Live Nation Entertainment Reports Second Quarter 2012 Financial Results - Revenue for the quarter up 2% on a constant currency basis - actual flat to prior year -

- Live Nation Concert ticket sales up 6% -

LOS ANGELES, Aug. 7, 2012 /PRNewswire-FirstCall/ -- Live Nation Entertainment (NYSE: LYV) released financial results for the three and six months ended June 30, 2012 today. 

"We are very pleased with the performance of the company in the second quarter, led by a robust concert season with a 6% increase in global concert attendance," stated Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment.  "Ticketmaster is showing similar strength, with the global ticketing business growing year-over-year with a 6% increase in ticket sales.  Sponsorship & Advertising delivered similar results to last year with continued strong margins, driving operating performance.  Overall, we remain confident in our ability to deliver growth in our core business while we continue to invest in the technology platform, unlocking future growth opportunities with our 200 million transaction base and maintaining our strong leadership position in the marketplace."

The company will webcast a teleconference today, August 7, 2012 at 5:00 p.m. Eastern Daylight Time.  The live webcast will be accessible via the Investor Relations section of the company's website at www.livenation.com/investors. Please visit the website approximately ten minutes prior to the start time to ensure a connection. Additional statistical and financial information to be provided on the call, if any, will be posted supplementally under that same link. For those who are not available to listen to the live broadcast, a replay will be archived on the Live Nation website.

 

FINANCIAL HIGHLIGHTS – 2nd QUARTER and SIX MONTHS

(Unaudited; $ in millions)



Q2 2012

Q2 2011

Growth


6 months

2012

6 months

2011

Growth

Revenue








Concerts

$ 1,076.0

$ 1,082.2

(0.6%)


$    1,524.7

$1,531.5

(0.4%)

Ticketing

313.1

307.8

1.7%


639.6

625.3

2.3%

Artist Nation

109.2

118.4

(7.8%)


170.6

172.6

(1.2%)

Sponsorship & Advertising

61.3

63.0

(2.7%)


97.4

96.1

1.4%

Other & Eliminations

(8.9)

(12.5)

28.8%


(13.6)

(17.2)

20.9%


$ 1,550.7

$ 1,558.9

(0.5%)


$   2,418.7

$  2,408.3

0.4%









Adjusted Operating Income (Loss)








Concerts

$       36.2

$      19.8

82.8%


$        11.3

$     (21.5)

     **

Ticketing

71.4

75.4

(5.3%)


143.9

159.3

(9.7%)

Artist Nation

14.9

15.8

(5.7%)


11.9

15.0

(20.7%)

Sponsorship & Advertising

42.9

44.2

(2.9%)


63.6

62.6

1.6%

Other & Eliminations

0.8

0.1

       **


(0.4)

0.2

     **

Corporate

(20.2)

(16.8)

(20.2%)


(36.1)

(32.0)

(12.8%)


$     146.0

$    138.5

5.4%


$     194.2

$    183.6

5.8%









Operating Income (Loss)








Concerts

$     (7.0)

$     (7.9)

11.4%


$     (62.0)

$     (72.7)

14.7%

Ticketing

31.5

38.4

(18.0 %)


63.8

83.5

(23.6%)

Artist Nation (1)

2.8

5.1

(45.1%)


(12.2)

(38.3)

68.1%

Sponsorship & Advertising

42.7

44.0

(3.0%)


63.3

62.2

1.8%

Other & Eliminations

1.4

0.2

       **


0.1

0.4

(75.0%)

Corporate

(28.4)

(27.4)

(3.6%)


(52.8)

$      (54.9)

3.8%


$   43.0

$       52.4

(17.9%)


$       0.2

$      (19.8)

  **









** percentages are not meaningful

(1)  Artist Nation's operating loss for the six months ended June 30, 2011 was driven by $24.4 million of stock-based compensation expense due to the acquisition of the remaining equity of Front Line Management Group, Inc. in February 2011.

For the three months ending June 30, 2012, revenue was $1,550.7 million, essentially flat compared to prior year revenue of $1,558.9 million. On a constant currency basis, revenue for the quarter was up 2%, excluding a $43.7 million impact of changes in foreign exchange rates in the quarter. For the first six months of 2012, revenue was $2,418.7 million, essentially flat compared to prior year revenue of $2,408.3 million. On a constant currency basis, revenue for the first six months was up 3%, excluding a $51.1 million impact of changes in foreign exchange rates in the first half of 2012.

