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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________ 
Form 10-Q
____________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                
Commission File Number 001-32601
____________________________________ 
LIVE NATION ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
____________________________________
Delaware 20-3247759
(State of Incorporation) (I.R.S. Employer Identification No.)

9348 Civic Center Drive
Beverly Hills, CA 90210
(Address of principal executive offices, including zip code)
(310) 867-7000
(Registrant’s telephone number, including area code)
______________________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.01 Par Value Per ShareLYVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     x  Yes    ¨  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated Filer ¨
Non-accelerated Filer¨Smaller Reporting Company 
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes    x  No
On October 28, 2021, there were 224,659,997 outstanding shares of the registrant’s common stock, $0.01 par value per share, including 3,211,191 shares of unvested restricted and deferred stock awards and excluding 408,024 shares held in treasury.




LIVE NATION ENTERTAINMENT, INC.
INDEX TO FORM 10-Q
  Page
PART I—FINANCIAL INFORMATION
PART II—OTHER INFORMATION


GLOSSARY OF KEY TERMS
AOCIAccumulated other comprehensive income (loss)
AOIAdjusted operating income (loss)
FASBFinancial Accounting Standards Board
GAAPUnited States Generally Accepted Accounting Principles
Live Nation
Live Nation Entertainment, Inc. and subsidiaries
LNE
Live Nation Entertainment, Inc.
SECUnited States Securities and Exchange Commission
Ticketmaster
Our ticketing business



Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30,
2021
December 31,
2020
(in thousands)
ASSETS
Current assets
    Cash and cash equivalents$4,628,880 $2,537,787 
    Accounts receivable, less allowance of $53,116 and $72,904, respectively
1,182,242 486,734 
    Prepaid expenses691,086 577,130 
    Restricted cash4,317 8,652 
    Other current assets48,766 39,465 
Total current assets6,555,291 3,649,768 
Property, plant and equipment, net1,041,854 1,101,414 
Operating lease assets1,390,650 1,424,223 
Intangible assets
    Definite-lived intangible assets, net732,276 855,600 
    Indefinite-lived intangible assets369,016 369,058 
Goodwill2,109,719 2,129,203 
Long-term advances651,794 668,756 
Other long-term assets480,144 391,281 
Total assets$13,330,744 $10,589,303 
LIABILITIES AND EQUITY
Current liabilities
    Accounts payable, client accounts$1,499,131 $744,096 
    Accounts payable111,142 86,356 
    Accrued expenses1,445,840 894,149 
    Deferred revenue2,303,373 1,839,323 
    Current portion of long-term debt, net46,214 53,415 
    Current portion of operating lease liabilities111,090 107,147 
    Other current liabilities41,314 72,083 
Total current liabilities5,558,104 3,796,569 
Long-term debt, net5,686,905 4,855,096 
Long-term operating lease liabilities1,448,270 1,445,674 
Long-term deferred income taxes174,083 170,759 
Other long-term liabilities242,811 182,508 
Commitments and contingent liabilities
Redeemable noncontrolling interests262,347 272,449 
Stockholders' equity
    Common stock2,218 2,145 
    Additional paid-in capital2,903,613 2,386,790 
    Accumulated deficit(3,132,813)(2,676,833)
    Cost of shares held in treasury(6,865)(6,865)
    Accumulated other comprehensive loss(170,997)(177,009)
Total Live Nation stockholders' equity(404,844)(471,772)
Noncontrolling interests363,068 338,020 
Total equity(41,776)(133,752)
Total liabilities and equity$13,330,744 $10,589,303 


