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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, 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 October 27, 2022, there were 230,879,879 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 4,150,299 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)
APFAncillary revenue per fan
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)
September 30,
2022
December 31,
2021
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$4,951,161 $4,884,729 
    Accounts receivable, less allowance of $63,761 and $50,491, respectively
1,989,508 1,066,573 
    Prepaid expenses908,895 654,894 
    Restricted cash5,030 3,063 
    Other current assets72,795 74,834 
Total current assets7,927,389 6,684,093 
Property, plant and equipment, net1,097,931 1,091,929 
Operating lease assets1,615,997 1,538,911 
Intangible assets
    Definite-lived intangible assets, net917,441 1,026,338 
    Indefinite-lived intangible assets, net408,988 369,028 
Goodwill2,548,452 2,590,869 
Long-term advances595,642 552,697 
Other long-term assets675,174 548,453 
Total assets$15,787,014 $14,402,318 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,580,498 $1,532,345 
    Accounts payable195,327 110,623 
    Accrued expenses2,763,630 1,645,906 
    Deferred revenue2,269,216 2,774,792 
    Current portion of long-term debt, net619,500 585,254 
    Current portion of operating lease liabilities141,544 123,715 
    Other current liabilities64,772 83,087 
Total current liabilities7,634,487 6,855,722 
Long-term debt, net5,120,197 5,145,484 
Long-term operating lease liabilities1,689,464 1,606,064 
Other long-term liabilities345,329 431,581 
Commitments and contingent liabilities
Redeemable noncontrolling interests598,981 551,921 
Stockholders' equity
    Common stock2,271 2,220 
    Additional paid-in capital2,852,112 2,897,695 
    Accumulated deficit(2,768,195)(3,327,737)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(153,883)(147,964)
Total Live Nation stockholders' equity(74,560)(582,651)
Noncontrolling interests473,116 394,197 
Total equity398,556 (188,454)
Total liabilities and equity$15,787,014 $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
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (in thousands except share and per share data)
Revenue$6,153,535 $2,698,722 $12,390,517 $3,565,277 
Operating expenses:
Direct operating expenses4,707,848 1,969,912 9,045,893 2,346,998 
Selling, general and administrative expenses805,910 446,929 2,048,305 1,098,676 
Depreciation and amortization102,093 101,235 318,489 313,758 
Gain on disposal of operating assets(35,285)(1,148)(32,555)(1,038)
Corporate expenses66,720 44,649 158,377 100,195 
Operating income (loss)506,249 137,145 852,008 (293,312)
Interest expense70,514 70,407 205,722 210,146 
Interest income(25,809)(1,333)(46,565)(3,953)
Equity in losses (earnings) of nonconsolidated affiliates14,283 (7,025)8,040 (4,608)
Gain from sale of investments in nonconsolidated affiliates (30,633)(448)(83,580)
Other expense, net7,960 12,441 22,846 19,903 
Income (loss) before income taxes439,301 93,288 662,413 (431,220)
Income tax expense41,898 6,421 85,589 15,095 
Net income (loss)397,403 86,867 576,824 (446,315)
Net income attributable to noncontrolling interests36,001 39,989 77,804 9,665 
Net income (loss) attributable to common stockholders of Live Nation$361,402 $46,878 $499,020 $(455,980)
Basic net income (loss) per common share available to common stockholders of Live Nation$1.47 $0.20 $1.79 $(2.13)
Diluted net income (loss) per common share available to common stockholders of Live Nation$1.39 $0.19 $1.73 $(2.13)
Weighted average common shares outstanding:
Basic225,761,777 216,888,355 224,123,130 215,716,239 
Diluted243,686,803 223,800,400 239,617,920 215,716,239 
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$361,402 $46,878 $499,020 $(455,980)
Accretion of redeemable noncontrolling interests(29,915)(4,245)(97,723)(4,210)
Net income (loss) available to common stockholders of Live Nation—basic
$331,487 $42,633 $401,297 $(460,190)
Convertible debt interest, net of tax6,365  12,124  
Net income (loss) available to common stockholders of Live Nation—diluted
$337,852 $42,633 $413,421 $(460,190)

