Live Nation Entertainment Reports First Quarter 2024 Results

• Revenue up 26% to $2.9 billion
• AOI of $3 million, and $12 million on a constant currency basis
• Q1 margins expanded, even with increased arena activity
• Full-year margins expected to be higher than last year, with the magnitude of margin expansion impacted by venue mix and advertising costs in Q4 related to 2025 activity
• AOI growth expected to be primarily driven by Q2 and Q3 activity

Arenas and Festivals Led Q1 Fan Growth (vs same period last year)

• Q1 fan growth up 21% to 23 million fans:
  • Arenas led attendance growth, up 40% to nearly 10 million fans globally
  • Festival attendance growth of double-digits, driven by Latin American markets
• Artists touring again this year are achieving increased sell throughs and higher grosses per show at arenas and amphitheaters relative to their 2023 tours
• Overall arena sell through and grosses remain strong, even with a large increase in show count
• Year-to-date ticket sales of 86 million for shows this year, consistent with 2023 despite reduced stadium activity

Venue Nation Enhancing the Fan Experience Globally (vs same period last year)

• Q1 food and beverage spending up over 10% at U.S. theaters and clubs
• Venue Nation fan count expected to grow double-digits with more shows at amphitheaters and other operated venues
• Profitability per fan at amphitheaters expected to increase double-digits this year, with these venues delivering over 2.5x the per fan profitability of similarly sized third-party venues

Experiential Economy Drives Q1 Ticketing Results (vs same period last year)

• Revenue up 7% to $723 million
• AOI up 5% to $284 million
• Record Q1 operating metrics:
  • Approximately 77 million fee-bearing tickets sold, driven by double-digit growth in International markets
  • Fee-bearing Gross Transaction Value up to nearly $8 billion, with growth driven by International markets
• Full-year margins expected to be consistent with last year

Sponsorship Q1 Growth Reflects Attractiveness of our Global Platforms (vs same period last year)

• Revenue up 24% to $211 million
• AOI up 36% to $130 million
• Strong growth in Q1 driven by our increasingly global platform, enabling more year-round activity, with a similar trend expected in Q4
• Full-year margins expected to be consistent with last year

Continued Global Expansion with Existing and New Partners

• New partners added this year include Jaguar Land Rover's Defender and U.K. festival headline partners Rockstar Energy and Liquid Death
• Expanded relationships with GNP in Mexico and Cisco and Bacardi in the U.S.

Additional Financial Information

• 2024 capital expenditures estimated to be $600 million
  • Three-quarters of total capex driven by Venue Nation: five venues account for approximately 40% of total venue spend
  • Most of the capex increase relative to our prior projection due to additional venue expansion opportunities, including a stadium in South America to be modeled after Foro Sol
• Based on current projections, the impact of foreign exchange rates on revenue, operating income, and AOI for the full-year is expected to be immaterial, with a larger impact to net income
• Supplemental Information:
  • Net income reduced by $97 million comprised of accrual related to Astroworld litigation, net of Q1 mark to market gains in investments
  • Accretion expected to grow in line with AOI for the full year
  • Depreciation and amortization expense expected to be $75 million higher than 2023
  • Non-controlling interest and tax expenses for the full year expected to grow in line with AOI
• 2024 share count not expected to change materially from 2023

Balance Sheet and Liquidity Gives Us Financial Flexibility

• Full-year AOI to FCF conversion expected to be in line with 2023 levels, excluding potential payout associated with legal accrual
• Event-related deferred revenue of $4.4 billion consistent with Q1 2023 level
• Q1 ended with $6.5 billion in cash and cash equivalents, including $1.4 billion in ticketing client cash and $1.4 billion in free cash
• Approximately 93% of debt is at a fixed rate, with an average cost of debt of 4.6%

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. The link to the 1Q24 Trended Results Grid is provided above for convenience and such grid is not a part of, or incorporated into, this press release or any SEC filings that include this press release.

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 2024 Reported		Q1 2023 Reported		Growth		Q1 2024 Currency Impacts		Q1 2024 Constant Currency		Growth at Constant Currency
Revenue
Concerts	$     2,879.4		$     2,281.2		26 %		$        9.6		$     2,889.0		27 %
Ticketing	723.2		677.7		7 %		(0.9)		722.3		7 %
Sponsorship & Advertising	211.3		170.1		24 %		(1.4)		209.9		23 %
Other and Eliminations	(14.4)		(1.6)		*		0.2		(14.2)		*
	$     3,799.5		$     3,127.4		21 %		$        7.5		$     3,807.0		22 %
Consolidated Operating Income (Loss)	$        (36.5)		$        142.8		*		$      12.9		$        (23.6)		*
Adjusted Operating Income (Loss)
Concerts	$            3.1		$            0.8		*		$        8.7		$          11.8		*
Ticketing	284.1		271.1		5 %		0.8		284.9		5 %
Sponsorship & Advertising	130.0		95.4		36 %		1.2		131.2		38 %
Other and Eliminations	(7.2)		(7.8)		*		0.0		(7.2)		*
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