Live Nation Entertainment Reports Third Quarter 2012 Financial Results

- Third Quarter Revenue and EPS Improved Over Prior Year -

- Attendance and Ticket Sales Increase for the Third Quarter Year-Over-Year -

Nov 05, 2012, 16:09 ET from Live Nation Entertainment

LOS ANGELES, Nov. 5, 2012 /PRNewswire/ -- Live Nation Entertainment (NYSE: LYV) released financial results for the three and nine months ended September 30, 2012 today.

"The company has continued to execute on plan delivering increased revenue, net income and free cash flow in the third quarter of 2012," stated Michael Rapino, President and Chief Executive Officer of Live Nation Entertainment. "For the quarter, global concert attendance is up 2 percent and ticket sales for Ticketmaster increased 3 percent. We expect to have continued growth in ticket sales in the fourth quarter, as compared to last year, for both Concerts and Ticketmaster. As a result, we currently anticipate growth across Concerts, Ticketing and Sponsorship & Advertising for the fourth quarter and full year."

The company will webcast a teleconference today, November 5, 2012 at 5:00 p.m. Eastern 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 3rd QUARTER and NINE MONTHS

(Unaudited; $ in millions)

Q3 2012

Q3 2011

Growth

9 months

2012

9 months

2011

Growth

Revenue

Concerts

$ 1,429.9

$ 1,280.3

11.7%

$ 2,954.6

$ 2,811.8

5.1%

Ticketing

346.0

333.5

3.7%

1001.5

966.7

3.6%

Artist Nation

127.9

121.4

5.4%

298.6

293.9

1.6%

Sponsorship & Advertising

95.8

86.4

10.9%

193.2

182.5

5.9%

Other & Eliminations

(36.5)

(31.6)

(15.5%)

(66.1)

(56.6)

(16.8%)

$ 1,963.1

$ 1,790.0

9.7%

$ 4,381.8

$ 4,198.3

4.4%

Adjusted Operating Income (Loss)

Concerts

$ 49.1

$ 83.7

(41.3%)

$ 60.4

$ 62.2

(2.9%)

Ticketing

82.1

54.3

51.2%

226.0

213.6

5.8%

Artist Nation

21.1

20.0

5.5%

33.0

35.0

(5.7%)

Sponsorship & Advertising

74.1

66.0

12.3%

137.8

128.6

7.2%

Other & Eliminations

(0.7)

(0.6)

(16.7%)

(1.1)

(0.4)

**

Corporate

(23.3)

(19.8)

(17.7%)

(59.5)

(51.8)

(14.9%)

$ 202.4

$ 203.6

(0.6%)

$ 396.6

$ 387.2

2.4%

Operating Income (Loss)

Concerts

$ 19.1

$ 48.4

(60.5%)

$ (43.0)

$ (24.3)

(77.0%)

Ticketing

36.6

13.7

**

100.4

97.3

3.2%

Artist Nation (1)

7.5

8.8

(14.8%)

(4.7)

(29.4)

84.0%

Sponsorship & Advertising

73.6

65.8

11.9%

137.0

127.9

7.1%

Other & Eliminations

(0.2)

(0.6)

66.7%

-

(0.3)

**

Corporate

(32.1)

(31.3)

(2.6%)

(85.0)

$ (86.2)

1.4%

$ 104.5

$ 104.8

(0.3%)

$ 104.7

$ 85.0

23.2%

** percentages are not meaningful

(1)

Artist Nation's operating loss for the nine months ended September 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 September 30, 2012, revenue was $1,963.1 million, up 10% compared to prior year revenue of $1,790.0 million. On a constant currency basis, revenue for the quarter was up 13%, excluding a $50.5 million impact of changes in foreign exchange rates in the quarter. For the first nine months of 2012, revenue was $4,381.8 million, up 4% compared to prior year revenue of $4,198.3 million. On a constant currency basis, revenue for the first nine months was up 7%, excluding a $101.6 million impact of changes in foreign exchange rates in the period.

As of September 30, 2012, total cash and cash equivalents were $783.7 million, which includes $394.3 million in ticketing client cash and $300.0 million in free cash. Event-related deferred revenue was $272.8 million as of September 30, 2012, compared to $212.6 million as of the same date in 2011. Free cash flow was $151.6 million for the third quarter of 2012 as compared to $152.2 million in the third quarter of last year, and $274.3 million for the nine months of 2012 versus $223.5 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.

Follow us @twitter.com/LiveNationInc

LIVE NATION ENTERTAINMENT, INC.