See Notes to Consolidated Financial Statements
2

Table of Contents
LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (in thousands except share and per share data)
Revenue$2,698,722 $184,018 $3,565,277 $1,623,795 
Operating expenses:
Direct operating expenses1,969,912 130,749 2,346,998 1,199,126 
Selling, general and administrative expenses446,929 405,934 1,098,676 1,243,307 
Depreciation and amortization101,235 119,938 313,758 364,785 
Loss (gain) on disposal of operating assets(1,148)208 (1,038)897 
Corporate expenses44,649 31,630 100,195 80,858 
Operating income (loss)137,145 (504,441)(293,312)(1,265,178)
Interest expense70,407 66,093 210,146 162,781 
Interest income(1,333)(2,810)(3,953)(9,712)
Equity in losses (earnings) of nonconsolidated affiliates(7,025)2,615 (4,608)6,656 
Gain from sale of investments in nonconsolidated affiliates(30,633)(2,514)(83,580)(2,479)
Other expense (income), net12,441 (8,463)19,903 (9,043)
Income (loss) before income taxes93,288 (559,362)(431,220)(1,413,381)
Income tax expense (benefit)6,421 (16,904)15,095 (49,417)
Net income (loss)86,867 (542,458)(446,315)(1,363,964)
Net income (loss) attributable to noncontrolling interests39,989 (13,556)9,665 (82,761)
Net income (loss) attributable to common stockholders of Live Nation$46,878 $(528,902)$(455,980)$(1,281,203)
Basic net income (loss) per common share available to common stockholders of Live Nation$0.20 $(2.45)$(2.13)$(6.08)
Diluted net income (loss) per common share available to common stockholders of Live Nation$0.19 $(2.45)$(2.13)$(6.08)
Weighted average common shares outstanding:
Basic216,888,355 212,593,719 215,716,239 211,781,620 
Diluted223,800,400 212,593,719 215,716,239 211,781,620 
Reconciliation to net income (loss) available to common stockholders of Live Nation:
Net income (loss) attributable to common stockholders of Live Nation
$46,878 $(528,902)$(455,980)$(1,281,203)
Accretion of redeemable noncontrolling interests(4,245)6,990 (4,210)(5,955)
Basic and diluted net income (loss) available to common stockholders of Live Nation
$42,633 $(521,912)$(460,190)$(1,287,158)

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
 (in thousands)
Net income (loss)$86,867 $(542,458)$(446,315)$(1,363,964)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on cash flow hedge852 (2,249)10,160 (38,845)
Realized loss on cash flow hedge1,991 1,854 5,853 3,207 
Foreign currency translation adjustments(12,008)21,983 (10,001)(40,866)
Comprehensive income (loss)77,702 (520,870)(440,303)(1,440,468)
Comprehensive income (loss) attributable to noncontrolling interests
39,989 (13,556)9,665 (82,761)
Comprehensive income (loss) attributable to common stockholders of Live Nation
$37,713 $(507,314)$(449,968)$(1,357,707)

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)

Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2021216,388,477 $2,164 $2,433,462 $(3,179,691)$(6,865)$(161,832)$333,159 $(579,603)$250,767 
Non-cash and stock-based compensation— — 27,318 — — — — 27,318 — 
Common stock issued under stock plans, net of shares withheld for employee taxes151,280 1 (4,523)— — — — (4,522)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes70,011 1 2,238 — — — — 2,239 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Acquisitions— — — — — — 7,117 7,117 230 
Redeemable noncontrolling interests fair value adjustments— — (4,245)— — — — (4,245)4,245 
Contributions received— — — — — — 1,329 1,329  
Cash distributions— — — — — — (8,341)(8,341)(2,749)
Other— —  — — — (331)(331) 
Comprehensive income (loss):
Net income— — — 46,878 — — 30,135 77,013 9,854 
Unrealized gain on cash flow hedge— — — — — 852 — 852 — 
Realized loss on cash flow hedge— — — — — 1,991 — 1,991 — 
Foreign currency translation adjustments— — — — — (12,008)— (12,008)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 




See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2020214,466,988 $2,145 $2,386,790 $(2,676,833)$(6,865)$(177,009)$338,020 $(133,752)$272,449 
Non-cash and stock-based compensation— — 80,165 — — — — 80,165 — 
Common stock issued under stock plans, net of shares withheld for employee taxes812,829 8 (24,593)— — — — (24,585)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes1,329,951 13 12,162 — — — — 12,175 — 
Sale of common shares5,239,259 52 449,363 — — — — 449,415 — 
Acquisitions— — — — — — 7,117 7,117 828 
Purchases of noncontrolling interests— — 3,775 — — — (2,577)1,198 (1,698)
Sales of noncontrolling interests— — 161 — — — 8,868 9,029 — 
Redeemable noncontrolling interests fair value adjustments— — (4,210)— — — — (4,210)4,210 
Contributions received— — — — — — 16,522 16,522 95 
Cash distributions— — — — — — (20,852)(20,852)(4,780)
Other— — — — — (2,452)(2,452) 
Comprehensive income (loss):
Net income (loss)— — — (455,980)— — 18,422 (437,558)(8,757)
Unrealized gain on cash flow hedge— — — — — 10,160 — 10,160 — 
Realized loss on cash flow hedge— — — — — 5,853 — 5,853 — 
Foreign currency translation adjustments— — — — — (10,001)— (10,001)— 
Balances at September 30, 2021221,849,027 $2,218 $2,903,613 $(3,132,813)$(6,865)$(170,997)$363,068 $(41,776)$262,347 

