Signs have been pointing at a strong demand for a return to live events by fans as 2021 has progressed, and now Garth Brooks has put a bit of an exclamation point on them. The singer reportedly broke Ticketmaster’s record for rapid sellouts, with more than 50,000 tickets sold for a July show at Rice-Eccles Stadium in Salt Lake City, Utah in just 30 minutes. “YOU SHOWED UP!,” the singer posted on social media Thursday after the rapid sell-through . “#GARTHinSALTLAKE is Ticketmaster’s fastest stadium sell out in US History! 50,000 tickets in less than 30 minutes! Touring is BACK. Utah, Idaho, this is going to be the time I’VE been waiting for. Way to go Ticketmaster! Counting the days to see U-tah! love, G” Live Nation CEO Michael Rapino even referenced the sale during a conference call following the release of his company’s earnings report Thursday. “Garth Brooks just this morning broke every Ticketmaster record,” he told reporters on the call , as part of a discussion of the strong demand being shown for live events as restrictions on attendance are rolled back across the country. Brooks’ performance at Rice-Eccles, which is home to the University of Utah’s football team and seats 45,807 for sporting events (the remaining space is field seating for the in-the-round setup Brooks prefers), will be the first concert at the venue in over a decade. It will be his second performance in 2021 if scheduling holds up – with his tour set to resume on July 10 with a sold out show at Allegiant Stadium in Las Vegas. Other dates for 2021 include performances at Cheyenne Frontier Days in Wyoming on July 23, Cincinnati’s Paul Brown Stadium on September 18, and Charlotte’s Bank of America Stadium on September 25. “I was waiting for music to come back live,” Brooks told the hosts during an appearance on Good Day Utah this week. “We’ve all been kind of sitting and people go, ‘What’s it gonna be like to play again? For me, it’s like, I’m a fan – what’s it gonna be like to be in a stadium again? you know, with people, and listen to them sing.” “I’ve picked the right place to come back,” he added. “Because this is a place where people respect each other and love one another. So there’ll be people with masks, without masks. We’re gonna follow all the rules, enforce whatever it is as those rules change, hopefully, as we come out of this pandemic. I think we picked the right place to get started again and cannot wait to get there.” Ticket purchasers were required to assume the potential risk of contracting COVID-19 while attending the concert, which will take place on July 17. Utah’s mandate for the wearing of face masks expired on April 10. The post Garth Brooks Breaks TM Sales Record – 50K Tickets in 30 Minutes appeared first on TicketNews .
For Live Nation (NYSE:LYV), things are looking up as the United States continues to loosen the restrictions on live event attendance – but earnings have still continued to take a beating in the early months of 2021 according to its Q1 earnings report , issued this week. Revenue numbers were down 76 percent compared to 2020, with net losses of $300 million for the first part of 2021. But improving vaccination numbers and recent announcements like New York’s plans to allow Broadway to be at full capacity in September are sparking significant optimism for the numbers to rebound very soon. “Fans are buying tickets and events are selling out faster than ever,” CEO Michael Rapino said on the earnings call following the release of the report . “We’re just seeing demand beyond any other historic moment,” pointing to the fact that some 50,000 tickets had been sold in less than 30 minutes earlier that day for a Garth brooks show in Utah later this year. “Garth Books just this morning broke every Tickemaster record.” Plans for new tour announcements in 2021 include Dave Matthews Band, Luke Bryan, and Maroon 5, showing there to be an “increasing confidence” in the ability to perform this summer, particularly for outdoor venues. Indoor events will continue to lag behind, but “we expect these will start later this year and into 2022.” “Like so many of you, I’m excited to get back to concerts over the next few months, and even more excited to see what I expect to be a non-stop 2022, that continues roaring into 2023 and beyond,” Rapino says. The full release of the Live Nation earnings report is available below: Live Nation Entertainment Reports First Quarter 2021 Results Highlights Concerts Pipeline for 2022 Up Double Digits from 2019 Ticketmaster Continues Signing New Clients, Adding Over 5 Million Net New Fee-Bearing Tickets Year-To-Date Sponsorship Commitments for 2022 Up Double Digits from 2019 $750 Million Cost Reduction and $1.5 Billion Cash Management Program Targets in 2021 LOS ANGELES , May 6, 2021 /PRNewswire/ — Live Nation Entertainment, Inc. (NYSE: LYV ) today released financial results for the quarter ended March 31, 2021. Strong Progress on Reopening When we reported our 2020 results in February, I was optimistic that we would soon be returning to live events, and since then, our confidence has increased for our key markets. In the U.S., over 40% of the population has received at least one vaccine dose and most states are now fully or partially reopen with more restrictions being lifted daily. In the U.K., over 50% of the population has received at least one vaccine dose and their reopening roadmap is tracking to plan. Although Europe remains a few months behind on vaccinations, they are progressing and recent discussions about reopening to international visitors this summer are encouraging. Around the world, people are showing the need to get out and socialize once again which reinforces our expectation that a return to concerts will be the logical progression as vaccines are readily available to everyone who wants to get one. This is generally already the case in the U.S. where we are confidently planning our reopenings, particularly for outdoor shows, and we expect many of our other major markets will follow this summer. Robust Fan Demand Alongside these trends, we are also seeing the effects of significant pent-up demand as fans are buying tickets and events are selling out faster than ever before. In the U.S., Bonnaroo, Electric Daisy and Rolling Loud festivals all sold out in record time at full capacity. In the U.K., we have 11 festivals planned for this summer, including our largest ones – Reading, Leeds and Parklife – where tickets have already sold out, and in New Zealand , the country’s largest festival, Rhythm and Vines, also quickly sold out. As we get further clarity on reopening timelines, we are announcing more tours for later this summer, including Dave Matthews , Luke Bryan , Maroon 5 and others to come, showing artists’ increasing confidence in performing this summer. Given the longer lead times associated with global