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2022202120222021
 (in thousands)
Net income (loss)$397,403 $86,867 $576,824 $(446,315)
Other comprehensive income (loss), net of tax:
Unrealized gain on cash flow hedge18,522 852 50,178 10,160 
Realized loss (gain) on cash flow hedge(515)1,991 2,634 5,853 
Foreign currency translation adjustments(42,319)(12,008)(58,731)(10,001)
Comprehensive income (loss)373,091 77,702 570,905 (440,303)
Comprehensive income (loss) attributable to noncontrolling interests
36,001 39,989 77,804 9,665 
Comprehensive income (loss) attributable to common stockholders of Live Nation
$337,090 $37,713 $493,101 $(449,968)

See Notes to Consolidated Financial Statements
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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 June 30, 2022225,581,279 $2,256 $2,853,613 $(3,129,597)$(6,865)$(129,571)$445,162 $34,998 $565,024 
Non-cash and stock-based compensation— — 23,929 — — — — 23,929 — 
Common stock issued under stock plans, net of shares withheld for employee taxes519,012 5 (5,227)— — — — (5,222)— 
Exercise of stock options1,037,290 10 9,637 — — — — 9,647 — 
Acquisitions— — — — — —   9,729 
Purchases of noncontrolling interests— — (2,405)— — — 19 (2,386) 
Redeemable noncontrolling interests fair value adjustments— — (29,840)— — — — (29,840)30,140 
Contributions received— — — — — — 1,317 1,317  
Cash distributions— — — — — — (14,712)(14,712)(1,026)
Other— — 2,405 — — — 775 3,180 (181)
Comprehensive income (loss):
Net income— — — 361,402 — — 40,555 401,957 (4,554)
Unrealized gain on cash flow hedge— — — — — 18,522 — 18,522 — 
Realized gain on cash flow hedge— — — — — (515)— (515)— 
Foreign currency translation adjustments— — — — — (42,319)— (42,319)(151)
Balances at September 30, 2022227,137,581 $2,271 $2,852,112 $(2,768,195)$(6,865)$(153,883)$473,116 $398,556 $598,981 




See Notes to Consolidated Financial Statements
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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— — 198,740 — — — — 198,740 — 
Common stock issued under stock plans, net of shares withheld for employee taxes1,616,274 16 (46,969)— — — — (46,953)— 
Exercise of stock options3,556,573 35 35,663 — — — — 35,698 — 
Acquisitions— — — — — — 5,181 5,181 18,406 
Purchases of noncontrolling interests— — (38,492)— — — (7,653)(46,145)(1,457)
Sales of noncontrolling interests— —  — — — (336)(336)— 
Redeemable noncontrolling interests fair value adjustments— — (98,574)— — — — (98,574)98,414 
Contributions received— — — — — — 16,719 16,719 25 
Cash distributions— — — — — — (64,682)(64,682)(17,170)
Other— — 35 — — — 49,007 49,042 (48,128)
Comprehensive income (loss):
Net income— — — 499,020 — — 80,683 579,703 (2,879)
Unrealized gain on cash flow hedge— — — — — 50,178 — 50,178 — 
Realized loss on cash flow hedge— — — — — 2,634 — 2,634 — 
Foreign currency translation adjustments— — — — — (58,731)— (58,731)(151)
Balances at September 30, 2022227,137,581 $2,271 $2,852,112 $(2,768,195)$(6,865)$(153,883)$473,116 $398,556 $598,981 







See Notes to Consolidated Financial Statements
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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 June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 
Non-cash and stock-based compensation— — 27,318 — — — — 27,318 — 
Common stock issued under stock plans, net of shares withheld for employee taxes151,280 1 (4,523)— — — — (4,522)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes70,011 1 2,238 — — — — 2,239 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Fair value of convertible debt conversion feature, net of issuance cost— —  — — — —  — 
Acquisitions— — — — — — 7,117 7,117 230 
Redeemable noncontrolling interests fair value adjustments— — (4,245)— — — — (4,245)4,245 
Contributions received— — — — — — 1,329 1,329  
Cash distributions— — — — — — (8,341)(8,341)(2,749)
Other— —  — — — (331)(331) 
Comprehensive income (loss):
Net income— — — 46,878 — — 30,135 77,013 9,854 
Unrealized loss on cash flow hedge— — — — — 852 — 852 — 
Realized loss on cash flow hedge— — — — — 1,991 — 1,991 — 
Foreign currency translation adjustments— — — — — (12,008)— (12,008)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 