KEY OPERATING METRICS

3 Months Ended Sept 30

9 Months Ended Sept 30

2012

2011

2012

2011

Concerts (1)

Estimated Events:

North America

3,955

4,105

11,152

11,332

International

1,227

1,136

4,536

4,248

Total estimated events

5,182

5,241

15,688

15,580

Estimated Attendance (rounded):

North America

11,542,000

12,253,000

25,150,000

25,097,000

International

4,271,000

3,304,000

11,677,000

10,449,000

Total estimated attendance

15,813,000

15,557,000

36,827,000

35,546,000

Ancillary net revenue per attendee (2):

North America amphitheaters

$18.55

$18.03

International festivals (5)

$15.71

$16.80

Ticketing (3)

Number of tickets sold (in thousands):

Concerts

19,421

18,302

54,832

53,090

Sports

6,709

6,427

23,249

20,765

Arts and theater

4,493

5,374

13,683

14,938

Family

3,676

3,008

11,277

9,771

Other (4)

1,771

1,784

5,221

4,388

36,070

34,895

108,262

102,952

Gross value of tickets sold (in thousands)

$2,092,102

$2,004,099

$6,503,452

$6,154,589

Sponsorship & Advertising

Sponsorship revenue (in thousands)

$81,511

$72,679

$155,479

$147,102

Online advertising revenue (in thousands)

$14,294

$13,709

$37,732

$35,351

(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)

Amounts are reported as of the latest period shown.

(3)

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.

(4)

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

(5)

On a constant currency basis, international festivals ancillary net revenue per attendee is $17.26 for the 9 months ended September 30, 2012, an increase of 3% over the same period in 2011.

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2012

2011

2012

2011

(in thousands except share and per share data)

Revenue

$ 1,963,146

$ 1,790,025

$ 4,381,820

$ 4,198,316

Operating expenses:

Direct operating expenses

1,457,423

1,286,304

3,103,006

2,971,579

Selling, general and administrative expenses

283,846

282,462

832,924

822,226

Depreciation and amortization

84,684

83,341

258,656

237,749

Loss (gain) on sale of operating assets

(60)

231

(255)

866

Corporate expenses

30,842

27,385

81,474

73,011

Acquisition transaction expenses

1,896

5,493

1,335

7,864

Operating income

104,515

104,809

104,680

85,021

Interest expense

35,535

30,388

94,733

90,462

Interest income

(994)

(1,023)

(2,825)

(2,848)

Equity in earnings of nonconsolidated affiliates

(3,117)

(2,777)

(8,799)

(5,549)

Other (income) expense, net

(7,035)

6,461

(3,393)

7,207

Income (loss) before income taxes

80,126

71,760

24,964

(4,251)

Income tax expense (benefit)

11,950

8,739

21,456

(29,544)

Net income

68,176

63,021

3,508

25,293

Net income attributable to noncontrolling interests

10,228

11,309

7,018

8,784

Net income (loss) attributable to common stockholders of Live

Nation Entertainment, Inc.

$ 57,948

$ 51,712

$ (3,510)

$ 16,509

Basic net income (loss) per common share attributable to common stockholders of Live Nation Entertainment, Inc.

$ 0.31

$ 0.28

$ (0.02)

$ 0.09

Diluted net income (loss) per common share attributable to common stockholders of Live Nation Entertainment, Inc.

$ 0.31

$ 0.27

$ (0.02)

$ 0.09

Weighted average common shares outstanding:

Basic

187,153,788

186,127,846

186,857,527

181,115,853

Diluted

189,754,343

188,531,130

186,857,527

183,306,799

LIVE NATION ENTERTAINMENT, INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

September 30,

December 31,

2012

2011

(in thousands)

ASSETS

Current assets

Cash and cash equivalents

$ 783,671

$ 844,253

Accounts receivable, less allowance of $13,947 and $16,986, respectively

583,322

389,346

Prepaid expenses

444,451

316,491

Other current assets

30,924

26,700

Total current assets

1,842,368

1,576,790

Property, plant and equipment

Land, buildings and improvements

848,340

851,812

Computer equipment and capitalized software

319,497

261,475

Furniture and other equipment

194,544

172,250

Construction in progress

52,244

60,652

1,414,625

1,346,189

Less accumulated depreciation

696,720

626,053

717,905

720,136

Intangible assets

Definite-lived intangible assets, net

834,690

873,712

Indefinite-lived intangible assets

377,286

377,160

Goodwill

1,338,599

1,257,644

Investments in nonconsolidated affiliates

57,725

55,796

Other long-term assets

263,675

216,106

Total assets

$ 5,432,248

$ 5,077,344

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable, client accounts

$ 549,301

$ 473,956

Accounts payable

127,356

87,627

Accrued expenses

658,061

579,566

Deferred revenue

326,730

273,536

Current portion of long-term debt

60,070

52,632

Other current liabilities

16,462

25,236

Total current liabilities

1,737,980

1,492,553

Long-term debt, net

1,685,968

1,652,629

Long-term deferred income taxes

190,681

186,298

Other long-term liabilities

106,262

120,693

Commitments and contingent liabilities

Redeemable noncontrolling interests

48,136

8,277

Stockholders' equity

Common stock

1,873

1,868

Additional paid-in capital

2,265,020

2,243,587

Accumulated deficit

(748,701)

