Exhibit 99.1
LIVE NATION ENTERTAINMENT
REPORTS FIRST QUARTER 2024 RESULTS
graphic1.jpg
“Our Q1 results demonstrate that live events remain a priority for fans around the world. Global fan demand is stronger than ever, more artists are out on the road, and more venues are being added to bring them together. While operating income will be impacted by one-time accruals, we’re on track to deliver another record year with double-digit AOI growth and years of momentum still to come.”
–Michael Rapino, President and CEO, Live Nation Entertainment

Quarterly Highlights (vs prior year): Record Q1 As Demand for Live Events Remains Strong
(reported FX)
•Revenue up 21% to $3.8 billion
•Operating loss of $37 million
•Adjusted operating income up 15% to $367 million
•Fan growth up 21% to 23 million fans
•Food and beverage spending up 10% at U.S. theaters and clubs
•77 million fee-bearing tickets sold
•Sponsorship revenue up 24%, highest Q1 ever

View how these results compare to past quarters in the 1Q24 Trended Results Grid:
https://investors.livenationentertainment.com/financial-information/financial-results






1


2024 Leading Indicators Point to Another Record Year
(based on leading indicators through mid-April vs same period last year)
•Continued strong fan demand:
◦Live Nation concert ticket sales for overall arena and amphitheater shows pacing up double-digits
◦Confirmed shows for large venues (stadiums, arenas, and amphitheaters) up double-digits with growth led by arenas and amphitheaters
◦Over 85% of full-year shows at large venues booked, compared to approximately 75% last year
•More demand for global content:
◦Fan count for Q1 shows nearly doubled for International artists across top 50 global tours compared to five years ago
◦Year-to-date ticket sales per show for Latin shows in the U.S. up double-digits year-on-year
◦Year-to-date confirmed U.S. show count for Afrobeats up 400% and Latin up approximately 40% year-on-year, with similar trends in Europe
•Venue Nation expands global portfolio:
◦Plans to open at least 12 major venues globally in 2024/25, creating capacity for over eight million expected additional fans
◦Additionally, major refurbishment of two venues in the U.S. and Mexico to be completed in 2024
◦Expected returns to average over 20%, with a proven track record on recent openings
•Ticketing continues to expand globally:
◦Approximately seven million net new enterprise tickets signed year-to-date, with 70% from International markets
◦112 million fee-bearing tickets sold year-to-date, up 4%
•Sponsorship continues to leverage our global scale and unique platform:
◦Over 85% of expected sponsorship commitments for the year booked, up double-digits
◦Non-alcoholic beverages, consumer packaged goods, and retail categories each up double-digits





















2


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Concerts Deliver Record Q1 with Momentum Accelerating Into the Summer Season (vs same period last year)
•Revenue up 26% to $2.9 billion
•AOI of $3 million, and $12 million on a constant currency basis
•Q1 margins expanded, even with increased arena activity
•Full-year margins expected to be higher than last year, with the magnitude of margin expansion impacted by venue mix and advertising costs in Q4 related to 2025 activity
•AOI growth expected to be primarily driven by Q2 and Q3 activity
Arenas and Festivals Led Q1 Fan Growth (vs same period last year)
•Q1 fan growth up 21% to 23 million fans:
◦Arenas led attendance growth, up 40% to nearly 10 million fans globally
◦Festival attendance growth of double-digits, driven by Latin American markets
•Artists touring again this year are achieving increased sell throughs and higher grosses per show at arenas and amphitheaters relative to their 2023 tours
•Overall arena sell through and grosses remain strong, even with a large increase in show count
•Year-to-date ticket sales of 86 million for shows this year, consistent with 2023 despite reduced stadium activity


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Venue Nation Enhancing the Fan Experience Globally (vs same period last year)
•Q1 food and beverage spending up over 10% at U.S. theaters and clubs
•Venue Nation fan count expected to grow double-digits with more shows at amphitheaters and other operated venues
•Profitability per fan at amphitheaters expected to increase double-digits this year, with these venues delivering over 2.5x the per fan profitability of similarly sized third-party venues














3


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Experiential Economy Drives Q1 Ticketing Results (vs same period last year)
•Revenue up 7% to $723 million
•AOI up 5% to $284 million
•Record Q1 operating metrics:
◦Approximately 77 million fee-bearing tickets sold, driven by double-digit growth in International markets
◦Fee-bearing Gross Transaction Value up to nearly $8 billion, with growth driven by International markets
•Full-year margins expected to be consistent with last year


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Sponsorship Q1 Growth Reflects Attractiveness of our Global Platforms (vs same period last year)
•Revenue up 24% to $211 million
•AOI up 36% to $130 million
•Strong growth in Q1 driven by our increasingly global platform, enabling more year-round activity, with a similar trend expected in Q4
•Full-year margins expected to be consistent with last year
Continued Global Expansion with Existing and New Partners
•New partners added this year include Jaguar Land Rover’s Defender and U.K. festival headline partners Rockstar Energy and Liquid Death
•Expanded relationships with GNP in Mexico and Cisco and Bacardi in the U.S.