arena and stadium tours, we expect these will start later this year and into 2022. We are already seeing confirmed major tour dates for 2022 up double digits from the same time pre-pandemic in 2019 for 2020. Many of these artists will have multi-year tours, spanning the U.S., Europe and often either Asia or Latin America , setting us up for a strong multi-year growth run. Ticketing and Brand Partners Growing Complementing our event pipeline, Ticketmaster continues to build its global client base to further accelerate its growth. This year, we have already added new clients representing over 5 million net new fee-bearing tickets, which we expect to grow further throughout the year as more venues prepare for 2022. With Ticketmaster’s client base increasingly shifting to digital ticketing, we will continue to enhance our offerings, ranging from upsell and improved advertising opportunities, as well as blockchain and NFT ability on the Ticketmaster platform. Our brand partners remain engaged and are responding well to our reopening, and like our concerts business, our sponsorship pipeline of committed activity for 2022 is up double digits for next year relative to where it was at this time pre-pandemic in 2019 for 2020. Like so many of you, I’m excited to get back to concerts over the next few months, and even more excited to see what I expect to be a non-stop 2022, that continues roaring into 2023 and beyond. Michael Rapino President and Chief Executive Officer Live Nation Entertainment, Inc. Additional Information on Liquidity At the end of the first quarter of 2021, the company had total cash and cash equivalents of $3.0 billion , which includes $1.1 billion of free cash. This free cash, along with $964 million of available debt capacity, gives the company $2 .1 billion of available liquidity. The company believes this level of liquidity allows it to fund operations until the expected return of concerts beginning in the summer of 2021, preceded by ticket sales earlier in the year. The company will webcast a teleconference today at 2:00 p.m. Pacific Time to discuss its financial performance, operational matters and potentially other material developments. Interested parties should visit the “News / Events” section of the company’s website at investors.livenationentertainment.com to listen to the webcast. Supplemental statistical and financial information to be provided on the call, if any, will be posted to the “Financial Info” section of the website. A replay of the webcast will also be available on the Live Nation website. Notice Regarding Financial Statements The company has provided certain financial statements at the end of this press release for reference. These financial statements should be read in conjunction with the full financial statements, and the notes thereto, set forth in the company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission today and available on the SEC’s website at sec.gov . About Live Nation Entertainment: Live Nation Entertainment, Inc. (NYSE: LYV ) is the world’s leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Media & Sponsorship. For additional information, visit investors.livenationentertainment.com . FINANCIAL HIGHLIGHTS – FIRST QUARTER (unaudited; $ in millions) Q1 2021 Reported Q1 2020 Reported Growth Q1 2021 Constant Currency Growth at Constant Currency Revenue Concerts $ 239.4 $ 993.4 (76) % $ 233.0 (77) % Ticketing 28.3 284.3 (90) % 26.9 (91) % Sponsorship & Advertising 22.6 90.3 (75) % 21.8 (76) % Other and Eliminations 0.3 (2.3) * 0.3 * $ 290.6 $ 1,365.7 (79) % $ 282.0 (79) % Operating Income (Loss) Concerts $ (145.4) $ (161.1) 10 % $ (142.8) 11 % Ticketing (120.7) (15.9) * (118.5) * Sponsorship & Advertising (6.4) 38.2 * (6.7) * Other and Eliminations (0.4) (1.5) * (0.3) * Corporate (30.3) (32.4) 6 % (30.3) 6 % $ (303.2) $ (172.7) (76) % $ (298.6) (73) % Adjusted Operating Income (Loss) Concerts $ (74.5) $ (88.1) 15 % $ (73.4) 17 % Ticketing (62.8) 44.9 * (61.8) * Sponsorship & Advertising 3.5 46.6 (92) % 3.1 (93) % Other and Eliminations (2.2) (2.8) * (2.2) * Corporate (15.7) (21.1) 26 % (15.7) 26 % $ (151.7) $ (20.5) * $ (150.0) * * percentages are not meaningful As of March 31, 2021 , total cash and cash equivalents were $3.0 billion , which includes $724 million in ticketing client cash and $1.1 billion in free cash. Event-related deferred revenue was $1.5 billion as of March 31, 2021 , compared to $2.0 billion as of March 31, 2020 . In addition, we had long-term deferred revenue of $230 million for events that have been rescheduled more than one year out as of March 31, 2021 . For the three months ended March 31, 2021 , net cash provided by operating activities was $74.6 million and free cash flow — adjusted was $(225.7) million . We currently expect capital expenditures for the full year to be approximately $150 million in 2021. KEY OPERATING METRICS (unaudited) Q1 2021 Q1 2020 (in thousands except estimated events) Concerts (1) Estimated events: North America 300 4,772 International 364 2,323 Total estimated events 664 7,095 Estimated fans: North America 331 5,729 International 429 4,677 Total estimated fans 760 10,406 Ticketing (2) Estimated number of fee-bearing tickets 6,581 36,204 Estimated number of non-fee-bearing tickets 10,556 55,254 Total estimated tickets sold 17,137 91,458 _________ (1) Events generally represent a single performance by an artist. Fans generally represent the number of people who attend an event. Festivals are counted as one event in the quarter in which the festival begins, but the number of fans is based on the days the fans were present at the festival and thus can be reported across multiple quarters. Events and fan attendance metrics are estimated each quarter. (2) The fee-bearing tickets estimated above include primary and secondary tickets that are sold using our Ticketmaster systems or that we issue through affiliates. This metric includes primary tickets sold during the period regardless of event timing, except for our own events where our concert promoters control ticketing which are reported when the events occur. The non-fee-bearing tickets estimated above include primary tickets sold using our Ticketmaster systems, through season seat packages and our venue clients’ box offices, along with tickets sold on our “do it yourself” platform. These ticketing metrics are net of any refunds requested and any cancellations that occurred during the period and up to the time of reporting of these consolidated financial statements. Fee-bearing tickets sold above are net of refunds of 3.0 million and 7.3 million tickets for the first quarter of March 31, 2021 and 2020, respectively. Reconciliation of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited) Reconciliation of Free Cash Flow — Adjusted to Net Cash Provided by (Used in) Operating Activities ($ in