See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive LossNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at June 30, 2020212,523,147 $2,125 $2,295,069 $(1,704,599)$(6,865)$(243,805)$341,605 $683,530 $334,228 
Non-cash and stock-based compensation— — 56,696 — — — — 56,696 — 
Common stock issued under stock plans, net of shares withheld for employee taxes979,124 10 (25,489)— — — — (25,479)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes320,731 3 6,683 — — — — 6,686 — 
Acquisitions— — — — — — 10,480 10,480 7,349 
Divestitures— — — — — — (1)(1)— 
Purchases of noncontrolling interests— — 20,882 — — — (426)20,456 (33,406)
Redeemable noncontrolling interests fair value adjustments— — 6,990 — — — — 6,990 (6,990)
Contributions received— — — — — — 1,101 1,101 446 
Cash distributions— — — — — — (3,242)(3,242)(1,916)
Other— — 184 — — — (2,247)(2,063)16 
Comprehensive loss:
Net loss— — — (528,902)— — (816)(529,718)(12,740)
Unrealized loss on cash flow hedge— — — — — (2,249)— (2,249)— 
Realized loss on cash flow hedge— — — — — 1,854 — 1,854 — 
Foreign currency translation adjustments— — — — — 21,983 — 21,983 — 
Balances at September 30, 2020213,823,002 $2,138 $2,361,015 $(2,233,501)$(6,865)$(222,217)$346,454 $247,024 $286,987 

See Notes to Consolidated Financial Statements
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Live Nation Stockholders’ Equity
Common Shares IssuedCommon StockAdditional Paid-In CapitalAccumulated DeficitCost of Shares Held in TreasuryAccumulated Other Comprehensive IncomeNoncontrolling InterestsTotal EquityRedeemable Noncontrolling Interests
(in thousands, except share data)(in thousands)
Balances at December 31, 2019211,262,062 $2,113 $2,245,619 $(949,334)$(6,865)$(145,713)$318,134 $1,463,954 $449,498 
Cumulative effect of change in accounting principle— — — (2,964)— — — (2,964)— 
Non-cash and stock-based compensation— — 106,975 — — — — 106,975 — 
Common stock issued under stock plans, net of shares withheld for employee taxes1,320,373 13 (33,154)— — — — (33,141)— 
Exercise of stock options, net of shares withheld for option cost and employee taxes1,240,567 12 8,402 — — — — 8,414 — 
Fair value of convertible debt conversion feature, net of issuance cost— — 33,347 — — — — 33,347 — 
Acquisitions— — — — — — 45,802 45,802 19,248 
Divestitures— — — — — — 592 592 — 
Purchases of noncontrolling interests— — 13,943 — — — (1,458)12,485 (129,596)
Sales of noncontrolling interests— — (8,161)— — — 39,161 31,000 — 
Redeemable noncontrolling interests fair value adjustments— — (5,955)— — — — (5,955)5,955 
Contributions received— — — — — — 2,568 2,568 446 
Cash distributions— — — — — — (15,925)(15,925)(15,548)
Other— — (1)— — — (2,692)(2,693)17 
Comprehensive loss:
Net loss— — — (1,281,203)— — (39,728)(1,320,931)(43,033)
Unrealized loss on cash flow hedge— — — — — (38,845)— (38,845)— 
Realized loss on cash flow hedge— — — — — 3,207 — 3,207 
Foreign currency translation adjustments— — — — — (40,866)— (40,866)— 
Balances at September 30, 2020213,823,002 $2,138 $2,361,015 $(2,233,501)$(6,865)$(222,217)$346,454 $247,024 $286,987 