- - - - - - - - -


















4


Additional Financial Information
•2024 capital expenditures estimated to be $600 million
◦Three-quarters of total capex driven by Venue Nation: five venues account for approximately 40% of total venue spend
◦Most of the capex increase relative to our prior projection due to additional venue expansion opportunities, including a stadium in South America to be modeled after Foro Sol
•Based on current projections, the impact of foreign exchange rates on revenue, operating income, and AOI for the full-year is expected to be immaterial, with a larger impact to net income and further impact to EPS given expected growth in accretion
•Supplemental Information:
◦Net income reduced by $97 million comprised of accrual related to Astroworld litigation, net of Q1 mark to market gains in investments
◦Accretion expected to grow in line with AOI for the full year
◦Depreciation and amortization expense expected to be $75 million higher than 2023
◦Non-controlling interest and tax expenses for the full year expected to grow in line with AOI
•2024 share count not expected to change materially from 2023
Balance Sheet and Liquidity Gives Us Financial Flexibility
•Full-year AOI to FCF conversion expected to be in line with 2023 levels, excluding potential payout associated with legal accrual
•Event-related deferred revenue of $4.4 billion consistent with Q1 2023 level
•Q1 ended with $6.5 billion in cash and cash equivalents, including $1.4 billion in ticketing client cash and $1.4 billion in free cash
•Approximately 93% of debt is at a fixed rate, with an average cost of debt of 4.6%

The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. The link to the 1Q24 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.

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











5


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

Investor Contact:
Media Contact:
Amy Yong
Kaitlyn Henrich
IR@livenation.com
Media@livenation.com
(310) 867-7143
6


FINANCIAL HIGHLIGHTS – FIRST QUARTER
(unaudited; $ in millions)
Q1 2024 ReportedQ1 2023 ReportedGrowthQ1 2024 Currency ImpactsQ1 2024 Constant CurrencyGrowth at Constant Currency
Revenue
Concerts
$2,879.4 $2,281.2 26 %$9.6 $2,889.0 27 %
Ticketing
723.2 677.7 7 %(0.9)722.3 7 %
Sponsorship & Advertising
211.3 170.1 24 %(1.4)209.9 23 %
Other and Eliminations
(14.4)(1.6)*0.2 (14.2)*
$3,799.5 $3,127.4 21 %$7.5 $3,807.0 22 %
Consolidated Operating Income (Loss)$(36.5)$142.8 *$12.9 $(23.6)*
Adjusted Operating Income (Loss)
Concerts
$3.1 $0.8 *$8.7 $11.8 *
Ticketing
284.1 271.1 5 %0.8 284.9 5 %
Sponsorship & Advertising
130.0 95.4 36 %1.2 131.2 38 %
Other and Eliminations
(7.2)(7.8)*0.0 (7.2)*
Corporate
(42.6)(39.8)(7)%0.0 (42.6)(7)%
$367.4 $319.7 15 %$10.7 $378.1 18 %
* Percentages are not meaningful

Reconciliation of Adjusted Operating Income to Operating Income (Loss) (Unaudited)

Q1 2024Q1 2023
(in millions)
Adjusted Operating Income$367.4 $319.7 
Acquisition expenses30.6 13.2 
Amortization of non-recoupable ticketing contract advances24.1 20.4 
Depreciation and amortization132.6 115.2 
Loss (gain) on disposal of operating assets(0.7)0.5 
Astroworld estimated loss contingencies185.9 — 
Stock-based compensation expense31.4 27.6 
Operating Income (Loss)$(36.5)$142.8 


7


KEY OPERATING METRICS
(unaudited)
 Q1 2024Q1 2023
(in thousands except estimated events)
Concerts (1)
Estimated events:
North America (2)
7,177 6,309 
International4,026 3,596 
Total estimated events11,203 9,905 
Estimated fans:
North America (2)
10,891 7,658 
International12,039 11,243 
Total estimated fans22,930 18,901 
Ticketing (3)
Estimated number of fee-bearing tickets76,578 72,266 
Estimated number of non-fee-bearing tickets78,432 73,200 
Total estimated tickets sold155,010 145,466 

 _________

(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)North America refers to our events and fans within the United States and Canada.