millions) Q1 2021 Q1 2020 Net cash provided by operating activities $ 74.6 $ 631.7 Less: Changes in operating assets and liabilities (working capital) (289.0) (701.4) Free cash flow from earnings $ (214.4) $ (69.7) Less: Maintenance capital expenditures (5.7) (30.4) Distributions to noncontrolling interests (5.6) (15.1) Free cash flow — adjusted $ (225.7) $ (115.2) Net cash provided by (used in) investing activities $ 10.1 $ (122.4) Net cash provided by financing activities $ 417.0 $ 382.4 Reconciliation of Free Cash to Cash and Cash Equivalents ($ in millions) March 31, 2021 Cash and cash equivalents $ 3,009.5 Client cash (724.4) Deferred revenue — event-related (1,456.2) Accrued artist fees (13.4) Collections on behalf of others (58.2) Prepaid expenses — event-related 347.7 Free cash $ 1,105.0 Forward-Looking Statements, Non-GAAP Financial Measures and Reconciliations: Certain statements in this press release, including the Supplemental Information that follows, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to statements regarding the company’s cost reduction program and cash management program targets in 2021; the company’s current expectations for the return to live concerts and reopenings; the company’s expectations that global arena and stadium tours will start later in 2021 and into 2022; the company’s positioning for a strong multi-year growth run; the company’s expectations that Ticketmaster’s growth in adding new clients will continue throughout 2021 as more venues prepare for 2022; Ticketmaster’s product offerings; concerts activity in 2022, 2023 and beyond; the company’s belief that its level of liquidity is sufficient to fund operations given anticipated concerts activity; and the company’s current expectations for capital expenditures in 2021. Live Nation wishes to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, including but not limited to operational challenges in achieving strategic objectives and executing on the company’s plans, the risk that the company’s markets do not evolve as anticipated, the potential impact of any economic slowdown and operational challenges associated with selling tickets and staging events. Live Nation refers you to the documents it files from time to time with the U.S. Securities and Exchange Commission, or SEC, specifically the section titled “Item 1A. Risk Factors” of the company’s most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company’s projections or forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date on which they are made. All subsequent written and oral forward-looking statements by or concerning Live Nation are expressly qualified in their entirety by the cautionary statements above. Live Nation does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise. This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. A reconciliation of each such measure to its most directly comparable GAAP financial measure, together with an explanation of why management believes that these non-GAAP financial measures provide useful information to investors, is provided herein. Adjusted Operating Income (Loss) , or AOI, is a non-GAAP financial measure that we define as operating income (loss) before certain stock-based compensation expense, loss (gain) on disposal of operating assets, depreciation and amortization (including goodwill impairment), amortization of non-recoupable ticketing contract advances and acquisition expenses (including transaction costs, changes in the fair value of accrued acquisition-related contingent consideration obligations, and acquisition-related severance and compensation). We use AOI to evaluate the performance of our operating segments. We believe that information about AOI assists investors by allowing them to evaluate changes in the operating results of our portfolio of businesses separate from non-operational factors that affect net income (loss), thus providing insights into both operations and the other factors that affect reported results. AOI is not calculated or presented in accordance with GAAP. A limitation of the use of AOI as a performance measure is that it does not reflect the periodic costs of certain amortizing assets used in generating revenue in our business. Accordingly, AOI should be considered in addition to, and not as a substitute for, operating income (loss), net income (loss), and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, AOI as presented herein may not be comparable to similarly titled measures of other companies. Constant Currency is a non-GAAP financial measure. We calculate currency impacts as the difference between current period activity translated using the current period’s currency exchange rates and the comparable prior period’s currency exchange rates. We present constant currency information to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. Free Cash Flow — Adjusted , or FCF, is a non-GAAP financial measure that we define as net cash provided by (used in) operating activities less changes in operating assets and liabilities, less maintenance capital expenditures, less distributions to noncontrolling interest partners. We use FCF among other measures, to evaluate the ability of operations to generate cash that is available for purposes other than maintenance capital expenditures. We believe that information about FCF provides investors with an important perspective on the cash available to service debt, make acquisitions, and for revenue generating capital expenditures. FCF is not calculated or presented in accordance with GAAP. A limitation of the use of FCF as a performance measure is that it does not necessarily represent funds available for operations and is not necessarily a measure of our ability to fund our cash needs. Accordingly, FCF should be considered in addition to, and not as a substitute for, net cash provided by (used in) operating activities and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, FCF as presented herein may not be comparable to similarly titled measures of other companies. Free Cash is a non-GAAP financial measure that we define as cash and cash equivalents less ticketing-related client funds, less event-related deferred revenue, less accrued expenses due to artists and cash collected on behalf of others, plus event-related prepaids. We use free cash as a proxy for how much cash we have available to, among other things, optionally repay debt balances, make acquisitions and fund revenue generating capital expenditures. Free cash is not calculated or presented in accordance with GAAP. A limitation of the use of free cash as a performance measure is that it does not necessarily represent funds available from operations and it is not necessarily a measure of our ability to fund our cash needs. Accordingly, free cash should be considered in addition to, and not as a substitute