As of June 30, 2012, total cash and cash equivalents were $1.0 billion, which includes $393.4 million in ticketing client cash and $213.0 million in free cash. Event-related deferred revenue was $706.8 million as of June 30, 2012, compared to $546.7 million as of the same period in 2011. Free cash flow was $99.6 million for the second quarter of 2012 as compared to $78.2 million in the second quarter of last year, and $122.7 million for the first six months of 2012 versus $71.3 million for the same period in 2011.

About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and ecommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five ecommerce sites, with almost 27 million monthly unique visitors. Live Nation Concerts produces over 22,000 shows annually for more than 2,300 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling nearly 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.

 

LIVE NATION ENTERTAINMENT, INC.


KEY OPERATING METRICS

















 3 Months Ended June 30, 


 6 Months Ended June 30, 





2012


2011


2012


2011












Concerts (1)










Estimated Events:










North America

3,966


4,148


7,176


7,227



International

1,709


1,591


3,309


3,112




Total estimated events

5,675


5,739


10,485


10,339


Estimated Attendance (rounded):










North America

9,272,000


8,838,000


13,638,000


12,844,000



International

4,555,000


4,193,000


7,406,000


7,145,000




Total estimated attendance

13,827,000


13,031,000


21,044,000


19,989,000













Ancillary net revenue per attendee: (4)










 North America amphitheaters 





$18.87


$19.45



 International festivals 





$17.83


$17.51

Ticketing (2)










Number of tickets sold (in thousands):










Concerts

18,604


17,683


35,412


34,787



Sports


7,734


6,782


16,540


14,338



Arts & theater

4,371


4,864


9,190


9,457



Family


3,073


2,333


7,601


6,763



Other (3)

1,699


1,749


3,449


2,711





35,481


33,411


72,192


68,056













Gross value of tickets sold (in thousands):

$2,191,152


$2,053,965


$4,411,351


$4,150,490












Sponsorship & Advertising









Sponsorship revenue (in thousands)

$48,343


$49,627


$73,968


$74,423


Online advertising revenue (in thousands)

$12,935


$13,367


$23,438


$21,642

(1) Events generally represent a single performance by an artist. Attendance generally represents the number of fans who were present at an event. Festivals are counted as one event in the quarter in which the festival begins but attendance is split over the days of the festival and can be split between quarters. Events and attendance metrics are estimated each quarter.

(2) The number and gross value of tickets sold includes primary tickets only and excludes tickets sold for the 2012 Olympics. These metrics include tickets sold during the period regardless of event timing except for our promoted concerts in our owned and/or operated buildings and in certain European territories where these tickets are recognized as the concerts occur.

(3) Other category includes tickets for comedy shows, facility tours, donations, lectures, seminars and cinema.

(4) Amounts are reported as of the latest period shown.

 

LIVE NATION ENTERTAINMENT, INC.


CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)










Three Months Ended


Six Months Ended


 June 30,  


 June 30,  


2012


2011


2012


2011


 (in thousands except share and per share data) 









Revenue

$     1,550,677


$     1,558,882


$     2,418,674


$     2,408,291

Operating expenses:








Direct operating expenses

1,106,869


1,138,151


1,645,583


1,685,275

Selling, general and administrative expenses

280,943


266,795


549,078


539,764

Depreciation and amortization

94,259


76,927


173,972


154,408

Loss (gain) on sale of operating assets

93


(660)


(195)


635

Corporate expenses

27,415


24,590


50,632


45,626

Acquisition transaction expenses

(1,870)


706


(561)


2,371

Operating income (loss)

42,968


52,373


165


(19,788)









Interest expense

29,488


30,845


59,198


60,074

Interest income

(931)


(1,298)


(1,831)


(1,825)

Equity in earnings of nonconsolidated affiliates

(1,801)


(1,778)


(5,682)


(2,772)

Other expense, net

5,424


1,331


3,642


746

Income (loss) before income taxes

10,788


23,273


(55,162)


(76,011)

Income tax expense (benefit)

5,228


6,659


9,506


(38,283)

Net income (loss)

5,560


16,614


(64,668)


(37,728)

Net income (loss) attributable to noncontrolling interests

(2,132)


3,357


(3,210)


(2,525)

Net income (loss) attributable to Live Nation Entertainment, Inc.

$            7,692


$          13,257


$         (61,458)


$         (35,203)









Basic net income (loss) per common share attributable to 








common stockholders of Live Nation Entertainment, Inc. 

$              0.04


$              0.07


$             (0.33)


$             (0.20)









Diluted net income (loss) per common share attributable to 








common stockholders of Live Nation Entertainment, Inc. 