(3)The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This includes primary tickets sold during the year regardless of event timing, except for our own events where our concert promoters control ticketing which are reported when the events occur. The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our “do it yourself” platform. These ticket metrics are net of any refunds requested and any cancellations that occurred during the period, which may result in a negative number.
8


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

Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by Operating Activities
($ in millions)Q1 2024Q1 2023
Net cash provided by operating activities$988.9 $1,155.8 
Less: Changes in operating assets and liabilities (working capital)(917.4)(902.3)
Free cash flow from earnings$71.5 $253.5 
Less: Maintenance capital expenditures(22.5)(8.6)
          Distributions to noncontrolling interests(56.2)(54.9)
Free cash flow — adjusted$(7.2)$190.0 
Net cash used in investing activities$(170.7)$(59.8)
Net cash provided by (used in) financing activities$(478.4)$225.7 

Reconciliation of Free Cash to Cash and Cash Equivalents
($ in millions)March 31,
2024
Cash and cash equivalents$6,501.7 
Client cash(1,406.1)
Deferred revenue — event-related(4,360.3)
Accrued artist fees(230.3)
Collections on behalf of others(112.2)
Prepaid expenses — event-related977.5 
Free cash$1,370.3 
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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 leading indicators pointing to another record year; momentum accelerating into the summer concert season; operating income being impacted by one-time accruals, with the company being on track to deliver another record year with double-digit adjusted operating income growth and years of momentum still to come; pacing for Live Nation concert ticket sales for overall arena and amphitheater shows this year; expectations that Concerts adjusted operating income growth will be driven by second and third quarter activity in 2024; expected Venue Nation fan count growth with more shows at amphitheaters and other operated venues; expected increase in profitability per fan at the company’s amphitheaters, with operated amphitheaters expected to generate 2.5x the per fan profitability of similarly sized third-party venues; the company’s plans to expand Venue Nation’s global portfolio, including projected returns from new venues; expectations for growth in Sponsorship in the fourth quarter of 2024, similar to the trend for the first quarter of the year; full-year margins expectations for the company’s Concerts, Ticketing and Sponsorship businesses; expectations for adjusted operating income to free cash flow conversion for 2024; estimated 2024 capital expenditures, including the percentage spent on revenue-generating projects and the expected returns for Venue Nation projects; the anticipated impact of foreign exchange rates on the company’s results of operations in 2024; expected depreciation and amortization expense in 2024; expectations for annual accretion growth for the year; anticipated growth in non-controlling interest and tax expenses in 2024; and expected 2024 share count.
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 also exclude from AOI the impact of estimated or realized liabilities for settlements or damages arising out of the Astroworld matter that exceed our estimated insurance recovery, due to the significant and non-recurring nature of the matter, which involved multiple fatalities and injury claims. Ongoing legal costs associated with defense of these claims, such as attorney fees, are not excluded from AOI. We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies.
Constant Currency is a non-GAAP financial measure when applied to a GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations.
Free Cash Flow — Adjusted, or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies.
Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies.
10


LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31,
2024		December 31,
2023
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$6,501,709 $6,231,866 
    Accounts receivable, less allowance of $73,157 and $82,350, respectively2,279,906 2,069,054 
    Prepaid expenses1,474,295 1,147,581 
    Restricted cash7,640 7,090 
    Other current assets164,230 122,163 
Total current assets10,427,780 9,577,754 
Property, plant and equipment, net2,116,632 2,101,463 
Operating lease assets1,577,490 1,606,389 
Intangible assets
    Definite-lived intangible assets, net1,162,783 1,161,621 
    Indefinite-lived intangible assets, net377,894 377,349 
Goodwill2,699,480 2,691,466 
Long-term advances608,506 623,154 
Other long-term assets1,059,624 934,849 
Total assets$20,030,189 $19,074,045 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,878,540 $1,866,864 
    Accounts payable248,196 267,493 
    Accrued expenses2,766,166 3,006,281 
    Deferred revenue5,025,357 3,398,028 
    Current portion of long-term debt, net1,137,262 1,134,386 
    Current portion of operating lease liabilities159,372 158,421 
    Other current liabilities113,517 128,430 
Total current liabilities11,328,410 9,959,903 
Long-term debt, net5,082,211 5,459,026 
Long-term operating lease liabilities1,642,377 1,686,091 
Other long-term liabilities524,454 488,159 
Commitments and contingent liabilities
Redeemable noncontrolling interests983,550 893,709 
Stockholders' equity
    Common stock2,302 2,298 
    Additional paid-in capital2,308,595 2,367,918 
    Accumulated deficit(2,454,682)(2,407,949)
    Cost of shares held in treasury (6,865)(6,865)
    Accumulated other comprehensive income35,818 27,450 
Total Live Nation stockholders' equity(114,832)(17,148)
Noncontrolling interests584,019 604,305 
Total equity469,187 587,157 
Total liabilities and equity$20,030,189 $19,074,045 