for, cash and cash equivalents and other measures of financial performance reported in accordance with GAAP. Furthermore, this measure may vary among other companies; thus, free cash as presented herein may not be comparable to similarly titled measures of other companies. Reconciliations of Certain Non-GAAP Measures to Their Most Directly Comparable GAAP Measures (Unaudited) Reconciliation of Adjusted Operating Income (Loss) to Operating Income (Loss) ($ in millions) Operating income (loss) Stock-based compensation expense Loss (gain) on disposal of operating assets Depreciation and amortization Amortization of non-recoupable ticketing contract advances Acquisition expenses Adjusted operating income (loss) reported Foreign exchange impact Adjusted operating income (loss) constant currency Three Months Ended March 31, 2021 Concerts $ (145.4) $ 17.5 $ 0.1 $ 62.9 $ — $ (9.6) $ (74.5) $ 1.1 $ (73.4) Ticketing (120.7) 7.8 — 36.5 12.4 1.2 (62.8) 1.0 (61.8) Sponsorship & Advertising (6.4) 2.8 — 7.2 — (0.1) 3.5 (0.4) 3.1 Other & Eliminations (0.4) — — — (1.8) — (2.2) — (2.2) Corporate (30.3) 11.9 — 2.3 — 0.4 (15.7) — (15.7) Total Live Nation $ (303.2) $ 40.0 $ 0.1 $ 108.9 $ 10.6 $ (8.1) $ (151.7) $ 1.7 $ (150.0) Three Months Ended March 31, 2020 Concerts $ (161.1) $ 2.4 $ 0.1 $ 72.2 $ — $ (1.7) $ (88.1) $ — $ (88.1) Ticketing (15.9) 1.7 — 38.2 20.2 0.7 44.9 — 44.9 Sponsorship & Advertising 38.2 0.9 — 7.5 — — 46.6 — 46.6 Other & Eliminations (1.5) — — 0.1 (1.4) — (2.8) — (2.8) Corporate (32.4) 6.8 — 4.1 — 0.4 (21.1) — (21.1) Total Live Nation $ (172.7) $ 11.8 $ 0.1 $ 122.1 $ 18.8 $ (0.6) $ (20.5) $ — $ (20.5) LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED BALANCE SHEETS (unaudited) March 31, 2021 December 31, 2020 (in thousands) ASSETS Current assets Cash and cash equivalents $ 3,009,487 $ 2,537,787 Accounts receivable, less allowance of $70,330 and $72,904, respectively 467,792 486,734 Prepaid expenses 567,969 577,130 Restricted cash 7,970 8,652 Other current assets 42,880 39,465 Total current assets 4,096,098 3,649,768 Property, plant and equipment, net 1,064,171 1,101,414 Operating lease assets 1,381,812 1,424,223 Intangible assets Definite-lived intangible assets, net 813,806 855,600 Indefinite-lived intangible assets 369,084 369,058 Goodwill 2,113,694 2,129,203 Long-term advances 672,449 668,756 Other long-term assets 408,528 391,281 Total assets $ 10,919,642 $ 10,589,303 LIABILITIES AND EQUITY Current liabilities Accounts payable, client accounts $ 809,258 $ 744,096 Accounts payable 72,913 86,356 Accrued expenses 898,518 894,149 Deferred revenue 1,817,328 1,839,323 Current portion of long-term debt, net 37,275 53,415 Current portion of operating lease liabilities 111,252 107,147 Other current liabilities 69,203 72,083 Total current liabilities 3,815,747 3,796,569 Long-term debt, net 5,289,891 4,855,096 Long-term operating lease liabilities 1,408,413 1,445,674 Long-term deferred income taxes 170,622 170,759 Other long-term liabilities 364,699 182,508 Commitments and contingent liabilities Redeemable noncontrolling interests 264,384 272,449 Stockholders’ equity Common stock 2,160 2,145 Additional paid-in capital 2,431,387 2,386,790 Accumulated deficit (2,984,026) (2,676,833) Cost of shares held in treasury (6,865) (6,865) Accumulated other comprehensive loss (173,216) (177,009) Total Live Nation stockholders’ equity (730,560) (471,772) Noncontrolling interests 336,446 338,020 Total equity (394,114) (133,752) Total liabilities and equity $ 10,919,642 $ 10,589,303 LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended March 31, 2021 2020 (in thousands, except share and per share data) Revenue $ 290,609 $ 1,365,693 Operating expenses: Direct operating expenses 133,966 873,820 Selling, general and administrative expenses 322,853 514,021 Depreciation and amortization 108,876 122,080 Loss on disposal of operating assets 138 130 Corporate expenses 27,948 28,312 Operating loss (303,172) (172,670) Interest expense 70,830 43,999 Interest income (1,149) (4,473) Equity in earnings of nonconsolidated affiliates (581) (2,572) Gain from sale of investments in nonconsolidated affiliates (55,933) (3,555) Other expense (income), net (6) 8,183 Loss before income taxes (316,333) (214,252) Income tax expense (benefit) 6,389 (3,330) Net loss (322,722) (210,922) Net loss attributable to noncontrolling interests (15,529) (26,138) Net loss attributable to common stockholders of Live Nation $ (307,193) $ (184,784) Basic and diluted net loss per common share available to common stockholders of Live Nation $ (1.44) $ (0.94) Weighted average common shares outstanding: Basic and diluted 214,531,958 211,048,294 Reconciliation to net loss available to common stockholders of Live Nation: Net loss attributable to common stockholders of Live Nation $ (307,193) $ (184,784) Accretion of redeemable noncontrolling interests (916) (14,540) Basic and diluted net loss available to common stockholders of Live Nation $ (308,109) $ (199,324) LIVE NATION ENTERTAINMENT, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31, 2021 2020 (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (322,722) $ (210,922) Reconciling items: Depreciation 56,975 57,844 Amortization 51,901 64,236 Amortization of non-recoupable ticketing contract advances 10,621 18,811 Amortization of debt issuance costs and discounts 9,196 6,871 Non-cash compensation expense 40,017 11,732 Loss (gain) on sale of investments in nonconsolidated affiliates (53,899) 1,192 Other, net (6,519) (19,439) Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: Decrease in accounts receivable 21,861 227,913 Decrease (increase) in prepaid expenses and other assets 4,704 (207,157) Increase (decrease) in accounts payable, accrued expenses and other liabilities (39,044) (316,204) Increase in deferred revenue 301,483 996,798 Net cash provided by operating activities 74,574 631,675 CASH FLOWS FROM INVESTING ACTIVITIES Advances of notes receivable (10,784) (10,688) Collections of notes receivable 884 10,218 Investments made in nonconsolidated affiliates (5,506) (5,679) Purchases of property, plant and equipment (23,763) (84,563) Cash paid for acquisitions, net of cash acquired (6,132) (32,508) Purchases of intangible assets (5,495) (206) Proceeds from sale of investments in nonconsolidated affiliates 60,308 — Other, net 596 1,055 Net cash provided by (used in) investing activities 10,108 (122,371) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt, net of debt issuance costs 501,366 419,418 Payments on long-term debt (80,316) (6,032) Distributions to noncontrolling interests (5,616) (15,114) Purchases and sales of noncontrolling interests, net (3,273) (14,030) Proceeds from exercise of stock options 25,794 6,456 Taxes paid for net share settlement of equity awards (19,944) (7,445) Other, net (994) (831) Net cash provided by financing