.90)$0.30 $(2.34)
Weighted average common shares outstanding:
Basic224,674,447 215,702,508 223,290,226 215,120,467 
Diluted243,634,764 215,702,508 231,367,674 215,120,467 
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$187,800 $(195,665)$137,618 $(502,858)
Accretion of redeemable noncontrolling interests(32,560)951 (68,274)35 
Net income (loss) available to common stockholders of Live Nation—basic
$155,240 $(194,714)$69,344 $(502,823)
Convertible debt interest, net of tax6,365    
Net income (loss) available to common stockholders of Live Nation—diluted
$161,605 $(194,714)$69,344 $(502,823)

See Notes to Consolidated Financial Statements
3

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (in thousands)
Net income (loss)$228,377 $(210,460)$179,421 $(533,182)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge7,687 (5,788)31,656 9,308 
Realized loss on cash flow hedge1,247 1,946 3,149 3,862 
Foreign currency translation adjustments(54,164)15,226 (16,412)2,007 
Comprehensive income (loss)183,147 (199,076)197,814 (518,005)
Comprehensive income (loss) attributable to noncontrolling interests
40,577 (14,795)41,803 (30,324)
Comprehensive income (loss) attributable to common stockholders of Live Nation
$142,570 $(184,281)$156,011 $(487,681)

See Notes to Consolidated Financial Statements
4

Table of Contents

LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at March 31, 2022223,531,301 $2,235 $2,888,551 $(3,317,397)$(6,865)$(84,341)$372,200 $(145,617)$581,652 
Non-cash and stock-based compensation— — 13,221 — — — — 13,221 — 
Common stock issued under stock plans, net of shares withheld for employee taxes544,593 6 (5,169)— — — — (5,163)— 
Exercise of stock options1,505,385 15 13,287 — — — — 13,302 — 
Acquisitions— — — — — — 4,782 4,782 3,023 
Purchases of noncontrolling interests— — (20,846)— — — (4,774)(25,620)(1,457)
Redeemable noncontrolling interests fair value adjustments— — (33,020)— — — — (33,020)32,560 
Contributions received— — — — — — 9,190 9,190  
Cash distributions— — — — — — (18,162)(18,162)(8,986)
Other— — (2,411)— — — 46,449 44,038 (46,868)
Comprehensive income (loss):
Net income— — — 187,800 — — 35,477 223,277 5,100 
Unrealized gain on cash flow hedge— — — — — 7,687 — 7,687 — 
Realized loss on cash flow hedge— — — — — 1,247 — 1,247 — 
Foreign currency translation adjustments— — — — — (54,164)— (54,164)— 
Balances at June 30, 2022225,581,279 $2,256 $2,853,613 $(3,129,597)$(6,865)$(129,571)$445,162 $34,998 $565,024 




See Notes to Consolidated Financial Statements
5

Table of Contents





Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2021221,964,734 $2,220 $2,897,695 $(3,327,737)$(6,865)$(147,964)$394,197 $(188,454)$551,921 
Cumulative effect of change in accounting principle— — (95,986)60,522 — — — (35,464)— 
Non-cash and stock-based compensation— — 174,811 — — — — 174,811 — 
Common stock issued under stock plans, net of shares withheld for employee taxes1,097,262 11 (41,742)— — — — (41,731)— 
Exercise of stock options2,519,283 25 26,026 — — — — 26,051 — 
Acquisitions— — — — — — 5,181 5,181 8,677 
Purchases of noncontrolling interests— — (36,087)— — — (7,672)(43,759)(1,457)
Sales of noncontrolling interests— —  — — — (336)(336)— 
Redeemable noncontrolling interests fair value adjustments— — (68,734)— — — — (68,734)68,274 
Contributions received— — — — — — 15,402 15,402 25 
Cash distributions— — — — — — (49,970)(49,970)(16,144)
Other— — (2,370)— — — 48,232 45,862 (47,947)
Comprehensive income (loss):
Net income— — — 137,618 — — 40,128 177,746 1,675 
Unrealized gain on cash flow hedge— — — — — 31,656 — 31,656 — 
Realized loss on cash flow hedge— — — — — 3,149 — 3,149 — 
Foreign currency translation adjustments— — — — — (16,412)— (16,412)— 
Balances at June 30, 2022225,581,279 $2,256 $2,853,613 $(3,129,597)$(6,865)$(129,571)$445,162 $34,998 $565,024 