11



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

 Three Months Ended March 31,
 20242023
 (in thousands, except share and per share data)
Revenue$3,799,529 $3,127,390 
Operating expenses:
Direct operating expenses2,646,457 2,115,589 
Selling, general and administrative expenses981,559 690,321 
Depreciation and amortization132,594 115,185 
Loss (gain) on disposal of operating assets(651)504 
Corporate expenses76,077 63,015 
Operating income (loss)(36,507)142,776 
Interest expense80,691 89,215 
Loss on extinguishment of debt— 18,366 
Interest income(43,257)(40,313)
Equity in earnings of nonconsolidated affiliates(84)(4,107)
Other expense (income), net(77,054)11,583 
Income before income taxes3,197 68,032 
Income tax expense35,414 23,840 
Net income (loss)(32,217)44,192 
Net income attributable to noncontrolling interests14,516 47,361 
Net loss attributable to common stockholders of Live Nation$(46,733)$(3,169)
Basic and diluted net loss per common share available to common stockholders of Live Nation$(0.53)$(0.25)
Weighted average common shares outstanding:
Basic and diluted229,471,184 228,162,831 
Reconciliation to net loss available to common stockholders of Live Nation:
Net loss attributable to common stockholders of Live Nation$(46,733)$(3,169)
Accretion of redeemable noncontrolling interests(75,109)(54,933)
Net loss available to common stockholders of Live Nation—basic and diluted$(121,842)$(58,102)

12


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

Three Months Ended March 31,
 20242023
(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$(32,217)$44,192 
Reconciling items:
Depreciation70,589 57,710 
Amortization62,005 57,475 
Amortization of non-recoupable ticketing contract advances24,080 20,363 
Deferred income tax benefit(5,729)(2,550)
Amortization of debt issuance costs and discounts3,943 4,630 
Loss on extinguishment of debt— 18,366 
Stock-based compensation expense31,402 27,571 
Unrealized changes in fair value of contingent consideration12,807 9,702 
Equity in losses of nonconsolidated affiliates, net of distributions3,571 7,793 
Provision for uncollectible accounts receivable1,248 6,054 
Gain on mark-to-market of investments in nonconsolidated affiliates(89,840)(668)
Other, net(10,386)2,911 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable(217,998)(163,603)
Increase in prepaid expenses and other assets(360,997)(369,494)
Decrease in accounts payable, accrued expenses and other liabilities(185,039)(460,749)
Increase in deferred revenue1,681,431 1,896,145 
Net cash provided by operating activities988,870 1,155,848 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(31,495)(33,579)
Collections of notes receivable2,639 2,825 
Investments made in nonconsolidated affiliates(12,392)(6,455)
Purchases of property, plant and equipment(134,053)(116,886)
Cash acquired from acquisitions, net of cash paid10,010 96,382 
Purchases of intangible assets(11,673)— 
Other, net6,265 (2,076)
Net cash used in investing activities(170,699)(59,789)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs562 987,793 
Payments on long-term debt(373,253)(604,584)
Contributions from noncontrolling interests28 5,944 
Distributions to noncontrolling interests(56,162)(54,915)
Purchases of noncontrolling interests, net(8,795)(21,606)
Payments for capped call transactions— (75,500)
Proceeds from exercise of stock options1,787 994 
Taxes paid for net share settlement of equity awards(25,483)(7,949)
Payments for deferred and contingent consideration(16,421)(2,606)
Other, net(619)(1,870)
Net cash provided by (used in) financing activities(478,356)225,701 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(69,422)63,318 
Net increase in cash, cash equivalents, and restricted cash270,393 1,385,078 
Cash, cash equivalents and restricted cash at beginning of period6,238,956 5,612,374 
Cash, cash equivalents and restricted cash at end of period$6,509,349 $6,997,452 
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