activities 417,017 382,422 Effect of exchange rate changes on cash, cash equivalents and restricted cash (30,681) (84,257) Net increase in cash, cash equivalents, and restricted cash 471,018 807,469 Cash, cash equivalents and restricted cash at beginning of period 2,546,439 2,474,242 Cash, cash equivalents and restricted cash at end of period $ 3,017,457 $ 3,281,711 FIRST QUARTER 2021 Supplemental Information (unaudited) Free Cash & Cash Used in the Quarter Changes to the company’s free cash balance from the end of 2020 to the end of the first quarter of 2021 were as follows: (in millions) Free cash balance at 12/31/2020 $ 643 Operational burn * (300) Non-operational cash uses, including capital expenditures, acquisition activity, net advances and interest payments (13) Operational contribution margin ** 177 Net cash generated from debt raise 417 Inflows / (outflows) from timing classification changes between short-term and long-term 181 Free cash balance at 3/31/2021 $ 1,105 * Operational burn is our SG&A and Corporate costs less bonus, severance and bad debt but including our call center costs. ** Operational contribution margin is our contribution margin less one-time items (Ticketing refunds, insurance recoveries, and artist advance reserves) and excluding the call center costs we have included in operational burn above. Ticket Refunds – Q1 2021 The global refund rate for the company’s concerts that are rescheduled and are in or have gone through a refund window was 17% through the end of the first quarter of 2021. For our festivals, where fans can retain their tickets for the rescheduled events, approximately 65% of fans are keeping their tickets. Across both concerts and festivals, since March 2020 , the company has refunded $295 million for rescheduled Live Nation shows and $920 million for canceled Live Nation shows. Of this $1 .2 billion total, $495 million was from funds held by third-party venues and $720 million was from Live Nation-held funds. The company still has some shows in the process of rescheduling, or that are rescheduled but not yet offering refunds. In addition, refunds may occur in the future for additional cancellations or rescheduled events resulting from the global shutdown of our live events. Based on current and estimated future impacted events and fan behavior, we have recorded $89 million in estimated additional fan refunds from Live Nation-held funds as of March 31, 2021. As a result, the company has reclassified these funds from deferred revenue to accrued ticket refunds as of the first quarter of 2021. Event-Related Deferred Revenue The company’s deferred revenue for events over the next 12 months was $1,456 million as of March 31, 2021, compared to $1 ,532 million as of December 31, 2020. The $200 million increase due to ticket sales for future events was offset by $195 million for sales of events that have shifted into 2022, $55 million paid out of Live Nation funds for refunds, and $23 million in currency impacts on our international deferred revenue balances. (in millions) Current Deferred Revenue as of 12/31/2020 $ 1,532 Shift from current deferred revenue to long-term deferred revenue (195) Adjustment to estimated additional future refunds from Live Nation-held cash 13 Currency impacts (23) Ticket sales in the first quarter of 2021 200 Cash from shows that played off (16) Estimated refunds from Live Nation cash (55) Current Deferred Revenue as of 3/31/2021 $ 1,456 In addition, the company had approximately $230 million of long-term event-related deferred revenue at the end of the first quarter of 2021. SOURCE Live Nation Entertainment The post Live Nation Reports $300M Q1 Loss As Reopening Continues appeared first on TicketNews .
Milwaukee’s Summerfest is returning this September, and they’re bringing a star-studded lineup to the affair. Dave Matthews Band, Miley Cyrus, Chris Stapleton, Luke Bryan, Chance the Rapper, Zac Brown Band and many more are taking the stage in Wisconsin, with shows spread over three festival weekends. Performances at Summerfest will be spread out from September 2-4, 9-11, and 16-18, taking place at the American Family Insurance Amphitheater and Henry Maier Festival Park. Other shows will also take place on September 1, 8, and 15. “We could not be more excited to unveil the lineup for Summerfest,” said Milwaukee World Festival Inc.’s Don Smiley in a statement . “From first-timers, including Chance the Rapper, Miley Cyrus, and Run the Jewels, to Fest favorites including Dave Matthews Band, T-Pain, Styx and Chris Stapleton, our lineup continues to be one of the most diverse and unique in the industry.” General Admission tickets to Summerfest are available now for the event, which traditionally takes place in June and July, but was pushed back due to the pandemic after being cancelled entirely a year ago . Those who have GA tickets from 2020 will see them honored for this year’s event, though tickets to see headlining acts at the amphitheater require a separate purchase as always. Amphitheater shows begin with Luke Bryan and Dylan Scott scheduled on September 2. Chance the Rapper and 24KGOLDN are performing there September 3, with Jonas Brothers and Spencer Sutherland on September 8, Chris Stapleton and Sheryl Crow on September 9, Zac Brown Band and Gabby Barrett September 10, Dave Matthews Band on September 15, and Miley Cyrus on September 17. Other acts are expected to be announced in coming weeks. Previously scheduled performances by Blink 182 and Guns N’ Roses are listed as “pending” on the festival website. Festival stage headliners include T-Pain, Run The Jewels, Diplo, Wilco, 311, Goo Goo Dolls, REO Speedwagon, Pixies, Ludacris, Fishbone, and Ani DiFranco. The full lineup of perfomers is available at Summerfest.com/lineup . Multi-day passes for the event include access to a total of 11 stages featuring live performances and substantial food offerings. Full access to all nine days is available for $100, with 6-day and 3-day options for $75 and $57. Single days can be purchased for $23. Prices for tickets to headlining performances vary and are sold on an an individual basis by performer. The performance capacity for the festival or individual shows at American Family Insurance Amphitheater has not yet been announced, nor have the health protocols for COVID and safe attendance. The festival website says the following on its show status page regarding its health and safety plans: “Summerfest is committed to providing a safe environment for our fans. We are working closely with local civic officials and health care professionals, as we follow their guidance in implementing protocols for Summerfest 2021. More information will be available at Summerfest.com in the coming weeks.” The post Dave Matthews, Luke Bryan, Miley Cyrus Among Summerfest Headliners appeared first on TicketNews .
