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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 September 30, 2019
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
(Includes Preferred Stock Purchase Rights)
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 October 24, 2019, there were 213,715,534 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 2,988,582 shares of unvested restricted 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
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
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)
September 30,
2019
December 31,
2018
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$1,795,166  $2,371,540  
    Accounts receivable, less allowance of $41,932 and $34,225, respectively
1,215,465  829,320  
    Prepaid expenses772,196  597,866  
    Restricted cash13,628  6,663  
    Other current assets53,268  42,685  
Total current assets3,849,723  3,848,074  
Property, plant and equipment
    Land, buildings and improvements1,116,305  984,558  
    Computer equipment and capitalized software787,966  742,737  
    Furniture and other equipment362,978  329,607  
    Construction in progress163,470  160,028  
2,430,719  2,216,930  
    Less accumulated depreciation1,382,580  1,270,337  
1,048,139  946,593  
Operating lease assets1,145,487    
Intangible assets
    Definite-lived intangible assets, net678,790  661,451  
    Indefinite-lived intangible assets368,756  368,854  
Goodwill1,915,215  1,822,943  
Long-term advances563,815  420,891  
Other long-term assets397,208  428,080  
Total assets$9,967,133  $8,496,886  
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$985,214  $1,037,162  
    Accounts payable119,910  90,253  
    Accrued expenses1,511,883  1,245,465  
    Deferred revenue1,115,874  1,227,797  
    Current portion of long-term debt, net64,274  82,142  
    Current portion of operating lease liabilities122,299    
    Other current liabilities39,918  67,047  
Total current liabilities3,959,372  3,749,866  
Long-term debt, net2,694,934  2,732,878  
Long-term operating lease liabilities1,092,538    
Deferred income taxes166,305  137,067  
Other long-term liabilities112,336  204,977  
Commitments and contingent liabilities
Redeemable non-controlling interests418,816  329,355  
Stockholders' equity
    Common stock2,111  2,091  
Additional paid-in capital2,262,461  2,268,209  
    Accumulated deficit(789,387) (1,019,223) 
    Cost of shares held in treasury(6,865) (6,865) 
    Accumulated other comprehensive loss(181,047) (145,231) 
Total Live Nation stockholders' equity1,287,273  1,098,981  
Non-controlling interests235,559  243,762  
Total stockholders' equity1,522,832  1,342,743  
Total liabilities and stockholders' equity$9,967,133  $8,496,886  

See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2019201820192018
 (in thousands except share and per share data)
Revenue$3,773,684  $3,835,246  $8,658,521  $8,185,945  
Operating expenses:
Direct operating expenses2,800,429  2,924,356  6,279,447  5,991,547  
Selling, general and administrative expenses542,547  524,654  1,520,910  1,435,703  
Depreciation and amortization126,306  99,606  329,044  277,262  
Loss (gain) on disposal of operating assets(305) 10,318  (553) 10,464  
Corporate expenses44,666  42,093  121,909  108,055  
Operating income260,041  234,219  407,764  362,914  
Interest expense36,587  35,993  109,894  104,196  
Interest income(5,863) (2,260) (12,229) (6,148) 
Equity in loss (earnings) of nonconsolidated affiliates2,681  (4) (6,291) (3,406) 
Other expense, net5,384  262  1,551  7,033  
Income before income taxes221,252  200,228  314,839  261,239  
Income tax expense27,280  17,031  59,988  35,714  
Net income193,972  183,197  254,851  225,525  
Net income attributable to noncontrolling interests15,047  10,514  25,015  17,389  
Net income attributable to common stockholders of Live Nation$178,925  $172,683  $229,836  $208,136  
Basic net income per common share available to common stockholders of Live Nation
$0.74  $0.73  $0.86  $0.74  
Diluted net income per common share available to common stockholders of Live Nation
$0.71  $0.70  $0.83  $0.71  
Weighted average common shares outstanding:
Basic210,621,971  207,614,413  209,849,058  207,228,034  
Diluted218,957,376  216,788,983  218,485,494  215,406,201  
Reconciliation to net income available to common stockholders of Live Nation:
Net income attributable to common stockholders of Live Nation
$178,925  $172,683  $229,836  $208,136  
Accretion of redeemable noncontrolling interests(23,580) (20,789) (49,407) (54,347) 
Net income available to common stockholders of Live Nation—basic
155,345  151,894  180,429  153,789  
Convertible debt interest, net of tax  319  265    
Net income available to common stockholders of Live Nation—diluted
$155,345  $152,213  $180,694  $153,789  

See Notes to Consolidated Financial Statements
3

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)

 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2019201820192018
 (in thousands)
Net income$193,972  $183,197  $254,851  $225,525  
Other comprehensive loss, net of tax:
Foreign currency translation adjustments(32,256) (9,081) (35,816) (26,376) 
Comprehensive income161,716  174,116  219,035  199,149  
Comprehensive income attributable to noncontrolling interests
15,047  10,514  25,015  17,389  
Comprehensive income attributable to common stockholders of Live Nation
$146,669  $163,602  $194,020  $181,760  