$              0.04


$              0.07


$             (0.33)


$             (0.20)









Weighted average common shares outstanding:








   Basic 

186,893,774


180,818,826


186,707,769


178,568,320

   Diluted 

189,325,338


182,790,095


186,707,769


178,568,320

 

LIVE NATION ENTERTAINMENT, INC.


CONSOLIDATED BALANCE SHEETS

(UNAUDITED)



June 30,

December 31,


2012

2011


(in thousands)

ASSETS


Current assets



Cash and cash equivalents

$    1,005,039

$       844,253

Accounts receivable, less allowance of $13,487 and $16,986, respectively

492,484

389,346

Prepaid expenses

625,372

316,491

Other current assets

52,968

26,700

Total current assets

2,175,863

1,576,790

Property, plant and equipment



Land, buildings and improvements

842,236

851,812

Computer equipment and capitalized software

299,160

261,475

Furniture and other equipment

185,681

172,250

Construction in progress

56,431

60,652





1,383,508

1,346,189

Less accumulated depreciation

670,688

626,053





712,820

720,136

Intangible assets



Definite-lived intangible assets, net

858,515

873,712

Indefinite-lived intangible assets

377,114

377,160

Goodwill

1,313,800

1,257,644

Investments in nonconsolidated affiliates

63,482

55,796

Other long-term assets

246,831

226,533




Total assets

$    5,748,425

$    5,087,771




LIABILITIES AND STOCKHOLDERS' EQUITY



Current liabilities



Accounts payable, client accounts

$       495,030

$       473,956

Accounts payable

171,879

87,627

Accrued expenses

598,069

579,566

Deferred revenue

830,276

273,536

Current portion of long-term debt

57,703

52,632

Other current liabilities

17,679

25,236




Total current liabilities

2,170,636

1,492,553




Long-term debt, net

1,682,356

1,663,056

Long-term deferred income taxes

192,028

186,298

Other long-term liabilities

106,225

120,693

Commitments and contingent liabilities






Redeemable noncontrolling interests

46,530

8,277




Stockholders' equity 



Common stock

1,871

1,868

Additional paid-in capital

2,256,228

2,243,587

Accumulated deficit

(806,649)

(745,191)

Cost of shares held in treasury

(250)

(2,787)

Accumulated other comprehensive  loss

(45,327)

(36,374)




Total Live Nation Entertainment, Inc. stockholders' equity

1,405,873

1,461,103

Noncontrolling interests

144,777

155,791

Total stockholders' equity

1,550,650

1,616,894

Total liabilities and stockholders' equity

$    5,748,425

$    5,087,771


 

LIVE NATION ENTERTAINMENT, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)




Six Months Ended

 June 30,


2012

2011


(in thousands)



CASH FLOWS FROM OPERATING ACTIVITIES



Net loss

$       (64,668)

$      (37,728)

Adjustments to reconcile net loss to net cash provided by operating activities:



Depreciation

59,691

58,935

Amortization

114,281

95,473

Deferred income tax benefit

(6,946)

(35,444)

Amortization of debt issuance costs and discount/premium, net

6,881

6,413

Non-cash compensation expense

17,919

32,192

Unrealized changes in fair value of contingent consideration

(2,564)

(8,908)

Loss (gain) on sale of operating assets

(195)

635

Equity in earnings of nonconsolidated affiliates

(5,682)

(2,772)

Other, net

791

2,904

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:



          Increase in accounts receivable

(103,344)

(148,233)

  Increase in prepaid expenses

(305,090)

(138,161)

          Increase in other assets

(62,284)

(55,756)

          Increase in accounts payable, accrued expenses and other liabilities

94,717

69,903

          Increase in deferred revenue

566,621

293,212




Net cash provided by operating activities

310,128

132,665




CASH FLOWS FROM INVESTING ACTIVITIES



Collections and advances of notes receivable

566

(626)

Distributions from nonconsolidated affiliates

703

7,481

Investments made in nonconsolidated affiliates

(2,858)

(5,926)

Purchases of property, plant and equipment

(62,785)

(44,651)

Proceeds from disposal of operating assets, net of cash divested

5,648

7,163

Cash paid for acquisitions, net of cash acquired

(68,093)

(19,904)

Purchases of intangible assets

(11,469)

(103)

Other, net

(269)

(525)




Net cash used in investing activities

(138,557)

(57,091)




CASH FLOWS FROM FINANCING ACTIVITIES



Proceeds from long-term debt, net of issuance costs

58,270

(756)