(745,191)

Cost of shares held in treasury

(214)

(2,787)

Accumulated other comprehensive loss

(16,436)

(36,374)

Total Live Nation Entertainment, Inc. stockholders' equity

1,501,542

1,461,103

Noncontrolling interests

161,679

155,791

Total stockholders' equity

1,663,221

1,616,894

Total liabilities and stockholders' equity

$ 5,432,248

$ 5,077,344

LIVE NATION ENTERTAINMENT, INC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

Nine Months Ended September 30,

2012

2011

(in thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

$ 3,508

$ 25,293

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation

90,789

94,184

Amortization

167,867

143,565

Deferred income tax benefit

(11,183)

(40,679)

Amortization of debt issuance costs and discount/premium, net

11,415

9,707

Non-cash gain on extinguishment of debt

(460)

-

Non-cash compensation expense

27,595

40,556

Changes in fair value of contingent consideration

(2,449)

(8,828)

Loss (gain) on sale of operating assets

(255)

866

Equity in earnings of nonconsolidated affiliates

(8,799)

(5,549)

Other, net

2,085

4,091

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

Increase in accounts receivable

(186,313)

(164,392)

Decrease (increase) in prepaid expenses

(159,473)

25,704

Increase in other assets

(37,712)

(56,645)

Increase (decrease) in accounts payable, accrued expenses and other liabilities

138,270

(27,682)

Increase (decrease) in deferred revenue

54,154

(67,732)

Net cash provided by (used in) operating activities

89,039

(27,541)

CASH FLOWS FROM INVESTING ACTIVITIES

Distributions from nonconsolidated affiliates

6,744

8,804

Investments made in nonconsolidated affiliates

(3,212)

(6,437)

Purchases of property, plant and equipment

(92,372)

(69,573)

Proceeds from disposal of operating assets, net of cash divested

7,788

7,361

Cash paid for acquisitions, net of cash acquired

(71,256)

(25,499)

Purchases of intangible assets

(14,553)

(118)

Other, net

(943)

(1,933)

Net cash used in investing activities

(167,804)

(87,395)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from long-term debt, net of issuance costs

481,286

(596)

Payments on long-term debt

(457,487)

(22,699)

Contributions from noncontrolling interests

130

-

Distributions to noncontrolling interests, net

(9,202)

(14,249)

Purchases and sales of noncontrolling interests, net

(259)

(47, 559)

Proceeds from exercise of stock options

926

3,210

Proceeds from sale of common stock

-

76,492

Payments for deferred and contingent consideration

(10,585)

(13,807)

Net cash provided by (used in) financing activities

4,809

(19,208)

Effect of exchange rate changes on cash and cash equivalents

13,374

23,959

Net decrease in cash and cash equivalents

(60,582)

(110,185)

Cash and cash equivalents at beginning of period

844,253

892,758

Cash and cash equivalents at end of period

$ 783,671

$ 782,573

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 expected growth in ticket sales for Concerts and Ticketmaster in the fourth quarter of 2012 as compared to the same period in 2011 and expected growth across Concerts, Ticketing and Sponsorship & Advertising for the fourth quarter and full year 2012. 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 September 30, 2012

Concerts

$ 49.1

$ 1.5

$ -

$ 27.5

$ 1.0

$ 19.1

Ticketing

82.1

1.7

-

43.3

0.5

36.6

Artist Nation

21.1

0.4

-

13.2

-

7.5

Sponsorship & Advertising

74.1

0.2

-

0.3

-

73.6

Other & Eliminations

(0.7)

-

(0.1)

(0.4)

-

(0.2)

Corporate

(23.3)

5.9

-

0.8

2.1

(32.1)

Total Live Nation

$ 202.4

$ 9.7

$ (0.1)

$ 84.7

$ 3.6

$ 104.5

Three months ended September 30, 2011

Concerts

$ 83.7

$ 1.4

$ -

$ 33.1

$ 0.8

$ 48.4

Ticketing

54.3

1.4

-

39.0

0.2

13.7

Artist Nation

20.0

0.2

-

10.7

0.3

8.8

Sponsorship & Advertising

66.0

0.2

-

-

-

65.8

Other & Eliminations

(0.6)

-

0.2

(0.2)

-

(0.6)

Corporate

(19.8)