As part of its earnings call this week, Live Nation (NYSE:LYV) announced that Kathy Willard will be retiring after nearly 24 years with the company, and its Chief Financial Officer since 2007. Joe Berchtold, Live Nation’s President, will assume CFO duties going forward. “It has been an honor to have worked for this innovative and exciting company for so many years,” said Willard, who will continue to consult for the company. “I am truly grateful to my Live Nation colleagues for their partnership, knowledge and friendship. I am proud of the work we have done to position the company for future financial success, and as we return to live shows, I know Joe will do an excellent job leading the company’s finances during one of the most important times in the company’s history.” During her tenure, the company has seen enormous growth, particularly in the last five years. Stock prices for the entertainment, promotions and ticketing giant have steadily increased from the $20 range to nearly $90 earlier this year, with growth only momentarily impacted by the unprecedented halt on business brought on by COVID. Prices stand around $78/share as of Friday, morning, more than double the lows hit in April of 2020. Berchtold praised Willard’s stewardship of the company in the unprecedented challenges of the past year. Financial moves made amid the shutdown included dramatic cost cutting across the company and its myriad subsidiaries including Ticketmaster, executive salary forfeiture, and the securing of additional funding to provide cash flow for the business. “I’m grateful for the opportunity to have worked so closely with Kathy for over a decade, particularly over the past year as we prepared for this transition,” Berchtold says. “I look forward to taking a deeper focus on our financial operations and continuing to lead Live Nation alongside Michael [Rapino] and our incredible global executive team.” The post Live Nation CFO Willard to Retire; Joe Berchtold to Assume Role appeared first on TicketNews .
Billy Joel will be performing in Austin, Texas for the first time in more than 20 years, taking the stage as part of the U.S. Grand Prix in October . The “Piano Man” will headline the concert on Saturday, October 23, part of the wide event taking place October 22-24 at Circut of the Americas (COTA). “We’re thrilled to welcome Billy Joel to the Super Stage for this year’s United States Grand Prix,” says Bobby Epstein, founder and chairman of COTA. “After a difficult year, COTA is proud to host the biggest weekend in racing and entertainment and welcome fans back to Austin.” Additional performers will be announced in May, according to the announcement of Joel as headliner. Prior acts to perform at F1 events include P!nk, Imagine Dragons, Taylor Swift, Justin Timberlake, Bruno Mars, Britney Spears and Elton John. Tickets for the Formula 1 Aramco United States Grand Prix, which include access to the Formula 1 race as well as the festival concert taking place on Friday plus Billy Joel’s peformance on Saturday, are down to just 3-day General Admission passes, with grandstand and bleacher tickets already showing as sold-out and accepting waitlist applications. GA tickets begin at $189 and include access to viewing areas around the venue with the option of chairs or blankets to be brought in and used on the “grassy berms” adjacent to the track. Joel, who has been at the forefront of popular music for nearly 50 years, has tour dates currently scheduled for several stadiums across the United States this summer, performing at Detroit’s Comerica Park July 9, Boston’s Fenway park August 4, Buffalo’s Highmark Stadium August 14, and Cincinnati’s Great American Ball Park September 10. He resumes his long-term and record-shattering residency at New York’s Madison Square Garden with a performance on November 5, assuming reopening plans in the city progress as hoped. The post Billy Joel to Perform Concert at Formula 1 Grand Prix in Texas appeared first on TicketNews .
Country star Brad Paisley and rock legends Lynyrd Skynyrd will headline the 2021 Pro Football Hall of Fame Concert for Legends , taking the stage in Canton, Ohio to close out the weeklong festivities. Hopes are high that a full capacity crowd will be allowed to view the spectacle, but that decision will be made at a later date by the Ohio Department of Health. Tickets for the concert are on sale now, with ticket prices ranging from $75-285 depending on stadium location. “We are excited for not one, but two music icons honoring and performing in the 2021 Concert of Legends Presented by Ford,” says Hall of Fame chief operating officer and executive producer George Veras. “They join Aerosmith, Tim McGraw, Toby Keith, Kid Rock, Maroon 5 and Imagine Dragons as the great artists who have brought their talents to center stage at Tom Benson Hall of Fame Stadium, which is quickly becoming a “must” tour stop and fan-favorite music venue.” The Concert for Legends is scheduled for August 9, closing a celebration that will cover both the 2020 and 2021 inductees to the Pro Football Hall of Fame, after the 2020 event was cancelled due to COVID. The Class of 2021 features Peyton Manning, Calvin Johnson, John Lynch and Charles Woodson, who will be joined by Steve Atwater, Troy Polamalu, Steve Sabol and Paul Tagliabue, who make up the Class of 2020 that missed their fanfare among the cancelled events a year ago. The post Brad Paisley, Lynyrd Skynyrd Tapped for Football Hall of Fame Concert appeared first on TicketNews .