See Notes to Consolidated Financial Statements
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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 Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2019210,910,143  $2,101  $2,296,010  $(968,312) $(6,865) $(148,791) $233,613  $1,407,756  $385,328  
Non-cash and stock-based compensation—  —  12,030  —  —  —  —  12,030  —  
Common stock issued under stock plans, net of shares withheld for employee taxes9,457    (319) —  —  —  —  (319) —  
Exercise of stock options, net of shares withheld for option cost and employee taxes206,456  2  3,039  —  —  —  —  3,041  —  
Conversion of convertible debt  8  (8) —  —  —  —    —  
Acquisitions—  —  —  —  —  —  4,790  4,790    
Purchases of noncontrolling interests—  —  (24,846) —  —  —  (2,695) (27,541)   
Redeemable noncontrolling interests fair value adjustments—  —  (23,580) —  —  —  —  (23,580) 23,580  
Contributions received—  —  —  —  —  —  4,800  4,800    
Cash distributions—  —  —  —  —  —  (8,185) (8,185) (1,624) 
Other—  —  135  —  —  —  (279) (144)   
Comprehensive income (loss):
    Net income—  —  —  178,925  —  —  3,515  182,440  11,532  
Foreign currency translation adjustments—  —  —  —  —  (32,256) —  (32,256) —  
Balances at September 30, 2019211,126,056  $2,111  $2,262,461  $(789,387) $(6,865) $(181,047) $235,559  $1,522,832  $418,816  



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 Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2018209,135,581  $2,091  $2,268,209  $(1,019,223) $(6,865) $(145,231) $243,762  $1,342,743  $329,355  
Non-cash and stock-based compensation—  —  37,022  —  —  —  —  37,022  —  
Common stock issued under stock plans, net of shares withheld for employee taxes322,314  3  (10,581) —  —  —  —  (10,578) —  
Exercise of stock options, net of shares withheld for option cost and employee taxes843,833  9  13,231  —  —  —  —  13,240  —  
Conversion of convertible debt824,328  8  28,578  —  —  —  —  28,586  —  
Acquisitions—  —  —  —  —  —  30,958  30,958  39,303  
Purchases of noncontrolling interests—  —  (24,576) —  —  —  (2,965) (27,541) (1,459) 
Redeemable noncontrolling interests fair value adjustments—  —  (49,407) —  —  —  —  (49,407) 49,407  
Contributions received—  —  —  —  —  —  13,124  13,124    
Cash distributions—  —  —  —  —  —  (60,300) (60,300) (12,882) 
Other—  —  (15) —  —  —  (1,540) (1,555) 2,597  
Comprehensive income (loss):
    Net income—  —  —  229,836  —  —  12,520  242,356  12,495  
Foreign currency translation adjustments—  —  —  —  —  (35,816) —  (35,816) —  
Balances at September 30, 2019211,126,056  $2,111  $2,262,461  $(789,387) $(6,865) $(181,047) $235,559  $1,522,832  $418,816  



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 Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2018207,869,835  $2,079  $2,337,691  $(1,044,019) $(6,865) $(125,837) $242,471  $1,405,520  $293,194  
Non-cash and stock-based compensation—  —  11,095  —  —  —  —  11,095  —  
Common stock issued under stock plans, net of shares withheld for employee taxes5,685    (83) —  —  —  —  (83) —  
Exercise of stock options, net of shares withheld for option cost and employee taxes383,982  4  5,589  —  —  —  —  5,593  —  
Acquisitions—  —  —  —  —  —  (634) (634) (959) 
Divestitures—  —  —  —  —  —  (6,684) (6,684) —  
Purchases of noncontrolling interests—  —  (6,493) —  —  —  110  (6,383) (10,000) 
Sales of noncontrolling interests—  —  1,410  —  —  —  (980) 430  —  
Redeemable noncontrolling interests fair value adjustments—  —  (20,790) —  —  —    (20,790) 20,790  
Contributions received—  —  —  —  —  —  2,601  2,601  1,806  
Cash distributions—  —  —  —  —  —  (10,212) (10,212) 4  
Other—  —  6  —  —  —  19  25  (50) 
Comprehensive income (loss):
    Net income—  —  —  172,683  —  —  6,849  179,532  3,665  
Foreign currency translation adjustments—  —  —  —  —  (9,081) —  (9,081) —  
Balances at September 30, 2018208,259,502  $2,083  $2,328,425  $(871,336) $(6,865) $(134,918) $233,540  $1,550,929  $308,450  

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 Income (Loss)Noncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2017206,877,037  $2,069  $2,374,006  $(1,079,472) $(6,865) $(108,542) $236,948  $1,418,144  $244,727  
Non-cash and stock-based compensation—  —  34,415  —  —  —  —  34,415  —  
Common stock issued under stock plans, net of shares withheld for employee taxes365,502  4  (8,689) —  —  —  —  (8,685) —  
Exercise of stock options, net of shares withheld for option cost and employee taxes1,016,963  10  16,437  —  —  —  —  16,447  —  
Fair value of convertible debt conversion feature, net of issuance costs—  —  62,624  —  —  —  —  62,624