See Notes to Consolidated Financial Statements
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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— — 80,165 — — — — 80,165 — 
Common stock issued under stock plans, net of shares withheld for employee taxes812,829 8 (24,593)— — — — (24,585)— 
Exercise of stock options, net of shares withheld for employee taxes1,329,951 13 12,162 — — — — 12,175 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Acquisitions— — — — — — 7,117 7,117 828 
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— — (4,210)— — — — (4,210)4,210 
Contributions received— — — — — — 16,522 16,522 95 
Cash distributions— — — — — — (20,852)(20,852)(4,780)
Other— —  — — — (2,452)(2,452) 
Comprehensive income (loss):
Net income (loss)— — — (455,980)— — 18,422 (437,558)(8,757)
Unrealized gain on cash flow hedge— — — — — 10,160 — 10,160 — 
Realized loss on cash flow hedge— — — — — 5,853 — 5,853 
Foreign currency translation adjustments— — — — — (10,001)— (10,001)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
September 30,
 20222021
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$576,824 $(446,315)
Reconciling items:
Depreciation162,943 167,170 
Amortization155,546 146,588 
Amortization of non-recoupable ticketing contract advances56,121 49,214 
Amortization of debt issuance costs and discounts12,333 27,916 
Stock-based compensation expense86,178 80,165 
Unrealized changes in fair value of contingent consideration23,601 (6,998)
Equity in losses of nonconsolidated affiliates, net of distributions31,420 6,396 
Provision for uncollectible accounts receivable40,736 (14,006)
Gain on sale of investments in nonconsolidated affiliates(393)(83,580)
Other, net(10,596)6,380 
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Increase in accounts receivable(1,009,472)(690,105)
Increase in prepaid expenses and other assets(297,379)(92,635)
Increase in accounts payable, accrued expenses and other liabilities1,536,196 1,323,448 
Increase (decrease) in deferred revenue(435,701)551,059 
Net cash provided by operating activities928,357 1,024,697 
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(58,307)(24,476)
Collections of notes receivable16,473 16,500 
Investments made in nonconsolidated affiliates(73,335)(55,246)
Purchases of property, plant and equipment(205,987)(103,914)
Cash paid for acquisitions, net of cash acquired(38,770)(19,594)
Purchases of intangible assets(6,764)(6,681)
Proceeds from sale of investments in nonconsolidated affiliates3,863 80,593 
Other, net3,099 1,059 
Net cash used in investing activities(359,728)(111,759)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs5,750 904,164 
Payments on long-term debt(29,462)(93,168)
Contributions from noncontrolling interests14,340 15,985 
Distributions to noncontrolling interests(81,852)(25,632)
Purchases and sales of noncontrolling interests, net(27,104)(3,273)
Proceeds from sale of common stock, net of issuance costs 449,415 
Proceeds from exercise of stock options35,698 30,322 
Taxes paid for net share settlement of equity awards(46,953)(42,731)
Payments for deferred and contingent consideration(45,164)(12,845)
Other, net(472)84 
Net cash provided by (used in) financing activities(175,219)1,222,321 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(325,011)(48,501)
Net increase in cash, cash equivalents, and restricted cash68,399 2,086,758 
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$4,956,191 $4,633,197 
See Notes to Consolidated Financial Statements
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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. 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 evolve as we continue to expand our global operations.
Cash and Cash Equivalents
Included in the September 30, 2022 and December 31, 2021 cash and cash equivalents balance is $1.3 billion 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 September 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 nine months of 2022.
In August 2022, the Inflation Reduction Act (IRA) was enacted in the United States, which includes health care, clean energy, and income tax provisions. The income tax provisions amend the Internal Revenue Code to include amongst other things a corporate alternative minimum tax starting in the 2023 tax year. The Company is still assessing the impact due to lack of United States Treasury regulations; however, the IRA is not expected to have a material impact on the Company's financial statements due to net operating losses and full valuation allowances for the United States, which is our most significant jurisdiction. We will continue to monitor to ensure our financial results and related tax disclosures are in compliance with the IRA tax legislation.
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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 $