TodayTix, theatre-focused ticket resale marketplace with ties to Broadway producers, has announced its acquisition of Broadway Roulette, a transaction which closed in April. The deal will leave Broadway Roulette’s website intact, rather than folding it in to the TodayTix system directly. According to the release announcing the acquisition, Broadway Roulette “make[s] it fun and easy to see a Broadway show (or shows!) by removing the pain points of traditional ticket-buying.” Consumers can enter a date, number of tickets, and several of their preferences regarding things they like and don’t like, and the algorithm will pair them to tickets to a show that fits the bill ranging from $49-99 per seat, depending on cyustomer settings. Availaiblity reportedly includes sold out shows among its offerings, meaning the chance of a “jackpot” ticket for far below market price exists. “Our aim is to gamify the ticket-buying experience so that more people see more shows, more often,” says Broadway Roulette’s Elizabeth Durand Streisand. The system tracks user transaction history, and promises to never send them to the same show more than once. Broadway Roulette’s existing management team, which counts Megan O’Keefe and Ali Sytsma as well as Durand Streisand, will be retained in the move to the TodayTix umbrella. “As a business we’re on a mission to find a seat for everyone,” says TodayTix CEO Brian Fenty. “That oftentime requires finding new audiences through innovative technologies and unique, but established, communities. Liz and her team have created a business that sits at the corssroads of both, leveraging complex (but fun!) technology with audiences who buy in non-traditional ways. Most importantly, though, the team was exceptional, and we’re always looking to bring new voices to our organization.” The announcement comes close on the heels of the announcement of the return of Broadway with full capacity crowds in September of 2021. The full press release of the aquisition is included below: May 6 – New York – We are pleased to share that TodayTix Group has acquired Broadway Roulette. As part of the deal, which closed in mid-April, Broadway Roulette will retain its own branding and website, while joining the larger suite of TodayTix Group products. Founded in 2016, Broadway Roulette’s mission is to make it fun and easy to see a Broadway show (or shows!) by removing the pain points of traditional ticket-buying. The platform allows customers to specify a date, number of tickets, and preferences about what they like (and don’t) – and Broadway Roulette’s proprietary algorithm pairs them with tickets to a surprise show that matches their criteria, all for a low, flat price. (Currently, tickets range from $49-$99 depending on customer settings.) Every show on Broadway is in play, giving customers a chance to land “jackpot tickets” to sold-out shows, and Broadway Roulette tracks the shows a customer has seen and never sends them to the same show twice. TodayTix CEO Brian Fenty said, “As a business, we’re on a mission to find a seat for everyone. That oftentimes requires finding new audiences through innovative technologies and unique, but established, communities. Liz and her team have created a business that sits at the crossroads of both, leveraging complex (but fun!) technology with audiences who buy in non-traditional ways. Most importantly, though, the team was exceptional, and we’re always looking to bring new voices to our organization.” “Our aim is to gamify the ticket-buying experience so that more people see more shows, more often,” said Broadway Roulette cofounder Elizabeth Durand Streisand. “We have always admired TodayTix as a driver of innovation in the theater industry. We believe that joining TodayTix Group will allow Broadway Roulette to expand our innovative model to other geographies and verticals, while strengthening our capabilities and reach within Broadway.” Broadway Roulette’s team, including Elizabeth Durand Streisand, Megan O’Keefe, and Ali Sytsma will move over with the company. The post TodayTix Announces Acquisition of Broadway Roulette appeared first on TicketNews .
The National Football League is among the numerous organizations promoting public opt-in for vaccination against COVID-19, in hopes that it will lead to full stadiums in the fall. The league announced it would be providing 50 free tickets to Super Bowl LVI at SoFi Stadium in Los Angeles, open to those who enter by “sharing their story on why they got vaccinated or will soon get vaccinated.” Additional details will be announced Saturday evening, as a part of the airing of Global Citizen’s Vax Live: The Concert to Reunite the World, which airs on multiple platforms, including ABC, CBS, and Fox over the air. The concert, which took place recently in California, will feature musical performances by Jennifer Lopez, Eddie Vedder, Foo Fighterrs, J Balvin, and H.E.R. Other special guests from around the world expected to speak on the importance of vaccine equity include Ben Affleck, Chrissy Teigen, David Letterman, Gayle King, Jimmy Kimmel, Nomazamo Mbatha, Olivia Munn, and Sean Penn, with Selena Gomez hosting. Super Bowl LV this winter saw Tampa Bay capture its first NFL championship in over a decade, taking place in front of the smallest crowd in the history of the event due to capacity restrictions on event attendance due to the coronavirus. With vaccination efforts ramping up throughout the United States and abroad, there is increasing hope that the 2021 season and Super Bowl LVI will see no such restrictions, returning the league to its full capacity for fans both in person and watching on television. “This campaign is the latest step in the league’s response to help the country recover and return to normalcy,” reads the announcement of the sweepstakes. The broadcast of the event will begin at 8 p.m. eastern time on Saturday. Tickets to the Super Bowl are traditionally one of the most sought-after in the event world, with almost none distributed through public sale – even in states where law demands it . With capacity limits in place and the Tampa Bay franchise playing at its home stadium in Florida, Super Bowl LV saw an all-time high per-ticket price averaging around $7,000, more than $1K higher than Super Bowl LIV between Kansas City and San Francisco, the previous high according to data available from Ticket Club. Beyond the ticket giveaway, the NFL has also been offering its facilities as mass-vaccination sites, with more than three million administered since January at 21 NFL locations. There will also be a 25 percent discount available for fans who are vaccinated at NFLShop.com later this year, with details to be announced. The post NFL Pushes COVID Vaccination With Free Super Bowl Tickets appeared first on TicketNews .