5.1

-

0.7

5.7

(31.3)

Total Live Nation

$ 203.6

$ 8.3

$ 0.2

$ 83.3

$ 7.0

$ 104.8

Nine months ended September 30, 2012

Concerts

$ 60.4

$ 4.2

$ (0.5)

$ 100.1

$ (0.4)

$ (43.0)

Ticketing

226.0

4.7

(0.2)

121.3

(0.2)

100.4

Artist Nation

33.0

1.0

-

36.3

0.4

(4.7)

Sponsorship & Advertising

137.8

0.5

-

0.3

-

137.0

Other & Eliminations

(1.1)

-

0.4

(1.5)

-

-

Corporate

(59.5)

17.2

-

2.2

6.1

(85.0)

Total Live Nation

$ 396.6

$ 27.6

$ (0.3)

$ 258.7

$ 5.9

$ 104.7

Nine months ended September 30, 2011

Concerts

$ 62.2

$ 4.3

$ (0.7)

$ 87.9

$ (5.0)

$ (24.3)

Ticketing

213.6

4.0

(0.1)

111.4

1.0

97.3

Artist Nation

35.0

27.8

1.3

37.2

(1.9)

(29.4)

Sponsorship & Advertising

128.6

0.5

-

0.2

-

127.9

Other & Eliminations

(0.4)

-

0.4

(0.5)

-

(0.3)

Corporate

(51.8)

14.6

-

1.5

18.3

(86.2)

Total Live Nation

$ 387.2

$ 51.2

$ 0.9

$ 237.7

$ 12.4

$ 85.0

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

($ in millions)

Q3 2012

Q3 2011

Adjusted operating income

$ 202.4

$ 203.6

Less: Cash interest expense — net

(36.1)

(26.1)

Cash taxes

(3.9)

(11.1)

Maintenance capital expenditures

(15.5)

(12.7)

Distributions to noncontrolling interests

(1.0)

(2.3)

Distributions from (contributions to) investments in nonconsolidated affiliates

5.7

0.8

Free cash flow

$ 151.6

$ 152.2

Revenue generating capital expenditures

(13.9)

(11.8)

Net

$ 137.7

$ 140.4

($ in millions)

9 months

2012

9 months

2011

Adjusted operating income

$ 396.6

$ 387.2

Less: Cash interest expense — net

(85.0)

(77.9)

Cash taxes

10.6

(34.3)

Maintenance capital expenditures

(42.2)

(41.6)

Distributions to noncontrolling interests

(9.2)

(12.3)

Distributions from (contributions to) investments in nonconsolidated affiliates

3.5

2.4

Free cash flow

$ 274.3

$ 223.5

Revenue generating capital expenditures

(46.0)

(27.6)

Net

$ 228.3

$ 195.9

Reconciliation of Cash and Cash Equivalents to Free Cash

($ in millions)

September 30,

2012

Cash and cash equivalents

$ 783.7

Client cash

(394.3)

Deferred revenue â€" event related

(272.8)

Accrued artist fees

(23.9)

Collections on behalf of others

(52.6)

Prepaids related to artist settlements/events

259.9

Free cash

$ 300.0

Detail of Revenue as Reported and at Constant Currency

Reported

Constant Currency

Reported

Reported

Constant Currency

Q3 2012

Q3 2012

Q3 2011

Growth

Growth

($ in millions)

Revenue

Concerts

$ 1,429.9

$ 1,471.7

$ 1,280.3

11.7%

14.9%

Ticketing

346.0

351.6

333.5

3.7%

5.4%

Artist Nation

127.9

128.2

121.4

5.4%

5.6%

Sponsorship & Advertising

95.8

98.6

86.4

10.9%

14.1%

Other & Eliminations

(36.5)

(36.5)

(31.6)

(15.5%)

(15.5%)

$ 1,963.1

$ 2,013.6

$ 1,790.0

9.7%

12.5%

Reported

Constant Currency

Reported

Reported

Constant Currency

9 Months

9 Months

9 Months

Growth

Growth

2012

2012

2011

($ in millions)

Revenue

Concerts

$ 2,954.6

$ 3,035.5

$ 2,811.8

5.1%

8.0%

Ticketing

1,001.5

1,016.7

966.7

3.6%

5.2%

Artist Nation

298.6

299.2

293.9

1.6%

1.8%

Sponsorship & Advertising

193.2

198.1

182.5

5.9%

8.5%

Other & Eliminations

(66.1)

(66.1)

(56.6)

(16.8%)

(16.8%)

$ 4,381.8

$ 4,483.4

$ 4,198.3

4.4%

6.8%

SOURCE Live Nation Entertainment



RELATED LINKS

http://www.livenation.com/investors