See Notes to Consolidated Financial Statements
6

Table of Contents





Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at March 31, 2021216,027,546 $2,160 $2,431,387 $(2,984,026)$(6,865)$(173,216)$336,446 $(394,114)$264,384 
Non-cash and stock-based compensation— — 12,830 — — — — 12,830 — 
Common stock issued under stock plans, net of shares withheld for employee taxes95,264 2 (121)— — — — (119)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes265,667 2 (15,860)— — — — (15,858)— 
Acquisitions— — — — — —   598 
Purchases of noncontrolling interests— — 4,275 — — — (2,577)1,698 (1,698)
Redeemable noncontrolling interests fair value adjustments— — 951 — — — — 951 (951)
Contributions received— — — — — — 13,471 13,471 95 
Cash distributions— — — — — — (8,034)(8,034)(892)
Other— —  — — — (2,121)(2,121) 
Comprehensive loss:
Net loss— — — (195,665)— — (4,026)(199,691)(10,769)
Unrealized loss on cash flow hedge— — — — — (5,788)— (5,788)— 
Realized loss on cash flow hedge— — — — — 1,946 — 1,946 — 
Foreign currency translation adjustments— — — — — 15,226 — 15,226 — 
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 

See Notes to Consolidated Financial Statements
7

Table of Contents





Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 52,847 — — — — 52,847 — 
Common stock issued under stock plans, net of shares withheld for employee taxes661,549 7 (20,070)— — — — (20,063)— 
Exercise of stock options, net of shares withheld for employee taxes1,259,940 12 9,924 — — — — 9,936 — 
Acquisitions— — — — — —   598 
Purchases of noncontrolling interests— — 3,775 — — — (2,577)1,198 (1,698)
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — 35 — — — — 35 (35)
Contributions received— — — — — — 15,193 15,193 95 
Cash distributions— — — — — — (12,511)(12,511)(2,031)
Other— —  — — — (2,121)(2,121) 
Comprehensive loss:
Net loss— — — (502,858)— — (11,713)(514,571)(18,611)
Unrealized gain on cash flow hedge— — — — — 9,308 — 9,308 — 
Realized loss on cash flow hedge— — — — — 3,862 — 3,862 
Foreign currency translation adjustments— — — — — 2,007 — 2,007 — 
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 

See Notes to Consolidated Financial Statements
8

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended
June 30,
 20222021
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$179,421 $(533,182)
Reconciling items:
Depreciation114,119 111,864 
Amortization102,277 100,457 
Amortization of non-recoupable ticketing contract advances40,392 28,728 
Amortization of debt issuance costs and discounts8,224 18,373 
Stock-based compensation expense61,741 52,847 
Unrealized changes in fair value of contingent consideration18,010 (8,040)
Equity in losses (earnings) of nonconsolidated affiliates, net of distributions10,112 10,002 
Provision for uncollectible accounts receivable25,702 (16,563)
Gain on sale of investments in nonconsolidated affiliates(448)(52,947)
Other, net10,033 9,847 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable(440,290)(143,343)
Increase in prepaid expenses and other assets(607,939)(102,554)
Increase in accounts payable, accrued expenses and other liabilities972,906 518,810 
Increase in deferred revenue1,053,178 1,175,690 
Net cash provided by operating activities1,547,438 1,169,989 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(30,558)(12,830)
Collections of notes receivable11,074 10,618 
Investments made in nonconsolidated affiliates(46,699)(33,729)
Purchases of property, plant and equipment(130,278)(58,066)
Cash paid for acquisitions, net of cash acquired(39,854)(7,627)
Purchases of intangible assets(6,129)(11,191)
Proceeds from sale of investments in nonconsolidated affiliates1,204 61,618 
Other, net(3,496)912 
Net cash used in investing activities(244,736)(50,295)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs4,009 511,068 
Payments on long-term debt(22,638)(85,125)
Contributions from noncontrolling interests13,448 15,288 
Distributions to noncontrolling interests(66,114)(14,542)
Purchases and sales of noncontrolling interests, net(27,138)(3,273)
Proceeds from exercise of stock options26,051 28,083 
Taxes paid for net share settlement of equity awards(41,731)(38,209)
Payments for deferred and contingent consideration(22,508)(11,926)
Other, net(1,014)105 
Net cash provided by (used in) financing activities(137,635)401,469 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(186,703)(19,965)
Net increase in cash, cash equivalents, and restricted cash978,364 1,501,198 
Cash, cash equivalents and restricted cash at beginning of period4,887,792 2,546,439 
Cash, cash equivalents and restricted cash at end of period$5,866,156 $4,047,637 
See Notes to Consolidated Financial Statements
9