Ticket Evolution and DTI Management announced this week that the companies would be merging, while simultaneously announcing the acquisition of Ticket Vision and an influx of financing from sources including Legends. The TEVO/DTI merger has been rumored since the summer of 2020 , bringing together a B2B ticketing exchange and one of the leading ticket aggregation services, which also owns the 1Ticket ticket delivery system. Ticket Vision is an auto-pricing software application for ticket resellers. “This company’s core focus will be to provide the best software and tools to empower professional sellers to sell more tickets atoptimal prices, and to accelerate the payment process,” says Curtis Cheng, who will serve as CEO of the merged companies, with Lee Shenker as President. “There are so many tools and services required to run a professional ticket selling business in today’s environment. Bringing all of them together under one roof was a driving force behind the combination of these businesses – enabling us to offer a user-friendly and highly-customizable solution for professional sellers of any shape and size.” Beyond Cheng and Shenker, the company – which will operate as Ticket Evolution – will retain Manish Bardolia as Chief Product Officer and Dan Weisbaum as VP of Client Services. Also announced in the transaction was the appointment of Sam Soni – founder and former CEO of PrimeSport – will join its Board of Directors. The full press release announcing the news is included below: Ticket Evolution and DTI Management Merge Businesses, Acquire Ticket Vision Software and Secure Additional Financing Ticket Evolution and DTI Management, two leading technology companies servicing professional sellers of live event tickets, announced today that they have merged their businesses, acquired the Ticket Vision auto-pricing software application and secured additional strategic financing to invest in technology initiatives, increase staffing and solidify the combined company’s financial footing. Ticket Evolution is the ticketing industry’s premier B2B exchange. DTI Management manages the industry’s most established professional ticket seller platform, and is the leading distributor of live event tickets to online resale marketplaces. DTI also owns 1Ticket , the industry’s most respected software and service solution for professional sellers to manage the delivery of tickets and associated metadata between POS systems, online marketplaces and ticket purchasers. The core of DTI’s senior management team will assume similar roles overseeing the “new” Ticket Evolution – with Curtis Cheng as CEO and Lee Shenker as President. Meanwhile, key members of the Ticket Evolution leadership team will remain in place – including Manish Bardolia (who will assume the role of Chief Product Officer) and Dan Weisbaum (who will continue as VP of Client Services and Integrations). In addition to merging the Ticket Evolution, DTI and 1Ticket businesses, the company also acquired Ticket Vision, a powerful auto-pricing software application that is tailored to serve the needs of professional ticket sellers. In the wake of a year in which COVID-19 wreaked havoc on the live event industry, the potent combination of Ticket Evolution, DTI Management, 1Ticket and Ticket Vision positions the new company as a self-contained ecosystem for professional ticket sellers that offers a full stack of software, tools, services and distribution. As part of this multi-layered series of transactions, Ticket Evolution also secured additional financing from multiple sources, including Legends, a premium experiences company in the sports and entertainment space. The two companies will also work together to enable Legends to offer multi-channel ticket distribution to its clients. To further the new company’s reach and strategic outlook, Ticket Evolution also announced today that Sam Soni – founder and former CEO of PrimeSport – will join the Board of Directors of Ticket Evolution. “This company’s core focus will be to provide the best software and tools to empower professional sellers to sell more tickets at optimal prices, and to accelerate the payment process,” said CEO Curtis Cheng. “There are so many tools and services required to run a professional ticket selling business in today’s environment. Bringing all of them together under one roof was a driving force behind the combination of these businesses – enabling us to offer a user-friendly and highly-customizable solution for professional sellers of any shape and size.” The new company will operate under the Ticket Evolution umbrella, and immediately begin sharing resources to optimize customer experience. The post Ticket Evolution, DTI Management, Ticket Vision Announce Merger appeared first on TicketNews .
New York is continuing its push towards a full reopening in 2021, and Broadway will be back in September, per an announcement from Governor Andrew Cuomo Wednesday. The famed New York City venues that have been shuttered since March of 2020 due to the coronavirus will be able to open at full capacity on September 14. Tickets for these shows will be able to be sold beginning Thursday, May 6. “Broadway is at the core of our New York identity, and a big part of our economy which employs countless performers and show creators, and beginning this September, the show will go on,” says Cuomo. “Visitors from all around the world have come to New York to experience the arts and culture and see iconic performances on Broadway, and sadly, the pandemic put this unique New York experience on pause. Thankfully, as we continue to monitor the data and reopen our economy, we are now back on track to allow full capacity performances on Broadway to resume beginning this September, bringing back this beloved world-famous attraction.” Cuomo’s Broadway announcement came close on the heels of the announcement of the removal of capacity restrictions on other venues in the state including live music spaces and bars. That is scheduled to go into effect later this month, but is subject to the continued requirement that venues can only hold as many patrons as CDC guidance on social distancing will allow – which means that these entertainment spaces will have a de facto crowd limit based on how many square feet they can space out groups. Today’s announcement contains no such caveat, though it is unclear whether or not all spaces will be allowed to reopen to full capacity at the same time that Broadway venues can if the CDC guidance hasn’t changed by mid-September – or if Broadway would have to cancel ticket sales if CDC guidance hasn’t changed but they have a sold out full house reopening crowd due to attend their opening night. Instead, there is language in the announcement indicating that “Broadway stakeholders will remain flexible and adapt to applicable health protocols” including face coverings, screening, ventillation and cleaning, but no mention regarding social distancing or crowd limits. “On behalf of the nearly 100,000 people who make their living on Broadway – on stage, backstage, and throughout the city and state – we are immensely gratified by the support of Governor Cuomo today,” says Broadway League President Charlotte St. Martin. “Restarting Broadway is a complex endeavor, requiring long lead times for productions the need to reconnect with a sustaining audience from across the country and around the world. Today’s green light by the Governor to put our shows on sale now for the fall is vital to our success. Broadway is the beating heart of NYC tourism and we can’t wait for the day soon when our hearts will beat before a live joyful audience.” New York is in the rapid process of reopening, having been largely shut down since last March as the onetime epicenter of the pandemic in the U.S. Mayor Bill de Blaiso has pledged assistance from the city to get things back running , which will help restore a theatrical industry that brought around 250,000 consumers to performances every week pre-pandemic, with an economic estimated to be nearly $15 billion that supports 97,000 jobs in the area. The full release announcing the Broadway return is available here The post Broadway Reopening Set for September; Tickets On Sale Thursday appeared first on TicketNews .