Payments on long-term debt

(44,222)

(15,081)

Contributions from noncontrolling interests

130

-

Distributions to and purchases/sales of noncontrolling interests, net

(8,189)

(59,999)

Proceeds from exercise of stock options

859

3,082

Proceeds from sale of common stock

-

76,492

Payments for deferred and contingent consideration

(10,585)

(13,807)




Net cash used in financing activities

(3,737)

(10,069)

Effect of exchange rate changes on cash and cash equivalents

(7,048)

45,697




Net increase in cash and cash equivalents

160,786

111,202

Cash and cash equivalents at beginning of period

844,253

892,758




Cash and cash equivalents at end of period

$      1,005,039

$   1,003,960




Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations:
Certain statements in this press release 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 the company's ability to deliver growth in its core business while continuing to invest in the company's technology platform, the company's ability to unlock further growth opportunities with its 200 million transaction base and the company's ability to maintain its strong leadership position in the marketplace. 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 the 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 below.

Adjusted Operating Income (Loss), or AOI, is a non-GAAP financial measure that the company defines as operating income (loss) before acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration arrangements, merger bonuses, payments under the Azoff Trust note and acquisition-related severance), depreciation and amortization (including goodwill impairments), loss (gain) on sale of operating assets and non-cash and certain stock-based compensation expense (including expense associated with grants of certain stock-based awards which are classified as liabilities). The company uses AOI to evaluate the performance of its operating segments. The company believes that information about AOI assists investors by allowing them to evaluate changes in the operating results of the portfolio of the businesses separate from non-operational factors that affect net income, 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 the company's 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.

Free Cash Flow is a non-GAAP financial measure that the company defines as Adjusted Operating Income (Loss) less maintenance capital expenditures, less net cash interest expense, less cash taxes, less net distributions to noncontrolling interest partners, plus distributions from investments in nonconsolidated affiliates net of contributions to investments in nonconsolidated affiliates. The company uses free cash flow, among other measures, to evaluate the ability of its operations to generate cash that is available for purposes other than maintenance capital expenditures. The company believes that information about free cash flow provides investors with an important perspective on the cash available to service debt and make acquisitions. Free cash flow is not calculated or presented in accordance with GAAP. A limitation of the use of free cash flow as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of the company's ability to fund its cash needs. Accordingly, free cash flow should be considered in addition to, and not as a substitute for, operating income (loss) and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash flow as presented herein may not be comparable to similarly titled measures of other companies.

Free Cash is a non-GAAP financial measure that the company defines as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and for cash collected on behalf of others for ticket sales, plus event-related prepaids. The company uses free cash as a proxy for how much cash it has available to, among other things, optionally repay debt balances, make acquisitions and finance venue and other 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.

Constant currency is a non-GAAP financial measure. For the purpose of determining our constant currency results, we calculate the effect of changes in currency exchange rates 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.

 

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


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

  ($ in millions)


Adjusted operating income (loss)

Non-cash and stock-based compensation expense

Loss (gain) on sale of operating assets

 

Depreciation and

amortization

Acquisition expenses

Operating income (loss)




Three months ended June 30, 2012









Concerts


$          36.2

$                1.3

$                     -

$              44.1

$               (2.2)

$              (7.0)

Ticketing


71.4

1.5

(0.1)

38.8

(0.3)

31.5

Artist Nation


14.9

0.3

-

11.5

0.3

2.8

Sponsorship & Advertising


42.9

0.2

-

-

-

42.7

Other & Eliminations


0.8

-

0.2

(0.8)

-

1.4

    Corporate


(20.2)

5.6

-

0.7

1.9

(28.4)

Total Live Nation


$         146.0

$               8.9

$                0.1

$             94.3

$               (0.3)

$             43.0











    Three months ended June 30, 2011









Concerts


$          19.8

$                1.3

$                (0.7)

$              28.3

$               (1.2)

$              (7.9)

Ticketing


75.4

1.2

(0.1)

35.2

0.7

38.4

Artist Nation


15.8

0.4

-

13.1

(2.8)

5.1

Sponsorship & Advertising


44.2

0.1

-

0.1

-

44.0

Other & Eliminations


0.1

-

0.1

(0.2)

-

0.2

    Corporate


(16.8)

4.6

-

0.4

5.6

(27.4)

Total Live Nation


$         138.5

$               7.6

$               (0.7)

$             76.9

$                2.3

$              52.4












Six months ended June 30, 2012









Concerts


$            11.3

$                  2.7

$                (0.5)