See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Nine Months Ended
September 30,
 20212020
 (in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(446,315)$(1,363,964)
Reconciling items:
Depreciation167,170 184,391 
Amortization146,588 180,394 
Amortization of non-recoupable ticketing contract advances49,214 38,833 
Deferred income tax expense (benefit)4,365 (22,615)
Amortization of debt issuance costs and discounts27,916 24,201 
Non-cash compensation expense80,165 106,965 
Unrealized changes in fair value of contingent consideration(6,998)(25,745)
Equity in losses of nonconsolidated affiliates, net of distributions6,396 8,266 
Provision for uncollectible accounts receivable(14,006)48,413 
Gain on sale of investments in nonconsolidated affiliates(83,580)(2,479)
Other, net2,015 (12,681)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Decrease (increase) in accounts receivable(690,105)406,202 
Decrease (increase) in prepaid expenses and other assets(92,635)1,793 
Increase (decrease) in accounts payable, accrued expenses and other liabilities1,323,448 (1,213,409)
Increase in deferred revenue551,059 684,532 
Net cash provided by (used in) operating activities1,024,697 (956,903)
CASH FLOWS FROM INVESTING ACTIVITIES
Advances of notes receivable(24,476)(12,232)
Collections of notes receivable16,500 13,838 
Investments made in nonconsolidated affiliates(55,246)(9,728)
Purchases of property, plant and equipment(103,914)(187,036)
Cash paid for acquisitions, net of cash acquired(19,594)(37,283)
Proceeds from sale of investments in nonconsolidated affiliates80,593 3,753 
Other, net(5,622)4,156 
Net cash used in investing activities(111,759)(224,532)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net of debt issuance costs904,164 1,608,462 
Payments on long-term debt(93,168)(24,202)
Contributions from noncontrolling interests15,985 2,568 
Distributions to noncontrolling interests(25,632)(31,473)
Purchases and sales of noncontrolling interests, net(3,273)(106,971)
Proceeds from sale of common stock, net of issuance costs449,415  
Proceeds from exercise of stock options30,322 18,092 
Taxes paid for net share settlement of equity awards(42,731)(42,818)
Payments for deferred and contingent consideration(12,845)(62,035)
Other, net84 13 
Net cash provided by financing activities1,222,321 1,361,636 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(48,501)(20,952)
Net increase in cash, cash equivalents, and restricted cash2,086,758 159,249 
Cash, cash equivalents and restricted cash at beginning of period2,546,439 2,474,242 
Cash, cash equivalents and restricted cash at end of period$4,633,197 $2,633,491 
See Notes to Consolidated Financial Statements
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LIVE NATION ENTERTAINMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1—BASIS OF PRESENTATION AND OTHER INFORMATION
Preparation of Interim Financial Statements
The accompanying unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, they include all normal and recurring accruals and adjustments necessary to present fairly the results of the interim periods shown. The financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K filed with the SEC on March 1, 2021.
Seasonality
Our Concerts and Sponsorship & Advertising segments typically experience higher revenue and operating income in the second and third quarters as our outdoor venues and festivals are primarily used in or occur from May through October. In addition, the timing of when tickets are sold and the tours of top-grossing acts can impact comparability of quarterly results year over year, although annual results may not be impacted. Our Ticketing segment revenue is impacted by fluctuations in the availability of events for sale to the public, which vary depending upon scheduling by our clients.
Cash flows from our Concerts segment typically have a slightly different seasonality as payments are often made for a portion of artist performance fees and production costs for tours in advance of the date the related event tickets go on sale. These artist fees and production costs are expensed when the event occurs. Once tickets for an event go on sale, we generally begin to receive payments from ticket sales at our owned or operated venues and festivals and in some cases from third-party venues in advance of when the event occurs. We record these ticket sales as revenue when the event occurs. Our seasonality also results in higher balances in cash and cash equivalents, accounts receivable, prepaid expenses, accrued expenses and deferred revenue at different times in the year.
Due to the unprecedented global stoppage of our concert and other events beginning in mid-March 2020 resulting from the global COVID-19 pandemic, we did not experience our typical seasonality trends in 2020 and do not expect 2021 will follow our typical seasonality trends even with the resumption of events late in the second quarter of 2021.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include all highly liquid investments with an original maturity of three months or less. Our cash and cash equivalents include domestic and foreign bank accounts as well as interest-bearing accounts consisting primarily of bank deposits and money market accounts managed by third-party financial institutions. These balances are stated at cost, which approximates fair value.
Included in the September 30, 2021 and December 31, 2020 cash and cash equivalents balance is $1.3 billion and $673.5 million, respectively, of cash received that includes the face value of tickets sold on behalf of ticketing clients and their share of service charges (“client cash”), which amounts are to be remitted to these clients. We generally do not utilize client cash for our own financing or investing activities as the amounts are payable to our clients on a regular basis. These amounts are included in accounts payable, client accounts.
Restricted cash primarily consists of cash held in escrow accounts to fund capital improvements of certain leased or operated venues. The cash is held in these accounts pursuant to the related lease or operating agreement.
Nonconsolidated Affiliates
In general, nonconsolidated investments in which we own more than 20% of the common stock or otherwise exercise significant influence over an affiliate are accounted for under the equity method. We review the value of equity method investments and record impairment charges in the statements of operations for any decline in value that is determined to be other-than-temporary. If we obtain control of a nonconsolidated affiliate through the purchase of additional ownership interest or changes in the governing agreements, we remeasure our investment to fair value first and then apply the accounting guidance for business combinations. Any gain or loss resulting from the remeasurement to fair value is recorded as a component of other expense (income), net in the statements of operations. At September 30, 2021 and December 31, 2020, we had investments in nonconsolidated affiliates of $246.3 million and $170.5 million, respectively, included in other long-term assets on our consolidated balance sheets.
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