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2021 Annual Report on Form 10-K filed with the SEC on February 23, 2022.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes including, but not limited to, legal, tax and insurance accruals, acquisition accounting and impairments. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venue concerts and festivals primarily occur from May through October in most major markets. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability and timing of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales in advance of when the event occurs. In the United States, this cash is largely associated with events in our owned or operated venues, notably amphitheaters, festivals, theaters and clubs. Internationally, this cash is from a combination of both events in our owned or operated venues, as well as events in third-party venues associated with our promoter’s share of tickets in allocation markets. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
We expect our seasonality trends to return to normal in 2022 as events in our major markets resumed late in the second quarter of 2021.
Cash and Cash Equivalents
Included in the June 30, 2022 and December 31, 2021 cash and cash equivalents balance is $1.4 billion and $1.3 billion, respectively, of cash received that includes the face value of tickets sold on behalf of our ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts due to our clients are included in accounts payable, client accounts.
Income Taxes
Each reporting period, we evaluate the realizability of our deferred tax assets in each tax jurisdiction. As of June 30, 2022, we continued to maintain a full valuation allowance against our net deferred tax assets in certain jurisdictions due to cumulative pre-tax losses. As a result of the valuation allowances, no tax benefits have been recognized for losses incurred, if any, in those tax jurisdictions for the first six months of 2022.

10

Table of Contents
Accounting Pronouncements - Adopted
In August 2020, the FASB issued guidance that simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in an entity’s own equity. The new guidance reduces the number of accounting models that require separating embedded conversion features from convertible instruments. As a result, only conversion features accounted for under the substantial premium model and those that require bifurcation will be accounted for separately. For contracts in an entity’s own equity, the new guidance eliminates some of the current requirements for equity classification. The guidance also addresses how convertible instruments are accounted for in the diluted earnings per share calculation and requires enhanced disclosures about the terms of convertible instruments and contracts in an entity’s own equity. We adopted this guidance on January 1, 2022, using the modified retrospective method and recorded a cumulative-effect adjustment of $60.5 million as a reduction to accumulated deficit in the consolidated balance sheets. The impact of adoption also resulted in a reduction of additional paid-in capital of $96.0 million and increased our current portion of long-term debt, net and long-term debt, net by $14.7 million and $20.8 million, respectively, as a result of reversal of the separation of the convertible debt between debt and equity. The adoption did not have a material effect on our consolidated statements of operations or consolidated statements of cash flows.

NOTE 2—BUSINESS ACQUISITIONS
During December 2021, we completed the acquisition of an aggregate 51% interest in OCESA. This acquisition was accounted for as a business combination under the acquisition method of accounting. With the exception of OCESA, all other acquisitions were not material on an individual basis or in the aggregate.
OCESA Acquisition
Description of Transaction
On December 6, 2021, we completed our acquisition of an aggregate 51% of the capital stock of OCESA (the “Acquisition”) for $431.9 million, subject to certain adjustments. Upon closing of the Acquisition, we and Corporación Interamericana de Entretenimiento, S.A.B. de C.V. terminated the then pending International Chamber of Commerce arbitration in connection with the earlier termination of the purchase agreements, and any related litigation was also dismissed.
OCESA is one of the most prominent live event businesses globally with a robust business portfolio in ticketing, sponsorship, concession, merchandise, and venue operation across Mexico and Latin America. We expect the Acquisition to add value and growth to all of our reporting segments.
11

Table of Contents
Recording of Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary acquisition-date fair value of the identifiable assets acquired, liabilities assumed and noncontrolling interests including goodwill:
Initial Allocation
(in thousands)
Fair value of consideration transferred$431,943 
Adjustments for working capital2,269 
Fair value of redeemable noncontrolling interests280,000 
Fair value of noncontrolling interests7,000 
Fair value of pre-existing investment in nonconsolidated affiliates50,000 
</