Live Nation Entertainment (LYV) Tops Q3 EPS by 51c

Live Nation Entertainment (NYSE: LYV) reported Q3 EPS of $1.78, $0.51 better than the analyst estimate of $1.27. Revenue for the quarter came in at $8.2 billion versus the consensus estimate of $6.96 billion.

"Today we delivered our strongest quarter ever and are on pace for a record 2023, driven in good part by the acceleration of structural growth in the live entertainment industry. While we have benefitted from tailwinds for many years, it has accelerated due to the globalization of our business along with a fundamental shift in consumer spending habits toward experiences. With the majority of opportunity still untapped from Milan to Bogotá to Tokyo and beyond, we expect the industry will continue growing in 2024 and for years to come." –Michael Rapino, President and CEO, Live Nation Entertainment.

GUIDANCE:

OUTLOOK: Continued momentum through 2023 and into 2024
(based on leading indicators through mid-October)

2023

• Record number of fans: 140 million tickets sold year-to-date for Live Nation shows this year, up 17% year-over-year and already surpassing full year 2022 total of 121 million
• Record Ticketmaster volume expected: 257 million fee-bearing tickets sold year-to-date, up 22% year-over-year; on track to manage over 600 million tickets this year, including well over 300 million fee-bearing tickets
• Record Sponsorship results expected: On pace for double-digit AOI growth this year
• Strong Projected Free Cash Flow — Adjusted: Percentage conversion for the full-year is now projected to be in the mid-60s

2024

• Strong concert calendar: Event-related deferred revenue up 39% to $2.6 billion (vs 3Q22), reflecting continued momentum into 2024
• Growing touring pipeline: Roughly half of expected show count booked for large venues, up double-digits
• Continued strong sponsorship growth: Two-thirds of expected commitments already booked, up double-digits

For earnings history and earnings-related data on Live Nation Entertainment (LYV) click here.

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