$              72.5

$               (1.4)

$            (62.0)

Ticketing


143.9

3.0

(0.2)

78.0

(0.7)

63.8

Artist Nation


11.9

0.6

-

23.1

0.4

(12.2)

Sponsorship & Advertising


63.6

0.3

-

-

-

63.3

Other & Eliminations


(0.4)

-

0.5

(1.0)

-

0.1

    Corporate


(36.1)

11.3

-

1.4

4.0

(52.8)

Total Live Nation


$        194.2

$                17.9

$                (0.2)

$           174.0

$                2.3

$                0.2











    Six months ended June 30, 2011









Concerts


$         (21.5)

$                 3.0

$                (0.7)

$              54.7

$               (5.8)

$            (72.7)

Ticketing


159.3

2.7

(0.1)

72.4

0.8

83.5

Artist Nation


15.0

27.6

1.2

26.7

(2.2)

(38.3)

Sponsorship & Advertising


62.6

0.3

-

0.1

-

62.2

Other & Eliminations


0.2

-

0.2

(0.4)

-

0.4

    Corporate


(32.0)

9.4

-

0.9

12.6

(54.9)

Total Live Nation


$        183.6

$               43.0

$                  0.6

$             154.4

$                5.4

$            (19.8)










 

Reconciliation of Adjusted Operating Income (Loss) to Free Cash Flow


($ in millions)

Q2 2012

Q2 2011

Adjusted operating income

$    146.0

$      138.5

Less:  Cash interest expense — net

(19.5)

(26.2)

          Cash taxes

(3.4)

(13.8)

          Maintenance capital expenditures

(16.6)

(17.9)

          Distributions to noncontrolling interests

(5.0)

(4.1)

Distributions from (contributions to) investments in nonconsolidated affiliates 

(1.9)

1.7

          Free cash flow

$      99.6

$      78.2

 Revenue generating capital expenditures

(18.8)

(8.6)

 Net

$      80.8

$       69.6

($ in millions)

6 months

2012

6 months

2011

Adjusted operating income

$     194.2

$     183.6

Less:  Cash interest expense — net

(48.9)

(51.8)

          Cash taxes

14.5

(23.2)

          Maintenance capital expenditures

(26.7)

(28.9)

          Distributions to noncontrolling interests

(8.2)

(10.0)

Distributions from (contributions to) investments in nonconsolidated affiliates 

(2.2)

1.6

          Free cash flow

$      122.7

$       71.3

 Revenue generating capital expenditures

(32.1)

(15.8)

 Net

$       90.6

$       55.5

 

Reconciliation of Cash and Cash Equivalents to Free Cash




($ in millions)


June 30,

2012

Cash and cash equivalents


$         1,005.0

Client cash


(393.4)

Deferred revenue — event related


(706.8)

Accrued artist fees


(28.0)

Collections on behalf of others


(56.9)

Prepaids related to artist settlements/events


393.1

   Free cash


$            213.0

 

Detail of Revenue as Reported and at Constant Currency








Reported

Constant Currency

Reported

Reported

Constant Currency


Q2 2012

Q2 2012

Q2 2011

Growth

Growth


($ in millions) 


Revenue






Concerts

$        1,076.0

$        1,110.1

$        1,082.2

(0.6%)

2.6%

Ticketing

313.1

320.6

307.8

1.7%

4.2%

Artist Nation

109.2

109.7

118.4

(7.8%)

(7.3%)

Sponsorship & Advertising

61.3

62.9

63.0

(2.7%)

(0.2%)

Other & Eliminations

(8.9)

(8.9)

(12.5)

28.8%

28.8%


$        1,550.7

$        1,594.4

$        1,558.9

(0.5%)

2.3%








Reported

Constant Currency

Reported

Reported

Constant Currency


6 Months

6 Months

6 Months

6 Months

6 Months


2012

2012

2011

Growth

Growth


($ in millions) 


Revenue






Concerts

$        1,524.7

$        1,563.8

$        1,531.5

(0.4%)

2.1%

Ticketing

639.6

649.2

625.3

2.3%

3.8%

Artist Nation

170.6

171.0

172.6

(1.2%)

(0.9%)

Sponsorship & Advertising

97.4

99.4

96.1

1.4%

3.4%

Other & Eliminations

(13.6)

(13.6)

(17.2)

20.9%

20.9%


$        2,418.7

$        2,469.8

$        2,408.3

0.4%

2.6%

 

SOURCE Live Nation Entertainment



RELATED LINKS
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